We use a welfare-based intertemporal stochastic optimization model and historical data to estimate the size of the optimal intergenerational and liquidity funds and the corresponding resource dividend available to the government of the Canadian province Alberta. To first-order of approximation,...

This paper examines the impact of oil revenues on the Iranian economy over the past hundred years, spanning the period 1908-2010. It is shown that although oil has been produced in Iran over a very long period, its importance in the Iranian economy was relatively small up until the early 1960s....

En este trabajo estudiamos las características y los determinantes de las desviaciones entre las cifras iniciales y finales de los ingresos y gastos públicos incluidos en los presupuestos generales del Estado en el período 1985-2006. Nuestro objetivo es evaluar el grado de cumplimiento del...

Real-time estimates of the potential output are essential in the EU fiscal surveillance framework. They are used for the calculation of the cyclically-adjusted budget balance, one of the main indicators in the assessment of the fiscal performance of EU Member States. Our paper examines whether...

This paper presents generational accounts for Iceland over the period 1994–1998. A longer analysis period allows us to assess whether the economic boom during the latter part of the 1990s was more favourable to current- or future generations. We find that the restrictive government policy of...

This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...

The stock market behaviour and trend can be move according to the different internal, external, micro economic and macro economic factors. The impact of some events that definitely occurs can't be envisaged by the stock market with confidence due to their nature. A budget is an influential...

This paper employs a regression-discontinuity (RD) design to ascertain the effects of social-democratic government on fiscal policy (budget deficits) and monetary policy (as reflected in inflation) and on currency and bond prices (i.e., exchange rates and yields). The RD design exploits the...

This paper examines the characteristics and determinants of the deviations between the initial and final figures of the Spanish public budget from 1985 to 2006. Our goal is to evaluate the extent to which initial budgeted figures adhered ex-post to actual fiscal figures, by trying to unveil...

This article studies a simple, coherent approach for identifying and estimating error correcting vector autoregressive moving average (EC-VARMA) models. Canonical correlation analysis is implemented for both determining the cointegrating rank, using a strongly consistent method, and identifying...