Does financial development contribute to economic growth? The literature finds that an expansion in financial resources is useful for economic growth if the degree of financial development is under a certain threshold; otherwise, the expansion is detrimental to growth. Almost every published...

The collapse of the USSR significantly affected the economic and political situation of all the republics which gained sovereignty as a result. Among them were countries such as Estonia and Kazakhstan. This article considers whether these countries have coped with the new political conditions....

The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in macroeconomics, especially after the publication of Godley and Lavoie (2007), which provided a general framework...

The financial crisis and the ensuing Great Recession created unprecedented federal budget deficits in recent years. In fact, these events, combined with subsequent slow growth and two continuing unfunded wars, have resulted in a national debt that is out of control by all meaningful measures....

Does financial development contribute to economic growth? The literature finds that an expansion in financial resources is useful for economic growth if the degree of financial development is under a certain threshold; otherwise, the expansion is detrimental to growth. Almost every published...

The US economy is in the early stages of what looks to be the worst financial and economic crisis since the Great Depression. Starting with the downturn in the housing market and rising foreclosures, the crisis has spread to Fannie and Freddie, the government sponsored enterprises, and to...

The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in macroeconomics, especially after the publication of Godley and Lavoie (2007), which provided a general framework...

Spanish Abstract: El crecimiento por acumulación de factores es solo una de tres formas de crecer y la menos importante en las economías modernas. Desde la revolución industrial, la forma dominante es la innovación de procesos, que depende del tamaño del mercado y es un proceso acumulativo...

How fiscal policy impacts equity and bond returns is an open question. Unlike previous studies, we address this issue in a way that decomposes current returns into news about cash flows and news about discount rates. Moreover, we use narrative methods to identify plausibly exogenous shocks to...