5 articles in this issue
Mario Tonveronachi
According to Mario Tonveronachi, the Basle rules produce distortions that are no less serious than those attributed to the former structural regulation. Excessive competition is no less harmful than low competition, the level playing field approach helps ... see more
Heinz-Peter Spahn
A new consensus in the theory of monetary policy has been reached pointing to the pivotal role of interest rates that are set in accordance with central banks' reaction functions. The decisive criterion of assessing the ... see more
Nelson H. Barbosa-Filho
This paper extends the balance-of-payments constraint on growth known as Thirlwall's law to incorporate unbalanced trade and debt accumulation. Assuming that small open economies face a liquidity constraint, the tex... see more
Richard J. Cebula
This study empirically investigates the impact of improving income-detectiontechnology, as well as a variety of other factors, on aggregate income taxevasion. The study focuses on the U.S., using available data... see more
Wynne Godley
This article points out that the expansion of aggregate demand in the US during the nineties was structured in a highly unusual way. There was a progressive tightening of the fiscal stance, so growth had to be powered by a uniquely rapid growth of private... see more