This paper analyzes the effectiveness of the tax and transfer systems in the EU and the US
to provide income insurance through automatic stabilization in the recent economic crisis …

The paper proposes a panel cointegration analysis of the joint development of government
expenditure and economic growth in 23 Organization Economic Cooperation and …

We show that three factors combine to explain the mean magnitude of excess sensitivity
reported in studies estimating the consumption response to income changes: the use of …

Should the generosity of unemployment benefits and the progressivity of income taxes
depend on the presence of business cycles? This paper proposes a tractable model where …

What are the effects of cyclical fiscal policy on industry growth? We show that industries with
a relatively heavier reliance on external finance or lower asset tangibility tend to grow faster …

Regulation of goods and factor markets is enacted purportedly to serve specific social
purposes. The rationale for regulation is provided by the existence of market failures arising …

As the 100th anniversary of the 1913 Federal Reserve Act approaches, we assess whether
the nation's experiment with the Federal Reserve has been a success or a failure. Drawing …

The objective of this study is to analyze the relationship between fiscal policy and
macroeconomic stability in South Asian countries. Specific objectives of the study are to …

The paper revisits the link between fiscal policy and macroeconomic stability. Two salient
features of our analysis are (1) a systematic test for the government's ambivalent role as a …

Economic complexity measures the productive knowledge embedded in an economy by
analysing the export structure of countries. Although the recent literature suggests that …