This paper examines the macroeconomic effects of unexpected, exogenous, simultaneous, temporary cuts to income tax rates in an economy when the government follows a balanced budget fiscal rule and keeps money supply constant, and private agents face constraints on the ability to finance...

With increasing concerns about rising energy demand and cost, diminishing oil reserves, and climate change, Central American and Caribbean (CAC) nations have the opportunity to become producers of low-carbon sustainable biofuels for domestic consumption and foreign exchange earnings. While the...

Modern information and communication technologies are reshaping the environment in which foreign policy and international relations are conducted. According to conventional wisdom the information revolution has increased the influence of non-state actors and undermined the authority of the...

The debate on whether natural disasters cause significant macroeconomic impacts and indeed hinder development is ongoing. Most analyses along these lines have focused on impacts on gross domestic product. This paper looks beyond this standard national accounting aggregate, and examines whether...