In recent years, federal spending and deficits have declined significantly as a percent of GNP, the earlier sharp rise in the federal debt-to-GNP ratio has been halted, and the huge primary deficit (budget deficit excluding net interest outlays) has been eliminated. More progress on reducing the...

The stated purposes of President Clinton's fiscal policy proposal are to provide short-run fiscal stimulus to "guarantee" the durability of the economic recovery, and cut the deficit while increasing outlays and subsidies for public and private investment and income maintenance. Although well...

Fiscal policy represents one of the most important components of economic policy and as such it should be treated in its context.For this there are at least two reasons:First, economic policy defines the goals and criteria of fiscal policy in order to assess its contribution to the...

In Kosovo and in the new consolidating countries the fiscal policy plays the primary role in the functioning of the state, its institutions and economic growth in general. In the lack of monetary policy instruments, fiscal policy remains the only means available to the Kosovo Government for...

[From the introduction]. Institutional and ideological influences are not as important as they might seem at first glance. Seen from Bologna, there are good reasons to doubt the mainstream critique of European macroeconomic governance. Probably the most important is the bias in the conventional...

This paper discusses some of the recent developments in growth theory, doing so from the perspective of a small open economy. After setting out a basic generic model, we show how it may yield two of the key models that have played a prominent role in the recent literature, the endogenous growth...

Die vorliegende Dissertation zu makroökonomischen Themen beinhaltet einen einleitenden Literaturüberblick, drei eigenständige und voneinander unabhängige Kapitel sowie einen technischen Anhang. In Kapitel zwei wird ein Zwei-Länder Modell einer Währungsunion betrachtet, in dem die...

The Stability and Growth Pact (SGP) has attracted much attention since the idea was first suggested by German Finance Minister, Mr. Waigel, in late 1995. Naturally, there is not an unanimous view on the Pact: for some it is an unnecessary restriction; for others the Pact is necessary but...

Since the abolition of its Apartheid regime in 1994, South Africa has launched a massive program of education, which has been financed through resources representing on average 21% of the national budget or 7% of GDP. Today, the GDP share of public spending on education is 1.3 times the average...

This paper considers an endogenous growth model with productive government spending in which overlapping generations of agents vote sequentially on policy. With sequential majority voting, there is a multiplicity of politico-economic equilibria originating from self-fulfilling policy...