Abstract Di Crescenzo and Longobardi [Di Crescenzo and Longobardi, On cumulative entropies, J. Statist. Plann. Inference 139 2009, 12, 4072–4087] proposed the cumulative entropy (CE) as an alternative to the differential entropy. They presented an estimator of CE using empirical approach. In...

Abstract Based on new estimates of public and private capital stocks for 22 OECD countries we study the dynamic effect of public capital on the real gross domestic product using a vector autoregression approach. Whereas most former studies put effort on examining the effects of public capital in...

Purpose The purpose of this paper is to examine the presence of unit roots in the stock prices of 16 OECD countries. Design/methodology/approach Heterogeneous panel unit root tests developed by Im et al. (1997/2003) and Pesaran (2007). Findings Under the assumption of cross-sectional...

Purpose The paper sets out a conceptualisation of the housing cycle centring on households' desire to upgrade their housing consumption. Design/methodology/approach The paper begins by studying house price trends and cycles in OECD countries since 2000 to identify housing cycle patterns. It then...

Purpose – The purpose of this paper is to provide a model to measure the effect of broadband availability on economic growth in developed OECD countries. Design/methodology/approach – The effect of the broadband availability‐related variables on economic growth is analyzed by using...

Abstract This paper studies the issue of price stability in a continuous time optimizing general equilibrium model with overlapping generations. It is shown that fiscal policy has effects on nominal variables. Fiscal expansions are inflationary even when the government intertemporal budget...

Abstract The paper analyzes the question why the U.S. economy in the 2000:4--2004:3 period was sluggish in light of the large expansionary fiscal and monetary policies that took place. The answer does not appear to be that there were large structural changes in the economy or systematic bad...

Abstract The worldwide growth slowdown after 1975 was a major negative fiscal shock; lower growth lowers the present value of tax revenues and primary surpluses and thus makes a given level of debt more burdensome. Most countries failed to adjust to the negative fiscal consequences of the growth...

Abstract The decision to invest in human capital is introduced into a home production economy with fiscal policy distortions where balanced growth is achieved through Harrod-neutral, labor-augmenting technology spillovers into home production. In comparison with home production economies that...

Through direct democracy, California voters pass local and state initiative measures, assuming the role of the legislature and many times mandating how government should act or spend funds. But are voters really getting what they want through the initiative process? Initiatives known as...