This article uses an extension of Mankiw, Romer and Weil's augmented Solow-Swan growth model to examine whether public investment has a distinct role as a determinant of economic growth. It considers both the predictions of the model in steady state and in transition to steady state. For the...

A number of countries have adopted the policy of inflation targeting and a substantial literature exists on the virtues of inflation targeting in reducing inflation (Bernanke <italic>et al</italic>., 1999). However, results in the existing empirical literature conflict. This article uses a number of...