We introduce a new time series measure of the extent of federal regulation in the U.S. and use it to investigate the relationship between federal regulation and macroeconomic performance. We find that regulation has statistically and economically significant effects on aggregate output and the...

In this paper we estimate the macroeconomic consequences of terrorism using panel data for 147 countries for the period 1968–2002. The results reveal that the potential gains to a country from reducing terrorism are quite large, although the specific estimates depend on a country's population,...

Using both standard regressions and Markov-Chain Monte-Carlo estimation methods from a Bayesian perspective and a sample of 39 countries for 1981-2006, we re-examine the role of central-bank independence (CBI) in macroeconomic outcomes. Control variables commonly used in the literature are...

Central America's economic performance in recent years has benefited from improved macroeconomic management, a favorable external environment, as well as rising investor confidence since the region has pursued greater access to global markets, particularly with the signing of DR-CAFTA in 2004....

Economies rich in mineral resources, need to evaluate the merits of investing rents earned from resource extraction in other income generating activities to sustain the flow of income. It is hence important to estimate and assess the potential uses of the resource rent tax (RRT). This paper...

EMU countries have engaged in a consolidation of fiscal policies since 2011. This paper deals with the public debt and output dynamic consequences of this strategy. To this end, we develop a simple macroeconomic model of the Euro area, where fiscal multiplier is time-varying. Recent empirical...