The balanced growth theory and the neoclassical growth model predict that certain macroeconomic variables such as output, consumption, and investment grow at a constant rate. Analytically, it indicates that the consumption-output ratio and the investment-output ratio (termed "great ratios") must...

The Australian economy is constantly affected by technological, demand and policy shocks from home and abroad. The opportunities and challenges presented by these shocks create demand for government advice on the likely effects on households, firms and the Australian economy, and in turn...

Deutschland erlebt derzeit einen erheblichen Rückgang seines Produktionspotenzials. Wesentliche Ursache ist die demografische Alterung und insbesondere der Eintritt der geburtenstarken Jahrgänge (Baby-Boomer) in den Ruhestand. Das verfügbare Arbeitsvolumen wird darüber hinaus durch niedrige...

The medium-term prospects for the German economy give little cause for optimism. In addition, demographic change will intensify in the current decade. A brightening of growth prospects can therefore only materialise with stronger investment and greater innovation momentum. However, it will...

Using the happiness survey data, a robust body of literature has supported that people's subjective well-being is related to economic growth, employment, and inflation. Motivated by "Happiness Economics," this paper focuses on financial satisfaction, a proxy of subjective well-being. It examines...

Business cycles and economic growth have long been studied separately, hindering understanding of the nature and causes of economic fluctuations and growth. Here, we present an economic model that incorporates both deterministic trends and persistent fluctuations, derived from a general economic...

U.S. labor market data exhibit a major, secular decline in the employment and wage gaps between males and females. In this paper, we identify the underlying, structural forces and quantify the spillover from this gender convergence to the broader macroeconomy. A novel time series model maps...

We study the situation when a commodity-exporting economy is under sanctions and cannot use its accumulated fx-reserves or attract new fx-debt to smooth import restrictions amid slower decline of income flow from a commodity-export. Our study attempts to determine the adequate response of the...

This study aims to analyze the long-run effects of fiscal consolidation on economic activity in the Economic and Monetary Community of Central Africa (CEMAC), a grouping of six countries (Cameroon, Congo, Gabon, Equatorial Guinea, the Central African Republic, and Chad) forming a monetary union....