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The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of real primary surpluses. Monetary policy remains important. The central bank can set an interest rate target, which determines the path of expected inflation, while news about the...
Persistent link: https://www.econbiz.de/10013361983
less persistent problems in the pre-bankruptcy Total-Factor-Productivity (TFP) performances than those before the reform …, accepted in the court-administered rehabilitation procedures after the post-crisis bankruptcy reform in Korea, had experienced …. The most crucial element of the post-crisis reform in the post-crisis court-administered bankruptcy system is the …
Persistent link: https://www.econbiz.de/10012468888
We study a large-scale French reform that provided generous downside insurance for unemployed individuals starting a … business. We study whether this reform affects the composition of people who are drawn into entrepreneurship. New firms started … in response to the reform are, on average, smaller, but have similar growth expectations and education levels compared to …
Persistent link: https://www.econbiz.de/10012457949
. Although we find that direct reforms improve medical productivity primarily by reducing malpractice claims rates and …
Persistent link: https://www.econbiz.de/10012471241
Firms are key to economic development, and CEOs are key to firm productivity. Are firms in countries at varying stages …, resulting in mismatches that can cause up to a 20% loss in productivity for the mismatched firms. The findings imply that …
Persistent link: https://www.econbiz.de/10015194970
&D funding and private-sector productivity growth, and large implied social returns to public R&D investment. We show that these … in U.S. productivity within a few years, reaching gains of 0.2-0.4% after seven years or more. At their peak, the direct … productivity effects of the implied expansion in nondefense R&D alone would raise output by over $40 billion in a single year …
Persistent link: https://www.econbiz.de/10015409811
Microcredit promised business growth for small firms lacking access to banking loans. Yet while reaching millions, recent randomized evaluations suggest limited average business impacts. Critics often blame contract rigidity, specifically the fixed and frequent installments, for the lack of...
Persistent link: https://www.econbiz.de/10013462683
Natural-resource taxation and investment exhibit cycles in a vast number of countries, driving political turmoil and power shifts. Using a rational-expectations model, we show cycles result from governments' inability to commit to future taxes and firms' inability to credibly exit a country...
Persistent link: https://www.econbiz.de/10012456256
The returns to schooling and the skill premium are key parameters in various fields and policy debates, including the literatures on globalization and inequality, international migration, and technological change. This paper explores the skill premium and its correlation with exports in Latin...
Persistent link: https://www.econbiz.de/10012462657