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...

Departing from a number of theoretical perspectives from which rationales for science,technology and innovation (STI) policy can be extracted, this paper discusses threequestions. First, what rationales for public intervention can be derived from differenteconomic theories, including theories...

Innovation policy has become tremendously differentiated. This is to some extent a consequence of a more systematic understanding of the innovation process as described in innovation system approaches (see Chaminade/Edquist 2008), which has led to a broad understanding of functions of innovation...

The paper discusses demand and demand conditions for innovation as well as demand basedpolicies for innovation in the context of the EU CEE countries. Far from regarding demand policiesas a simplistic silver bullet, this paper argues that the EU CEEC catch up process could potentiallybe...

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)....