— Many developing and transitioning countries have difficulty sticking to sound macroeconomic policy. International donors are pushing recipient countries to forge a public consensus on macroeconomic policy as a means to enhance sustainability and impacts on the poor. Finance and budget officials, central bank staff, and economic policymakers, however, often assume that citizens cannot understa...

In the Value Added Tax (VAT) system some goods and services, such as banking services, are exempted from taxes. Based on theoretical foundations, exempt treatment leads to several distortions and inefficiencies in the economy. In order to understand the importance of exemption on macroeconomic fluctuations as well as the fundamental role of financial intermediaries in economy shocks, this study...

The state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Critics have accused macroeconomists in academia and policy institutions of relying too much on a particular class of macroeconomic models. This paper proposes a comparative approach to macroeconomic policy analysis that is open to competing modeling paradigms. It reviews r...

In this paper we analyse the effect of news relating to the expected path of monetary policy on interest rate futures. Central banks’ transparency is in most respects much greater than it was a decade ago, and so central bank communication needs to be included as a potential source of news. We therefore consider four types of news: macroeconomic news, overseas news, monetary policy surprises an...

there are different ideas and opinions about the effects of macroeconomic variables on real and nominal variables. to answer the question of whether changes in macroeconomic variables as a political tool is useful over a business cycle, understanding the effect of macroeconomic variables on economic growth is important. in the present study, the bayesian vector autoregresive model and seasonali...

_________________________________________________________________________ Theoretical advances in macroeconomics made in the last three decades have had a major influence on macroeconomic policy analysis. Moreover, over the last several decades, the United States and other countries have undertaken a variety of policy changes that are precisely what macroeconomic theory of the last 30 years sug...