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Contracting with Long-Term Consequences
Vasama, Suvi - 2017
I examine optimal managerial compensation and turnover policy in a principal-agent model in which the firm output is serially correlated over time. The model captures a learning-by-doing feature: higher effort by the manager increases the quality of the match between the firm and the manager in...
Persistent link: https://www.econbiz.de/10012950502
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The Effects of Aging Population on the Sustainability of Fiscal Policy
Puhakka, Mikko - 2009
We study the effects of aging population on the sustainability of fiscal policy in overlapping generations models with government debt and a pay-as-you-go pension system. The smaller the population growth rate, the lower the maximum sustainable level of deficits. When the utility function is of...
Persistent link: https://www.econbiz.de/10014223603
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Financial Factors in the Boom-Bust Episode in Finland in the Late 1980s and Early 1990s
Freystätter, Hanna - 2011
This paper proposes a framework for studying the boom and bust in Finland in the late 1980s and early 1990s. We develop … economy are able to produce a boom and a severe depression similar to the one observed in Finland in the late 1980s and early …
Persistent link: https://www.econbiz.de/10013130387
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Credit Constraints and Durable Consumption
Herrala, Risto - 2011
I find quantitative evidence of a significant effect for credit constraints on durable consumption during a post-deregulation consumer spending spree. The effect varied markedly across age and educational groups. Young households with low levels of education displayed high sensitivity to credit...
Persistent link: https://www.econbiz.de/10013132693
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Descriptive Analysis of Finnish Equity, Bond and Money Market Returns
Nyberg, Peter M. - 2011
return stock market index for Finland in an approach similar to Mehra and Prescott (2003), we find the equity premium for … Finland to be 10.14 per cent from 1913 to 2009.​ …
Persistent link: https://www.econbiz.de/10013124029
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Entrepreneurial Optimism and Survival
Hyytinen, Ari - 2012
study entrepreneurial optimism. Using data on a large number of nascent entrepreneurs in the US and start-ups in Finland, we … and decreasing in entrepreneurs level of education and industry experience in both countries. At least in Finland, those …
Persistent link: https://www.econbiz.de/10013104176
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Rationales and Instruments for Public Innovation Policies
Takalo, Tuomas - 2013
Economic interest in innovation policy largely arises from the fundamental importance of innovation to social welfare and from inefficiencies in innovation in a competitive market environment. As a result, a wide variety of public innovation policies are used in practice. This study reviews the...
Persistent link: https://www.econbiz.de/10013086782
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How Well Does Foreign Direct Investment Measure Real Investment by Foreign-Owned Companies? : Firm-Level Analysis
Leino, Topias - 2017
Finland. Our results suggest that the recorded annual inflows of FDI do not constitute an accurate measure of annual real … underestimated real investments in foreign companies in Finland. We seek to explain these findings by describing Finnish FDI target … acquisitions, can explain a great deal of the recorded annual FDI flows. We also describe how Finland's FDI stock and flow data …
Persistent link: https://www.econbiz.de/10012963428
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Learning from Financial Crisis : The Experience of Nordic Banks
Berglund, Tom - 2017
the systemic banking crisis of the early 1990s in three Nordic countries (Finland, Norway, and Sweden). While this crisis …
Persistent link: https://www.econbiz.de/10012963445
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Housing Loan Rate Margins in Finland
Putkuri, Hanna - 2015
This paper examines how housing loan rates are determined, using data on new housing loans in Finland. Finland is an …
Persistent link: https://www.econbiz.de/10013038854