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  • 1
    Book
    Book
    Why is China growing so fast? / (1997)
    Washington, DC :Internat. Monetary Fund,
    Details
    UID:
    almafu_BV011393134
    Format: III, 10 S. : Ill.
    ISBN: 1-55775-641-4
    Series Statement: Economic issues 8
    Language: English
    Subjects: Economics , Agriculture, Forestry, Horticulture, Fishery, Domestic Science
    RVK:
    QG 860
    RVK:
    ZB 50200
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    FU Berlin get availability status
  • 2
    Online Resource
    Online Resource
    Risk-Taking and Optimal Taxation with Nontradable Human Capital (1992)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845825429
    Format: Online-Ressource (22 p)
    Edition: Online-Ausg.
    ISBN: 1451947429 , 9781451947427
    Series Statement: IMF Working Papers Working Paper No. 92/105
    Content: What are the effects of taxation on individual/entrepreneurs’ risk-taking behavior? This paper re-examines this old question in a continuous time life-cycle model. We demonstrate that the stream of uncertain income from human capital has systematic effects on demand for the risky physical capital asset. If labor supply is inelastic and real wages are known with certainty, then a labor income tax will reduce holdings of the risky physical asset. However, if there are random fluctuations in labor income, then the effect depends on the nature of interaction between wage risk and investment income risk. A labor income tax may actually raise demand for the risky capital asset if human capital risk and physical capital risk are positively correlated. The idiosyncratic risk and nontradability of human capital also have implications for optimal taxation. When the insurance and disincentive effects are jointly taken into account, a Pareto efficient tax structure implies a strictly positive tax rate
    Additional Edition: Erscheint auch als Druck-Ausgabe Hu, Zuliu Risk-Taking and Optimal Taxation with Nontradable Human Capital Washington, D.C. : International Monetary Fund, 1992 ISBN 9781451947427
    Language: English
    DOI: 10.5089/9781451947427.001
    URL: kostenfrei
    URL: kostenfrei
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  • 3
    Online Resource
    Online Resource
    The Yield Curve and Real Activity (1993)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845854437
    Format: Online-Ressource (38 p)
    Edition: Online-Ausg.
    ISBN: 1451843704 , 9781451843705
    Series Statement: IMF Working Papers Working Paper No. 93/19
    Content: The financial press frequently suggest that the shape of yield curve reflects information about the prospects of the economy. This paper attempts to formalize the link between the yield curve and the real economic activity. A closed-form formula for the term structure of interest rates is derived. It is shown that the term structure embodies the market’s expectation about changes in the macroeconomic fundamental--the growth in real aggregate output of the economy. The paper then documents the use of bond market data for predicting GDP growth in the G-7 industrial countries. The results suggest that a simple measure of the slope of the yield curve, namely the yield spread, serves as a good predictor of future economic growth. The out-of-sample forecasting performance of the yield spread compares favorably with that of the alternative stock price-based model and a univariate time series (ARMA) model. One practical implication is that it may be useful to add some measure of the term structure to the list of
    Additional Edition: Erscheint auch als Druck-Ausgabe Hu, Zuliu The Yield Curve and Real Activity Washington, D.C. : International Monetary Fund, 1993 ISBN 9781451843705
    Language: English
    DOI: 10.5089/9781451843705.001
    URL: kostenfrei
    URL: kostenfrei
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  • 4
    Online Resource
    Online Resource
    Intertemporal Substitution in Consumption Revisited (1993)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_84585187X
    Format: Online-Ressource (26 p)
    Edition: Online-Ausg.
    ISBN: 1451844301 , 9781451844306
    Series Statement: IMF Working Papers Working Paper No. 93/26
    Content: Some of the highly controversial questions in macroeconomics critically hinge on the value of a single parameter of consumer preference--the elasticity of intertemporal substitution. This paper provides new estimates of this parameter for individual G-7 and a panel of twenty OECD countries. We find that single equation GMM estimates are typically small and imprecise, consistent with Hall’s (1988) finding from the U.S. data. Estimation of a system of equations that takes into account the cross-equation restrictions implied by theory, however, generally gives larger and better determined values for the parameter. The panel procedure also yields relatively large estimates. Overall our multi-country results contradict the hypothesis of zero intertemporal substitution
    Additional Edition: Erscheint auch als Druck-Ausgabe Hu, Zuliu Intertemporal Substitution in Consumption Revisited Washington, D.C. : International Monetary Fund, 1993 ISBN 9781451844306
    Language: English
    DOI: 10.5089/9781451844306.001
    URL: kostenfrei
    URL: kostenfrei
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  • 5
    Online Resource
    Online Resource
    Stock Market Volatility and Corporate Investment (1995)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845847937
    Format: Online-Ressource (26 p)
    Edition: Online-Ausg.
    ISBN: 1451852584 , 9781451852585
    Series Statement: IMF Working Papers Working Paper No. 95/102
    Content: Despite concerns are often voiced on the so called “excess volatility” of the stock market, little is known about the implications of market volatility for the real economy. This paper examines whether the stock market volatility affects real fixed investment. The empirical evidence obtained from the US data shows that market volatility has independent effects on investment over and above that of stock returns. Volatility and its changes are negatively related to investment growth. To the extent volatility depresses fixed capital formation and hence future income growth, the results suggest the desirability of reducing stock market volatility
    Additional Edition: Erscheint auch als Druck-Ausgabe Hu, Zuliu Stock Market Volatility and Corporate Investment Washington, D.C. : International Monetary Fund, 1995 ISBN 9781451852585
    Language: English
    DOI: 10.5089/9781451852585.001
    URL: kostenfrei
    URL: kostenfrei
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  • 6
    Online Resource
    Online Resource
    Responses of the Stock Market to Macroeconomic Announcements Across Economic States (1998)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845880527
    Format: Online-Ressource (29 p)
    Edition: Online-Ausg.
    ISBN: 1451850174 , 9781451850178
    Series Statement: IMF Working Papers Working Paper No. 98/79
    Content: Is the stock market responsive to macroeconomic news? This paper employs the daily returns of the Dow Jones Industrial Index, the S&P 500 index, the Russell 1000 index, and the Russell 2000 index to examine stock market reactions to a broad list of macroeconomic announcements, including money supply, inflation, employment, housing starts, and trade balances, etc. Several announcements concerning real economic activity that have received little attention in previous research are shown to have a significant impact on stock prices. The paper also presents preliminary evidence for the different reaction to macroeconomic news by small cap stocks and large cap stocks
    Additional Edition: Erscheint auch als Druck-Ausgabe Hu, Zuliu Responses of the Stock Market to Macroeconomic Announcements Across Economic States Washington, D.C. : International Monetary Fund, 1998 ISBN 9781451850178
    Language: English
    DOI: 10.5089/9781451850178.001
    URL: kostenfrei
    URL: kostenfrei
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  • 7
    Online Resource
    Online Resource
    Jumps, Martingales, and Foreign Exchange Futures Prices (1996)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845827057
    Format: Online-Ressource (26 p)
    Edition: Online-Ausg.
    ISBN: 1451921640 , 9781451921649
    Series Statement: IMF Working Papers Working Paper No. 96/21
    Content: A common specification about the behavior of foreign exchange spot and futures prices is that they follow continuous diffusion processes. The empirical regularities uncovered from daily and weekly currency futures data, however, cast doubts on the validity of this model. First, contrary to the suggestions in the literature, changes in foreign currency futures prices are serially correlated; variance ratio tests and other related tests overwhelmingly reject Samuelson’s martingale hypothesis. Second, foreign exchange futures prices do not appear to have continuous sample path; the evidence suggests the presence of a jump component, which may lead to pricing bias when applying the standard Black-Scholes option pricing formula to foreign exchange markets
    Additional Edition: Erscheint auch als Druck-Ausgabe Hu, Zuliu Jumps, Martingales, and Foreign Exchange Futures Prices Washington, D.C. : International Monetary Fund, 1996 ISBN 9781451921649
    Language: English
    DOI: 10.5089/9781451921649.001
    URL: kostenfrei
    URL: kostenfrei
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  • 8
    Book
    Book
    Why is China growing so fast? / (1996)
    [Washington, DC],
    Details
    UID:
    almafu_BV026179968
    Format: IV, 27 S. : graph. Darst.
    Series Statement: IMF working paper 96,75
    Language: English
    Subjects: Economics , Agriculture, Forestry, Horticulture, Fishery, Domestic Science
    RVK:
    QG 860
    RVK:
    ZB 50200
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    Book
    FU Berlin get availability status
  • 9
    Online Resource
    Online Resource
    Why Is China Growing So Fast? (1997)
    [Place of publication not identified] : International Monetary Fund
    Details
    UID:
    edoccha_9958110522502883
    ISBN: 1-4639-4614-7 , 1-4639-6647-4
    Note: Bibliographic Level Mode of Issuance: Monograph , Chinese
    Additional Edition: ISBN 1-4519-4091-2
    Additional Edition: ISBN 1-4639-9862-7
    Language: Chinese
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    Online Resource
    Charité
  • 10
    Online Resource
    Online Resource
    Risk-Taking and Optimal Taxation with Nontradable Human Capital (1992)
    [Place of publication not identified] : International Monetary Fund
    Details
    UID:
    edoccha_9958122711302883
    ISBN: 1-4552-8584-6 , 1-4623-5700-8
    Note: Bibliographic Level Mode of Issuance: Monograph , English
    Additional Edition: ISBN 1-4519-4742-9
    Additional Edition: ISBN 1-4552-7867-X
    Language: English
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    Online Resource
    Charité
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