Objective of Superannuation - Discussion Paper
... A fully funded system, as opposed to an unfunded system, is important for sustainability and stability. The system is designed to be predominantly funded by savings from working life income and investment earnings, where superannuation fund members in general have claims on all assets in the fund. ...
... A fully funded system, as opposed to an unfunded system, is important for sustainability and stability. The system is designed to be predominantly funded by savings from working life income and investment earnings, where superannuation fund members in general have claims on all assets in the fund. ...
ECON 102 Tutorial 3
... actually in the long-run! What it means is that if you were to plot data over a long time scale a particular pattern would emerge. Think of GDP fluctuating around potential. If you plot GDP over a few years it might not tell you all that much. But plotting a lot more years can give a very clear patt ...
... actually in the long-run! What it means is that if you were to plot data over a long time scale a particular pattern would emerge. Think of GDP fluctuating around potential. If you plot GDP over a few years it might not tell you all that much. But plotting a lot more years can give a very clear patt ...
mmi12-Benassy-Quere 17769011 en
... would put the whole financing system at risk. To our knowledge, there has been little attempt to include these off-balancesheet liabilities into a consistent analysis of fiscal sustainability. One exception is European Commission (2011) that, based on a model of bank default combined with data from ...
... would put the whole financing system at risk. To our knowledge, there has been little attempt to include these off-balancesheet liabilities into a consistent analysis of fiscal sustainability. One exception is European Commission (2011) that, based on a model of bank default combined with data from ...
Structural Estimates of the U.S. Sacrifice Ratio
... The successful conduct of monetary policy requires policy makers to both specify a set of objectives for the performance of the economy and understandthe effects of policies designed to attain these goals. Stabilizing prices, one of the dual goals of U.S. monetarypolicy, is no different.It is genera ...
... The successful conduct of monetary policy requires policy makers to both specify a set of objectives for the performance of the economy and understandthe effects of policies designed to attain these goals. Stabilizing prices, one of the dual goals of U.S. monetarypolicy, is no different.It is genera ...
Capturing the Benefits of Illiquidity
... As of December 2014. Benchmark/Source: 1Barclays Aggregate Bond Index/Bloomberg. 2MSCI World Index Hedged USD/Bloomberg. 3Dow Jones Credit Suisse Hedge Fund Index/Bloomberg. 4The equity-bond mix was selected to represent historical performance for each specified period of time and is weighted accord ...
... As of December 2014. Benchmark/Source: 1Barclays Aggregate Bond Index/Bloomberg. 2MSCI World Index Hedged USD/Bloomberg. 3Dow Jones Credit Suisse Hedge Fund Index/Bloomberg. 4The equity-bond mix was selected to represent historical performance for each specified period of time and is weighted accord ...
Key Investor Information Document
... the name of which is at the top of this document. The prospectus and periodic reports are prepared for the entire umbrella fund. To protect investors, the assets and liabilities of each compartment are segregated by law from those of other compartments. Switches: Subject to conditions, you may apply ...
... the name of which is at the top of this document. The prospectus and periodic reports are prepared for the entire umbrella fund. To protect investors, the assets and liabilities of each compartment are segregated by law from those of other compartments. Switches: Subject to conditions, you may apply ...
Chapter 9
... We first assume a “closed economy” with no international trade (no exports or imports). Government is ignored (no government purchases and no taxes). Although both households and businesses save, we assume here that all saving is personal. Depreciation and net foreign income are assumed to be zero f ...
... We first assume a “closed economy” with no international trade (no exports or imports). Government is ignored (no government purchases and no taxes). Although both households and businesses save, we assume here that all saving is personal. Depreciation and net foreign income are assumed to be zero f ...
1. Introduction - Academic Web Pages
... friction will be the one that successfully accounts for the large average equity premium. We study a class of competitive pure exchange economies for which the equilibrium growth rate process on consumption and equilibrium asset returns are stationary. Attention is restricted to economies for which ...
... friction will be the one that successfully accounts for the large average equity premium. We study a class of competitive pure exchange economies for which the equilibrium growth rate process on consumption and equilibrium asset returns are stationary. Attention is restricted to economies for which ...
Interest rate volatility in 1980 - Federal Reserve Bank of Chicago
... 1980, reaching record highs in early spring, then plummeting until midsummer, only to rise above their previous peaks by late fall. Interest rates were more variable not only in a cyclical sense, but also in their weekly and daily behavior. It is unlikely that any single factor was responsible for t ...
... 1980, reaching record highs in early spring, then plummeting until midsummer, only to rise above their previous peaks by late fall. Interest rates were more variable not only in a cyclical sense, but also in their weekly and daily behavior. It is unlikely that any single factor was responsible for t ...
Document
... equilibrium value (ieq), where the preferred level of money holdings is equal to the money supply. This the hard-drawn Keynesian view, where “forces of a different kind” (and not the loanable-funds market) determine the market-clearing rate of interest. ...
... equilibrium value (ieq), where the preferred level of money holdings is equal to the money supply. This the hard-drawn Keynesian view, where “forces of a different kind” (and not the loanable-funds market) determine the market-clearing rate of interest. ...
Money Market Operations in China: Monetary Policy or
... transaction, and b) has a total of sixteen categories from overnight to 1-year, many more than CHIBOR7. In recent years, CBPRs (3M & 1Y) have also become important referential rates in money markets, due to the increasing amount of central bank paper issuance. Under the strong influence of the PBOC, ...
... transaction, and b) has a total of sixteen categories from overnight to 1-year, many more than CHIBOR7. In recent years, CBPRs (3M & 1Y) have also become important referential rates in money markets, due to the increasing amount of central bank paper issuance. Under the strong influence of the PBOC, ...
DOC - Douglas Dynamics Investor Relations
... compensation each pay period. Employee contributions and employer matching contributions are 100 percent vested. Meanwhile, employer nondiscretionary contributions are subject to three year cliff vesting based on vesting service. ...
... compensation each pay period. Employee contributions and employer matching contributions are 100 percent vested. Meanwhile, employer nondiscretionary contributions are subject to three year cliff vesting based on vesting service. ...
NBER WORKING PAPER SERIES FISCAL PREREQUISITES FOR A VIABLE A NON-TECHNICAL
... The paper first reviews the budget identities of the fiscal and monetary authorities and the solvency constraint or present value budget-constraint of the consolidated public sector, for closed and open economies. It then discusses the new conventional wisdom concerning the fiscal roots of inflation ...
... The paper first reviews the budget identities of the fiscal and monetary authorities and the solvency constraint or present value budget-constraint of the consolidated public sector, for closed and open economies. It then discusses the new conventional wisdom concerning the fiscal roots of inflation ...
Befimmo (Hold - EUR 45.5) Tough times for the Brussels office market
... 1. Full year figures were bang in line with our expectations on all levels. Epra earnings arrived at EUR 5.35, (diluted at EUR 5.15/share) while it stood at EUR 6.6/share last year (-19% YoY). Average financing costs were 3.55% over ’11, while at 2.97% last year. At the ’11 results, Befimmo forecast ...
... 1. Full year figures were bang in line with our expectations on all levels. Epra earnings arrived at EUR 5.35, (diluted at EUR 5.15/share) while it stood at EUR 6.6/share last year (-19% YoY). Average financing costs were 3.55% over ’11, while at 2.97% last year. At the ’11 results, Befimmo forecast ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... that the nominal deficit must certainly fall if inflation is to be permanently lower, as also must the primary deficit. If these cuts are not made at the same time as any cut in monetary growth, there is a danger that private agents will be led to expect higher monetary growth and inflation in the f ...
... that the nominal deficit must certainly fall if inflation is to be permanently lower, as also must the primary deficit. If these cuts are not made at the same time as any cut in monetary growth, there is a danger that private agents will be led to expect higher monetary growth and inflation in the f ...
Pit of Consumption PPT - Mrs. Ennis AP ECONOMICS
... and value of planned real investment • Shifts: non-interest rate variables • i.e. business expenses, technology, taxes ...
... and value of planned real investment • Shifts: non-interest rate variables • i.e. business expenses, technology, taxes ...
A Note on Unconventional Monetary Policy in HANK
... boom occurring at impact. At the time of the cut, the real rate falls by a similar amount as it does under conventional monetary policy on impact. In response to forward guidance, at t = 0 consumption increases by less than one fifth of the response to an actual cut in rates at t = 0 (Figure 2(b)). ...
... boom occurring at impact. At the time of the cut, the real rate falls by a similar amount as it does under conventional monetary policy on impact. In response to forward guidance, at t = 0 consumption increases by less than one fifth of the response to an actual cut in rates at t = 0 (Figure 2(b)). ...
Making sense of international interest rate movements ARTICLES
... understand not only which factors are driving movements in nominal interest rates but also over which periods of time (i.e., current, future or some combination of the two) these factors are having an effect. We use the method to analyse movements in term interest rates in the US and the UK, two maj ...
... understand not only which factors are driving movements in nominal interest rates but also over which periods of time (i.e., current, future or some combination of the two) these factors are having an effect. We use the method to analyse movements in term interest rates in the US and the UK, two maj ...
Saving, Investment, and the Financial System
... surplus because it receives more money than it spends. The surplus of T-G represents public saving. If G>T, the government runs a budget deficit because it spends more money than it receives in tax revenue. ...
... surplus because it receives more money than it spends. The surplus of T-G represents public saving. If G>T, the government runs a budget deficit because it spends more money than it receives in tax revenue. ...
Automatic stabilizers, fiscal rules and
... feedback since a de…cit objective in terms of GDP is equivalent in the long run to a target of the debt to output ratio. The theoretical requirements of a Ricardian policy can be satis…ed with a feedback behaviour of either revenues or expenditures, but the empirical evidence indicates that successf ...
... feedback since a de…cit objective in terms of GDP is equivalent in the long run to a target of the debt to output ratio. The theoretical requirements of a Ricardian policy can be satis…ed with a feedback behaviour of either revenues or expenditures, but the empirical evidence indicates that successf ...
Chapter 18 - The Citadel
... What the Fed Says and What It Does When the Fed made an announcement in August 2003 that it would keep interest rates low for a considerable length of time, the intent was to generate a level of business and consumer confidence that would stimulate aggregate demand. By October, when the annual r ...
... What the Fed Says and What It Does When the Fed made an announcement in August 2003 that it would keep interest rates low for a considerable length of time, the intent was to generate a level of business and consumer confidence that would stimulate aggregate demand. By October, when the annual r ...
4. S D upply and
... very likely for 2015 as well. After curbing consumption in 2014, macroprudential measures are not expected to have an additional tightening effect in 2015. Moreover, the favorable effects of the ongoing improvement in financial conditions and the possible decline in inflation driven largely by falli ...
... very likely for 2015 as well. After curbing consumption in 2014, macroprudential measures are not expected to have an additional tightening effect in 2015. Moreover, the favorable effects of the ongoing improvement in financial conditions and the possible decline in inflation driven largely by falli ...
Classes of Ratios
... from one year to the next, this is a source of cash. If it has decreased, this is a use of cash. Determine the Change in Long-Term Debt. Subtract Long-Term Debt only, at the end of the preceding year, from Long-Term Debt plus Current Maturities of Long-Term Debt at the end of the year under review ...
... from one year to the next, this is a source of cash. If it has decreased, this is a use of cash. Determine the Change in Long-Term Debt. Subtract Long-Term Debt only, at the end of the preceding year, from Long-Term Debt plus Current Maturities of Long-Term Debt at the end of the year under review ...
E S R P
... an unfunded to a funded system. In a pay-as-you-go system, the social security contributions of each generation of workers pay for the retirement of the generation that preceded it, whereas in a fully funded system, the contributions of each generation of workers pay for their own retirement. Thus, ...
... an unfunded to a funded system. In a pay-as-you-go system, the social security contributions of each generation of workers pay for the retirement of the generation that preceded it, whereas in a fully funded system, the contributions of each generation of workers pay for their own retirement. Thus, ...
AN EMPIRICAL STUDY ON PUBLIC DEBT`S DETERMINANTS
... Figure 2: Public debt structure: Domestic vs. foreign currency denominated debt Source: Authors’ own calculations based on Eurostat Government Finance Statistics ...
... Figure 2: Public debt structure: Domestic vs. foreign currency denominated debt Source: Authors’ own calculations based on Eurostat Government Finance Statistics ...