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A note on the computation of the equity premium and the market value of firm equity
Heer, Burkhard; Maußner, Alfred - 2010
Turnovsky (1995) derives in a continuous-time model of a decentralized economy that the correct specification of the firm's objective function is to maximize the initial value of its outstanding securities. The firm value is the discounted flow of real earnings. For the discrete-time version of...
Persistent link: https://www.econbiz.de/10003966553
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Can we rely upon fiscal policy estimates in countries with unreported production of 15 per Cent (or more) of GDP?
Basile, Raffaella; Chiarini, Bruno; Marzano, Elisabetta - 2011
effect on total GDP. In this setup the spending multiplier shows large long-run effects, considerably stronger than those …
Persistent link: https://www.econbiz.de/10009230776
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What drives German trend output growth? : a sectoral view
Lehmann, Robert; Zarges, Lara - 2024 - This version: April 23, 2024
growth. Our estimation reveals that sector-specific developments have historically accounted for half of this long …
Persistent link: https://www.econbiz.de/10014528208
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Food prices and the multiplier effect of export policy
Giordani, Paolo; Rocha, Nadia; Ruta, Michele - 2012
countries give rise to a "multiplier effect": when a shock in the international food market drives up (down) its price … 29 food products for the period 2008-10, finding evidence of a multiplier effect. Global restrictions in a product (i … to restrictive measures, suggesting that the multiplier effect is mostly driven by this group. Finally, we estimate that …
Persistent link: https://www.econbiz.de/10009522310
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Social interactions in unemployment
Lalive, Rafael - 2003
This paper studies the relevance of social interactions among the unemployed. Identification is based on a salient and selective extension of the potential duration of unemployment benefits. If social interactions are important, this policy change affects entitled individuals not only directly,...
Persistent link: https://www.econbiz.de/10011511086
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The rate of return on everything, 1870-2015
Jordà, Òscar; Knoll, Katharina; Kuvshinov, Dmitry; … - 2018
This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the...
Persistent link: https://www.econbiz.de/10011794864
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Revisiting the narrative approach of estimating tax multipliers
Hebous, Shafik; Zimmermann, Tom - 2014
single-equation estimation, we find that using any of the considered narrative tax measures as an instrument for cyclically …
Persistent link: https://www.econbiz.de/10010424792
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The macroeconomic effects of funding U.S. infrastructure
Malley, James R.; Philippopulos, Apostolēs - 2022
This paper quantitatively assesses the macroeconomic effects of the recently agreed U.S. bipartisan infrastructure spending bill in a neoclassical growth model. We add to the literature by considering a more detailed tax structure, different types of infrastructure spending and linkages between...
Persistent link: https://www.econbiz.de/10012801569
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Financial uncertainty and real activity : the good, the bad, and the ugly
Caggiano, Giovanni; Castelnuovo, Efrem; Delrio, Silvia; … - 2020
This paper quantifies the finance uncertainty multiplier (i.e., the magnifying effect of the real impact of uncertainty … - restrictions related to these two dates, we estimate the finance uncertainty multiplier to be equal to 2, i.e., credit supply …
Persistent link: https://www.econbiz.de/10012245103
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Nontradable goods and fiscal multipliers
Crespo Cuaresma, Jesús; Glocker, Christian - 2020
between multiplier size and the import share. Employing an interacted panel VAR model for EU countries, we estimate the effect …
Persistent link: https://www.econbiz.de/10012270412