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 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 recent revival of Hyman P. Minsky's ideas among policymakers, economists, bankers, financial institutions, and the mass media, synchronized with the increasing gravity of the subprime financial crisis, demands a reappraisal of the meaning and scope of the 'financial instability hypothesis'...

This paper proposes a new bootstrap procedure for mean squared errors of robust smallarea estimators. We formally prove the asymptotic validity of the proposed bootstrap method and examine its finite sample performance through Monte Carlo simulations. The results show that our procedure performs...

This paper proposes a method for estimating the joint distribution of two or more variables when only their marginal distributions and the distribution of their aggregates are observed. Nonparametric identification is achieved by modelling dependence using a latent commonfactor structure....

While central banks cannot provide complete foresight with respect to their future policy actions, it is in the interests of both central banks and market participants that central banks be transparent about their reaction functions and how they may evolve in response to economic developments,...

The emergence of digital currencies such as Bitcoin and the underlying blockchain and distribution ledger technology have attracted significant attention. These developments have raised the possibility of considerable impacts on the financial system and perhaps the wider economy. This paper...

During and after the Great Recession of 2008-09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more...

The use of bank notes in Canada for payments has declined consistently for some time, and similar trends are evident in other countries. This has led some observers to predict a cashless society in the future. This paper considers the implications of the abandonment of the use of cash in the...