The “soft budget problem,” by which banks loosen their lending stances toward long-term
client firms despite worsening business conditions, has been widely discussed in the field of …

The recovery in GDP growth since the global financial crisis has been halting and weak.
Concern is widespread that countercyclical policies have run out of space or lack the power …

This paper describes the CNB's experience implementing an inflation-forecast targeting
(IFT) regime, and the building of a system for providing the economic information that …

Yes, partly. This paper studies the potential role of structural reforms in improving Japan's
outlook using the IMF's Global Integrated Monetary and Fiscal Model (GIMF) with newly …

Time to Change the Bank of Canada’s Mandate Page 1 T ime to Change the Bank of Canada
’s Mandate 1 Asya Kostanyan & Douglas Laxton This text was written for and presented at …

Drawing on an expanded data set covering emerging markets and low-income countries as
well as advanced economies, this issue examines the extent and makeup of global debt and …

Nine years after Lehman, the euro area remains mired in stagnation which stands in stark
contrast to the economic recovery in the US or the UK. This chapter takes a look at the …

Fiscal policy is as vast as public finance. The budget has a central role in determining who
gets what. The budget lies at the heart of politics. But politics is also a fundamental means …

Standard models used in academic and institutional research implement the value-added
tax (VAT) as a simple consumption tax levied on consumers, implying that tax changes …

Tradycja akademicka nakazuje, aby we wstępie postawić pytanie poznawcze oraz
zaprezentować metodę rozstrzygania o poprawności odpowiedzi na nie. Jednocześnie …