This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

This paper investigates the effects of estate taxation when firms cannot directly observe worker skill levels. Imperfect labor market signaling gives rise to an information externality that causes workers to free-ride off of others' human capital acquisition. Inherited wealth exacerbates the...

In August 2014, the dynamics of baseline types of economic activities weakened. With stagnation of industrial production at the level of August 2013, manufacturing industries fell by 0.6%. Investments in capital assets fell by 2.7% against August 2014 and irregularities in fulfi llment of jobs...

We study the trade-off between equity and growth in the context of tax-financed investment in public capital. Taking into account stylized facts on wealth accumulation, we model agent heterogeneity through differences in saving behavior, income source and time preference. In contrast to the...

Drawing on new empirical analysis of 30 years of structural reforms across the OECD, this paper sheds light on the impact of reforms over time, identifies the horizon over which their full effects materialise, and investigates whether such effects vary with prevailing economic conditions and...

In H1 2014, the business activities in the Russian economy were characterized by slowdown of growth rates of the external demand on goods of the Russian export and termination of growth in domestic demand. In H1 2014, a 2.8% reduction of investments in capital assets and the minimum growth of...

GDP advanced 0.8% in H1 2014 relative to the corresponding period of 2013, according to the preliminary data from Rosstat (Federal State Statistics Service). The products and services output index by basic type of economic activity remained near a positive value of 100.3% on an annualized basis...

Fixed investment in real terms stood at 97.42% in the period of January to July 2014 compared to the corresponding period in 2013. The structure of sources of fi nancing saw an upward trend towards the formation of a bigger share of equity at enterprises as the share of federal budget resources...

In January 2015, a drop of 5.1% and 6.3% year-on-year in retail trade volume and investments in capital assets, respectively, had a considerable eff ect on the domestic market. The dynamics of the consumer market was determined by a simultaneous drop of 5.5% and 3.5% in demand on food products...

Индекс промышленного производства в июле 2013 г. в годовом выражении составил 99,3%, в том числе в обрабатывающем производстве – 98,5%, в добыче полезных ископаемых –...