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Political Risk Versus Market Risk in Social Security

Shoven, John B. - 2010

from risk. This study develops the concept of %u201Cpolitical risk%u201D as the possibility that some future legislature … in the demographic and macroeconomic variables that support it. Thus there is a %u201Cpolitical risk%u201D to … participants that might be compared to the %u201Cmarket risk%u201D in a personal accounts retirement scheme. In this paper, we …

Persistent link: https://www.econbiz.de/10012761674

International Evidence on Sticky Consumption Growth

Carroll, Christopher D. - 2008

We estimate the degree of amp;apos;stickinessamp;apos; in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a...

Persistent link: https://www.econbiz.de/10012772369

Stock Return Predictability : Is it There?

Bekaert, Geert - 2010

We ask whether stock returns in France, Germany, Japan, the UK and the US are predictable by three instruments: the … earnings growth, payout ratios and the short rate as state variables. We use this model imposing a constant risk premium to …

Persistent link: https://www.econbiz.de/10012763174

Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective

Bordo, Michael D. - 2014

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...

Persistent link: https://www.econbiz.de/10013043621

Were Trade and Factor Mobility Substitutes in History?

Collins, William J.; O'Rourke, Kevin H.; Williamson, … - 2021

Trade theorists have come to understand that their theory is ambiguous on the question: Are trade and factor flows substitutes? While this sounds like an open invitation for empirical research, hardly any serious econometric work has appeared in the literature. This paper uses history to fill...

Persistent link: https://www.econbiz.de/10013218517

Peer Effects in European Primary Schools : Evidence from Pirls

Ammermueller, Andreas; Pischke, Jörn-Steffen - 2021

We estimate peer effects for fourth graders in six European countries. The identification relies on variation across classes within schools. We argue that classes within primary schools are formed roughly randomly with respect to family background. Similar to previous studies, we find sizeable...

Persistent link: https://www.econbiz.de/10013233466

Central Bank Credibility : An Historical and Quantitative Exploration

Bordo, Michael D. - 2015

mean reversion properties of inflation, and indicators of exchange rate risk. In addition we place some emphasis on whether …

Persistent link: https://www.econbiz.de/10013030622

Sources of Convergence in the Late Nineteenth Century

Taylor, Alan M. - 2021

Although the empirical growth literature has yielded many findings on postwar convergence patterns, it has had little to say about the determinants of convergence in earlier epochs. This paper investigates convergence for group of seven countries during the period 1870-1914, the last great phase...

Persistent link: https://www.econbiz.de/10013228017

Labor Laws and Innovation

Acharya, Viral V. - 2014

Stringent labor laws can provide firms a commitment device to not punish short-run failures and thereby spur their employees to pursue value-enhancing innovative activities. Using patents and citations as proxies for innovation, we identify this effect by exploiting the time-series variation...

Persistent link: https://www.econbiz.de/10013069108

The Changing Role of Government in Financing Health Care : An International Perspective

Stabile, Mark - 2013

countries to improve financing incentives and encourage efficient use of health services. In the case of risk pooling, all … countries with competing pools experience similar difficulties with selection and are adopting more sophisticated forms of risk …

Persistent link: https://www.econbiz.de/10013075869

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