Our currency, your problem? The global effects of the euro debt crisis
... papers however do not address the central question of this paper, namely the transmission of the euro debt crisis to the rest of the world. The main result of this paper is the euro debt crisis events have important e¤ects on global …nancial markets, signi…cantly more so for advanced than for emergi ...
... papers however do not address the central question of this paper, namely the transmission of the euro debt crisis to the rest of the world. The main result of this paper is the euro debt crisis events have important e¤ects on global …nancial markets, signi…cantly more so for advanced than for emergi ...
NBER WORKING PAPER SERIES AND BUDGET DEFICITS, TAX
... The saying that failure is an orphan while success has many selfproclaimed fathers can be applied to business cycles in general and to this ...
... The saying that failure is an orphan while success has many selfproclaimed fathers can be applied to business cycles in general and to this ...
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... in theory. With the exception of Slemrod (2004) and Davies and Voget (2008), each study provides a rationale that is different than the one developed in our paper. For instance, Devereux et al. (2008) control for country size with the assumption that larger countries probably have a higher proportio ...
... in theory. With the exception of Slemrod (2004) and Davies and Voget (2008), each study provides a rationale that is different than the one developed in our paper. For instance, Devereux et al. (2008) control for country size with the assumption that larger countries probably have a higher proportio ...
Sustainable Withdrawal Rates From Your Retirement Portfolio
... Other studies have taken a more academic approach. Ho, Milevsky, and Robinson (1994) developed an analytical model to determine the optimal allocation between a risky and risk-free asset in order to minimize the probability that withdrawals will prematurely exhaust a retirement fund. Using historica ...
... Other studies have taken a more academic approach. Ho, Milevsky, and Robinson (1994) developed an analytical model to determine the optimal allocation between a risky and risk-free asset in order to minimize the probability that withdrawals will prematurely exhaust a retirement fund. Using historica ...
Publisher_macro_ch_12_13th
... constituents but are reluctant to raise taxes because they impose a visible cost on voters. • Given the political incentives, budget deficits will be far more attractive than surpluses. • As a result, deficits will be far more common than surpluses and discretionary fiscal policy is unlikely to be i ...
... constituents but are reluctant to raise taxes because they impose a visible cost on voters. • Given the political incentives, budget deficits will be far more attractive than surpluses. • As a result, deficits will be far more common than surpluses and discretionary fiscal policy is unlikely to be i ...
... Real estate has several unique characteristics that affect its value. The first one is durability. A building can last for decades or even centuries, and the land underneath it is practically indestructible. Because of this, real estate markets are modeled as a stock/flow market. About 98% of suppl ...
This PDF is a selection from an out-of-print volume from the... of Economic Research
... derivation of an aggregate consumption function which does not satisfy RicardoBarro equivalence. The model shows that long real rates depend on the anticipated sequence of debt, or equivalently on the current level of debt and the anticipated sequence of deficits. The third and last issue is that of ...
... derivation of an aggregate consumption function which does not satisfy RicardoBarro equivalence. The model shows that long real rates depend on the anticipated sequence of debt, or equivalently on the current level of debt and the anticipated sequence of deficits. The third and last issue is that of ...
Greece: Ex Post Evaluation of Exceptional Access under the 2010
... baseline and while some of this was due to exogenous factors, the baseline macro projections can also be criticized for being too optimistic. The report considers the broad thrust of policies under the program to have been appropriate. Rapid fiscal adjustment was unavoidable given that the Greece ha ...
... baseline and while some of this was due to exogenous factors, the baseline macro projections can also be criticized for being too optimistic. The report considers the broad thrust of policies under the program to have been appropriate. Rapid fiscal adjustment was unavoidable given that the Greece ha ...
Concepts for Review: Cyclical Unemployment Frictional
... When the unemployment rate falls below its natural rate, there is upward pressure on wages, and the economy runs the risk of inflation. Rather than a simple trade-off between the rate of inflation and the rate of unemployment, under the natural rate hypothesis once the rate went below the natural ra ...
... When the unemployment rate falls below its natural rate, there is upward pressure on wages, and the economy runs the risk of inflation. Rather than a simple trade-off between the rate of inflation and the rate of unemployment, under the natural rate hypothesis once the rate went below the natural ra ...
How Significant is Africa`s Demographic Dividend for Its Future
... Sustained growth in many African countries absent for most of 1980s and early 1990s due to myriad challenges including poor governance, conflicts, and growth collapses . Arbache et al. (2010) found that between 1975 and 2005, the probability that an African country would experience acceleration in i ...
... Sustained growth in many African countries absent for most of 1980s and early 1990s due to myriad challenges including poor governance, conflicts, and growth collapses . Arbache et al. (2010) found that between 1975 and 2005, the probability that an African country would experience acceleration in i ...
Economics and Political Economy
... All of the data collected for this paper are from the World Bank Database. Since developing countries, like Egypt, do not have a sufficient amount of quarterly or monthly data readily available, the sampled time period for this econometric analysis is made up of annual data from 1975 to 2009. The in ...
... All of the data collected for this paper are from the World Bank Database. Since developing countries, like Egypt, do not have a sufficient amount of quarterly or monthly data readily available, the sampled time period for this econometric analysis is made up of annual data from 1975 to 2009. The in ...
Financial Liberalization and Allocative Efficiency (April 2011)
... could issue bonds that promise to repay only in a crisis state. Lenders would be willing to buy such bonds without requiring collateral because they would expect the promised repayment to be covered by the bailout. Thus the …rm can fund inferior projects without risking its own equity, betting that ...
... could issue bonds that promise to repay only in a crisis state. Lenders would be willing to buy such bonds without requiring collateral because they would expect the promised repayment to be covered by the bailout. Thus the …rm can fund inferior projects without risking its own equity, betting that ...
Fund Facts - Class FV
... Under securities law in some provinces and territories, you have the right to: • withdraw from an agreement to buy mutual fund units within two business days after you receive a simplified prospectus or fund facts; or • cancel your purchase within 48 hours after you receive confirmation of the pur ...
... Under securities law in some provinces and territories, you have the right to: • withdraw from an agreement to buy mutual fund units within two business days after you receive a simplified prospectus or fund facts; or • cancel your purchase within 48 hours after you receive confirmation of the pur ...
PDF - Council on Foreign Relations
... by Taiwan’s smaller economy. Japan’s surplus of 3 percent of GDP is comparable to that of the eurozone as a whole. Over the past few years, the nature of the policy challenge posed by East Asia’s external surplus has changed. The region’s surpluses are no longer maintained primarily through interven ...
... by Taiwan’s smaller economy. Japan’s surplus of 3 percent of GDP is comparable to that of the eurozone as a whole. Over the past few years, the nature of the policy challenge posed by East Asia’s external surplus has changed. The region’s surpluses are no longer maintained primarily through interven ...
Background Report Volume 2 (PDF 2293KB)
... of available statistical reports provide material for users wishing to examine particular issues in an in-depth manner. Certain indicators have also been presented in a disaggregated manner using classifications such as gender, region and age as appropriate. For some indicators, it may be preferable ...
... of available statistical reports provide material for users wishing to examine particular issues in an in-depth manner. Certain indicators have also been presented in a disaggregated manner using classifications such as gender, region and age as appropriate. For some indicators, it may be preferable ...
Although understanding economic growth has always been the
... When σ>1, the CES production function in equation 2 does not possess any limit, i.e., ...
... When σ>1, the CES production function in equation 2 does not possess any limit, i.e., ...
8the economy at full employment: the classical model
... ♦ Job search — the activity of looking for an acceptable vacant job. The length of time spent searching increases when more young people enter the labor market; when unemployment compensation payments be come more generous; and when structural change in the economy increases. ♦ Job rationing — payin ...
... ♦ Job search — the activity of looking for an acceptable vacant job. The length of time spent searching increases when more young people enter the labor market; when unemployment compensation payments be come more generous; and when structural change in the economy increases. ♦ Job rationing — payin ...
Quarterly Report on the Euro Area Vol. 14, No. 1 (2015)
... euro area as a whole is now posting a current account surplus. In a past issue of the Quarterly Report on the Euro Area, the nature of this rebalancing has been analysed through the lens of current account. (2) The aim of this section is to look more in depth at how this recent rebalancing has been ...
... euro area as a whole is now posting a current account surplus. In a past issue of the Quarterly Report on the Euro Area, the nature of this rebalancing has been analysed through the lens of current account. (2) The aim of this section is to look more in depth at how this recent rebalancing has been ...
The Valuation and Risk Management of a DB Underpin
... Hybrid pension plans offer employees the best features of both defined benefit and defined contribution plans. In this work, we consider the hybrid design offering a defined contribution benefit with a defined benefit guaranteed minimum underpin. This study applies the contingent claims approach to ...
... Hybrid pension plans offer employees the best features of both defined benefit and defined contribution plans. In this work, we consider the hybrid design offering a defined contribution benefit with a defined benefit guaranteed minimum underpin. This study applies the contingent claims approach to ...
Will my portfolio give me an inflation plus return?
... most, although Japan has never entirely recovered from its recession. For other developed countries growth and disinflation resumed, as did attractive positive returns, though at a lower level than during the economic miracle. There was little during this disinflationary era that active asset alloca ...
... most, although Japan has never entirely recovered from its recession. For other developed countries growth and disinflation resumed, as did attractive positive returns, though at a lower level than during the economic miracle. There was little during this disinflationary era that active asset alloca ...
Chinese Political and Economic Governance System and the
... and in 20 industries in the period 2000-5 (Yuan and Li, 2008). Therefore, the overtaking strategy might well result in a declining labor share and a rising capital share in income by encouraging resources to flow to capital and technology-intensive industries. In addition to increasing capital emplo ...
... and in 20 industries in the period 2000-5 (Yuan and Li, 2008). Therefore, the overtaking strategy might well result in a declining labor share and a rising capital share in income by encouraging resources to flow to capital and technology-intensive industries. In addition to increasing capital emplo ...
Certainty Equivalents and Risk-Adjusted Discount Rates
... In Panel A of Table 13B-2 we show the operating cash flows’ NPVs. The NPV of the coal plant, discounting at the 10% WACC, is $357 million. At the 10% WACC, the nuclear plant’s operating cash flows have a higher NPV, $468 million, but this value does not reflect the nuclear plant’s decommissioning co ...
... In Panel A of Table 13B-2 we show the operating cash flows’ NPVs. The NPV of the coal plant, discounting at the 10% WACC, is $357 million. At the 10% WACC, the nuclear plant’s operating cash flows have a higher NPV, $468 million, but this value does not reflect the nuclear plant’s decommissioning co ...
Bolivia: Ex Post Assessment of Longer-Term Program
... the past decade, Bolivia witnessed considerable progress in living conditions, access to basic social services and outcome indicators. Poverty as measured by unsatisfied basic needs fell significantly from 71 percent of the population in 1992 to 59 percent in 2001, although mainly in urban areas, an ...
... the past decade, Bolivia witnessed considerable progress in living conditions, access to basic social services and outcome indicators. Poverty as measured by unsatisfied basic needs fell significantly from 71 percent of the population in 1992 to 59 percent in 2001, although mainly in urban areas, an ...
Bade_Parkin_Macro_Lecture_CH17
... Similarly, if real GDP is less than potential GDP, employment is less than its full employment level and the unemployment rate rises above the natural unemployment rate. ...
... Similarly, if real GDP is less than potential GDP, employment is less than its full employment level and the unemployment rate rises above the natural unemployment rate. ...
Inflation Cycles
... bring cycles in inflation and output Explain the short-run and long-run tradeoff between inflation and unemployment Explain how the mainstream business cycle theory and real business cycle theory account for fluctuations in output and employment ...
... bring cycles in inflation and output Explain the short-run and long-run tradeoff between inflation and unemployment Explain how the mainstream business cycle theory and real business cycle theory account for fluctuations in output and employment ...