This paper derives analytical expressions for aggregate personal income tax revenue obtained from a multi-schedular and multi-regional personal income tax system, with revenue divided among central and regional governments. Aggregate income tax revenue is expressed as a function of...

Proposals for tax cuts on cultural goods represent an ongoing debate in cultural policy. The main aim of this paper is to shed some light on this debate using microsimulation tools. First, we have estimated an Almost Ideal Demand System for nineteen different groups of goods, including cultural...

This article constructs a dynamic model to estimate the impact of adjustment costs on the productivity of investment in R&D. In order to take into account the possible endogeneity of adjustment costs, the model is estimated by means of instrumental variables (IV), using a panel of Spanish...

In the history of Burma's political economy, few groups have been so roundly vilified as the Chettiars. A community of moneylenders indigenous to Chettinad, Tamil Nadu, the Chettiars operated throughout the Southeast Asian territories of the British Empire. They played a particularly prominent...

The use of principal component techniques to estimate approximate factor models with large cross-sectional dimension is now well established. However, recent work by Inklaar, Jacobs and Romp (2003) and Boivin and Ng (2005) has cast some doubt on the importance of a large cross-sectional...

A portfolio of small capitalization stocks formed from securities listed on the Australian Stock Exchange (ASX) fails to adjust to market-wide news instantaneously and displays a significant amount of predictability from lagged returns on large and medium size firms. Despite apparently large...

In late 2003 and early 2004 the Economic Society of Australia surveyed the Heads of Economics Departments in Australia to determine their views on three main issues: student standards, major factors affecting these standards, and policy implications. This paper describes the main results of the...

Market failure exists in the provision of residential aged care services in Australia due to imperfection of competition that arises out of government actions. The Commonwealth Government has the exclusive right to grant provider rights and control over the number of beds that will be funded to...

We consider the contribution of sectoral shocks to post-war US unemployment movements in a dynamic factor framework. Whereas previously published estimates of the contribution of sectoral shocks to unemployment relate to a particular theory of unemployment, our approach is sufficiently general...

The last twenty five years provided international investors in sovereign bonds of emerging market countries with a colourful experience consisting of several defaults that resulted in protracted, frustrating and – most importantly – costly salvage operations. It therefore appears natural to...