Swiss growth performance in the past quarter century has been mediocre. The paper finds that conditional income convergence contributes significantly to slow growth and the poor performance of the domestically oriented sectors has been a drag on growth. However, slow growth is not inescapable....

Department: Economics.

We present a framework to derive the probability of default implied by the price of equity options. The framework does not require any strong statistical assumption, and provide results that are informative on the expected developments of balance sheet variables, such as assets, equity and...

By their nature, advocacy organizations form partnerships and alliances with others to achieve their public policy goals. Some alliances are longstanding, while others are temporary or opportunistic and may bring together groups to support a particular legislative or administrative approach or...