The theme of unit roots in macroeconomic time series has received a great amount of theoretical and applied research in the last two decades. This paper presents some of the main issues regarding unit root tests, explores some of the implications for macroeconomic theory and policy, and reviews...

This paper aims at analyzing theoretically and empirically the role of infrastructure expenditure on economic growth in Brazil from 1986 to 2003. The hypothesis is that public infrastructure expenditures in transport are central to foster sustainable growth in Brazil. Theoretical and empirical...

This article seeks to show that, in spite of major steps towards getting close to reality, new-Keynesian macroeconomics is still full of difficulties, like the "ad hoc" hypothesis used to explain the non neutrality of money and the existence of disequilibria in the short run. In particular,...