The global economic recession following the financial crises once again revived the debate over the efficacy of Keynesian solution to deal with the crises. Most of the country went in to offer bailout packages from the public budget which could be the reminiscent of such policies adopted earlier...

Japan experienced a boom-and-bust cycle in the real estate and stock markets almost 20 years earlier than Europe. Since the bursting of the Japanese bubble economy, the country has fallen into a deep recession and has experimented with crisis therapies in the form of unconventional monetary...

A model of business cycles in which households do not have knowledge of the long-run growth of endogenous variables and continually learn about this growth is presented. The model features comovement and mutual reinforcement of households' growth expectations and market outcomes and suggests a...

This paper investigates whether a fiscal stimulus implies a different impact for flexible and rigid labour markets. The analysis is done for 11 advanced OECD economies. Using quarterly data from 1999 to 2013, I estimate a panel threshold structural VAR model in which regime switches are...

The ownership nationality of large US multinational companies plays an implicit but important role in the current debate over how such companies should be taxed. This paper identifies that role and investigates what is actually known about where these companies’ shareholders reside.

This paper presents an indicator of the fiscal stance that combines features of the bottom-up, narrative approach on the revenue side with a refined version of the top-down, traditional approach of the structural balance on the expenditure side. With these characteristics the indicator offers an...

This paper analyzes, structural budget surplus (SBS) rule evidence for the Chilean economy. We examine its effect on macroeconomic variables, such as credit worthiness, output volatility, policy effectiveness ,and welfare level gains over time due to economic growth. Thus, SBS becomes a public...

The paper examines the impact of bank credit to output growth in the manufacturing and agricultural sub sectors of the economy over the period 1980-2010. Using the error correction modeling techniques, the results show that bank credit has significant impact on manufacturing output growth both...

Between 1998 and 2010, under the thrice industrial structure, Kaohsiung’s output ratios of the secondary and tertiary industries fluctuated dramatically every four years. This study examines the decoupling degrees of underlying environmental pressures from Gross Domestic Product in order...