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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

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

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

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

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

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

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

Digital fiscal stimulus and SMEs : insights from Thailand's Half and Half Program

Athiphat Muthitacharoen - 2023 - This Version: January 2024

This study leverages the unique opportunities presented by the digitization of economic activity to investigate the impact of Thailand's 'Half and Half' program-a targeted, digital co-pay fiscal stimulus-on SMEs and consumer spending. Utilizing weekly province-level data from LINE MAN Wongnai, a...

Persistent link: https://www.econbiz.de/10014383937

Using military build-ups to capture fiscal shocks : a reassessment

Yang, Weonho; Fidrmuc, Jan; Ghosh, Sugata - 2014

Ramey (2011a) and others argue that increases in government spending associated with wars and military build-ups constitute a good instrument for measuring the macroeconomic effects of fiscal shocks. We argue that this instrument has two important drawbacks: the composition of government...

Persistent link: https://www.econbiz.de/10010256126

Fiscal multipliers and the choice of zero lower bound modeling

Siemsen, Thomas; Watzka, Sebastian - 2013

multiplier. To this end we contrast two different ways to implement the ZLB in a New Keynesian model: the ZLB modeled as an … multiplier are not only due to differences in the timing assumption of government spending but also driven by the choice of the … ZLB modeling. Ceteris paribus, the impact multiplier is higher if the ZLB is modeled appropriately as a constraint. …

Persistent link: https://www.econbiz.de/10009772911