relationship, though only at high tax rates. When judging the tax in- centives on R&D spending, the strategic behavior between …

acknowledges gratefully that this material is based upon work supported by the National Science Foundation under Grant No. 0121541 … actions such as investment is infeasible at present. It is thus vital to guarantee existence of a MPE in pure strategies …. In accordance with Harsanyi’s (1973) technique for purify- ing mixed-strategy equilibria, we assume that at the beginning …

1 , National University of Singapore. 2 National University of Singapore. This work was completed during first … −>− θθ and HHHLLH psps −>− θθ can never hold at the same time whatever be the prices L p and . H p Thus, it is never … (6) By Assumption 2, .0 1 >π Since the maximum price at which firm 1 can sell its product to the high …

1 , National University of Singapore. 2 National University of Singapore. This work was completed during first … −>− θθ and HHHLLH psps −>− θθ can never hold at the same time whatever be the prices L p and . H p Thus, it is never … (6) By Assumption 2, .0 1 >π Since the maximum price at which firm 1 can sell its product to the high …

goods, home furnishings, appliances, radios and televisions, furniture, and a general line of apparel. Annual sales at the … the smaller, local stores that make up the bulk of GAF estab- lishments. Sales and employment at these stores are much … more modest than at the chain stores: a local store selling furniture or apparel would, on average, employ less than ten …

-term incentive plans - LTIPs) are aimed at rewarding the executive directors of the company for improving the financial performance … schemes incorporate three fundamental elements: 1. A performance ‘target’ to be aimed at (for example, growth in the company … attainment of a growth in the company’s EPS which exceedsthe increase in the RPI by at least 9% over a 3 year period). Since the …

’ innovation behavior. Although the proximity to academic research stimulates suppliers’ activities in own R&D, the university …. Thereafter, the data sets at hand are described, and the definitions of the innovation measures are given. In the fifth section … flow of R&D into increases in the stock of knowledge" but with diminishing returns of inhouse R&D at the margin (Klevorick …

that under diagonal §t, (2) is equiv- alent to fit = it»it; i = 1;:::;N. Thus, we can write (5) as 2t = ¶+(A¥t +B) 2t¡1 … (7) where ¥t = diag(»21t;:::;»2Nt), or 2t = ¶+Ct 2t¡1 = ¶+ 1X j=0 CtCt¡1¢¢¢Ct¡j ¶ (8) with Ct = A¥t +B being a random i …. The work by Goldsheid (1991) even allows us to give asymptotic confldence bands through a central limit theorem (CLT …

Todd Keister, Randall Wright, the participants at the 2004 Summer Workshop on Money, Banking, and Payments at the Cleveland … Fed, and seminar participants at the Minneapolis Fed for useful comments on a previous draft. I also benefited from … patient discussions and comments from my colleagues at the Richmond Fed. The usual disclaimers apply. The views expressed here …

that the age profile of labor income has the typical hump-shape, and that there are very large educational effects. At age … the US results to Chilean data, we find that the variance of the permanent shock at the individual level is about 0 … distribution of income. In particular, our results show that an individual who starts-off at the lowest quintile of the earnings …