This paper responds to the development policy debate involving the World Bank and the IMF on the use of fiscal policy not only for economic stabilization but also to promote economic growth and increase per capita income. A key issue in this debate relates to the effect of the composition of...

In this paper, we employ the agent-based macroeconomic Eurace@Unibi Model to study the economic implications of different degrees of de-centralization in the wage setting. Starting from a baseline scenario, corresponding to a high degree of unionization, in which wages are fully centralized and...

In this paper, we employ the agent-based macroeconomic Eurace@Unibi model to study the economic implications of different degrees of de-centralization in the wage setting. We think of de-centralization as wages being a weighted average of an economy-wide "union wage" and a firm-specific...

"Written in the spirit of the long time Yale Professor, James Tobin, who has held the view that monetary policy is not neutral, this volume provides an analysis of the different economic performances exhibited by the USA, the Euro-area, and Japan in the last decade. Through addressing the...