This paper studies the impact of financial openness on the size of government, and other key economic variables, such as the consumption-wealth ratio, the growth rate of wealth, and welfare, in a two-country world, based on a portfolio approach, assuming that public spending is...

This paper studies the impact of financial openness on the size of government, and other key economic variables, such as the consumption-wealth ratio, the growth rate of wealth, and welfare, in a two-country world, based on a portfolio approach, assuming that public spending is...

This paper analyzes the impact of financial openness on the size of the government in a stochastically growing small open economy when public spending is productive and volatility-reducing using a portfolio approach. The main result of the model is that economies that are more open are...

A recent body of literature has sought to determine the causes of the global decline of the labor share. We study the role played by government investment—which has also fallen in many advanced economies over the past few decades—in the labor share decline. We first establish a theoretical...

This paper analyzes the economic growth for Spain, the Basque Country (and its three historic territories), Navarre, and Madrid since 1965. Overall, capital and total factor productivity (TFP) growth were the main engines of output growth since 1965. Three different periods are characterized....

In this paper, we employ a portfolio approach based on a two-country world to study the impact of financial openness on the size of government and on other key economic variables, including the consumption-wealth ratio, the growth rate of wealth, and welfare (assuming that public spending is...

Die Berechnung des Produktionspotentials nach der Kommissionsmethodea beruht auf einer Cobb-Douglas-Produktionsfunktion mit den Produktionsfaktoren Arbeit und Kapital, wobei abnehmende partielle Grenzproduktivitäten unterstellt werden. Die dritte Komponente der Cobb-Douglas-Produktionsfunktion...

In jüngster Zeit ist deutlich geworden, dass Griechenland trotz der Finanzhilfen durch den IWF und die EU seinen finanziellen Verpflichtungen nur schwer nachkommen kann. Außerdem wird bezweifelt, dass die griechische Regierung die ausgehandelten Auflagen vollständig erfüllt, sodass...