Recent attempts to incorporate optimal fiscal policy into NewKeynesian models subject to nominal inertia, have tended to assume that policymakers are benevolent and have access to a commitment technology. A separateliterature, on the New Political Economy, has focused on real economies...

In practice, central banks have been confronted with a trade-off between stabilising inflation and output when dealing with rising oil prices. This contrasts with the result in the standard New Keynesian model that ensuring complete price stability is the optimal thing to do, even when an oil...

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...

Central bank policymakers are not primarilyrandom number generators.1 Reading boththe financial press and the work of academics,however, one might get the opposite impression.Reporters (and the readers of their stories) seem toattach considerable importance to each Federal OpenMarket Committee...

Die rechtliche Beurteilung der Verwendung des Gewinns von Zentralbanken bewegtsich im Überschneidungsbereich von:§ Währungsrecht§ Finanzverfassungsrecht und§ FinanzpolitikRechtliche Bedenken ergeben sich imWesentlichen aus den verfassungsrechtlichenVorgaben für die Staatsfinanzierung sowie...

This paper explores the complexities of government financial management in China andexamines the nature of the recent Public Finance Framework reform in that country. Weargue that this Public Finance Framework reform is not just the latest idea in a centrallydominated reform agenda (and a...

In recent decades the new institutional economics has redrawn attention to the significance of state sponsored and regulated institutions, organisations, laws, rules, customs and culturally conditioned behaviour for the promotion of long term economic development (Menard and Shirley, 2005)....

Die Auswirkungen der demographischenEntwicklung auf die öffentlichen Finanzenwerden seit geraumer Zeit sowohl aufnationaler als auch auf internationalerEbene intensiv diskutiert. In Deutschlandist die Bundesregierung bereits heute gesetzlichverpflichtet, über die mittel- undlangfristigen...

The article reflects the present banking and financial crisis on basis of latest research results about the existence of superior economic and financial order acting within the real world (equal natural world). Within this order (equal natural order) observably all creatures use different types...

The article reflects the present banking and financial crisis on basis of latest research about the existence of superior economic and financial order within the real world (equal natural world). Within this order (equal natural order) observably all creatures use different types of energy like...