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Colorado is considering raising personal income taxes to fund a $950 million initiative. Are the increased benefits from educational attainment worth the revenue costs? This study surveys in-depth the economic literature on the impact of increased educational expenditure on future income,...
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This paper forecasts earnings per share four- and eight- quarters ahead for 30 Dow firms using out-of-sample combination forecast methods. We show that many financial/economic variables, such as price-earnings ratio, dividend yield and Treasury bill rate, fail to predict out-of-sample EPS...
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This article investigates the long-run relationship between prices and wage-adjusted productivity as well as between real wages and average labor productivity at the industry level for a panel of 459 U.S. manufacturing industries over the period 1956–1996. Panel cointegration test results...
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This work explores three critical assumptions of the Balassa–Samuelson productivity differential model for the short and medium run: wage equalization, competitive labor markets, and purchasing power parity. The data reveal violations in these assumptions for France, Germany, Japan, the U.K.,...
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This paper investigates the near unit root behavior of interest rate differentials across countries using a symmetric Band–TAR model that allows for a heteroscedastic error process. We find that the time series properties of monthly short-term interest differentials over the period 1974–2005...
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