The main aim of this research is to investigate the cyclical behavior of fiscal policy with respect to output gap fluctuations in the Republic of Macedonia during the period 1991-2009. We use two different fiscal policy measures: 1) the cyclically unadjusted primary budget balance and 2) the...

This study is intended to demonstrate how Schoenmaker's financial trilemma and the Mundell–Fleming monetary trilemma took hold in Hungarian economic history between 1867 and 1938 – an era divided into five distinct periods –; in other words, which factors enjoyed priority over others in...