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or unsound argument". The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …
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The world has too much debt and too little equity. This circumstance cost it dearly; glaringly during the great financial crisis(GFC) between late 2007 and 2010 and the European sovereign debt and banking crises that started in 2010. Debt, characterized by fixed financial commitments, can be a...
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The 15 newly independent states that emerged from the breakdown of the Soviet Union are now celebrating their 10th anniversary of independence. This paper looks back over the first decade and draws some lessons from the experience made to date. It focuses on the energy-rich states of the...
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