The article shows that actual public expenditure in the period of rapid oil prices growth of the 2000s was less than optimal level in Russia. The macroeconomic model of Russian economy is the basis of current research. The main mechanism of growth in an optimum scenario is associated with the...

This paper projects house and equity prices following different types of macroeconomic shocks since the 1870s in 17 western economies. In doing so, we classify macroeconomic downturns into three distinct groups: normal recessions, financial recessions, and disasters. By combining three newly...

We use novel and unique data to study the effect of price changes in the market for luxury and middle class homes. We find that luxury home sales respond less to price changes than the middle-class home sales; in the market for luxury homes, past prices affect current prices; luxury home prices...

This paper evaluates the ability of various indicators related to macroeconomic fundamentals, credit conditions, and housing supply to predict house price growth in the United States during the post-financial crisis period. We find that the inclusion of different measures of housing supply...

The ultimate purpose of macroprudential policy is to avoid financial instability, such as banking crises, which have a long-lasting and devastating effect on the economy. Although a growing number of studies have examined the effects of macroprudential policy on credit growth, few empirical...

This paper examines the longstanding debate on government expenditure–economic growth nexus based on two opposing theories (i.e., Wagner’s Law and Keynesian theory) focusing on the Free State (FS) province in South Africa using both bivariate and trivariate models estimated for the period...

The objective of this paper is to identify and explain effects of a government spending shock. After accounting for large military events, I find that in response to a structural unanticipated government spending shock, output, hours, consumption and wages all rise, whereas investment falls on...

In the paper the author represents the system dynamic model of taxes income and it action results. The system dynamic is one from systems research methods, which analyses the systems in time depending from structure of system elements and their mutual influence, including reasons connections,...

This paper presents a macroeconomic model with some microfoundations for a small open economy. The main purpose is the simulation of external environment and fiscal policy shocks. The model includes sufficiently disaggregated public sector and household disposable income accounts and it...

Balanced budget requirements lead to substantial pro-cyclicality in state government spending outside of safety-net programs. At the beginnings of recessions, states tend to experience unexpected deficits. While all states ultimately pay these deficits down, differences in the stringency of...