This paper investigates the cyclical properties of the average effective tax rate in 26 OECD countries over 1965-2003 in order to test the validity of three theories of fiscal policy: (i) the standard Keynesian theory which recommends that tax policy should be counter-cyclical, (ii) the Tax...

This is the second part of the work on how economic policy of a developing country should change as it approaches the level of developed economies in terms of welfare (GDP per capita) and the quality of institutions. We focus on the impact of several policies to promote the catch up development:...

This paper consolidates the work of its predecessor, “International Framework for Liquidity Risk Measurement, Standards and Monitoring: Corporate Governance and Internal Controls”, by considering monitoring tools which are considered to be essential if risks,(and in particular liquidity...

Abstract: With employment and labour crisis training for (re)employability reaches the highest importance and absorbs an increasing share among public active labour market policies. Provided that retraining is adequate shorter unemployment spells can be observed in the transition between jobs....

Under the assumption of similar general legal environments, the following analysis suggests that a strategy of confidential secrecy in R&D is less significant for Japanese enterprises. Founded upon this difference the amount of patent induced information disclosure effects for Japan is not as...

The average household income of first generation immigrants in Europe and North-America is lower than that of natives, and this difference can not be explained by their amount of human capital (education, age, gender, residence). This is above all true for immigrants, coming from the second- or...

Abstract: Analyses concerning success and failure during Upper Secondary usually do not rely upon individual longitudinal data as we do in the present paper. Neither do they generally use that kind of data when trying to assess two among the most important scholar turning points as the...

Classical political economy was underpinned by a shared view of the economy as a circular flow. This begged the question of how the value of produce can exceed the value of factor inputs: the ‘Profit Puzzle’. In this paper we advocate an understanding of the Profit Puzzle as a monetary...

1. Information systems have recently undergone substantial changes. The computing power has experiencing a move from “Asset” to “Expense”. Under the emerging model of cloud computing, user organizations do not need to have an ownership of the information systems. They can now just use...

We build a small-scale factor model for the GDP of one of the hardest hit economies during the latest recession to study the exact dynamic versus static factor model performance along a business cycle, with an emphasis placing on nowcasting performance during a pronounced switch of business...