monetary base. We find then that our rule best describes M0 and M1 before 1990 and only the call rate after 1990. Moreover …

decisions. This paper synthesizes these two ideas, estimating a fiscal Taylor rule as a special case of an error correction … model. Using quarterly postwar U.S. data, estimates of a fiscal Taylor rule find that the government sector has sought to …

We examine the relationship between private bank deposits and macro/fiscal risk in the euro area. We test three … hypotheses: First, private bank deposits relative to Germany are determined by macro/fiscal risk factors. Second, this … relationship is time-varying. Third, time-variation is driven by the level of macro/fiscal risk. Our findings validate all three …

Russia's macro economic fate has for a long time been connected to its vast natural resources and oil in particular …. This paper shows just how deep Russia's dependence on oil is when it comes to its macro economic development (at least … detailed analysis of the link between Russia's economic growth and international oil prices, both when it comes to actual …