The aim of this paper is to investigate the causal effect of government spending on real output conditional on economic freedom. To accomplish this task, we use data from 2000 to 2019 for 161 countries and an interaction model. Findings show that countries with the mean level of economic freedom...

This book examines new classical macroeconomics from a comparative and critical point of view that confronts the original texts and later comments as a first dimension of comparison. The second dimension appears in a historical context, since none of the new classical doctrines can be analyzed...

In April 2013, the Bank of Japan (BOJ) introduced an inflation target of 2% with the aim of overcoming deflation and achieving sustainable economic growth. But due to lower international oil prices, it was unable to achieve this target and was forced to take further measures. Hence, in February...

This paper considers monetary and fiscal policy when tangible assets can be accumulated after shocks that increase desired savings, like Joseph's biblical prophecy of seven fat years followed by seven lean years. The model's flexible-price allocation mimics Joseph's saving to smooth consumption....

If the policy maker reduces the local tax levy by an amount equal to the fiscal residuum, it generates benefits to the performance of the firms, owing to the greater cash flow, and to the patterns of spending (and saving) of the residents, owing to the greater disposable income. This study...

The role of house prices in the mechanism of monetary policy transmission has been a live topic that attracts considerable attention among policy makers and academic researchers in recent years. In this paper, we examine the role of house prices in the unconventional monetary policy transmission...

The study complements the extant literature by constructing COVID-19 economic vulnerability and resilience indexes using a global sample of 150 countries which are categorized into four principal regions, namely: Africa, Asia-Pacific and the Middle East, America and Europe. Seven variables are...

We evaluate the direct employment effect of the public investment in key infrastructure—electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that US$1 million of public spending in infrastructure...

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new database of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...