This paper analyzes a New Keynesian model with Rule-of-Thumb consumers (ROTC) as in Galí et al.(2007) and a fiscal policy which levies a proportional income tax. We …nd that, when the share of ROTC is above a specified threshold and di¤erently from the usual Leeper (1991) result, the...

While tariff barriers decreased worldwide, antidumping has surged to play a crucial role as the most important non-tariff barrier. The literature provides various "numbers" on the use of antidumping. This paper improves upon the existing studies in two directions. First, since theory shows that...

The aim of this paper is to update the reviews on endogenous growth theories in order to explore whether recent empirical studies are more supportive of their main predictions. Among the core topics studied in the growth econometric framework, namely, convergence, identifications of growth...

This study presents the first empirical analysis of the determinants of firm closure in the UK with an emphasis on the role of export-market dynamics, using panel data for a nationally representative group of firms operating in all-market based sectors during 1997-2003. Our findings show that...

In this paper we examine the time series properties of inflation in seven countries that have adopted inflation targeting. Unlike previous studies we utilize a non-linear mean reverting adjustment mechanism for inflation and we discover that although deviations of inflation from the target can...

The breakdown of the Bretton Woods system and the adoption of generalised floating exchange rates ushered in a new era of exchange rate volatility and uncer­tainty. This increased volatility lead economists to search for economic models able to describe observed exchange rate behavior. In the...

The purpose of this paper is to see how the term structure of interest rates has evolved in the sterling and euro treasury bond markets over the period 1999-2003. German bonds have been used as a proxy for euro-denominated bonds. A state-space representation for the single-factor Cox, Ingersoll...

This paper investigates the importance of political ideology and opportunism in the choice of the tax structure. In particular, we examine the effects of cabinet ideology and elections on the distribution of the tax burden across factors of production and consumption for 21 OECD countries over...