Le présent document étudie l'influence des conditions du marché du travail, des revenus réels et des transferts publics sur l'évolution des taux d'activité, à l'aide d'un modèle néo-classique de maximisation de l'utilité. Le modèle de base est complété par des facteurs...

This paper extends a previous study of profit trends to consider valuation ratios (Tobin's q) in nine countries. Tobin's q embodies market expectations and is an indicator of expected pure profit rates on the existing capital stock. Since 1982, equity markets have recovered substantially. By...

There is widespread concern, particularly in Europe, about the possibility of a secular decline in profits and rates of return. The purpose of this study is to assess whether there has been a decline and to quantify it as far as possible, taking measurement problems into account. It also...

This article presents an estimate of Tobin's average q based on financial market expectations. When marginal q exceeds unity it is profitable to invest, however, only average q is observable. Due to uncertainty linked to demand constraints, average q can differ from marginal q; thus an...