The paper revisits the empirical investment literature, which has established that aggregate business fixed investment is not found to be related linearly to marginal or average Tobin's q. The ...

Before considering how the expenditure side of the government's budget is planned, prepared, and executed, it is necessary first to clarify the coverage and sources of data on public spending. This ...

I examine a rent-seeking contest in which the winner gets a minimum rent but also gets an additional rent which is an increasing function of his lobbying expenditure. I give real-world examples of ...

In all economies, an efficient and sustainable reduction in the fiscal deficit requires a sound mix of revenue and expenditure policies. A government facing the need to reduce speedily the fiscal ...