Nonprofit organizations play important role in every democratic country. Their role is even bigger when given economy has to cope with different problems, because organizations support these spheres of social life that are neglected by the state. In this paper condition of American nonprofit...

This note discusses expenditure multipliers and their use in analyzing spending efficiency. Conceptual models are developed to examine the marginal propensities; namely consumption and investment and their role in influencing the expenditure multiplier, aggregate spending cycles, consumption and...

This paper discusses broad trends in labour force participation and part-time employment across different age groups since the Great Recession and uses provincial data to identify changes related to population aging, cyclical effects and other factors. The main population age groups examined are...

Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However, the measurement and interpretation of potential output, and hence the output gap, is fraught with uncertainty, since it is...

This paper investigates two different procedures for the measurement of the NAIRU; one based on structural modeling while the other is a statisticai approach using Vector Auto Regression (VAR)-models. Both measurement procedures are assessed by confronting them with the dominant theory of...

Over the last decade, isotone recursive methods have provided unified catalog of results on existence, characterization, and computation of Markovian Equilibrium Decision Processes (MEDPs) in infinite horizon economies where the second welfare theorem fails. Such economies include models with...

Given limited research on monetary policy rules in emerging markets, this paper challenges the applicability of a nonlinear Taylor rule in characterizing the monetary policy behavior of the Brazilian Central Bank. It also investigates whether and how the process of setting interest rates has...

This book examines the phases of the Economic Stabilization Program from 1971 to 1974, analyzing the controls as an "income policy" tool that was part of the U.S. response to inflation.

The Black Sea region comprises a heterogeneous group of countries Bulgaria, Romania, Ukraine, Russia, Georgia, Armenia, Azerbaijan, and Turkey. Their economies differ in their size, institutional characteristics and integration perspectives, are facing vastly different problems, and find...

The present paper applies the Markov switching model with the aim of checking two industrial production features of six major Brazilian states. Firstly, we try to determine the date of business cycles and, soon afterwards, we verify the existence or not of an unobservable component that is...