NBER WORKING PAPER SERIES TWO EXAMPLES Joshua Aizenman
... If a bad enough shock reduces future output so much that the country defaults (i.e., if Q < 1), then the country services the eternal debt by paying the default penalty. In the absence of sufficient international reserve holdings to finance second-period public expenditures, the country also needs t ...
... If a bad enough shock reduces future output so much that the country defaults (i.e., if Q < 1), then the country services the eternal debt by paying the default penalty. In the absence of sufficient international reserve holdings to finance second-period public expenditures, the country also needs t ...
Empirical Research: The Discontinuity in Pooled Distribution
... measure of discontinuity kink. For abnormal funds in Table 3A, the Sharpe ratio is -0.2202 in pre and 0.2160 in post. The relevant kink falls from 0.2300 to 0.0329. For abnormal funds in Table 3B, the Sharpe ratio is 0.3584 in pre and 0.0896 in post. The relevant kink rises from 0.0122 to 0.1402.Two ...
... measure of discontinuity kink. For abnormal funds in Table 3A, the Sharpe ratio is -0.2202 in pre and 0.2160 in post. The relevant kink falls from 0.2300 to 0.0329. For abnormal funds in Table 3B, the Sharpe ratio is 0.3584 in pre and 0.0896 in post. The relevant kink rises from 0.0122 to 0.1402.Two ...
Comparison of household debt relative to income
... largely the result of a tax-financed public welfare system and mandatory pension saving organised by the authorities. Transfers and welfare and pension benefits are part of households’ expected lifetime resources, even if they are not directly included in household accounts. In an international comp ...
... largely the result of a tax-financed public welfare system and mandatory pension saving organised by the authorities. Transfers and welfare and pension benefits are part of households’ expected lifetime resources, even if they are not directly included in household accounts. In an international comp ...
M F L
... liabilities and with external debt at current exchange rate) peaked during 199192 when it reached 65.43 per cent of GDP. In the last three years, fiscal liabilities – GDP ratio again worsened and started increasing at rates faster than the GDP rates. The long term tendency of the ratio of fiscal lia ...
... liabilities and with external debt at current exchange rate) peaked during 199192 when it reached 65.43 per cent of GDP. In the last three years, fiscal liabilities – GDP ratio again worsened and started increasing at rates faster than the GDP rates. The long term tendency of the ratio of fiscal lia ...
ppt presentation
... ECB is of the opinion that fiscal crises ought be solved via fiscal measures It has loosened its collateral requirements and agreed to extend its special liquidity programs to stabilize market conditions Under its nuclear option, the SMP, it has bought around €70 bn of bonds, an action differe ...
... ECB is of the opinion that fiscal crises ought be solved via fiscal measures It has loosened its collateral requirements and agreed to extend its special liquidity programs to stabilize market conditions Under its nuclear option, the SMP, it has bought around €70 bn of bonds, an action differe ...
Total Tax Contribution public fi nances
... public finances. This study is larger than our original study and includes 22 mining companies operating in 20 different jurisdictions. The results analyse their total payments to government, focusing on their most significant operations in the various locations. We received a positive response to o ...
... public finances. This study is larger than our original study and includes 22 mining companies operating in 20 different jurisdictions. The results analyse their total payments to government, focusing on their most significant operations in the various locations. We received a positive response to o ...
The Effect of Asset Selloffs on Overnight Interest Rates
... From September 2007 to December 2008, the FOMC incrementally lowered the federal funds rate target from 5.25 percent to 0.25 percent where it has remained as turmoil engulfed credit markets. Nominal interest rates cannot go below zero and the Fed needed to continue to support a weakened economy. As ...
... From September 2007 to December 2008, the FOMC incrementally lowered the federal funds rate target from 5.25 percent to 0.25 percent where it has remained as turmoil engulfed credit markets. Nominal interest rates cannot go below zero and the Fed needed to continue to support a weakened economy. As ...
Performance of Private Equity Real Estate Funds
... higher returns and realised returns of past funds are shown to be a reliable indicator of future success. • Managers should not focus on growing assets under management (fund size) but on quality investments. • Investors should pay a lot attention on the performance of past investments in their due ...
... higher returns and realised returns of past funds are shown to be a reliable indicator of future success. • Managers should not focus on growing assets under management (fund size) but on quality investments. • Investors should pay a lot attention on the performance of past investments in their due ...
EUROPEAN COMMISSION Brussels, 26.2.2015 SWD(2015) 30 final
... deterioration of the labour market and falling disposable income, combined with worsening consumer sentiment and tighter bank lending conditions rapidly affected household consumption which contracted over the same period by almost 13 percentage points (pps.). As a result of falling internal demand ...
... deterioration of the labour market and falling disposable income, combined with worsening consumer sentiment and tighter bank lending conditions rapidly affected household consumption which contracted over the same period by almost 13 percentage points (pps.). As a result of falling internal demand ...
Aggregate Expenditure Model and the Multiplier
... Tax Multiplier –MPC/MPS. EX. MPC IS .6 TAXES INCREASES BY 100MM -.6/.4 = - 1.5 X 100MM real GDP decreases by 150mm. ...
... Tax Multiplier –MPC/MPS. EX. MPC IS .6 TAXES INCREASES BY 100MM -.6/.4 = - 1.5 X 100MM real GDP decreases by 150mm. ...
NBER WORKING PAPER SERIES FISCAL POLICY AND INFLATION: PONDERING THE IMPONDERABLES
... alters the real value of debt held by the public must bring forth changes in future policies to support the new value of debt. For example, if a tax cut today is financed by new debt issuances, investors will buy the new bonds only if they expect the government will meet interest payments on the deb ...
... alters the real value of debt held by the public must bring forth changes in future policies to support the new value of debt. For example, if a tax cut today is financed by new debt issuances, investors will buy the new bonds only if they expect the government will meet interest payments on the deb ...
The Relationship between Sustainable Growth and Risk
... a change in the capital/labour split of returns, that could in principle reverse the overall effect or enhance it. For example, poor economic times could coincide with a fall in the share of total returns taken by labour, so that total returns to capital could rise even as total enterprise returns f ...
... a change in the capital/labour split of returns, that could in principle reverse the overall effect or enhance it. For example, poor economic times could coincide with a fall in the share of total returns taken by labour, so that total returns to capital could rise even as total enterprise returns f ...
Chapter 34
... • Government purchases are said to have a multiplier effect on aggregate demand. • Each dollar spent by the government may raise the aggregate demand for goods and services by more than a dollar. • Government spending increases income and thereby increases consumer spending which leads to further in ...
... • Government purchases are said to have a multiplier effect on aggregate demand. • Each dollar spent by the government may raise the aggregate demand for goods and services by more than a dollar. • Government spending increases income and thereby increases consumer spending which leads to further in ...
Présentation PowerPoint - McGraw Hill Higher Education
... Table 19-2: The Ratio of Working-Age Population to Retirement Age population ...
... Table 19-2: The Ratio of Working-Age Population to Retirement Age population ...
THE RAMSEY GROWTH MODEL
... time periods’ and reflects the individuals’ willingness to accept deviations from a uniform pattern of consumption over time. The lower θ (i.e. the higher the elasticity of substitution is), the slower the decline of the marginal utility in response to consumption growth, and therefore the more will ...
... time periods’ and reflects the individuals’ willingness to accept deviations from a uniform pattern of consumption over time. The lower θ (i.e. the higher the elasticity of substitution is), the slower the decline of the marginal utility in response to consumption growth, and therefore the more will ...
Key Investor Information
... change over time. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Risk factors The following risks may affect fund performance. Capital risk / di ...
... change over time. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Risk factors The following risks may affect fund performance. Capital risk / di ...
Author`s personal copy
... implementing government policy is mostly given, as it is the need to provide current funding to pay for maintenance of infrastructures for transportation and other public services, like education and health. In addition, the political cost of cutting down on most public consumption items is very hig ...
... implementing government policy is mostly given, as it is the need to provide current funding to pay for maintenance of infrastructures for transportation and other public services, like education and health. In addition, the political cost of cutting down on most public consumption items is very hig ...
Key Investor Information
... change over time. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Risk factors The following risks may affect fund performance. Capital risk / di ...
... change over time. A fund in the lowest category does not mean a risk-free investment. The fund is in this category because it can take higher risks in search of higher rewards and its price may rise and fall accordingly. Risk factors The following risks may affect fund performance. Capital risk / di ...
PPT
... establish a base year from which to make a comparison. Once the base is established, future (or past) price level changes can then be compared to this base. The easiest way see this is to look at how the consumer price index or CPI is calculated. The formula for CPI is: CPI = ...
... establish a base year from which to make a comparison. Once the base is established, future (or past) price level changes can then be compared to this base. The easiest way see this is to look at how the consumer price index or CPI is calculated. The formula for CPI is: CPI = ...
The Economics of the Government Budget
... misleading,for there are lags in the process of adaptationof money demand to inflation. In the very short run of a few days or weeks, the government can almost always increase its revenue by printingmoney more rapidly. But the longer a process of high inflationcontinues,the more the demand for real ...
... misleading,for there are lags in the process of adaptationof money demand to inflation. In the very short run of a few days or weeks, the government can almost always increase its revenue by printingmoney more rapidly. But the longer a process of high inflationcontinues,the more the demand for real ...
