, productivity growth, general equilibrium JEL classification: H30, J18 Acknowledgement: I am grateful to Svein Sæterdal at the … improved productivity in the private sector has an adverse fiscal effect in the sense that at least one tax rate must be … . Assuming the economy being at the increasing part of the Laffer-curve implies ˆ R τ > 0 ⇔ ˆ l ω < 1−τ τ = 1−t L t L +t C . (18 …

, Bruce McGough, Ricardo Reis, and participants at numerous presentations for useful discussions and comments. The opinions … θu = −1.0. The Taylor rule has been found to perform quite well in terms of stabilizing economic fluctuations, at least …’s original suggestion of about 3.3. Recent views, as reflected in the work by various authors place this coefficient in the 2 to …

, Bruce McGough, Ricardo Reis, and participants at numerous presentations for useful discussions and comments. The opinions … θu = −1.0. The Taylor rule has been found to perform quite well in terms of stabilizing economic fluctuations, at least …’s original suggestion of about 3.3. Recent views, as reflected in the work by various authors place this coefficient in the 2 to …

cay over the period 1952:Q2 to 2002:Q3 are obtained from Martin Lettau at New York University. We use the value- weighted … information available at the time of forecast. Moreover, we lag cay twice, given that consumption and labor income data are …-of-sample test utilizes at least 25 observations. The two ratios are always smaller than one in Figure 5, indicating that (1) adding …

cay over the period 1952:Q2 to 2002:Q3 are obtained from Martin Lettau at New York University. We use the value- weighted … information available at the time of forecast. Moreover, we lag cay twice, given that consumption and labor income data are …-of-sample test utilizes at least 25 observations. The two ratios are always smaller than one in Figure 5, indicating that (1) adding …

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Issues at GATT … mounted, so have demands for action at both the international and national levels. When the General Agreement on Tariffs and … a whole.2 This increase happened along- side successive rounds of trade negotiations aimed at liberalizing international …

, and seminar participants at the New York Stock Exchange, the 2003 FMA meetings, the Federal Reserve Bank of New York, the … the literature. Theoretical work of Mendelson (1987) and Madhavan (1995) shows that fragmentation can result in reduced … on NASDAQ market, at low prices and liquidity. 12 We identified 65 US domestic firms that have switched listings from …

grateful to John Cochrane, Eugene Fama, Ken Singleton, Baskharan Swaminathan and seminar participants at Beijing University … for Financial Research. † Michael Brennan is the Goldyne and Irwin Hearsh Professor of Banking and Finance at UCLA, and … Professor of Finance at London Business School. Ashley Wang is a doctoral candidate at the Anderson School of UCLA. Yihong Xia …

United Kingdom The right of J.M.T. Balmer and Irene Thomson to be identified as the Authors of this work has been asserted by …, organisations such as BP, Ford, Philips, and Nestle are not service brands. Moreover, not all service brands operate at the … such definitions naïve and restrictive. In contrast, Balmer (2002:6) explicitly refers to the brand at the organisational …