Fiscal policy restrictions are often criticized for limiting the ability of governments to react to business cycle fluctuations. Therefore, the adoption of quantitative restrictions is viewed as inevitably leading to increased macroeconomic volatility. In this paper we use data from 48 U.S. states to investigate how budget rules affect fiscal policy outcomes. Our key findings are that (1) stric...

Abstract This paper examines the impact of budgetary institutions on public finances in European Union basis a critical survey relevant theoretical and empirical literature. In general, authors find that fiscal (namely rules) have successfully contributed to greater sustainability, reduced procyclicality policies within EU, increased national ownership rules by strengthening frameworks. A react...

This paper speaks about the effects of Taliban returning to Afghanistan and its on monetary fiscalpolicies country. provides adequate background information context by talking thehistorical overview which includes social, cultural, geographical history. Consequently, italso exhibits reasons that caused take over country with reference U.S.A, 9/11 attacksand finally return U.S.A troops from in 2...

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.  2000 Elsevier Science S.A. All rights reserved.

Since the proof of Theorem 1 is rather cumbersome, it is useful to break it into several lemmas.