The article provides a discussion on results of extensive empirical research conducted in 2016 on a sample of 495 local government authorities, using the CAWI questionnaire technique supported by the CATI survey. The results thus obtained were verified in statistical terms and then critically...

This paper studies the main channels through which interest rate normalization has fiscalimplications in the United States. While unexpected inflation reduces the real value ofgovernment liabilities, a rising policy rate increases government financing needs because ofhigher interest payments and...

This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives.That framing is also largely consistent with the conventional view of the economy and of society more generally. To put it the way that economists usually...

Higher education in most European states is subject to a complex process of adaptation to the requirements formulated by Bologna process. For some states, such as Romania, this process assumes core restructuring of the content, aimed to its compatibility with that from prestigious European...

Sixteen countries across the world ¡ª including the United States and many European nations ¡ª have fallen into economic crises since the late 1990s. In <em>The Limits of Fiscal, Monetary, and Trade Policies: International Comparisons and Solutions</em>, Jonathan E Leightner convincingly argues that...

The paper discusses the fiscal impact of the Great Recession of 2007-08 on state and local governments in the United States. It documents the sharp decline in tax revenue and discusses how states responded to close the budget gaps in order to obey the balanced budget provisions. It highligts the...

Locating the appropriate degree of interaction between fiscal and monetary policy plays an important role in ensuring economic stability. Their joint impact is, however, still unclear. We observe significant differences in the transmission of shocks, in particular between the Great Recession and...

Previous studies quantifying the effects of increased capital taxation during the U.S. Great Depression find that its contribution is small, both in accounting for the downturn in the early 1930s and in accounting for the slow recovery after 1934. This paper confirms that the effects are small...

The ‘saving for a rainy day' hypothesis implies that households' saving decisions reflect that they can (rationally) predict future income declines. The empirical relevance of this hypothesis plays a key role in discussions of fiscal policy multipliers and it holds under the null that the...