Article history: Received 26 June 2006 Received in revised form 19 August 2009 Accepted 27 September 2009

Since the collapse of the Soviet Union it has seemed to many that the socialist calculation debate is essentially over, with a decisive verdict in favor of the market. Recent instabilities in the world market are again prompting the question whether some form of conscious regulation of economies may be appropriate. We argue that the increasing power of modern computer technology along with the ...

In this article consumers need money to reduce their transaction costs. We highlight the existence of indeterminacy under a constant money growth within an endogenous growth framework. Real indeterminacy is avoided by an alternative monetary policy such as the interest pegging. The residual price indeterminacy is also ruled out if this monetary policy is completed by a non-Ricardian ...scal pol...

I INTRODUCTION T he Ricardian Equivalence hypothesis states that economic agents perceive the future tax liabilities implicit in government debt issue and thus that increasing government expenditure partially crowds out private sector con­ sumption through its effects on perceived permanent income. Thus, Ricardian equivalence implies that not only does a contraction of government expendi­ ture ...

Abstract This research is concerned with the comparative analysis of competitive trade within cluster market economies European Union. The aim this paper to carry out competing countries in from 2009 2018 which represents period after global crisis 2008 and prior Covid-19 pandemic 2019 for purpose determining extent economies. chosen metric Béla Balassa’s Revealed Comparative Advantage (RCA) in...

This paper deals with hyperbolic discounting in a macro context. Time consistency is discussed in terms of rational behavior and rational expectations. The theory is applied to the intertemporal consumption decision in order to explain undersaving in an economy. Moreover, possible implications on policy makers’ decisions on reforms and budget deficits are evinced. Finally, the Ricardian equival...

Since the collapse of the Soviet Union it has seemed to many that the socialist calculation debate is essentially over, with a decisive verdict in favor of the market. Recent instabilities in the world market are again prompting the question whether some form of conscious regulation of economies may be appropriate. We argue that the increasing power of modern computer technology along with the ...