We estimate a VAR, which summarizes the dynamics of five variables, the real price of oil, the long-run real interest rate, real GDP, the primary fiscal balance-GDP, and debt-GDP. We make dynamic stochastic projections and use the data to compute the annual primary fiscal balance required to...

Although economic theory seems to be abstract and escapist in some cases, it nevertheless often represents the main tool in order to comprise and describe economic events sytematically. The analysis of every day news in the media clarifies this in the following paper.

This paper reviewed the roles of debt management practices on sustainable economic growth and development with particular emphasis on Nigeria. Information was generated extensively from literature, the Nigeria Central Bank and National Bureau of Statistic reports. The analyses of the data...

This essay articulates the principles and practices of New Monetarism, our label for a recent body of work on money, banking, payments, and asset markets. We first discuss methodological issues distinguishing our approach from others: it has something in common with Old Monetarism, but there are...

This article describes the argumentative structure of Hayek on the relationship between power to tax and redistribution. It is observed throughout its work giving special attention to two works: The Constitution of Liberty (1959) and Law, Legislation and Liberty, vol3, The Political Order of...

Overall, this paper presents a white swan that seems to confirm the hypothesis of Alesina / Tabellini / Campante (2008). Fiscal policy in many developing countries is procyclical. Specifically, the former may explain monetary policy failures associated with problems of political agency. And in...

In the executive branch of the U.S. Federal government, a group known as the Troika -- comprised of senior officials of the President’s Council of Economic Advisers, the Department of the Treasury, and the Office of Management and Budget -- plays an important role in developing the economic...

A bias towards running deficits is an entrenched feature of fiscal policy making in most developed economies. Our paper examines whether this tendency is in any way associated with the personal distribution of income of a country. It takes inspiration from theoretical work according to which...

The aim of this study is to analyse the price developments and to compare national macroeconomic policies in response to the consumer prices that started to soar in 2007 across the European Neighbourhood Policy countries, the other arcelona countries2, Russia, the Gulf Cooperation Council...

The nominal convergence knows regular monitoring and a growing interest in the WAEMU countries. However, few studies have examined the real convergence of the WAEMU countries and in particular the contribution of the convergence, stability and growth pact (PCSC) to the dynamics of the real...