Was Swiss federal fiscal policy sustainable over the period from 1900 to 2002? We perform unit root and cointegration tests for federal revenues and expenditures, taking into account a structural shift related to World War II. We find sustainability over the entire period. However, splitting the...

Nigeria has not been able to generate adequate revenue to match her expenditure over the years. It is not surprising therefore, that the country frequently operates deficit budget with its negative consequences on the current account balance. This study investigates the twin deficits hypothesis...

Using the model derived by Bajo-Rubio (2014), this paper estimates government budget balance-consistent growth rates for the euro area countries. A comparison of these estimates to their actual growth rates indicates that most of these countries are growing at rates that are very similar to...

Negative interest rates are an invention of monetary authorities to show that monetary activism does not have boundaries, i.e., as if there is no such thing as a liquidity trap. Their presence in the financial landscape has redefined the benefits to savers and to investors. Governments can now...

Both monetary Keynesian theory and modern monetary theory (MMT) place money at the center of the analysis and highlight the important economic role of the state in a monetary market economy in which full employment is neither the norm nor the center of gravity. Whereas monetary Keynesian theory...

Modern Monetary Theory (MMT) ist ein keynesianischer Ansatz, der Geld in den Mittelpunkt der Analyse stellt und die Rolle des Staates in einer geldvermittelten Marktwirtschaft herausarbeitet, in der Vollbeschäftigung weder den Normalfall noch ein Gravitationszentrum darstellt. In der...