This paper studies the effects of fiscal policy on net exports, the terms of trade and expenditure switching. Using data on government spending and consumption taxes for twelve euro area countries over 1996 to 2018, it shows that fiscal austerity shocks im ...
Cuts to government spending rather than increases in consumption taxes are statistically associated with internal devaluations in the euro area during the period 2010-2014. Countries that cut spending experienced a decline in nominal wages, rising net expo ...
Cuts to government spending rather than increases in consumption taxes are statistically associated with internal devaluations in the euro area during the period 2010-2014. Countries that cut spending experienced a decline in nominal wages, rising net expo ...
In Switzerland, as elsewhere, over the past decades, urban areas have spread outwards â consuming the surrounding countryside in the process. The result has been an urban growth associated with negative effects such as the loss of cultivated land.
Sprawl ...
The ability to issue debt that pays in units of the domestic good leads a country to accumulate a large and negative net foreign asset position while maintaining a positive position in equity. This debt market advantage also helps to explain the weak relat ...
With the advance in microelectronics and microsystems, better instruments in every domain are designed and built. For many years, scientists have tried to understand nature, and engineers to mimic the perfect design. One example of this is the human knee, ...
We investigate the effects of small proportional transaction costs on lifetime consumption and portfolio choice. The extant literature has focused on agents with additive utilities. Here, we extend this analysis to the archetype of nonadditive preferences: ...
