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's economy is navigating troubled waters. From small retailers to legacy giants like Hudson's Bay, closures are no longer isolated events-they're symptoms of a larger, systemic issue. At the root is a steep drop in purchasing power caused...more

's economy is navigating troubled waters. From small retailers to legacy giants like Hudson's Bay, closures are no longer isolated events-they're symptoms of a larger, systemic issue. At the root is a steep drop in purchasing power caused by inflation, stagnant wages, and high living costs. This has triggered a vicious cycle: weakened consumer spending leads to business failures, job losses, and further reductions in demand-feeding an economic spiral that's difficult to escape.

The aim of the paper is to evaluate fiscal challenges which are facing the Economic and Monetary Union countries after four years of monetary union functioning. Then, the author formulates conclusions for accession countries which are...more

The aim of the paper is to evaluate fiscal challenges which are facing the Economic and Monetary Union countries after four years of monetary union functioning. Then, the author formulates conclusions for accession countries which are planning to become members of the Economic and Monetary Unions in the near future. The first part of the paper deals with the criteria of fiscal stabilization within EMU, their significance and links to economic growth. On the one hand, these criteria limit possibilities of using fiscal policy to stabilize economy after economic shocks. On the other hand, the fiscal criteria have also a positive influence because of the introduction of discipline into the economic policy, which is created by the policy makers who often act under the pressure of their political parties. At this point, short-and medium-term economic policies and long-term political decisions come into conflict. After four years of EMU functioning, the budget deficit and public debt have appeared as challenges again. The selected countries discussed are: Portugal, Germany and France. In the case of fiscal stabilization, governments of many EMU countries increased the tax burden rather than cut budget expenditure to achieve a lower deficit. In Germany, France, Portugal and many other countries governments did not implement radical structural reforms of public finance. The new EU member's countries are facing the necessity of economic adjustment to the convergence criteria, and among them -criteria of fiscal stabilization. Experiences of selected EMU countries let us conclude that nominal convergence should result from real convergence processes. Thus, fiscal stabilization should result from deep changes in the structure of the public finance and tax systems.

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

The issue of whether government health spending improves health outcomes has been a matter of contention over the years. There have been calls for governments to reduce their financing role in the health sector since such funding do not...more

The issue of whether government health spending improves health outcomes has been a matter of contention over the years. There have been calls for governments to reduce their financing role in the health sector since such funding do not produce better health. This article examines the effect of public (i.e., government) health expenditure on infant mortality, a proxy of health outcomes, in low- and middle-income countries. We use data from the World Bank’s World Development Indicators database and employ fixed effects estimation technique, with three-stage least squares as a robustness check. The data cover the period 1995–2014. We find that public health expenditure improves health outcomes significantly, as it reduces infant mortality. The results further show that rising income and access to safe water are some of the reasons for improved health outcomes in low- and middle-income countries. Based on these results and the expected redistributive impact of government spending, gove...

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

This study examined the effect of monetary policy on the manufacturing sector in Nigeria from 1970 to 2012 using Autoregressive Distributed Lag (ARDL) bound testing approach. Exchange rate was found as the only channel of monetary policy...more

This study examined the effect of monetary policy on the manufacturing sector in Nigeria from 1970 to 2012 using Autoregressive Distributed Lag (ARDL) bound testing approach. Exchange rate was found as the only channel of monetary policy transmission with significantly negative effect on the manufacturing sector. This implies that manufacturing firms largely rely on foreign inputs for production and do not depend on the banking system for funding. The study, therefore, recommends indigenous technology and financial system development to reduce dependence on imported inputs and facilitate access to more funds.

The need of fiscal consolidation is likely to dominate the policy agenda in the next decade; starting from statistical evidence on the conduct of fiscal policy in the EMU area over the last decade, this paper addresses the optimality of...more

The need of fiscal consolidation is likely to dominate the policy agenda in the next decade; starting from statistical evidence on the conduct of fiscal policy in the EMU area over the last decade, this paper addresses the optimality of alternative fiscal consolidation strategies. We explore the welfare properties. In this paper we explore the welfare properties of debt-targeting fiscal policy implemented through, alternatively, distortionary taxation on consumption, labour and capital income or productive and wasteful government expenditure. We build a general equilibrium model with various distortions in order to evaluate the welfare ranking of alternative fiscal policy configurations under different monetary policy regimes. Our results show the welfare superiority of fiscal adjustments based on productive government expenditure, whereas the use of a capital income tax rate as fiscal instruments yields the highest welfare loss.

Considering the issue of unemployment and recession in recent years, the year 2017 was named "Resistance Economy, Production-Employment" by the Supreme Leader. Therefore, employment is one of the key indicators of resistance economy. In...more

Considering the issue of unemployment and recession in recent years, the year 2017 was named "Resistance Economy, Production-Employment" by the Supreme Leader. Therefore, employment is one of the key indicators of resistance economy. In this regard, evaluating labor employment patterns, in order to identify the factors affecting it, is the most vital challenge for the implementation of the resistance economy. This research first presents general concepts and examines the theoretical foundations and literature of the factors affecting the resistance economy index (labor employment) and then by referring to variables such as minimum wage (policy-making variable), real GDP, real oil revenues, capital stock, foreign direct investment, and degree of business openness, attempts to explain the resistance economy index. The model estimation has been carried out by Autoregressive Distributed Lag (ARDL) method, and the Vector Autoregressive (VAR) model has been used to investigate the shocks for annual data of 1980-2015. The results showed that in the short run, GDP, capital stock, oil revenues, foreign direct investment and trade openness have a positive effect on the resistance economy index. However, the minimum wage with a lag period has a negative and significant effect on the index, which also holds true for the long term. Finally, it has been shown that the adverse effects of some shocks on resilience economy index will remain for many years to come.

Considering the issue of unemployment and recession in recent years, the year 2017 was named "Resistance Economy, Production-Employment" by the Supreme Leader. Therefore, employment is one of the key indicators of resistance economy. In...more

Considering the issue of unemployment and recession in recent years, the year 2017 was named "Resistance Economy, Production-Employment" by the Supreme Leader. Therefore, employment is one of the key indicators of resistance economy. In this regard, evaluating labor employment patterns, in order to identify the factors affecting it, is the most vital challenge for the implementation of the resistance economy. This research first presents general concepts and examines the theoretical foundations and literature of the factors affecting the resistance economy index (labor employment) and then by referring to variables such as minimum wage (policy-making variable), real GDP, real oil revenues, capital stock, foreign direct investment, and degree of business openness, attempts to explain the resistance economy index. The model estimation has been carried out by Autoregressive Distributed Lag (ARDL) method, and the Vector Autoregressive (VAR) model has been used to investigate the shocks for annual data of 1980-2015. The results showed that in the short run, GDP, capital stock, oil revenues, foreign direct investment and trade openness have a positive effect on the resistance economy index. However, the minimum wage with a lag period has a negative and significant effect on the index, which also holds true for the long term. Finally, it has been shown that the adverse effects of some shocks on resilience economy index will remain for many years to come.

بازار کار یکی از چهار بازار مهم در اقتصاد است که به دلیل ویژگی‌های خاص آن، اهمیت بسزایی دارد. در مطالعه حاضر اثرات بلندمدت شوک‌های مختلف کلان اقتصادی بر نرخ بیکاری طی سال‌های 1395-1353 با استفاده از الگوی تصحیح خطای برداری ساختاری بررسی...more

بازار کار یکی از چهار بازار مهم در اقتصاد است که به دلیل ویژگی‌های خاص آن، اهمیت بسزایی دارد. در مطالعه حاضر اثرات بلندمدت شوک‌های مختلف کلان اقتصادی بر نرخ بیکاری طی سال‌های 1395-1353 با استفاده از الگوی تصحیح خطای برداری ساختاری بررسی شده است. بر اساس رابطه برآورد‌شده، دستمزدهای واقعی با بهره‌وری و اشتغال رابطه مستقیم و با نرخ بیکاری رابطه غیرمستقیم دارد. نتایج تحلیل واکنش تکانه نشان داد در بین شوک‌ها، شوک بهره‌وری و عرضه دارای اثرات بزرگ‌تری بر بیکاری هستند؛ به طوری که شوک بهره‌وری در بلندمدت باعث کاهش نرخ بیکاری و شوک مثبت عرضه کار به بیکاری بالاتر منجر می‌شود. همچنین بر اساس نتایج تجزیه واریانس خطای پیش‌بینی بیکاری، شوک عرضه نیروی کار، بهره‌وری و تقاضای نیروی کار عوامل مهم تعیین‌کننده بیکاری در بلندمدت است. اما مهم‌ترین عامل بیکاری، شوک‌های عرضه است که در طول زمان این سهم افزایش می‌یابد.طبقه‌بندی : E24, J20, J31

The labor market is one of four major markets in the economy; it is important because of its unique features. In the present study, the long-term effects of various macroeconomic shocks on the unemployment rate have been investigated from...more

The labor market is one of four major markets in the economy; it is important because of its unique features. In the present study, the long-term effects of various macroeconomic shocks on the unemployment rate have been investigated from 1974 to 2016 using the Structural Vector Error Correction Model (SVECM). Based on the estimated equation, the real wages have a direct relationship with efficiency and employment and an indirect relationship with the unemployment rate. Impulse response analysis showed that among the shocks, efficiency and supply shocks have a more substantial impact on unemployment so that the efficiency shocks reduce the unemployment rate in the long run and the positive labor supply shock leads to higher unemployment. According to the results of unemployment forecast of error variance decomposition, the shock of labor supply, efficiency, and labor demand are determinant factors of unemployment in the long run. But the most critical factor in unemployment is the supply shocks that their effect increases over time.

In September, 2000, the 189 member states of the United Nations unanimously adopted a millennium declaration tagged “The Millennium Development Goals (MDGs).” as an attempt to address the challenges relating to extreme poverty, hunger,...more

In September, 2000, the 189 member states of the United Nations unanimously adopted a millennium declaration tagged “The Millennium Development Goals (MDGs).” as an attempt to address the challenges relating to extreme poverty, hunger, health, gender equality, education, environmental sustainability and global partnership for development. Three of the goals were health-specific while the others can be regarded as health enhancing as there exist some form of positive correlation between health system development and sustainable economic growth . This study empirically investigates the effect of Millennium Development Goals’ (MDGs) health interventions on economic growth in Nigeria for the period 2000 – 2015. It adopts the least squares regression analysis to examine the impact of MDGs 4, 5, and 6 in improving the health system performance for Nigeria’s economic growth. The model adopted views health as a durable capital stock that yields an output of a healthy economy whose productio...

One of the most important indicators of macroeconomic performance is the gross domestic product, the lack of proper economic policy aimed at its stabilization and growth, leads to periods of recession in business cycles with wider effects...more

One of the most important indicators of macroeconomic performance is the gross domestic product, the lack of proper economic policy aimed at its stabilization and growth, leads to periods of recession in business cycles with wider effects on economic performance, especially Economic growth, unemployment and inflation. Continuous business cycles will lead to an increase in uncertainty in the level of economic activities, which will have negative effects on investment, consumption, savings and economic performance. It is very important and necessary to know the effects of factors affecting business cycles from the aspect of correctly predicting these cycles and making policies in this field. In this study, the factors affecting the business cycles in Iran were investigated with the quantile regression approach for the period 1360-1400 and the results showed that periods of stagnation in the Iranian economy with the intensification and application of new sanctions and the withdrawal of the United States from the JCPOA (Comprehensive Program) joint action) and the emergence of the Corona pandemic in Iran, especially from 2018 to 2020, have become deeper and faster. And the results of applying the ARDL method show the negative effect of labor productivity variables, employment rate and foreign trade on business cycles and the positive effect of final consumption expenditures, oil revenues and sanctions on business cycles (leading to the aggravation of recession have become economic) has been And in general, the effects of these variables on business cycles have been symmetrical.

One of the most important indicators of macroeconomic performance is the gross domestic product, the lack of proper economic policy aimed at its stabilization and growth, leads to periods of recession in business cycles with wider effects...more

One of the most important indicators of macroeconomic performance is the gross domestic product, the lack of proper economic policy aimed at its stabilization and growth, leads to periods of recession in business cycles with wider effects on economic performance, especially Economic growth, unemployment and inflation. Continuous business cycles will lead to an increase in uncertainty in the level of economic activities, which will have negative effects on investment, consumption, savings and economic performance. It is very important and necessary to know the effects of factors affecting business cycles from the aspect of correctly predicting these cycles and making policies in this field. In this study, the factors affecting the business cycles in Iran were investigated with the quantile regression approach for the period 1360-1400 and the results showed that periods of stagnation in the Iranian economy with the intensification and application of new sanctions and the withdrawal of the United States from the JCPOA (Comprehensive Program joint action) and the emergence of the Corona pandemic in Iran, especially from 2018 to 2020, have become deeper and faster. And the results of applying the ARDL method show the negative effect of labor productivity variables, employment rate and foreign trade on business cycles and the positive effect of final consumption expenditures, oil revenues and sanctions on business cycles (leading to the aggravation of recession have become economic) has been And in general, the effects of these variables on business cycles have been symmetrical.

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

This study attempts to examine the effects of public health spending on maternal mortality in Nigeria. It is informed by the escalating nature of maternal mortality outcomes in Nigeria. A panel data regression analysis was employed from...more

This study attempts to examine the effects of public health spending on maternal mortality in Nigeria. It is informed by the escalating nature of maternal mortality outcomes in Nigeria. A panel data regression analysis was employed from the years 2003 to 2015 from selected 25 States in Nigeria. The study adopted instrumental variables strategy as a solution for possible endogeneity for its econometric analysis. After controlling for other relevant covariates like female per capita income, female literacy rate, and urbanization, we realized that public health expenditure is a vital factor in reducing incidences of maternal mortality in Nigeria. Keywords: Maternal Mortality, Public Health Spending, Nigeria, Health Expenditure JEL CODES: JEL-G, H, I

Analyzing impact of macroeconomic instability on economic growth and private capital accumulation from the year 1974 to 2013 is the main objective of the study. Rather than using one variable as a proxy for macroeconomic instability, the...more

Analyzing impact of macroeconomic instability on economic growth and private capital accumulation from the year 1974 to 2013 is the main objective of the study. Rather than using one variable as a proxy for macroeconomic instability, the researcher attempts to calculate macroeconomic instability index by using four variables: budget deficit, public debt, exchange rate variability and inflation by utilizing UNDP HDI methodology. In specification of regression equations, endogenous growth model and accelerator model are used for growth and capital accumulation equation respectively. Empirical analysis has been performed by using Johansson maximum likelihood method, the result shows that there is a long run relationship among the variables entered in both models. Both the long run and short run result shows that, macroeconomic instability has a detrimental effect on both economic growth and private capital accumulation. Based on the finding, the major policy implication of this study i...

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a...more

This study examines the relationship between corporate tax rate imposed on publicly traded companies and the corporate employment growth rate in Bangladesh. This paper will conceptualize the discernment that the corporate tax causes a shift to the corporate capital sector to the non-corporate sector that leads to a reduction in employment growth. This study employed Autoregressive Distributed Lag (ARDL) bounds testing methods for checking the cointegration among the variables using time series data from 1991-2018. The main purpose of the study is to investigate the long run and short-term relationship between publicly traded corporate tax rate and employment growth rates. The corporate tax imposed by the government to the publicly traded company has a negative and significant effect on employment growth rate of the corporation in both long run and short run. The estimated results of the model show that the corporate tax rate, population growth rate, and openness to market are the fa...

This paper tries to examine the effectiveness of macroeconomic policies, namely fiscal, monetary and trade policies on price level in the context of Bangladesh from the period of 1981 to 2011. Technically, we assess the following...more

This paper tries to examine the effectiveness of macroeconomic policies, namely fiscal, monetary and trade policies on price level in the context of Bangladesh from the period of 1981 to 2011. Technically, we assess the following questions: 'which of the macroeconomic policies affect the domestic price level most in case of Bangladesh?' or, 'which of the policies have the effect on price both in the short-run and long-run?' We employ the autoregressive distributive lag bound testing approach of cointegration and vector error correction-type Granger causality test using number of proxies for these policies to achieve this goal. Our result suggests that policies with their different proxies have a long-run relationship with the price level and this result is robust to Johansen-Juselius technique. Our short-run and long-run models show that fiscal policy and output are more responsible for combating rising in price level making fiscal theory of price level more valid in...

We introduce two bonds in a standard New-Keynesian model to study the role of segmentation in bond markets for the determinacy of rational expectations equilibria. We use a strongly-separable utility function to model short-term bonds...more

We introduce two bonds in a standard New-Keynesian model to study the role of segmentation in bond markets for the determinacy of rational expectations equilibria. We use a strongly-separable utility function to model short-term bonds providing transaction services for the purchase of consumption goods. Long-term bonds, instead, provide the standard services of store of value. We obtain a fully analytical solution for the bond pricing kernel, allowing to endogenize the term spread within the model. In this way, we study equilibrium determinacy properties within a context embedding the full information derived from term structure of interest rates. Our results show that, when utility is weakly separable between consumption and bonds, the Taylor principle holds only conditional to a non-linear relation between output and inflation targeting coefficients of monetary policy rule. Achieving solution determinacy requires to constraint policy coefficients to lie within bounds depending on structural parameters of the model. This paper provides an analytical setting useful for several generalizations to address the stability properties in dynamic models including the term structure of interest rates, induced by policy rules.

Recovery has begun in the United States and global economies. The US recovery is likely to be anemic by historical standards, raising the possibility that additional stimulus may be desirable. The President and Democrats in Congress have...more

Recovery has begun in the United States and global economies. The US recovery is likely to be anemic by historical standards, raising the possibility that additional stimulus may be desirable. The President and Democrats in Congress have called for a "jobs bill," and the Federal Reserve has demonstrated that it has a flexible toolkit for providing additional liquidity if deemed appropriate. The possible need for such stimulus will come up against the reality of an expanding public debt on the one hand, and inflationary concerns on the other. In this paper, I use simulations of the IHS Global Insight Model to assess the potential impact on the recovery path of alternative macro policies.

Recent dissatisfaction with the impact of expenditure stimulus on economic activity in the United States, along with the results of academic research, have once again raised questions about the effectiveness of fiscal stimulus policies...more

Recent dissatisfaction with the impact of expenditure stimulus on economic activity in the United States, along with the results of academic research, have once again raised questions about the effectiveness of fiscal stimulus policies and about whether stimulus to a recessionary economy should be in the form of tax cuts or expenditure increases. This paper considers alternative methods for evaluating

Relying on the Autoregressive Distributed Lag cointegration technique, this paper assesses the comparative effectiveness of the fiscal and monetary policy on output growth in Turkey over the period 2003:q1-2019:q1. The empirical findings...more

Relying on the Autoregressive Distributed Lag cointegration technique, this paper assesses the comparative effectiveness of the fiscal and monetary policy on output growth in Turkey over the period 2003:q1-2019:q1. The empirical findings show that both policies are effective in promoting output growth but with varying degrees, suggesting that the impact of monetary policy on output growth is more significant than that of fiscal policy. Overall, based on the findings, we can suggest that the Turkish authorities should set sight on monetary policy to achieve higher output growth while seeking ways to improve the growth-enhancing role of fiscal policy. To that end, among many others, budgetary flexibility can be increased through creating fiscal space, and growth-friendly tax and spending reforms can be undertaken without undermining growth-equity trade-off while giving priority to proper coordination of fiscal policy with monetary policy.

This study examines the determinants of poverty in Tanzania using the 2015 Tanzania Demographic and Health Survey data. Ordered logit model was used to model the determinants of poverty and the study revealed that age, sex, household...more

This study examines the determinants of poverty in Tanzania using the 2015 Tanzania Demographic and Health Survey data. Ordered logit model was used to model the determinants of poverty and the study revealed that age, sex, household size, level of education, marital status, type of residence and access to financial services are significant in explaining the status of poverty. All of the mentioned variables are significant at 1% except sex of the household head which was significant at 5%. Since it is the global goal to reduce poverty, the study recommends that the government should invest more in education to improve knowledge and skills of individuals, improve financial services and financial inclusion especially in rural areas to eradicate poverty and remove rural-urban disparity.

Monetary policy and fiscal policy are sister strategies that can be used alone and in combination to direct the economic goals. In the literature relative efficacy of fiscal and monetary policy has been studied extensively. Friedman and...more

Monetary policy and fiscal policy are sister strategies that can be used alone and in combination to direct the economic goals. In the literature relative efficacy of fiscal and monetary policy has been studied extensively. Friedman and Meiselman (1963), Ansari (1996), Reynolds (2000, 2001), Chari, et al. (1991, 1998), Schmitt and Uribe (2001a), Shapiro and Watson (1988), Blanchard and Perroti (1996), Christiano, et al. (1996), Chari and Kehoe (1998), Kim (1997), Chowdhury (1986, 1988), Chowdhury, et al. (1986), Weeks (1999), Feldstein (2002) and Cardia (1991) have examined the impact of fiscal and monetary policies on various economic aggregates. However, the bulk of theoretical and empirical research has not reached on conclusion concerning the relative power of fiscal and monetary policy to effect economic growth. Some researchers find support for the monetarist view, which suggests that monetary policy generally has a greater impact on economic growth and dominates fiscal policy...

تـسایس لاـمعا یلـصا یاـهرازبا زا یـکی زین و نلاک داصتقا هدمع ریغتم کی لوپ مجح یلوـپ یاـه یم دشاب . ب ه ههد لیاوا رد هدشمگ لوپ هدیدپ زورب لابند 1970 یب و یدلایم ،لوـپ یاـضاقت عباـت یتابث فعض رب هداس عمج شور یاه دـش راکـشآ نانادداصـتقا...more

تـسایس لاـمعا یلـصا یاـهرازبا زا یـکی زین و نلاک داصتقا هدمع ریغتم کی لوپ مجح یلوـپ یاـه یم دشاب . ب ه ههد لیاوا رد هدشمگ لوپ هدیدپ زورب لابند 1970 یب و یدلایم ،لوـپ یاـضاقت عباـت یتابث فعض رب هداس عمج شور یاه دـش راکـشآ نانادداصـتقا یارـب لوـپ مـجح هبساحم یا . هـنیزه هـئارا پ زا هدافتسا زا هدافتسا ناکما ،تنراب طسوت لو مهارف ار لوپ مجح هبساحم روظنم هب ایسیوید صخاش دومن . هرود یارب ناریا رد لوپ مجح ،ایسیوید صخاش یفرعم نمض هلاقم نیا رد ) 2:1384 1367:1 ( بساحم صخاش نیا یانبم رب تسا هدش ه . کـناب طـسوت هدـش هـئارا لوـپ مـجح اب هدمآ تسدب جیاتن تسا هدش هسیاقم تسا هداس عمج شور رب ینتبم هک یزکرم .

The effectiveness of the fiscal policy on the economic growth is still a muchdebated issue in the public finance literature. Current studies for Turkey analyzing this issue, have not a comprehensive econometric model with coherent...more

The effectiveness of the fiscal policy on the economic growth is still a muchdebated issue in the public finance literature. Current studies for Turkey analyzing this issue, have not a comprehensive econometric model with coherent results. In this vein, our study investigates the relationship between the fiscal policy and the economic growth in Turkey for the period 1980-2017. The main aim of the study is to understand how the fiscal policy affects the economic growth in Turkey both in the short and long run. We employed the autoregressive distributed lag (ARDL) approach and the bounds test to detect the long-run relationship. This is the first study, having coherent results and a correctly specified model, using ARDL to test the long-run effectiveness of the fiscal policy in Turkey. Using the budget balance indicator as the fiscal policy stance, our long-run ARDL results reveal that the fiscal policy is a significant determinant of the output in the long run. However, it is shown that the fiscal policy is not effective in the short run.

Background Although the importance of educational programs in the prevention and control of diabetes mellitus (DM) and its complication is well-recognized, there are concerns about whether these programs are achieving the desired goal of...more

Background Although the importance of educational programs in the prevention and control of diabetes mellitus (DM) and its complication is well-recognized, there are concerns about whether these programs are achieving the desired goal of increasing knowledge of DM and its complication in developing countries. Therefore, this study assessed knowledge of DM complications and associated factors among type-2 diabetic patients in public hospitals of Addis Ababa. Method Simple random sampling technique was used to select 422 participants. Data were entered to EpiData Version 4.6.0.1 and analyzed using SPSS Version 25 software. Multicollinearity and model goodness-of-fit was checked. A multivariate logistic regression model at 95% CI was used to identify the predictors. Result The overall knowledge of diabetes complications among diabetic patients in the Hospitals of Addis Ababa was 54.9%. In the fitted model, being a profession of governmental workers [adjusted odds ratio (AOR) = 3.12, 95...

This study examined the effect of monetary policy shock on economic growth in Ethiopia using Auto regressive distributive lag Model approach on annual data for the period of 1991-2021 data taken from National Bank of Ethiopia. The study...more

This study examined the effect of monetary policy shock on economic growth in Ethiopia using Auto regressive distributive lag Model approach on annual data for the period of 1991-2021 data taken from National Bank of Ethiopia. The study employed the annual time series data from 1991-2021. The study adopted an Autoregressive Distributed Lag (ARDL) approach to answer the objectives set out in the study. Unit root test revealed that real interest rate, exchange rate and Bank reserve were stationary at level. While log of real gross domestic product, log of money supply, and Domestic credit were stationary after first differencing in both at constant and at trend. The results of ARDL bounds test for co-integration showed existence of long run relationship among the series during the study period. In Long run the response of Domestic credit, and Bank Reserve is positive shock on economic growth. While, the response of Money supply, exchange rate and interest rate have negative shock on economic growth which indicate that in the long run these economic variables resulted in Domestic price to increase and deteriorate real economic growth. In short run both Domestic credit and Bank Reserve, have negative shock and other variables Interest Rate and Bank reserve have significant positive shock on economic growth in Ethiopia at 5% as well as money supply is significant at 10% and positively affect economic growth in Ethiopia in the study period. The Error correction model (ECM) test showed that about 98% of short run disequilibrium was adjusted every year. The test of causality showed that there was causality between real gross domestic product with domestic credit and interest rate at 5% level of significant and causality with money supply, exchange rate and Bank reserve at 10% level of significant. The study revealed that the monetary policy instrument (Domestic credit, interest rate, and money supply) promotes economic growth. However, exchange rate does not promote Ethiopian economy which requires further revision. Thus, to promote economic growth, national banks of Ethiopia should be committed to the mission of price stability to accelerate the real economic growth.

Knowing which sector credit facilities can contribute to increasing economic growth in the long term in Indonesia, is the main objective of the research. This research uses secondary data as quarterly data from 2010Q1 to 2019Q4. Using the...more

Knowing which sector credit facilities can contribute to increasing economic growth in the long term in Indonesia, is the main objective of the research. This research uses secondary data as quarterly data from 2010Q1 to 2019Q4. Using the VECM approach to identify long-term effects, equipped with structural analysis to determine the response to shocks as well as the resulting contribution. Overall sectoral bank credit facilities have a significant long-term impact on GDP, it was found, though of a different nature. The positive nature of credit facilities for the agricultural sector, wholesale and retail trade sector, and the transport, warehousing and communications sectors, while credit for manufacturing, construction, and financial intermediaries had the opposite impact. A credit shock for construction and financial intermediary sector loans responded positively in the long and short term, while credit for the manufacturing sector received the largest negative response. The large...

تـسایس لاـمعا یلـصا یاـهرازبا زا یـکی زین و نلاک داصتقا هدمع ریغتم کی لوپ مجح یلوـپ یاـه یم دشاب . ب ه ههد لیاوا رد هدشمگ لوپ هدیدپ زورب لابند 1970 یب و یدلایم ،لوـپ یاـضاقت عباـت یتابث فعض رب هداس عمج شور یاه دـش راکـشآ نانادداصـتقا...more

تـسایس لاـمعا یلـصا یاـهرازبا زا یـکی زین و نلاک داصتقا هدمع ریغتم کی لوپ مجح یلوـپ یاـه یم دشاب . ب ه ههد لیاوا رد هدشمگ لوپ هدیدپ زورب لابند 1970 یب و یدلایم ،لوـپ یاـضاقت عباـت یتابث فعض رب هداس عمج شور یاه دـش راکـشآ نانادداصـتقا یارـب لوـپ مـجح هبساحم یا . هـنیزه هـئارا پ زا هدافتسا زا هدافتسا ناکما ،تنراب طسوت لو مهارف ار لوپ مجح هبساحم روظنم هب ایسیوید صخاش دومن . هرود یارب ناریا رد لوپ مجح ،ایسیوید صخاش یفرعم نمض هلاقم نیا رد ) 2:1384 1367:1 ( بساحم صخاش نیا یانبم رب تسا هدش ه . کـناب طـسوت هدـش هـئارا لوـپ مـجح اب هدمآ تسدب جیاتن تسا هدش هسیاقم تسا هداس عمج شور رب ینتبم هک یزکرم .

The issue of protecting the environment is one of the world's current issues. Environmental disaster not only steals peace and security from human life but also threatens human existence, that's why environmental discussion is one of the...more

The issue of protecting the environment is one of the world's current issues. Environmental disaster not only steals peace and security from human life but also threatens human existence, that's why environmental discussion is one of the most important and serious issues of the day in scientific and political circles. Nature has a regular cycle in which whatever is destroyed can be reborn. But with the help of his intelligence and talent, man has disturbed the order of nature and the movement of its wheels. Forests are the shelter of the most diverse biological communities in the world and the richest biodiversity on earth. Within the forests are hidden a large number of potential medicines and thousands upon thousands of unseen and undiscovered species. Other benefits of forests include the ability to moderate the world's climate and the stability of the entire earth's climate. Due to the increase in population (fixed and mobile) and the growth of urbanization and the transformation of cities into the center of economic and social activities, as well as the establishment of productive industrial enterprises and the subsequent reduction of agricultural land

In January 2002, Turkey adopted implicit infl ation targeting as monetary policy. The short-term interest rate of the Central Bank of the Republic of Turkey would serve as instrument and should infl uence the secondary market interest...more

In January 2002, Turkey adopted implicit infl ation targeting as monetary policy. The short-term interest rate of the Central Bank of the Republic of Turkey would serve as instrument and should infl uence the secondary market interest rate. Using a Vector Error Correction Model, we analyze the joint dynamics of these two rates. We show that the political or geopolitical uncertainties of the 2002 and 2003 (early elections, discussions on the opening of negotiations to joint the European Union and confl ict in Iraq) have not affected the dynamics of the two rates. However, there has been a structural change in their long term dynamics at the end of 2004 because of the opening of negotiation Turkey to join the European Union. This event has temporarily reinforced the effi ciency of the monetary policy.

Government spending patterns in developing countries have changed dramatically over the last several decades. This paper aims at analysing the relation between government expenditures (GE) and economic growth in Kenya. The study focuses...more

Government spending patterns in developing countries have changed dramatically over the last several decades. This paper aims at analysing the relation between government expenditures (GE) and economic growth in Kenya. The study focuses on testing the various versions of Wagner's hypothesis using Kenya, data from 1967-2012 by an Autoregressive-Distributed Lag (ARDL) model. Overall, we conclude that the Musgrave version is best suited for Kenyan cases since it produced significant long-run and short-run results that were accepted by diagnosis and stability tests. The results rejected Wagner's hypothesis in Kenya.

Private sector of any economy plays an important role in the economic development of the country. It not only provides employment to the people of the country but also offers goods and services according to the taste of the people....more

Private sector of any economy plays an important role in the economic development of the country. It not only provides employment to the people of the country but also offers goods and services according to the taste of the people. Private investment mainly depends on private borrowing which works as blood for private sector. Private borrowing or credit to private sector is important part of the financial system which measures the depth of financial development. This paper aims to investigate the impact of government borrowing from the central and commercial banks on financial development. In this paper, government borrowing is measured by public domestic debt while credit to private sector (private borrowing) is used as proxy of financial development. Usually, it is observed that when a government borrows more money from banks it creates a shortage for private borrowers. So in this way, the volume of private investment declines. Some other factors also affect private borrowing like...

Private sector of any economy plays an important role in the economic development of the country. It not only provides employment to the people of the country but also offers goods and services according to the taste of the people....more

Private sector of any economy plays an important role in the economic development of the country. It not only provides employment to the people of the country but also offers goods and services according to the taste of the people. Private investment mainly depends on private borrowing which works as blood for private sector. Private borrowing or credit to private sector is important part of the financial system which measures the depth of financial development. This paper aims to investigate the impact of government borrowing from the central and commercial banks on financial development. In this paper, government borrowing is measured by public domestic debt while credit to private sector (private borrowing) is used as proxy of financial development. Usually, it is observed that when a government borrows more money from banks it creates a shortage for private borrowers. So in this way, the volume of private investment declines. Some other factors also affect private borrowing like...

In this paper, we argue that the market consumption is one of the major and significant elements of Gross Domestic Product driver in Afghanistan for which the competeting null hypothesis that consumption drives the GDP growth is tested....more

In this paper, we argue that the market consumption is one of the major and significant elements of Gross Domestic Product driver in Afghanistan for which the competeting null hypothesis that consumption drives the GDP growth is tested. The statistical analysis based on Semi-long regression economic growth model shows a significant corresponding probability value of 0.000 which shows that consumption drives GDP growth while the coefficient exhibits 0.1534 or 15.34% growth of GDP driven by consumption throughout the period 2001 to 2014. Further statistical analysis obtained from the Breusch-Godfrey and Breusch – Pegan-Godfrey LM tests for investigating the existence of any serial correlation within the series support us to reject the null hypothesis that there is no serial correlation within the series. On the other hand, the Jarque-Bera test of normality shows a p-value of 0.3099 which is significant and further documents that the residuals are random and normally distributed within...

All the countries are trying their best to achieve maximum economic prosperity through employing efficient economic strategies. Such countries seem to be conscious of various factors that can potentially affect economic growth. Given...more

All the countries are trying their best to achieve maximum economic prosperity through employing efficient economic strategies. Such countries seem to be conscious of various factors that can potentially affect economic growth. Given that, the current study examines the impact of various macroeconomic factors on the economic growth of Palestine. By employing the large range of quarterly data spanning from 2001 to 2020, the statistical outputs of the ARDL model show that government debt, donations, government expenditures, and unemployment rate adversely impact economic growth. However, other factors including credit facilities, inflation, and total investments positively impinge upon the economic growth of Palestine. Such dynamic impact of various macroeconomic factors displays the detrimental and growth promising role of macroeconomic factors in determining economic prosperity. Our analysis suggests various policy implications to economic policy officials regarding the effectivenes...

In this study, using Dynamic Stochastic General Equilibrium Model (DSGE model) the hypothesis of asymmetry of monetary shocks in the Iranian business cycle during the period of 1979-2012 is tested on macroeconomic variables. The designed...more

In this study, using Dynamic Stochastic General Equilibrium Model (DSGE model) the hypothesis of asymmetry of monetary shocks in the Iranian business cycle during the period of 1979-2012 is tested on macroeconomic variables. The designed model broadens the analytical framework of dynamic equilibrium models with respect to the economic characteristics of an oil-exporting country. To extract business cycles, the Hodrick-Prescott filtering process has been used. The results of the research indicate that the effects of positive and negative monetary shocks during ascendancy and economic prosperity are asymmetric, so that the effect of positive shock during the recession period in the Iranian economy during the studied period was stronger than the negative shock level. On the other hand, the results show that the effect of positive shocks during the boom period in the Iranian economy on the price level changes its size in proportion to the size of the shock; however, the effect of negative shocks during the boom on the level of prices initially reduced inflation and then after a short time Inflation increases again. Therefore, it can be stated that in the economy of Iran both inflation and economic boom will increase. In the case of production and investment, this asymmetry is in a way that results in a broader expansionary policy in a recession and, in economic prosperity, the optimal political policy is contractionary.

Theory suggests that aid holds a more vibrant role to the host nation's economic performance, as it contributes to profitability gains and technological spill-overs. It is from the just highlighted hypothesis that this study opted to...more

Theory suggests that aid holds a more vibrant role to the host nation's economic performance, as it contributes to profitability gains and technological spill-overs. It is from the just highlighted hypothesis that this study opted to outline possible consequences of China's aid on Zambia's economic growth during the 1991 to 2018 period. To draw conclusions over the subject matter, the study resorted to utilising the Autoregressive Distributed Lag Model (ARDL) which connected the explained variable to four explanatory variables. Having held other factors that could influence Zambia's GDP constant, three of the indicators for China's aid exhibited positive effects in the long-run. On the contrary, an indicator for Chinese militia assistance did not pose positive outcomes. Thus, the study concluded by strongly recommending for a reduction in the application of the military financial assistance from China by the Zambian Government because such support diminished the growth of Zambia's GDP during the study period.

This study examines the determinants of poverty in Tanzania using the 2015 Tanzania Demographic and Health Survey data. Ordered logit model was used to model the determinants of poverty and the study revealed that age, sex, household...more

This study examines the determinants of poverty in Tanzania using the 2015 Tanzania Demographic and Health Survey data. Ordered logit model was used to model the determinants of poverty and the study revealed that age, sex, household size, level of education, marital status, type of residence and access to financial services are significant in explaining the status of poverty. All of the mentioned variables are significant at 1% except sex of the household head which was significant at 5%. Since it is the global goal to reduce poverty, the study recommends that the government should invest more in education to improve knowledge and skills of individuals, improve financial services and financial inclusion especially in rural areas to eradicate poverty and remove rural-urban disparity.