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The role of macroeconomic policy in the different varieties of capitalism has been largely ignored. Recent contributions to the literature have argued that nonliberal economies should be expected to have less accommodating (i.e., less countercyclical) macroeconomic policies than liberal...
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) and governance indicators from 1980-2010 in major South Asian Countries. Fiscal policy is a major source in the hands of … institutions with good governance. The main purpose of fiscal policy is to bring stability in the economy. Therefore, developed … pro cyclical fiscal policy due to weak institution and poor governance. Pooled OLS, Fixed effects and 2SLS approaches are …
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This paper summarises the results of a quantitative study of the possible impact of downward nominal wage rigidity on the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve. The study was undertaken in the context of the review of...
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The long-run relationship between money and prices in the euro area embedded in traditional money demand models with income and interest rates broke down after 2001. We develop an money demand model where investors hold a diversified portfolio with money, domestic and foreign stocks and...
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