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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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Food prices and the multiplier effect of export policy
Giordani, Paolo E.; 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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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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Labor market institutions, fiscal multipliers, and macroeconomic volatility
Boeck, Maximilian; Crespo Cuaresma, Jesús; Glocker, … - 2022
We study empirically how various labor market institutions - (i) union density, (ii) unemployment benefit remuneration, and (iii) employment protection - shape fiscal multipliers and output volatility. Our theoretical model highlights that more stringent labor market institutions attenuate both...
Persistent link: https://www.econbiz.de/10013201691
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The euro area government spending multiplier in demand- and supply-driven recessions
Di Serio, Mario; Fragetta, Matteo; Gasteiger, Emanuel; … - 2022
inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …
Persistent link: https://www.econbiz.de/10013174156
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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
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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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Fiscal policy, monopolistic competition, and finite lives
Heijdra, Ben J. (contributor);  … - 2006
multiplier; (ii) positive long-run output multipliers are obtained only if the generational turnover effect is dominated by the …
Persistent link: https://www.econbiz.de/10003301047
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Monopolistic competition, efficiency wages and perverse effects of demand shock
Malley, James R.; Molana, Hassan - 2001
In this paper we construct a stylised general equilibrium macromodel to show that demand led expansions may have unexpected effects when market imperfections lead to changes in labour productivity. We find some empirical support, from a number of European countries, for the main predictions of...
Persistent link: https://www.econbiz.de/10011398788