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The Mysterious Growing Value of S&P 500 Membership

Fan, Yang - 2013

The efficient markets hypothesis implies that passive indexing should generate as high a return as active fund management. Indexing has been a very successful strategy. We document a large value premium in the average q ratios of firms in the Samp;P 500 index relative to the q ratios of other...

Persistent link: https://www.econbiz.de/10012754687

Microeconomic Aspects of Productivity Growth Under Import Substitution : Turkey

Krueger, Anne O.; Tuncer, Baran - 2021

This paper assesses the empirical relevance of "dynamic" factors in industrialization in developing countries. Using data from a sample of 91 firms, rates of growth of output per unit of input are calculated. It is shown that there is little basis, at least with regard to Turkish experience, to...

Persistent link: https://www.econbiz.de/10013223348

The Ups and Downs of Turkish Growth, 2002-2015 : Political Dynamics, the European Union and the Institutional Slide

Acemoglu, Daron - 2015

following Turkey's financial crisis in 2001, but then started moving in the opposite direction in the second half of 2000s. This … military's influence and the broadening of effective political participation. As Turkey-European Union relations collapsed and …-paced and lower-quality growth Turkey has been experiencing since about 2007 …

Persistent link: https://www.econbiz.de/10013014300

Do Enlarged Fiscal Deficits Cause Inflation : The Historical Record

Bordo, Michael D.; Levy, Mickey D. - 2021

In this paper we survey the historical record for over two centuries on the connection between expansionary fiscal policy and inflation. As a backdrop, we briefly lay out several theoretical approaches to the effects of fiscal deficits on inflation: the earlier Keynesian and monetarist...

Persistent link: https://www.econbiz.de/10013250933

Open Borders in the European Union and Beyond : Migration Flows and Labor Market Implications

Kennan, John - 2017

In 2004, the European Union admitted 10 new countries, and wages in these countries were generally well below the levels in the existing member countries. Citizens of these newly-admitted countries were subsequently free to take jobs anywhere in the EU, and many did so. In 2015, a large number...

Persistent link: https://www.econbiz.de/10012965420

Goods and Factor Market Integration : A Quantitative Assessment of the EU Enlargement

Caliendo, Lorenzo - 2017

The economic effects from labor market integration are crucially affected by the extent to which countries are open to trade. In this paper we build a multi-country dynamic general equilibrium model with trade in goods and labor mobility across countries to study and quantify the economic...

Persistent link: https://www.econbiz.de/10012949423

Will Brexit Age Well? Cohorts, Seasoning and the Age-Leave Gradient, Past, Present and Future

Eichengreen, Barry - 2018

In the UK's 2016 referendum on EU membership, young voters were more likely than their elders to vote Remain. Applying new methods to a half century of data, we show that this pattern reflects both ageing and cohort effects. Although voters become more Eurosceptical as they age, recent cohorts...

Persistent link: https://www.econbiz.de/10012908473

Macroeconomic Policy and Institutions During the Transition to European Union Membership

Branson, William H.; Macedo, Jorge Braga de; Hagen, … - 2021

A framework is developed for macroeconomic policy analysis in four countries of Central Europe (CE) in transition to EU membership (Czech Republic, Hungary, Poland, and Slovakia). A Multi-Annual Fiscal Adjustment Strategy (MAFAS) and a Pre-Pegging Exchange Rate Regime (PPERR) appropriate for...

Persistent link: https://www.econbiz.de/10013225816

Automatic Stabilizers and Economic Crisis : Us vs. Europe

Dolls, Mathias - 2010

This paper analyzes the effectiveness of the tax and transfer systems in the European Union and the US to act as an automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional income shock in the EU, compared to 32 per cent in the...

Persistent link: https://www.econbiz.de/10013139144

Fiscal and Migration Competition

Razin, Asaf - 2010

It is often argued that tax competition may lead to a "race to the bottom". Such a race may hold indeed in the case of the pure case of factor mobility (such as capital mobility). However, in this paper we emphasize the unique feature of labor migration, that may nullify the "race to the bottom"...

Persistent link: https://www.econbiz.de/10013139888