This report presents the results of the evaluation of the European Communityu0092s support to private sector development (PSD) in third countries over the period 1994-2003. It aims to contribute to improving the coherence of the Commissionu0092s sectoral approach and also at enhancing coherence...

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...

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...