The 1990s were the most prosperous decade in U.S. economic history. The paper analyses to which extent this period fits into preceding cyclical experience. This is done by classifying the period 1991-12 to 2000-12 with the help of a 4-phase classification scheme based on multivariate...

This paper investigates the effects of macroeconomic volatility on nonfinancial firms cash holding behavior. Using an augmented cash bufferstock model, we demonstrate that an increase in macroeconomic volatility will cause the crosssectional distribution of firms cashtoasset ratios to narrow. We...

This paper presents and compares several time-series models for returns of broadbased stock indices. These models nest a nonlinear asymmetric GARCH (NGARCH) model as a special case. Some of these models are empirically motivated ad-hoc specifications others are derived from a representative...

A model is presented for simulating the tax burden on highly skilled manpower. The effective average tax rate, defined as the relative wedge between total remuneration and disposable income, is computed. Income and payroll taxes and social security contributions not yielding an equivalent...

The study provides evidence for the rationale of wage rigidity in Germany compared to the United States. Based on a survey of 801 firms, we extend the study of Campbell and Kanlani (1997, this journal) by using more thorough econometric methods, for example, and find strong support for...