Several recent empirical studies have examined determinants of economic growth using country average (cross-section) data. In contrast, this paper employs a technique for using a panel of both cross-section and time-series data for 98 industrial and developing countries over 1960-85 to determine...

The question that this paper examines is what policy bias there may be when monetary and fiscal authorities have different preferences regarding the importance of closing the output and inflation gaps created by adverse economic shocks. For this purpose, the paper follows a game-theoretic...

Economic growth in Chile since the mid 1980s has been remarkable for its high level and persistence. This paper explores the factors behind the high growth rates of the past 15 years and analyzes the extent to which they can be sustained in the future. The first part of the paper presents some...

La pregunta que se aborda en este trabajo es qué sesgos de política económica pueden ocurrir cuando las autoridades monetarias y las fiscales tienen preferencias distintas en cuanto a la importancia de cerrar las brechas de producción e inflación generadas por shocks adversos. Para cumplir...