This paper assesses the dynamics of the term structure of interest rates in the United States in light of the financial crisis in 2007-10. In particular, this paper assesses the dynamics of the term structure of U.S. Treasury security yields in light of economic and financial events and the...

The global financial crisis triggered different policy responses in Europe and the United States. Interestingly, survey results suggest that there is also a significant difference in how undergraduate macroeconomics instructors responded to the crisis, with U.S. instructors placing significantly...

Paul Krugman’s new book offers an analysis of the current crisis and cogent proposals for economic policy. Keynes’ approach is enriched with ideas drawn from economists such as Fisher, Kalecki and Minsky, and the book provides a con- vincing interpretation of the macroeconomic issues. The...

This study validates the microeconomic model defining the evolution of personal incomes in the U.S. Because of a large portion of population not reporting any income, any comprehensive modeling of the overall personal income distribution (PID) is complicated. Age-dependent PIDs allow overcoming...

The relative impacts of the monetised and non-monetised deficit on output and inflation in the United States are assessed using annual data for the 1923-1982 period. With Federal Reserve purchases of government debt serving as a measure of monetisation, the results of Granger causality tests...

Models fiscal policy interactions between fiscal authorities and private investors in the foreign exchange market in a game-theoretic framework. Using a two-period game, I consider the credible and noncredible announcements of the domestic fiscal authority with respect to the stance of its...