We examine the channels through which a randomized early childhood intervention in Colombia led to significant gains in cognitive and socioemotional skills among a sample of disadvantaged children. We estimate production functions for cognitive and socio-emotional skills as a function of maternal skills and child’s past skills, as well as material and time investments that are treated as endoge...

This paper examines under what conditions fiscal policy in the form of government spending should contribute to macroeconomic stabilisation. To this end optimal fiscal targeting rules minimising the microfounded social loss are examined in the following settings. Firstly, for the benchmark New Keynesian model, where monetary policy is unconstrained, a neutrality result for fiscal obtains: fisca...

Japan is the world‘s third largest economy. But currently economic situations of Japan are not stable. It is not increasing as expected. Since 2013 it was world second largest economy but Japan loosed its placed to China in 2014 due to slow growth of important economic indicators. By using the basic Keynesian model, we will provide a detailed analysis of the short and long run impacts of the ch...

Imperfectly competitive macroeconomic models typically assume a symmetric equilibrium with identical firms, despite the fact that most industries are characterised by substantial degrees of firm heterogeneity. We examine how inter-firm efficiency gaps affect fiscal policy effectiveness under monopolistic competition.

This paper studies the interactions of fiscal and monetary policies in the presence of fiscal spillovers within a monetary union. When capital markets are integrated, the fiscal policy of any member country will influence equilibrium wages and interest rates across the whole union. Thus there are fiscal spillovers within a federation. Within a general class of monetary policy rules, there does ...

After an inpatient phlebotomy-laboratory test request audit for 2 general inpatient wards identified 5 tests commonly ordered on a recurring basis, a multidisciplinary committee developed a proposal to minimize unnecessary phlebotomies and laboratory tests by reconfiguring the electronic order function to limit phlebotomy-laboratory test requests to occur singly or to recur within one 24-hour w...

The literature testing for long-run impacts of fiscal policy on growth at the macro level has generally ignored short-run dynamics and treated all counties’ fiscal-growth dynamics identically. This paper examines how robust previous ‘long-run’ results for OECD countries are to new empirical methods that model short-run dynamics and allow fiscal-growth responses to be heterogeneous both across c...

In recent years, inequality has risen in the region alongside rapid economic growth. The widening income gap strengthens the case for a government response, and fiscal policy is one of the most suitable policy instruments to promote a more equitable society that provides opportunities for all. Developing Asia has trailed other parts of the world in equity-promoting fiscal expenditures, namely e...