A standard model of activist macroeconomic policy derives a monetary reaction rule by assuming that governments have performance objectives, but are constrained by an augmented Phillips curve. In addition to monetary policy, governments apply a variety of instruments to influence inflation and...

This paper examines the effects of macroeconomic policy reforms of trade and investment liberalization on gender earnings inequality during the post-transition period using panel data from Hungarian Wage and Earnings Survey and other statistical sources for 21 industrial categories. The results...

This paper compares fully-funded (FF) and pay-as-you-go (paygo) pension plans in a Keynesian framework for an economy with overlapping generations and excess capacity. The model addresses both short/medium-run equilibria and steady-states. Income distribution and class conflict, two crucial...