Die Entschuldung von über schuldeten Staaten über eine lockere Geldpolitik bzw. über finanzielle Repression sichert den Wohlstand in den Industrieländern nicht, argumentieren die Autoren. Der mit der ultra-lockeren Geldpolitik einhergehende graduelle Fall der Produktivitätsgewinne und die...

I assess the stability of the monetary environment in Switzerland over the past two centuries. In order to control for transitory measurement errors, in particular in nineteenth century data, I use an unobserved-components stochastic-volatility model to extract the permanent trends from several...

A well‐established result in the literature is that Social Security reduces steady state welfare in a standard life cycle model. However, less is known about the historical quantitative effects of the program on agents who were alive when the program was adopted. In a computational life cycle...

We use the shifts in Engel curves calculated from household surveys to estimate CPI biases in Argentina between 1985 and 2005. We find that real earning levels increased during this period between 4.3 and 5.7% faster per year than previously estimated. More surprisingly, relative to conventional...

Paul A. Samuelson taught that every society has to choose between butter and guns. Individuals have to make the Gossen test of utility equivalence. The authors of the recent Mirrlees Review seem to believe that they can avoid this choice by considering taxation only. But how can one decide on...

Ludwig von Mises was the acknowledged leader of the Austrian School of economic thought, a prodigious originator in economic theory, and a prolific author. Mises's writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to...

Ever since the rivalry between America and China flared up during President Trump’s term in office, the question has been raised about the extent that a situation could develop in which the rivalry between established and new power could lead to a conflict that would exhaust both. The article...

This paper provides an empirical analysis of the Macroeconomic Imbalance Procedure (MIP). It explores the relationship between sovereign bond yields spreads and the variables contained in the MIP scoreboard using quantile regressions. Results suggest that MIP indicators can explain the behavior...

The paper examines the implications of financial reform and interest rate behaviour on economic growth in Nigeria. The cointegration and error correction model were used on time series data from 1970-2006. The results demonstrate that financial reform and interest rates have significant impact...

The aim of this paper is to analyze the determinants of the non-interest income for the Tunisian context by the use of data of 10 Tunisian deposit banks. Our sample is observed during the period 1998-2009. Using panel data estimation; our findings reveal that the information and communication...