NBER WORKING PAPER SERIES TAXES, LEVERAGE AND THE NATIONAL RETURN ON OUTBOUND
... obtained by using foreign debt. The present paper presents a framework for calculating these two effects and uses the framework to estimate the effect on U.S. national income of a marginal ...
... obtained by using foreign debt. The present paper presents a framework for calculating these two effects and uses the framework to estimate the effect on U.S. national income of a marginal ...
Affording Our Future - New Zealand Treasury
... population ageing. Some entitlements – notably New Zealand Superannuation (NZ Super) – will become more costly as the nation continues to become older. Cost pressures in public healthcare also drive this challenging fiscal outlook, because of increasing demand for healthcare services, new technologi ...
... population ageing. Some entitlements – notably New Zealand Superannuation (NZ Super) – will become more costly as the nation continues to become older. Cost pressures in public healthcare also drive this challenging fiscal outlook, because of increasing demand for healthcare services, new technologi ...
A Call to ARMs: Adjustable Rate Mortgages in the 1980s
... (and hence the cost of funds) rose, so would revenues. In addition to smoothing the cycle in thrifts’ net income, ARMs would also lessen the sensitivity of asset values to fluctuating interest rates. To the extent that the interest rates on outstanding ARMs repriced frequently and fully to market ra ...
... (and hence the cost of funds) rose, so would revenues. In addition to smoothing the cycle in thrifts’ net income, ARMs would also lessen the sensitivity of asset values to fluctuating interest rates. To the extent that the interest rates on outstanding ARMs repriced frequently and fully to market ra ...
Stephen J. Working OF INTEREST RATES
... term rate.5 In this case, as long as investors are risk averse, It> 0, and q increases with the variance 4(1). It can therefore be interpreted as being the "risk adjusted discount rate" and is endogenously determined along with 4(1). As long as the underlying stochastic economic structure remains un ...
... term rate.5 In this case, as long as investors are risk averse, It> 0, and q increases with the variance 4(1). It can therefore be interpreted as being the "risk adjusted discount rate" and is endogenously determined along with 4(1). As long as the underlying stochastic economic structure remains un ...
Textbooks and Pure Fiscal Policy: The Neglect of Monetary Basics
... The same is true for Darby. To wit, This increase in government spending requires a reallocation of resources from the production of goods and services for the private sector—especially investment—to production for the government. The reduction of private investment is achieved… by a rise in the int ...
... The same is true for Darby. To wit, This increase in government spending requires a reallocation of resources from the production of goods and services for the private sector—especially investment—to production for the government. The reduction of private investment is achieved… by a rise in the int ...
The Exchange Rate, Productivity, and the Standard of Living
... Rogoff (1995), find evidence consistent with the hypothesis that technological progress (measured by TFP growth) in traded goods causes the relative price of non-traded to traded goods to rise and the real exchange rate to appreciate, although the evidence for the link to the real exchange rate is w ...
... Rogoff (1995), find evidence consistent with the hypothesis that technological progress (measured by TFP growth) in traded goods causes the relative price of non-traded to traded goods to rise and the real exchange rate to appreciate, although the evidence for the link to the real exchange rate is w ...
IOSR Journal Of Humanities And Social Science (IOSR-JHSS)
... J&K state economy has increased continuously from the past three decades. But, the percentage increase in out-put share is more rapid as compared to the percentage increase in employment share. The percentage share of out-put of non- primary sector to NSDP at constant prices has increased from 52.6 ...
... J&K state economy has increased continuously from the past three decades. But, the percentage increase in out-put share is more rapid as compared to the percentage increase in employment share. The percentage share of out-put of non- primary sector to NSDP at constant prices has increased from 52.6 ...
SELECTIVE INSURANCE GROUP INC (Form: 8-K
... ended March 31, 2015. Net income per diluted share was $0.69, compared to $0.31 in 2014, and operating income 1 per diluted share was $0.48, compared to $0.23 in 2014. “We are seeing the benefits of our strategic initiatives that drive progress towards our longer-term combined ratio and operating re ...
... ended March 31, 2015. Net income per diluted share was $0.69, compared to $0.31 in 2014, and operating income 1 per diluted share was $0.48, compared to $0.23 in 2014. “We are seeing the benefits of our strategic initiatives that drive progress towards our longer-term combined ratio and operating re ...
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... Vertical analysis, also called common-size analysis, is a technique that expresses each financial statement item as a percent of a base amount. On an income statement, we might say that selling expenses are 16% of net sales. Vertical analysis is commonly applied to the balance sheet and the income s ...
... Vertical analysis, also called common-size analysis, is a technique that expresses each financial statement item as a percent of a base amount. On an income statement, we might say that selling expenses are 16% of net sales. Vertical analysis is commonly applied to the balance sheet and the income s ...
This PDF is a selection from a published volume from... Bureau of Economic Research
... The result is likely to be lower investment in the United States and higher interest rates. Those higher interest rates will increase the fiscal deficits even further. The lower rate of investment will mean slower growth of real incomes and, therefore, lower tax collections, further compounding the ...
... The result is likely to be lower investment in the United States and higher interest rates. Those higher interest rates will increase the fiscal deficits even further. The lower rate of investment will mean slower growth of real incomes and, therefore, lower tax collections, further compounding the ...
Henrekson, Magnus and Tino Sanandaji
... Entrepreneurs are assigned to states based on Forbes’ designation. If Forbes did not specify a state, this is based on residence. Relative to population is defined as the share of total entrepreneurs divided by the population share of state/region in 1996–2009. ...
... Entrepreneurs are assigned to states based on Forbes’ designation. If Forbes did not specify a state, this is based on residence. Relative to population is defined as the share of total entrepreneurs divided by the population share of state/region in 1996–2009. ...
Annex 1: North/South Co-operation on the island of Ireland
... poverty and social exclusion. The plan, together with the social inclusion commitments in the national social partnership agreement, Towards 2016, and the National Development Plan 2007-2013 (NDP), constitute Ireland’s strategic process for promoting social inclusion. Close linkages have been develo ...
... poverty and social exclusion. The plan, together with the social inclusion commitments in the national social partnership agreement, Towards 2016, and the National Development Plan 2007-2013 (NDP), constitute Ireland’s strategic process for promoting social inclusion. Close linkages have been develo ...
Analysis of the Discount Factors in Swap Valuation
... Currency swaps, introduced in the 1970s due to foreign exchange controls in Britain, have been an important tool for financing. [2] In a currency swap contract, Party A makes predetermined payments periodically to Party B in one currency like U.S. dollars, meanwhile, Party B pays a certain amount i ...
... Currency swaps, introduced in the 1970s due to foreign exchange controls in Britain, have been an important tool for financing. [2] In a currency swap contract, Party A makes predetermined payments periodically to Party B in one currency like U.S. dollars, meanwhile, Party B pays a certain amount i ...
Characteristics of the 2009/2010 financial crisis in Greece
... however, ought to be the current sub-prime mortgage crisis, which started in the United States during 2007, and became excessively apparent in the end of 2008 with the collapse of the Lehman Brothers investment bank. The crisis that followed Lehman Brothers collapse sent far-reaching shock waves thr ...
... however, ought to be the current sub-prime mortgage crisis, which started in the United States during 2007, and became excessively apparent in the end of 2008 with the collapse of the Lehman Brothers investment bank. The crisis that followed Lehman Brothers collapse sent far-reaching shock waves thr ...
Chapt17
... of capital), then the tax doesn’t affect investment. • In our definition, depreciation cost is measured using the current price of capital. • But, legal definition uses the historical price of capital. • If PK rises over time, then the legal definition understates the true cost and overstates profit ...
... of capital), then the tax doesn’t affect investment. • In our definition, depreciation cost is measured using the current price of capital. • But, legal definition uses the historical price of capital. • If PK rises over time, then the legal definition understates the true cost and overstates profit ...
Appendix THE GREEK ECONOMY MODEL
... progress. Karadeloglou and Koutsouvelis (1991) apply this form separately for wage earners and self-employed. Output elasticity is found to be 0.80 for the former case, suggesting the existence of small costs in adjusting the level of employment in response to output changes, and 0.95 for the latter ...
... progress. Karadeloglou and Koutsouvelis (1991) apply this form separately for wage earners and self-employed. Output elasticity is found to be 0.80 for the former case, suggesting the existence of small costs in adjusting the level of employment in response to output changes, and 0.95 for the latter ...
The Folk Theorem of Decreasing Effectiveness of Monetary
... by (admittedly short) data. This is an important issue at this juncture. Nearly ten years after the Global Financial Crisis, in most advanced economies growth remains subdued and inflation is generally significantly below target. It may be that this state of affairs is unrelated to monetary policies ...
... by (admittedly short) data. This is an important issue at this juncture. Nearly ten years after the Global Financial Crisis, in most advanced economies growth remains subdued and inflation is generally significantly below target. It may be that this state of affairs is unrelated to monetary policies ...
NBER WORKING PAPER SERIES HOW DO MONETARY AND FISCAL POLICY
... may actually be welfare enhancing, since government spending crowds out private consumption in our model. But as we discuss below, this result may be driven by problematic features of our model. ...
... may actually be welfare enhancing, since government spending crowds out private consumption in our model. But as we discuss below, this result may be driven by problematic features of our model. ...
Lecture 1
... This is how the US built its railways and how Korea managed to develop so rapidly from the 1960s onwards Both countries paid back their debts ...
... This is how the US built its railways and how Korea managed to develop so rapidly from the 1960s onwards Both countries paid back their debts ...
Slide 1
... – Potential for states’ credit rating to be downgraded making it difficult for states to raise money through bond issuance, etc. www.concordcoalition.org 29 www.deloitte.com ...
... – Potential for states’ credit rating to be downgraded making it difficult for states to raise money through bond issuance, etc. www.concordcoalition.org 29 www.deloitte.com ...
Monetary and Fiscal Policy in a Liquidity Trap:
... of interest significantly deviates from a normal level. This is as if a central bank “borrows” future monetary easing in the periods when current monetary easing is exhausted. This idea of borrowing future easing has been discussed not only in the academic arena, but also in the policy-making proces ...
... of interest significantly deviates from a normal level. This is as if a central bank “borrows” future monetary easing in the periods when current monetary easing is exhausted. This idea of borrowing future easing has been discussed not only in the academic arena, but also in the policy-making proces ...
NBER WORKING PAPER SERIES FIRM DYNAMICS, INVESTMENT, AND DEBT PORTFOLIO:
... denominated in units of the foreign good. In case of default, the foreign lender seizes the current value of firm’ resources. The interest rate is firm specific, and equal to the exogenous risk free rate adjusted for a risk premium. Competition among lenders drives expected profits to zero.2 Firms a ...
... denominated in units of the foreign good. In case of default, the foreign lender seizes the current value of firm’ resources. The interest rate is firm specific, and equal to the exogenous risk free rate adjusted for a risk premium. Competition among lenders drives expected profits to zero.2 Firms a ...
Current State and Future of Japanese Economy (with Appendix)
... ・Fundamental Reform of Social Security System and Strengthening the Third Arrow (Growth Strategy) ・ Distribution of Benefits of Abenomics: more detailed attention needs to be given to nonmanufacturing industry, small business, residents of regional areas, and younger people of childrearing age. Ⅴ.Ri ...
... ・Fundamental Reform of Social Security System and Strengthening the Third Arrow (Growth Strategy) ・ Distribution of Benefits of Abenomics: more detailed attention needs to be given to nonmanufacturing industry, small business, residents of regional areas, and younger people of childrearing age. Ⅴ.Ri ...
Low Inflation, Deflation, and Policies for Future Price Stability A
... monetary policy—the interest rate—is truncated. Thus combating a slump may be difficult, and economic instability could increase. Also when inflation gets negative a downward spiral can occur which lowers inflation, which raises real interest rates, which lowers inflation even further, and so on. T ...
... monetary policy—the interest rate—is truncated. Thus combating a slump may be difficult, and economic instability could increase. Also when inflation gets negative a downward spiral can occur which lowers inflation, which raises real interest rates, which lowers inflation even further, and so on. T ...
EN EN 1. Introduction Regulation (EU) No 473/2013 of the
... having an effect of +/- X in the year(s) they are introduced and zero otherwise, i.e. the overall impact on the level of revenues or expenditures must not cancel out. If the impact of a measure varies over time, only the incremental impact should be recorded in the table1. By their nature, one-off m ...
... having an effect of +/- X in the year(s) they are introduced and zero otherwise, i.e. the overall impact on the level of revenues or expenditures must not cancel out. If the impact of a measure varies over time, only the incremental impact should be recorded in the table1. By their nature, one-off m ...