The short-run macroeconomic effectiveness of fiscal policy depends on the effect of policy on AD and the effect of AD on output. This paper examines how macroeconomic perspectives (Keynesian, Post Keynesian, monetarist, classical, new classical, and new Keynesian) describe the effect of AD on...

So far, there are very few papers concerning the problems of non causality and non-fundamentalness in fiscal studies. This is even truer for Brazil. Non causality and non fundamentalness are econometric problems that are specially relevant in fiscal studies, as they are relate to fiscal...

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...

Daycares closed on March 16, 2020 in Turkey to prevent the spread of COVID-19. At the same time, the two most common nonparental childcare arrangements in Turkey-care of children by grandparents and nannies-became undesirable due to health concerns and in some cases also unfeasible due to the...

This paper shows that important insights for fiscal policy can be derived from Joseph Schumpeter's academic work. This concerns his fundamental distinction between theories in which the monetary sphere is identical with the real sphere ("real analysis"), and theories in which financial sphere is...

Most small island economies or "microstates" have distinctly different characteristics from larger developing economies. They are more open and vulnerable to external and environmental shocks, resulting in high output volatility. Most of them also suffer from locational disadvantages. Although a...

The objective of this study is to analyze current and likely future impacts of the issuance of New Turkish lira (YTL) denominated borrowing instruments by many global financial institutions around the major financial centres. These bonds are strong source of evidence for international confidence...

Aggregate votes for incumbent parties in post-war Germany were determined by the weighted-average growth of real per capita disposable income and the attrition of power, especially when the Federal Chancellor sought re-election more than twice. Similar to earlier results for the US, each...

This paper examines the ability of a policy maker to control equilibrium outcomes in a global coordination game; applications include currency attacks, bank runs, and debt crises. A unique equilibrium is known to survive when the policy is exogenously fixed. We show that, by conveying...

Several studies have shown that, ex-post, the issuance of Treasury Inflation-Protected Securities (TIPS) has cost U.S. taxpayers money. We propose that evaluations of the TIPS program be more comprehensive and focus on the ex-ante costs of TIPS issuance versus nominal Treasury issuance and,...