This paper presents a comprehensive assessment of fiscal austerity, with special emphasis on its distributional consequences, which are surprisingly ignored in the existing literature. Using amedium scale DSGE model we find that both the aggregate and distributional consequences of fiscal...

Fiscal consolidation programmes have been adopted almost uni-versally in the developed world since 2011 in an effort to reverse the substantially worsened fiscal outlook in the aftermath of the global financial crisis. Prolonged stagnation combined with increasing debt levels over this period...

The 2008 financial crisis and subsequent global economic downturn has brought fiscal policy back onto the political and academic agenda. Despite the vast literature, the discussion is primarily focused upon the fiscal policy multiplier. This positive analysis omits normative consequences from...

There is widespread evidence that procyclical fiscal policies have been prevalent in developing countries and often in some industrial nations. It is therefore surprising that, in contrast to the wealth of studies on the sources of procyclical policy, potential consequences of such seemingly...

Increased pollution leads to a constant decrease of drinking water quality worldwide. Due to safety concerns, unpleasant taste and odour only about 3% of the population in South Korea is drinking untreated tap water. The present study uses choice experiments and cost-benefit analysis to...

We study the pay of UK universities chief executives ("vice-chancellors") over a ten year period. Although there is a correlation between pay and performance, with better performing institutions paying higher salaries, we find limited evidence that this relationship is causal; that is, we find...