This paper investigates the effects of changes in fiscally-induced and trade-related variables on the rate of economic growth. Adopting the simplest possible version of the Keynesian/Ramsey paradigm, it is showed that both the level as proxy for the short-run impact, and the change as proxy for...

This paper revisits the issue of the Ricardian Equivalence Hypothesis (REH), as since its reemergence, its theoretically underlying premises have been called into question. Yet, severe criticism raised by its opponents concerning the efficacy of government actions has further challenged the need...

There is a growing literature of theoretical models and empirical advances that has led most researchers to subscribe to the view that national macroeconomic indicators are the crucial determinants of equilibrium interest rates. This paper revisits the causal structure linking the G7 long-term...

This paper has a two-fold orientation; firstly, it examines the linkages and the time-series properties of a set of nominal and real macroeconomic variables in Greece, under different exchange rate systems and varying fiscal regimes. Secondly, it makes an effort to evaluate some macro-governance...

Fiscal consolidation is used as a synonym for austerity much as debt restructuring is used as a euphemism for partial repudiation. Inside the political arena of international economics, the nomenclature of government officials in policy debates adopts colorful terminology, such as healthy public...

In the current highly uncertain environment where the traditional macro-policy mix is considered less effective in supporting aggregate demand, two features of the systemic crisis are critically relevant in defining the composition of an appropriate fiscal stimulus. One such is pertinent to the...