In view of the increasing use of Dynamic Stochastic General Equilibrium (DSGE) models in the macroeconomic projections and the policy process, this paper examines, both conceptually and empirically, alternative notions of potential output within DSGE models. Furthermore, it provides historical...

The paper sets out to determine the impact of monetary policy on the Nigerian economy during the post-reform period using annual series data (1986 – 2006). Trend discussion of some basic macroeconomic indicators on the Nigerian economy among others reveal that (a) the Central Bank of Nigeria...

Purpose – The purpose of this paper is to analyse the implications of sharply rising food prices for monetary policy in India and similar emerging economies at present. Design/methodology/approach – This paper uses analytical arguments from relevant macroeconomic literature and evidence from...

Purpose – The purpose of this paper is to develop a political-economy model to show how political imperatives lead to reforms in administering direct tax collection. Design/methodology/approach – A static, political-gain approach was used to model employment in the tax collection sector and...

Despite the various accents observed in the traditional analyses on the roots of this kind of phenomena, we will argue that the causes of the present crisis, ignited inside our “modern” economies, are strongly related to the modern nature of money, the role of “fiat-currency” as exchange...

There is frequent talk nowadays on the chances to use the “opportunity” that the present crisis has given to us, in order to, at least try to, reform the world economy. The current crisis seems to show us that it is of an imperious nature not only the need to reform the global regulatory and...

More often than not the pursuit of economic crisis theorization encounters obstacles imposed by specific particularities of each case. This paper aims to identify worldwide circulated causes of the crisis, to examine whether these explanations are founded or not. The expansionary monetary...

Central banks are at the epicenter of the current crisis. Accused of starting the crisis or, conversely, praised for having worked to overcome it, central banks need to draw conclusions stemming from the global crisis and to undertake necessary reforms. At present, when the crisis appears to be...

Prior to the recent financial crisis, one of the most prominent examples of unconventional monetary stimulus was Japan's "quantitative easing policy" (QEP). Most analysts agree that QEP did not succeed in stimulating aggregate demand sufficiently to overcome persistent deflation. However, it...

Neither core nor headline inflation measures can consistently and reliably predict medium-term inflation well enough to be of much use to policymakers.>