In recent years, an increasing number of countries have began anchoring their fiscal policy frameworks in terms of rules that target the cyclically adjusted or structural (as opposed to actual) balance in an effort to overcome problems of procyclicality and fiscal volatility. The logic for doing...

The outcome of the referendum on the UK's membership of the European Union in June 2016 was largely unanticipated by politicians and pundits alike. Even after the "Leave" vote, the uncertainty surrounding the withdrawal process might have affected the UK economy. We draw on an official list of...

In recent years, an increasing number of countries have began anchoring their fiscal policy frameworks in terms of rules that target the cyclically adjusted or structural (as opposed to actual) balance in an effort to overcome problems of procyclicality and fiscal volatility. The logic for doing...

The outcome of the referendum on the UK's membership of the European Union in June 2016 was largely unanticipated by politicians and pundits alike. Even after the "Leave" vote, the uncertainty surrounding the withdrawal process might have affected the UK economy. We draw on an official list of...

The objective of the article is to identify impact of economic policy implications on current financial and economic crisis. The analysis examines a hypothesis that the main causes of financial and economic crisis include unbalanced developments of the macroeconomic sphere as well as existing...

This paper compares the depth of the Recent Crisis and the Great Depression. We use a new data set to compare the drop in activity in the industrialized countries for seven activity indicators. This is done under the assumption that the Recent Crisis leveled off in mid-2009 for production and...

We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U.S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption, investment - and weak positive comovement between...

We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U.S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption, investment - and weak positive comovement between...

Despite its professed emphasis on the real world, the Post Keynesian literature lacks a history of business cycle fluctuations in a particular economy. This is an extremely important oversight. Not only might such a study be useful to researchers, but students are anxious to acquire practical as...

Because plant deaths destroy specific capital with large local economic impacts and potentially important macroeconmic effects, understanding the causes of deaths and, in particular, why they are concentrated in cyclical downturns, is important. The reallocationtiming hypothesis posits that...