The paper investigates the relationship between relative price movements and changes in the aggregate price level using monthly data on Finland's Consumer Price Index and its components from the period covering the past eight and a half years. This was a period of very low inflation. The rate of...

This study aims to measure the impact of the share of non-Ricardian households on fiscal multipliers. We show that the share of non-Ricardian households in Hungary increased significantly after crisis began and explain why the plausible reason for this increase is the higher level of liquidity...

Chapter 1. Introduction -- Chapter 2. Trends in Growth since the GFC -- Chapter 3. Credit, Employment and the Current Account -- Chapter 4. Capital Formation and Foreign Investment -- Chapter 5. Inflation and Monetary Developments -- Chapter 6. Policy and Analyses Chapter -- 7. Reflexive, not...

The surge in energy prices in 2022 has been a defining factor behind the increase in euro area inflation. We assess the impact of "unconventional fiscal policy," defined as the set of fiscal measures, possibly expansionary, motivated by a desire to mute the effects of the increase in energy...

Keynesian theory suggests that a reduction in government expenditure has a negative effect on private demand and therefore on output. Contrary, neoclassical theory argues that reduced public expenditure makes room for an expansion of the private sector and thus has a stimulating effect on the...