The fiscal policy response to the consequences of the financial and economic crisis consisted either in adopting expansionary policies to stimulate the aggregate demand, or in promoting fiscal consolidation programs designed to restore the sustainability of the public finances. This paper...

During banking crises, regulators often relax their normal requirements and refrain from closing financially troubled banks. I estimate the real effects of such regulatory forbearance by comparing differences in state-level economic outcomes by the amount of forbearance extended during the U.S....

This short piece discusses the results of simple regression analysis using cross country data to determine the factors that have influenced fluctuations in real output during the covid-19 pandemic period. Focus is on explaining not only output growth from 2020 to the first half of 2021, but also...

Throughout the twentieth century, many countries have recovered suddenly from rapid inflation and economic stagnation, and have then begun to enjoy years of noninflationary prosperity. The results have often been called “economic miracles” — the Poincaré miracle in France, the Erhard...

While Taiwan’s democratization and China’s continuing authoritarianism have often been attributed to the decisions of their leaders, might there, instead, be external factors which have ensured that these two polities would have walked along more or less the same route that they have so far,...

The world has been struck by a mutating systemic financial crisis that is unprecedented in terms of financial losses and fiscal costs, geographic reach, and speed and synchronisation. The crisis from August 2007 to date can be divided into three main phases: the financial turmoil from August...

The article considers the current situation of Italy's economy and public finances in the light of the ongoing euro-crisis. It suggests that growth should be given a considerably higher priority than austerity measures, including because sustained growth eases fiscal consolidation. The work is...

Разработана модель общего макроэкономического равновесия, учитывающая неоднородность экономических агентов и влияние государственных расходов на темпы...