Critics of modern macroeconomics often raise concerns about unwarranted welfare conclusions and data mining. This paper illustrates these concerns with a thought experiment, based on the debate in environmental economics about the appropriate discount rate in climate change analyses: I set up an...

This paper explains and shows us the Phillips Curve for advanced economies on period 1996-2007 for specially for the United States and Euro area case. The informations for 2006 and 2007 was considered being in attention the forecasting of International Monetary Fund (IMF) for these years. We...

This research addresses the estimation of total factor productivity for Nicaragua throughout the period 1960-2019 by means of three methods: Solow residual, direct substitution method, and Malmquist index. Based on the results obtained, it is concluded that the direct substitution method is more...

The aim of this paper is to present and evaluate the theory and principles of economic policy applied before the 2008-2009 crisis1. Against this backdrop we will attempt to describe the evolution of targets and tools of economic policy in view of the experiences of recent years and the...

The question of the long-run prospects of profitability and its association with the stage of capital accumulation have occupied central importance in the history of economic thought. This paper focuses on Marx and Keynes and argues that Marx’s analysis, despite its incomplete nature, is...

The debate on currency arrangements and monetary policy frameworks in lceland has been motivated by developments in lceland and internationally in recent decades. Historically, lcelanders' colonial experience and struggle to retain control of vital natural resources made them hesitant...

This study investigates the dynamic effects of fiscal policy shocks in Pakistan by using structural vector auto-regressive (SVAR) model for annual time series data from 1972 to 2014. To identify the effects of fiscal shocks on macro economy, four different identification approaches has been used...

Money neutrality is about what the long run relationship between money and price imply for the use of monetary aggregates in the conduct of monetary policy. The argument is that if a single monetary policy is prevalent in a monetary union, it is significant that members of such monetary...

It is sometimes argued that one cannot criticize general equilibrium models on grounds of equilibrium non-existence. I argue that once problematic treatments of interests and profits in general equilibrium models are corrected, equilibrium non-existence issues arise again. Uniform rate of...

Economic literature exhibits a variety of empirical structural impulse response function (SIRF) patterns in real consumption and real output due to changes in confidence or sentiment, with particular regard to the USA and the EA. This work replicates them in the orbit of a neo-Keynesian dynamic...