This is a discussion of Ratfai (2007), presented at the 2007 Macroeconomics Workshop of the Rimini Center for Economic Analysis on "The Macroeconomics of Price Setting," May 10-11, 2007, University of Bologna, Rimini, Italy.

The purpose of this paper is to estimate a structural VAR model using macroeconomic data of Moroccan Economy, which includes national saving rate and budget deficit rate, to test the Ricardian Equivalence hypothesis. In this framework we separate saving and deficit movements into two types of...

In this research, the equilibrium real exchange rate as well as exchange rate misalignment in Switzerland and Lithuania is estimated based on behavioural equilibrium exchange rate and structural vector autoregression models. Moreover, driving forces of the real effective exchange rate are...

In this paper, we re-examine the magnitude of the impact of government spending on private consumption by a new Keynesian approach, focusing on the role of military spending. For this reason, we separate civilian and military spending in the U.S. economy and analyse their respective effects. Our...

The aim of the paper is the analysis of the links between the real and financial processes in the euro area and energy and non-energy commodity prices. Monthly data spanning from 1997:1 to 2013:12 and the structural VAR model are used to analyse the relations between global commodity prices and...