This paper aims to identify the effect of fiscal and monetary policy on private investment in Vietnam, a transition economy having robust economic growth. The quantitative analyze process employs the Autoregressive Distributed Lag (ARDL) model with a quarterly database in 2004-2020. The bound...

The COVID-19 crisis is unique in many respects and, as the IMF (2021, p. 43) puts it: "a crisis like no other". A global economic contraction occurred that was unprecedented in its speed and depth. Support packages were put together in some parts of the world that also dwarfed anything seen up...

We explore the dynamics of inflation, inflation expectations, and seigniorage-financed fiscal deficits in Mexico. To do so, we estimate the model in Sargent, Williams, and Zha (2009) using Mexican CPI inflation data. This model features dual expected inflation equilibriums and regime switching...

This paper upholds the classical Keynesian position that a laissez-faire market economy lacks a spontaneous tendency to full employment. Focusing on the UK case, it argues that monetary policy could not prevent the economic collapse of 2008-9 or achieve full recovery from the Great Recession...

The aim of the paper is to compare the sensitivity of a government's fiscal policy and a central bank's monetary policy, which are in Nash equilibrium in the case of a non-cooperative game between the government and the central bank in Czechia, Hungary, and Romania. The analysis for each country...

We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB's New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...

Covid-19 has hit the world intensely. From the medical point of view it seems that we have found the way to fight it, and the new task is to recover the economies. First of all, we need to assess the impact and specify the industries that suffered the most in order to create support packages. It...

We provide a quantitative theory of deflation and secular stagnation. In our lifecycle framework, an aging population puts persistent downward pressure on the price level, real interest rates, and output. A novel feature of our theory is that it also recognizes the reactions of government...

The aim of the paper is to discuss one of the major topical and controversial issues in contemporary statistics, which is the separation of monetary and fiscal operations in national accounts. This issue revolves mainly around the operation of public financial institutions mandated to carry out...

We propose a behavioral heterogeneous agent New Keynesian model in which monetary policy is amplified through indirect general equilibrium effects, fiscal multipliers can be larger than one and which delivers empirically-realistic intertemporal marginal propensities to consume. Simultaneously,...