This paper estimates VAR models to examine the response of monetary and fiscal policy to macroeconomic targets, and the interdependence between the two policy instruments. The models are estimated for a number of G7 countries. Our findings show that, whilst monetary and fiscal policy are...

In the paper we analyze determinants of the capital market beta risk in Poland in the monthly period 1996-2002. The beta risk is measured as a time-varying parameter estimated in a regression of the Warsaw stock indexes (WIG and WIG20 separately) on major foreign stock market indexes (DJIA,...

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in Phillips' tradition. For this purpose we apply FMOLS, DOLS, PMGE, MGE, DFE, and VECM methods to a nonstationary heterogeneous dynamic panel including annual data for 119...

Economic analysis of effective policies for managing epidemics requires an integrated economic and epidemiological approach. We develop and estimate a spatial, micro-founded model of the joint evolution of economic variables and the spread of an epidemic. We empirically discipline the model...

This paper re-examines the role of country-specific fundamentals in explaining sovereign risk. Our analysis focuses on 26 countries, including both developed and emerging economies, during a recent sample period. For both groups, while inflation and twin deficits are associated with higher...

We investigate the effects of fiscal policy surprises for US data, using vector autoregressions. We overcome the difficulties that changes in fiscal policy may manifest themselves in variables other than fiscal variables first and that fiscal variables may respond "automatically" to business...

The aim of this paper is to address the relationship between public debt and economic growth. The paper uses the PSTR model to a broad panel data set for 126 industrialized and developing countries over the period of 1964-2014. We divide the data set into four groups, namely, high income...

This document analyses real-time revisions in output gap estimates published by the European Commission for 15 countries over the period 2002-2014. We find that output gap revisions (both in levels and changes) are mainly driven by GDP growth forecast errors. Also, output gap revisions have...

The purpose of this paper is to assess if expansionary and contractionary government spending shocks have an asymmetric effect for Turkish economy. Keynesian theory suggests that increase in government spending stimulate aggregate demand and increases output. However, there might be asymmetry...

The major perspective of this paper is to provide more evidence into the empirical determinants of capital structure adjustment in different macroeconomics states by focusing and discussing the relative importance of firm-specific and macroeconomic characteristics from an alternative scope in...