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, and economic transition paths of China, Japan, the U.S., and the EU. Each of these countries/regions is entering a period … prospects. And, rather than seeing the real wage per unit of human capital fall, the West and Japan see it rise by one fifth by …
Persistent link: https://www.econbiz.de/10012767513
Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and … Bundesbank and the Bank of Japan each focus on one money target, described by the Bundesbank as a target, and by the Bank of … Japan as a projection. None of the countries has stuck rigorously to the targets, though the Bank of Japan has come close …
Persistent link: https://www.econbiz.de/10012777224
We simulate corporate tax reform in a single good, five-region (U.S., Europe, Japan, China, India) model, featuring …
Persistent link: https://www.econbiz.de/10013071508
parliamentary democracies (Europe) and presidential-congressional systems (USA) to show that increasing tax competition is likely to …
Persistent link: https://www.econbiz.de/10012762903
During the decade since 1973, the U.S. economy has become increasingly interdependent with the newly industrializing countries (NICs) among the developing countries. These countries have had high investment ratios to GNP, financed mainly by domestic saving, but also partly by foreign borrowing....
Persistent link: https://www.econbiz.de/10014112639
We compute new estimates for Total Factor Productivity (TFP) growth in the United States and in five European countries. Departing from standard methods, we account for positive profits and use firm surveys to proxy for unobserved changes in factor utilization. These novelties have a major...
Persistent link: https://www.econbiz.de/10014091114
We study the nature of systemic sovereign credit risk using CDS spreads for the U.S. Treasury, individual U.S. states, and major European countries. Using a multifactor affine framework that allows for both systemic and sovereign-specific credit shocks, we find that there is considerable...
Persistent link: https://www.econbiz.de/10013125926
We explore whether COVID-19 disproportionately affected women in the labor market using CPS data through the end of 2020. We find that male-female gaps in the employment-to-population ratio and hours worked for women with school-age children have widened but not for those with younger children....
Persistent link: https://www.econbiz.de/10013322220
Using a small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...
Persistent link: https://www.econbiz.de/10013137167
The main goal of this paper is to estimate to what extent the federal government of the United States insures member states against regional income shocks. We find that a one dollar reduction in a region's per capita personal income triggers a decrease in federal taxes of about 34 cents and an...
Persistent link: https://www.econbiz.de/10013308484