Az adóztatás hatásának vizsgálata mind makroökonómiai és gazdaságpolitikai szempontból fontos feladat. Az egyes adónemek aránya országonként nagyon eltérő, és időben természetesen adott országon belül is változik. Más a jövedelmi adók, más az indirekt adók hatása. Nem...

We use a new panel dataset of credit card accounts to analyze how consumer responded to the 2001 Federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that, on...

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...

In 2008, governments in many countries embarked on large fiscal expenditure programmes, with the intention to support the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal expenditure is considered by providing a novel analysis of...

Abstract This paper empirically examines the impact of exchange rate volatility on inflation in Nigeria using annual time series data from 1986 – 2012. The methodology employed includes: ADF, PP and KPSS test of unit root, Johansen Julius cointegration test, VECM, granger causality test,...

This paper revisits the evidence on monetary policy transmission. It extends the existing literature in three dimensions. First, we attempt to internalise potential international channels of transmission by taking a global perspective. More specifically, we explore global aggregates covering a...

Coinage debasements were a prevalent and generally very harmful feature of most economies in late-medieval western Europe, and most certainly in Burgundian Flanders (1384-1482). Flanders also experienced several economic recessions or contractions from three related sources: warfare; the...

The paper shows the difficulties that the increasing international mobility of capitals set to the execution of monetary policy in the development countries. In modern capitalist economies, more than ever, money should be viewed as an institution. Therefore, it is first necessary to understand...

A macroeconomic model with endogenous credit constraints due to a moral hazard problem in lending is developed. There are two sequential borrowing decisions; first, an agent may wish to borrow to become educated and secondly, an educated agent may wish to borrow to become an entrepreneur. The...