張銘仁

output gap private capital public capital Inflation political instabilities Economic fluctuations Business cycles economic growth matrix completion Consumption cyclical balance Exchange rate treatment effects Impulse responses Variance decomposition government deficit and surplus amacro-finance zero-coupon rate debt sovereign debt default risk economic convergence Fiscal stimulus Output government debt COVID-19 economic integration inflation targeting emerging markets and developing economies synthetic control european union Consumption behavior sub-saharan Africa fiscal policy Open economy government spending term structure of interest rate granger causality