In the March 2021 issue of Harper's, Scorsese wrote an essay to pay tribute to Federico Fellini, the Italian director who directed such great films as La Strada, 8 1/2, La Dolce Vita, Nights of Cabiria and Satyricon. Scorsese writing on Fellini is definitely newsworthy for cinephiles who want to...

Corporate groups consist of a set of companies, often described as subsidiaries, which are usually controlled by one single entity, the parent or holding company. The term control means the parent company's rights to direct the relevant activities of other companies. A parent company can control...

In this study we investigate the performance of Brazilian industry based on productivity and efficiency indicators. We associate productivity with the concept of total factor productivity (TFP) while efficiency is measured based on the stochastic frontier production model that indicates how far...

Immigration policy can have important net fiscal effects that vary by immigrants' skill level. But mainstream methods to estimate these effects are problematic. Methods based on cashflow accounting offer precision at the cost of bias; methods based on general equilibrium modeling address bias...

We review the theoretical justification of consumption taxes in advanced economies, providing a systematic overview of the vast public finance literature exploring how goods and services should be taxed. Our discussion focuses on both the determinants of the optimal level of consumption taxation...

This paper estimates the direct effects of investment tax credits on firms' production behavior and the additional indirect effects arising from agglomeration economies. Exploiting a change in tax credit rates by firm size in Germany, I find that manufacturing firms increase capital and...

Corporate groups consist of a set of companies, often described as subsidiaries, which are usually controlled by one single entity, the parent or holding company. The term control means the parent company’s rights to direct the relevant activities of other companies. A parent company can...

This paper empirically verifies that the types of capital adjustment costs serve as an important mechanism in relation to investment decision- making after confirming that the investment dispersion of Korean firms is pro-cyclical and can affect busin ess cycles. Specifically, it is found through...

In the centennial of the March on Rome, this paper contributes to the political economy of Italian Fascism by addressing in quantitative terms the fortunes of Italian economic elites during the interwar period. Macro-economic indicators indicate capital accumulation and high profits, in a period...

We characterize efficiency in an equilibrium model of investment and capital reallocation with heterogeneous firms facing collateral constraints. The model features two types of pecuniary externalities: collateral externalities, because the resale price of capital affects collateral constraints,...

This lecture focuses on the costs of public debt when safe interest rates are low. I develop four arguments.First, I show that the current U.S. situation in which safe interest rates are expected to remain below growth rates for a long time, is more the historical norm than the exception. If the...

Immigration policy can have important net fiscal effects that vary by immigrants' skill level. But mainstream methods to estimate these effects are problematic. Methods based on cashflow accounting offer precision at the cost of bias; methods based on general equilibrium modeling address bias...

We review the theoretical justification of consumption taxes in advanced economies, providing a systematic overview of the vast public finance literature exploring how goods and services should be taxed. Our discussion focuses on both the determinants of the optimal level of consumption taxation...

With capital‐skill complementarity, the secular decline in the price of capital equipment due to equipment‐specific technological progress (ESTP) keeps pushing up the demand for skilled relative to unskilled labor and raising the skill premium. This paper quantitatively characterizes the...

I estimate CES aggregate production functions for the US, the UK, Japan, Germany, and Spain using data from the EU KLEMS database. I distinguish between three types of capital: information and communication technologies (ICT), intellectual property (IP) capital, and traditional capital. I assume...

This paper estimates the direct effects of investment tax credits on firms' production behavior and the additional indirect effects arising from agglomeration economies. Exploiting a change in tax credit rates by firm size in Germany, I find that manufacturing firms increase capital and...

El artículo se propone darle continuidad a las propuestas teóricas hechas en dos artículos anteriores, en los que se sostuvo la existencia de una relación entre el proceso de acumulación, la inequidad en la distribución del ingreso nacional entre los factores de la producción, y por tanto...

Securities firms are the leading institutions that facilitate the flow of funds by performing key services both in primary and secondary markets. The assessment of the efficiency of these firms has become a contemporary major issue due to the increasingly intense competition, globalization, and...

In this study we investigate the performance of Brazilian industry based on productivity and efficiency indicators. We associate productivity with the concept of total factor productivity (TFP) while efficiency is measured based on the stochastic frontier production model that indicates how far...

This paper estimates the direct effects of investment tax credits on firms' production behavior and the additional indirect effects arising from agglomeration economies. Exploiting a change in tax credit rates by firm size in Germany, I find that manufacturing firms increase capital and...

This note offers some speculative ideas worth considering. One of the key features of all hierarchical civilizations is their rulers' fear of death. This fear was famously narrated in the ancient myth of Gilgamesh – the Sumerian king who realized that, like all other humans, he too was...

This paper reviews the cost-benefit analysis, or 'regulatory impact analysis' (RIA), in US bank regulators' risk-based capital (RBC) rule proposals. We review the principles of cost-benefit analysis and its application by US bank regulators. We provide a brief background on RBC rules and review...

The purpose of this study is to determine the mutual influence of financial security on the textile enterprises development level. The proposed methodological approach is based on the formation of an integrated financial security indicator and its regression model. The study is based on 16...

The research study investigated the economic determinants of economic growth in 34 countries across Africa during a two-decade period (2001-2019). For this purpose, the sample included a wide range of economies, from low income to high income and from low human development to high human...

The lack of secure property rights has been identified by a number of economists - past and present - as an obstacle for long-term growth of output of African farming. The foundation for such a claim is that insecure property rights hinder long-term capital investments. Although the observed...

This note offers some speculative ideas worth considering. One of the key features of all hierarchical civilizations is their rulers’ fear of death. This fear was famously narrated in the ancient myth of Gilgamesh – the Sumerian king who realized that, like all other humans, he too was...

Money laundering is the process by which criminals create the illusion that the money they have is their own and they have the right to dispose of it as they wish, over time, using several methods to camouflage large sums of money resulting in following illegal business. The study and in-depth...

Fiscal transfer development across the world today has been in part driven by assertions of a supposed 'economic dividend' linked with the devolved financial spending. There is, however, little empirical evidence to validate these assertions in Kenya. It is against this background that this...