Este trabajo examina cómo ha respondido la política fiscal discrecional a las oscilaciones económicas en un conjunto de países de la OCDE a lo largo de las últimas cuatro décadas. En línea con la reciente literatura, utilizamos el Saldo Estructural Primario como indicador para...

This paper provides a summary of trends in government spending. It reveals strong growth in government spending and the size of government, particularly over the past four years. It also discusses the distribution and sustainability of spending and notes the importance of high quality spending...

This paper examines the size of the fiscal multiplier values generated in Malaysia. The results show that a government spending shock leads to broad positive economic effects. Although, the effectiveness of fiscal policy alters across macroeconomic states. The estimates show that since the Asian...

Fiscal stimuli to recover? A cascade of academic and layman-articles debate the effectiveness of fiscal policy in stimulating the economy backed up by different economic models and empirical support. This essay surveys the theoretical predictions and recent empirical Vector Autoregression (VAR)...

Several countries face the choice between targeting inflation independently and entering a monetary union that targets inflation. The present paper extends the theory of optimum currency areas to deal with this choice. In contrast to the conventional theory, countries might form more of an...

This paper develops a basic model for output fluctuations in traded and non-traded sectors under two alternative monetary policy regimes; exchange rate targeting (or monetary union) and inflation targeting. The conventional wisdom from one-sector models says that inflation targeting gives better...