The Expansionary Fiscal Contraction (EFC) hypothesis predicts that a major fiscal consolidation leads to an economic expansion under certain circumstances. We test this hypothesis, and the implied non–linear responses of the economy to large and small changes in fiscal policy, using data from the 1983 Danish fiscal reform. We use a structural VAR/event study methodology following Blanchard and ...

Fiscal equalisation aims at enabling decentralized governments to supply similar services at similar tax rates. In order to equalize fiscal disparities, differences in both fiscal capacities and in fiscal needs have to be measured. This paper focuses on the measurement of fiscal capacity in a developing country. The current intergovernmental transfer system in Tanzania does not take differences...

Reciprocal Influence between R-V Dynamics Illusion and Size-Weight Illusion in Mixed Reality Space Yuta Kataoka, Ayumi Nishikawa, Satoshi Hashiguchi, Fumihisa Shibata, and Asako Kimura Abstract The aim of this paper is to reveal the influence that the two illusions: “R-V Dynamics Illusion” and “Size-Weight Illusion” have on each other in mixed reality space. R-V Dynamics Illusion is an illusion...

Article history: Received 30 October 2015 Received in revised form 23 March 2016 Accepted 29 April 2016 Available online 3 May 2016 New indices of fiscal rule strength are constructed and, using a dynamic panel econometric model for 27 EU countries over the period 1990–2012, we assess whether national fiscal rules alone help to promote sustainable public finances in the EU or whether they must ...

For the third quarter, Adobe achieved record revenue of $260.9 million, compared to $222.9 million reported for the third quarter of fiscal 1998 and $245.9 million reported in the second quarter of fiscal 1999. This represents a 20.6% increase in year over year revenue growth when taking into consideration revenue from businesses divested in fiscal 1998. Operating profit for the third quarter w...

In this study, we report a new visual shape illusion, the eggs illusion, in which circular disks located at the midpoints between adjacent grid intersections are perceived as being deformed to ellipses. In Experiment 1, we examined the eggs illusion by using a matching method and found that grid luminance and patch size play a critical role in producing the illusory deformation. In Experiment 2...

This paper, I have focused on the tax side of the fiscal policy to  investigate the past and future behavior of fiscal sustainability in Iran. To do so, I have employed two different forward-looking and backward-looking approaches. First, the backward-looking approach is the fiscal policy rule proposed by Daving & Leeper (2011). Precisely, this rule determines that whether the fiscal policy is ...

In the recently discovered sound-induced illusory flash phenomenon, a single flash accompanied with two auditory beeps is perceived as two flashes in a majority of trials. Here we asked what the neural substrates distinguishing illusion and no-illusion (i.e. perception of single flash) percepts are under identical stimulus configuration. Wavelet based method was used to analyze gamma band (> 30...