We show that dependence on foreign energy can increase economic instability by raising the likelihood of equilibrium indeterminacy, hence making fluctuations driven by self-fulfilling expectations easier to occur. This is demonstrated in a standard neoclassical growth model. Calibration...

This paper takes a new look at an old issue: the coal market integration in significant regions: Europe (East and West Russia), Asia (China and Indonesia), Africa (Mozambique and South Africa), America (Colombia), and Australia. Our main contribution is to perform this analysis in the...

Following the Great Recession, many European countries implemented fiscal consolidation policies aimed at reducing government debt. Using three independent data sources and three different empirical approaches, we document a strong positive relationship between higher income inequality and...