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Volatility and growth : governments are key

Jetter, Michael - 2013

paper offers a solution to this disagreement, suggesting that volatility carries a positive direct effect, but also a … volatility is then ambiguous. The paper reveals the underlying endogeneity of government size in a balanced panel of 95 countries … increase of volatility lowers growth by up to 0.57 percentage points in a democracy, but raises growth by 1.74 percentage …

Persistent link: https://www.econbiz.de/10010228789

International specialization and the return to capital

Batista, Catia; Potin, Jacques - 2010

How does factor accumulation affect the pattern of international specialization and returns to capital? We provide a new integrated treatment to this question using a panel of 44 developing and developed countries over the period 1976-2000. We confirm the Heckscher-Ohlin prediction that, with...

Persistent link: https://www.econbiz.de/10003933636

Modelling volatilities and conditional correlations in futures markets with a multivariate t distribution

Pesaran, Bahram (contributor); … - 2007

than by GARCH type volatility estimates. The t-DCC estimation procedure is applied to a portfolio of daily returns on … currency futures, government bonds and equity index futures. The results strongly reject the normal-DCC model in favour of a t …-DCC specification. The t-DCC model also passes a number of VaR diagnostic tests over an evaluation sample. The estimation results …

Persistent link: https://www.econbiz.de/10003586562

Fiscal policy, interest rate spreads, and the zero lower bound

Bredemeier, Christian; Jüßen, Falko; Schabert, Andreas - 2015

This paper questions unconventional fiscal policy effects when the monetary policy rate is at the zero lower bound. We provide evidence for the US that the spread between the policy rate and the US-LIBOR, which is more relevant for private sector transactions, increases with government...

Persistent link: https://www.econbiz.de/10010510610

Are starting wages reduced by an insurance premium for preventing wage decline? : testing the prediction of Harris and Holmstrom (1982)

Hartog, Joop; Raposo, Pedro - 2015

In the model of Harris and Holmstrom (1982) workers pay an insurance premium to prevent a wage decline. As employers are unable to assess the ability of a labour market entrant, they would offer a wage equal to expected productivity of the worker's category and adjust it with unfolding...

Persistent link: https://www.econbiz.de/10011407951

Compensation for earnings risk under worker heterogeneity

Berkhout, Peter (contributor); Hartog, Joop (contributor); … - 2006

We use two large Dutch datasets to estimate the Risk Augmented Mincer equation and test for risk compensation in expected earnings. We replicate earlier findings of a positive premium for risk and a negative premium for skew and add confirmation of the key results if we control for individual...

Persistent link: https://www.econbiz.de/10003309271

Do wages really compensate for risk aversion and skewness affection?

Hartog, Joop; Vijverberg, Wim P. M. - 2002

Utility theory suggests that foreseeable risk should increase the compensation for work. This paper expands on this notion: on basis of utility theory, people should care not only about risk but also about the skewness in the distribution of the compensation paid. In particular, because the...

Persistent link: https://www.econbiz.de/10011405939

Returns to higher education : graduate and discipline premiums

Zhu, Yu; Xu, Lei - 2022

This paper reviews and evaluates progress in recent research on the graduate premium in general as well as the differential graduate premiums by discipline, accounting for higher-education choice by individuals under substantial uncertainty. The contribution of this review, relative to previous...

Persistent link: https://www.econbiz.de/10013198945

What do unions do to pension performance?

Even, William E.; Macpherson, David A. - 2010

This study argues that the promotion of union goals could have positive, negative, or neutral effects on risk adjusted return performance. Moreover, the union's ability and incentive to use pension assets to promote union goals will vary with the design of the pension. Using panel data on over...

Persistent link: https://www.econbiz.de/10009153570

Less myth, more measurement : decomposing excess returns from the 1989 minimum wage hike

Lin, Carl - 2012

In the book Myth and Measurement, Card and Krueger (1995) examine the economic impact of the 1989 minimum wage hike on the welfare of 110 firms which employ a disproportionate number of minimum-wage workers. Their results show mixed evidence that excess returns associated with news about the...

Persistent link: https://www.econbiz.de/10009528836

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