En este trabajo se examina la manera en que los países miembros de una unión monetaria responden a las perturbaciones específicas y a las que proceden del resto del mundo, cuando el déficit público es el único instrumento ...

We develop in this paper an augmented version of the Solow (1956) growth model, including the role of government. The model leads to a non-monotonic relationship between the rate of growth of per capita output and government ...

This paper presents an assessment of the effects of fiscal policy on economic growth. Starting from a theoretical model in which only those fiscal policy instruments presumed to strictly influence the production process ...

This paper examines how the member countries of a monetary union react to country-specific shocks and to shocks from the rest of the world, when the budget deficit is the only policy instrument available. We develop a ...