The primary purpose of this introductory chapter is to raise a question about why the development of the Third World has evolved over the past five decades in a direction that deviates from the developmental path assumed by the orthodox economic schools of thought. The underlying background to...

We use a SVAR approach to the effects of fiscal and monetary policies, as well as their interactions (policy mix) for the US and the Euro Area (EMU). Overall, our results show that these two cases are different from each other. First, while in the case of the US there is evidence of Keynesian...

Recent crises have clearly highlighted the importance of understanding macrofinancial linkages in order to mitigate the build-up of systemic risks to financial and macroeconomic stability, and sustainable economic growth. This note describes the role of macroprudential policy as an integral part...

This paper studies the trade-offs that can arise between inflation targeting and financial stability objectives. We use a simple framework to conduct macroeconomic policy analysis under three strategies: (1) a benchmark case where monetary policy pursues traditional price stability objectives;...

Die Abschätzung der Effekte unilateraler Klimapolitik-Maßnahmen sowie deren Wirksamkeit geschieht in der bestehenden Literatur vornehmlich durch „Computable General Equilibrium“ (CGE) Modelle oder durch darauf basierende Integrated Assessment Modelle. Die Auswahl der zur Kalibrierung der...