Vector autoregressions (VARs) are flexible time series models that can capture complex dynamic interrelationships among macroeconomic variables. However, their dense parameterization leads to unstable inference and inaccurate out-ofsample forecasts, particularly for models with many variables. A...

This paper analyses spillovers from macroeconomic shocks in systemic economies (China, the Euro Area, and the United States) to the Middle East and North Africa (MENA) region as well as outward spillovers from a GDP shock in the Gulf Cooperation Council (GCC) countries and MENA oil exporters to...

This paper offers a first quantitative glance at the possible effects of preparing for Euro adoption, as well as at the ex-post effects of actual adoption. Although the complexity of the models considered gradually increases, nevertheless all the simulations provide the same general picture in...

Purpose The purpose of this paper is to empirically examine the relationship between fiscal consolidations and changes in income distribution. Design/methodology/approach Looking at a sample of 27 emerging market economies between 1980 and 2014, the authors resort to both static panel techniques...