If market economy are to work, they need institutions of economic governance. In traditional economics, there seems universal agreement that the framework of contract law provided by the government is a necessary condition for a market economy to work. Recently, the complementary relationship...

This paper studies the determinants of size differentials between fiscal multipliers in countries around the world, both advanced and developing economies. Besides domestic conditions and exchange rate regimes, we also introduce variables not before considered for explaining multiplier size...

If market economy are to work, they need institutions of economic governance. In traditional economics, there seems universal agreement that the framework of contract law provided by the government is a necessary condition for a market economy to work. Recently, the complementary relationship...

This paper establishes a simple no-bubble theorem that applies to a wide range of deterministic models with in nitely lived consumers. Our model assumes only a sequential budget constraint and strictly monotone preferences. In this general setup, we show that asset bubbles are impossible if a...