This paper examines the interest spending and taxation channels through which EMU could affect the public finances. It provides a framework for examining different views on a further narrowing of interest rate differentials. A model of Blanchard and Fischer is amended to analyze the two...

We estimate credit and fiscal multipliers in China, using subnational political cycles as a source of exogenous variation. The tenure of the provincial party secretary, interacted with the credit and fiscal expenditure used in other provinces, instruments for provincial credit and government...

Using political economy analysis, this document aims at a better understanding of the recent juncture of global social protests expressing against the establishment and the international trade agreements. Brexit and America-First form part of apparent solutions exploiting political nationalism...

Can fiscal policy help to the ending of the economic crisis affecting Spain? Given this starting point, we study the effects on the Spanish economy of a shock to total public receipts or a shock to total public expenditure. With that objective in mind, we specify and estimate a vector error...

We jointly estimate credit and fiscal multipliers in China. We use the tenure of the provincial party secretary, interacted with the type of stimulus used in other provinces, to obtain separate instruments for provincial credit and government expenditure. We estimate a fiscal multiplier of 0.8...

The East African Community (EAC) is working towards establishing deeper integrationbetween its six partner states. The EAC partner states are: Burundi, Kenya, Rwanda,South Sudan, Tanzania and Uganda. This paper analyses the lessons the EuropeanUnion may offer the EAC in guarding against base...

First Draft: January 2, 2010This Draft: November 13, 2013We quantify the fiscal multipliers in response to the American Recovery and Reinvestment Act (ARRA) of 2009. We extend the benchmark Smets-Wouters (2007) New Keynesian model, allowing for credit-constrained households, the zero lower...