This paper discusses a number of issues centred around the evaluation of the benefits and costs of transport. It is argued that, for various reasons, transport cannot be treated as an ‘ordinary’ economic sector, and in the paper the policy implications of a number of the sector’s...

This paper constructs a macro-finance model with two types of borrowers: entrepreneurs who engage in productive activities and gamblers who play in lotteries. It links a central bank's interest rate policy to expected cash flows of both types of borrowers. Via this link we study how the...

Serious fiscal vulnerabilities arising from many years of high government/GDP ratios have created new and complex interactions between public debt management and monetary policy. Although their formal mandates have not changed, recent balance sheet policies of many central banks have tended to...