Search results for "Macroeconomic"
showing 10 items of 503 documents
Can fiscal policy stimulus boost economic recovery
2011
We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. Consequently, the attempts of fiscal policy to mitigate stock price developments (e.g. via taxes on capital gains) may severely de-stabilize housing markets. The empirical findings also point to significant fiscal multiplier effects in the context of severe housing busts, which gives rise to the importance of the im…
A Top-Down Method for Long-Term Investing
2021
This paper bases long-term investing on a tradeable stochastic discount factor (SDF), relates it to the growth optimal portfolio and argues for a top-down method, where modeling efforts are directed at capturing its long-run dynamics in a generalized setting. This differs from the common, cumbersome bottom-up method of modeling many risky securities in the marketplace. Various optimal portfolio strategies can be implemented efficiently using fractional expectations of the SDF. This paper illustrates empirically for the US stock market that the proposed method leads to higher wealth, higher returns on investment and higher long-term utility levels.
The Determinants of Retail Productivity: A Critical Review of the Evidence
2009
This paper discusses the literature on the established determinants of productivity in the retail sector. It also draws attention to some neglected strands of research which provide useful insights into strategies that could allow productivity enhancements in this area of the economy. To date, very few attempts have been made to integrate different specialisms in order to explain what drives productivity in retail. Here this paper rectifies this omission by putting together studies from economics, geography, knowledge management and employment studies. It is the authors’ view that quantitative studies of retail productivity should focus on total factor productivity in retailing as the resul…
Improvisation for innovation: The contingent role of resource and structural factors in explaining innovation capability
2018
The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link. This paper focuses on resource and structural factors to explore the relationship between organizational improvisation and innovation capability. Although the role of improvisation has attracted increasing academic attention in fast-changing environments, little is known about the conditions under which firms benefit from improvisation. This paper addresses this gap using an organizational learning perspective that explains the role of a firm's organizational structure and organizational resources for improvisation and innovation. A large-scale …
Biproportional Method for Analysing Interindustry Dynamics: the case of France
1990
Two elements are being presented in this paper: (1) A new and original method for analysing matrix dynamics, called the synthetical biproportional projector method (SBP), which can be used to project input–output tables and compare one with another. (2) Some results for France for the important period 1970–85. The paper starts with the observation that no systematic study of the change in the French productive structure as displayed In the input–output tables (tableaux entries-sorties in France) has ever been made. This is unfortunate, since a complete series of data is now available concerning a key period of the French economic evolution including the petroleum crisis, European integratio…
The instability of the adjusted and unadjusted environmental Kuznets curves
2006
We test the stability of the unadjusted and adjusted environmental Kuznets curves (EKCs). Our results provide evidence in favour of a theoretically funded "adjusted EKC hypothesis" in which the impact of per capita GDP on CO2 emissions is evaluated conditionally to the effects of the industry mix and of the energy-supply infrastructure. In this specification, the shape of the GDP-CO2 relationship appears quite sensitive to changes in the estimation period. In the final part of the paper, signs and dynamics of fixed effects of individual countries in different specifications are interpreted as measures of virtuous or vicious of environmental behaviour. © 2006 Elsevier B.V. All rights reserve…
LABOUR AND ECONOMIC GROWTH THROUGH EDUCATION AND RESEARCH IN LATVIA
2012
The structure of Latvian economy and distribution of employees within it during last years has changed. Dealing with study of population, one can find young people share continuous decline and labour mean age increase, but in situation of economic slowdown Latvia also face challenge to develop knowledge-based economy. One of the means of helping to achieve the goal of becoming competitive and knowledge-based economy is through an investment in human capital. To ensure sustainable development there is a need to balance between social and economical growth using available resources. The theoretical concepts have shown that further growth has to be built on innovation, diffusion and adoption o…
CREATION OF INNOVATIVE APPROACH FOR STUDY OF THE NATIONAL FISCAL SPACE
2017
The choice and topicality of the theme is substantiated by the fact that a sustainable development of a country is affected by the policy implemented by the government. One of its main parts is the fiscal or budget policy which means the formation of the necessary funds of the revenues and expenditures to ensure the functioning of the government. Accordingly, the concept of fiscal space has been activated which is closely connected with the implementation of the instruments of fiscal policy (taxes, government expenditures, government debt). The aim of the research is to create an innovative approach to the investigation of the creation of the state fiscal space applying the simulation metho…
Investment Policy Development and Problems in Latvia
2020
A promising investment compiling into a national economy is one of the main conditions that might influence positive changes of the state economical situation as well as local sustainable development and modern technologies advancement. Thus, financing private and public segments will boost the national economy and create possibilities to expand competitiveness of the whole country or its separate region.
NEITHER AUTHORIZED NOR PROHIBITED? SECESSION AND INTERNATIONAL LAW AFTER KOSOVO, SOUTH OSSETIA AND ABKHAZIA
2008
The flexibility mechanisms introduced by the Kyoto Protocol on climate change promote the realization of climate change related investment projects which aim to contribute both to the fight against climate change as well as to foster sustainable development patterns in host countries. At first glance, the flexibility mechanisms seem to represent paradigmatic examples of green economy instruments which have numerous potential benefits. However, the implementation of such mechanisms may give rise to some negative environmental externalities which have the consequence of creating a new type of investment versus environment conflict, characterized by a new form of conflict with an internal envi…