This study has evaluated the General and Sector Budget Support operations undertaken in Tanzania from 2005/06 to 2011/12. These operations amount to a resource transfer of almost US$5,000 million - an annual average disbursement of US$ 694 million, some $16 per annum per head of the Tanzanian...

This paper investigates the in inflationary effects of fscal policy in an optimizing general equilibrium monetary model with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data. Simulation results show that government defcits, high debt...

A two-country sticky-price model is used to analyse the interactions between fiscal and monetary policy. The role of an u0091activistu0092 fiscal policy as a stabilisation tool is considered and a measure of the welfare gains from international fiscal policy cooperation is derived. It is found...

The presence of a lower bound of zero on nominal interest rates has important implications for the conduct of optimal monetary policy. Standard rational expectations models can have alternative steady states as well as non-unique laws of motion, i.e. there can be possible sunspot equilibria....

We use a Vector Auto Regression (VAR) analysis to explore the (spill-over) effects of fiscal policy shocks in Europe. To enhance comparability with the existing literature, we first analyse the effects of these shocks at the national level. Here, we employ identification based on Choleski...

Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of...

Founded in 1992, Sussex European Institute (SEI) is the leading research and postgraduate training centre on contemporary European issues. SEI has a distinctive philosophy built on interdisciplinarity, a broad and inclusive approach to Europe, policy-relevance at the academic cutting edge, and...

Please note that the EPERN was originally launched as the Opposing Europe Research Network (OERN) but in August 2003 the Network was retitled to reflect a broadening out of the Network's research focus. EPERN Working Papers are therefore a continuation of the original OERN Working Paper Series.