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, larger budget deficits jspell higher interest rates, as posited by conventional macroeconomic theory. …
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for economic analysis. This paper demonstrates how a VAR model with long run restrictions justified by economic theory can …
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We analyze public debt sustainability in Serbia between 2004Q3 and 2014Q3. The results of our analysis are: i) public debt to GDP ratio is on unsustainable path, according to the results of unit root tests; ii) the response of primary fiscal balance to public debt accumulation is insufficient to...
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effect: when uncertainty rises, business loans tend to increase immediately after the shock, but return rapidly to their …
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We extend the canonical income process with persistent and transitory risk to shock distributions with left … data from the United States. We find countercyclical variance and procyclical skewness of persistent shocks. All shock …
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