This paper provides new findings about the impacts of Internet adoption and the income inequality on economic growth. Analytical insights are suggested within a framework of a pure-exchange overlapping generations model. A panel data set for 60 countries for the period 1995-2002 has been...

This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth," i.e. the interaction between money growth and...

The objective of this article is to compare the outcomes of fiscal coordination under a narrow and a broad agenda in the European Monetary Union (EMU). The EMU (narrow) approach to fiscal coordination will lead to higher volatility of interest rates, output, inflation and average budget deficits...

The dispersion of European Union inflation rates drifted upward in recent years, after the drive toward the euro pushed it downward sharply in the late 1990s and early 2000s. Inflation accelerated in economies that have either grown faster than their potential output or have failed to liberalize...

With diminishing tariffs, the focus of trade policy makers and analysts is logically turning towards non-tariff barriers (NTBs), but there much remains to be done. It is well-know that tackling NTBs poses many challenges for the analyst because of their diverse and complex nature, and the lack...

The causal relationship between financial development and economic growth is examined, utilizing the superexogeneity methodology. We use annual data for Korea during 1971-2002, during which Korea has experienced both phenomenal economic growth and a variety of financial liberalization and...

This paper empirically tests the Keynesian hypothesis that government defence spending positively impacts on aggregate output, by using a long-run equilibrium model for the US and the UK. Our contribution, with respect to previous works, is twofold. First, our inferences are adjusted for...

We present a theoretical and empirical analysis of stable coexistence among the world's anchor currencies (G3): the dollar, euro and yen. The theoretical model presented in this paper builds on a model of spatial competition and rests on a set of assumptions related to the behavior of central...