We find that lottery tax windfalls finance higher state-government expenditures on supplemental security income that increase consumption, but only during bust periods. Wealth transfers from lottery winners to low income households enable fiscal policy to stabilize consumption during bust periods.

This note discusses the external environment, economic outlook, and key policy challenges for the six South East European Countries (SEE6)—Albania, Bosnia and Herzegovina (BIH), Kosovo, the former Yugoslav Republic (FYR) of Macedonia, Montenegro, and Serbia—as they seek to reignite economic...

Since the 1950s, rapid growth has allowed a significant number of countries to reach middle-income status; yet, very few have made the additional leap needed to become high-income economies. Rather, many developing countries have become caught in what has been called a middle-income trap,...

There are substantial cross-country differences in labor supply late in the life cycle (age 50+). A theory of labor supply and retirement decisions is developed to quantitatively assess the role of social security, disability insurance, and taxation for understanding differences in labor supply...

By financing public goods and services that enhance productivity and promote private investment, public spending is widely believed to be critical for long-run growth. Such effects are distinct from any short-run Keynesian response to a public spending stimulus. While a short-run response...

This paper studies the design of education policies in a setting of overlapping generations with heterogeneous individuals. Individuals differ in productivity (high and low earning ability) and in altruism (altruists and non altruists). Only altruistic parents invest in education out of some joy...

A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing services) to those short housing. In a closed economy...

This paper investigated the effect of capital market on Omani economic growth using real Gross Domestic Product (GDP) as representative for economic growth. The main objective of the paper is to scan the impact of Muscat Security Market (MSM) on economic g rowth in Oman. The data were collected...

This paper investigated the effect of capital market on Omani economic growth using real Gross Domestic Product (GDP) as representative for economic growth. The main objective of the paper is to scan the impact of Muscat Security Market (MSM) on economic g rowth in Oman. The data were collected...

This article considers factors and conditions slowing growth of the Russian economy. Its recovery growth after the crisis of 2008—2009 is over. The limit of rapid growth through the export of raw materials has now been reached. Reducing flows of financial resources from the rest of the world...