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The Equity Premium: Explained by GDP Growth and Consistent with Portfolio Insurance
Faugere, Christophe; Erlach, Julian Van - EconWPA - 2003
We find that the long-run equity premium is fully explained by GDP growth and that it is consistent with a short-term portfolio insurance motive. We first derive the macroeconomic equivalent of the standard sustainable growth formula to determine the long-run average return on stocks. The...
Persistent link: https://www.econbiz.de/10005413067
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Is the Euro Working? The Euro and European Labour Markets
Silvia, Stephen - EconWPA - 2005
Now that four years have passed since the introduction of the euro as a commercial currency, it has become possible to assess many arguments made in the abstract during the 1990s about the implications of monetary union. This contribution does precisely that. In brief, the euro zone still falls...
Persistent link: https://www.econbiz.de/10005124952
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College Characteristics and the Wages of Young Women
Daniel, Kermit; Black, Dan; Smith, Jeffery - EconWPA - 1996
have positive impacts on young women's wages. We find evidence of ability sorting, but controlling for ability, women who … attend higher quality colleges earn higher wages. Women receive smaller gains from college quality than do men; black women … earn more than those who attend public colleges, and women earn lower wages, the higher the proportion of their college …
Persistent link: https://www.econbiz.de/10005125045
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College Quality and the Wages of Young Men
Daniel, Kermit; Black, Dan; Smith, Jeffery - EconWPA - 1996
have substantial positive impacts on young men's wages. This finding is robust to a wide array of alternative …
Persistent link: https://www.econbiz.de/10005125048
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Evaluating the effect of tax deductions on training
Leuven, Edwin; Oosterbeek, Hessel - EconWPA - 2002
wages. We find that the training rate of workers just above 40 is about 15-20 percent higher than the training rate of …
Persistent link: https://www.econbiz.de/10005125714
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The role of technology in determining skilled employment: an economywide approach
Laplagne, Patrick; Marshall, Peter; Stone, Susan - EconWPA - 2001
This paper compares the role of technological change with that of trade in explaining the increased demand for skilled workers. The paper shows technology has played the dominant role in changing employment patterns in Australia. The finding is consistent across industries, including those...
Persistent link: https://www.econbiz.de/10005125725
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Competitiveness and regional growth in the European Union: Disparities in unit labour costs
RODIL-MARZABAL, OSCAR - EconWPA - 2005
This paper aims at analysing the relation between competitiveness and economic growth for the period 1995-2000 (2002 for some variables). To this aim we analyse the evolution of the unit labour cost by sector (‘traded’ and ‘non-traded’ sector) and decomposition between the unit labour...
Persistent link: https://www.econbiz.de/10005125734
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Why do capital intensive companies pay higher wages?
Virén, Matti - EconWPA - 2005
An obvious answer to this question is the capital-skill complementarity hypothesis originally proposed by Zwi Griliches (1969). But the relatively poor performance of this hypothesis suggests that other explanations are needed. Here we consider the labour union behaviour in the wage bargaining...
Persistent link: https://www.econbiz.de/10005125811
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Wage and Income Inequality in Slovenia, 1993-2002
Stanovnik, Tine; Verbic, Miroslav - EconWPA - 2005
and the second is obtained using published data on wages and the wage distribution. Analyses of both datasets clearly show …
Persistent link: https://www.econbiz.de/10005125991
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Macroeconomic policies, wage developments, and Germany’s stagnation
Hein, Eckhard; Truger, Achim - EconWPA - 2005
The paper fundamentally challenges the institutional sclerosis explanation of the present German economic stagnation. Instead, we present a macroeconomic explanation focusing on the combined effects of too restrictive monetary policies, too restrictive and sometimes pro- cyclical fiscal policies...
Persistent link: https://www.econbiz.de/10005126250