Is inflation targeting an appropriate framework for monetary policy? Experience from the inflation-targeting countries countries are optimistic about inflation targeting as a monetary-policy framework. South Africa is also following this trend.The international literature review of the topic...

Remarks at the National Association for Business Economics Annual Meeting, New York City.

Remarks at the National Association for Business Economics Annual Meeting, New York City.

Despite pockets of strength, the U.S. economy continues to struggle to build consistent momentum. Real GDP growth rebounded in the first quarter of 2013 after ending 2012 on a relatively weak note.

This article reviews the literature analysing the importance of infrastructure for economic growth, and performs an econometric estimation to discover the relation between the two variables in the case of Peru. Different estimators are used with panel data from the 24 regions of Peru for the...

By how much will faster economic growth boost government revenue? This paper estimates short- and long-run tax buoyancy in OECD countries between 1965 and 2012. We find that, for aggregate tax revenues, short-run tax buoyancy does not significantly differ from one in the majority of countries;...

The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial frictions are a relevant source of macroeconomic fluctuation. We derive a measure...

Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but would also raise output over the longer-run as well as generate beneficial regional...