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Product Variety and Economic Growth - Empirical Evidence for the OECD Countries
Funke, Michael; Ruhwedel, Ralf - CESifo - 2000
Utilizing panel data for 19 OECD countries we find suppor t for the hypothesis that a greater degree of product variety relative to the US helps to explain relative per capita GDP levels. The empirical work relies upon some direct measures of product variety calculated from 6-digit OECD export...
Persistent link: https://www.econbiz.de/10005416492
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Can General Purpose Technology Theory Explain Economic Growth? Electrical Power as a Case Study
Ristuccia, Cristiano Andrea; Solomou, Solomos - CESifo - 2014
Does the concept of General Purpose Technologies help explain periods of faster and slower productivity advance in …, Britain, France, Germany and Japan and proceeds to evaluate the hypothesis of a productivity bonus as postulated by many … there was no generalized productivity boost from electrical power diffusion as postulated by many existing GPT models. The …
Persistent link: https://www.econbiz.de/10010748306
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Optimal Asset Allocation with Factor Models for Large Portfolios
Pesaran, M. Hashem; Zaffaroni, Paolo - CESifo - 2008
strategies. First, we show that the tangency portfolios fully diversify the risk associated with the factor component of asset …
Persistent link: https://www.econbiz.de/10005765686
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Firm Heterogeneity and Credit Risk Diversification
Hanson, Samuel; Pesaran, M. Hashem; Schuermann, Til - CESifo - 2005
This paper considers a simple model of credit risk and derives the limit distribution of losses under different … results obtained indicate that if firm-specific risk exposures (including their default thresholds) are heterogeneous but come … from a common parameter distribution, for sufficiently large portfolios there is no scope for further risk reduction …
Persistent link: https://www.econbiz.de/10005766213
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Firm Size and Diversification: Asymmetric Multiproduct Firms under Cournot Competition
Grossmann, Volker - CESifo - 2003
A positive relationship between firm size and product diversification is a long-standing stylized fact. However, so far …
Persistent link: https://www.econbiz.de/10005406151
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External Constraints Matter for Privatizations
Petrarca, Ilaria; Ricciuti, Roberto - CESifo - 2014
We present an analysis of the share of public ownership in the product market in the OECD countries from 1974 to 2007. Despite much has been said on the broad topic of reforms and regulation, a sector-specific insight is missing. We replicate the analysis of Galasso (2014) by sector of activity...
Persistent link: https://www.econbiz.de/10010948843
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Labour Market Reforms and Outcomes in Estonia
Brixiova, Zuzana; Egert, Balazs - CESifo - 2012
The unemployment rate in Estonia rose sharply in 2010 to one of the highest levels in the EU, after the country entered a severe recession in 2008. While the rate declined relatively rapidly in 2011, it remained high especially for the less educated. In 2009, the Employment Contract Law relaxed...
Persistent link: https://www.econbiz.de/10009653373
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Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-Cyclical?
Egert, Balazs - CESifo - 2012
This paper analyses the reaction of fiscal policy to the cycle in OECD countries. The results suggest that while overall government balances were counter-cyclical in the past and more so in economic downturns than in upswings, discretionary fiscal policy was neutral on average. However,...
Persistent link: https://www.econbiz.de/10010540250
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Are Stock and Housing Returns Complements or Substitutes? Evidence from OECD Countries
Caporale, Guglielmo Maria; Sousa, Ricardo M. - CESifo - 2011
In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence...
Persistent link: https://www.econbiz.de/10009352230
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Revenue Forecasting Practices: Differences across Countries and Consequences for Forecasting Performance
Buettner, Thiess; Kauder, Björn - CESifo - 2009
This paper reviews the practice and performance of revenue forecasting in selected OECD countries. While the mean forecast errors are small in most countries, the precision of the forecasts measured by the standard deviation of the forecast error differs substantially across countries. Based on...
Persistent link: https://www.econbiz.de/10005000378