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Skip to Search Results- 13Economics, Department of
- 5Economics, Department of/Journal Articles (Economics)
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- 1Western Centre for Economic Research
- 1Western Centre for Economic Research/Economics of Constitutional Change Series
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2010-11-08
Landon, Stuart, Smith, Constance E.
[...] withdrawals would be based on the stock of assets in the fund, which depend on contributions from all previous years. Since this stock is unlikely to change much from year to year, withdrawals from the fund would be quite stable.
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2017-01-01
Landon, Stuart, Smith, Constance E.
This study uses Monte Carlo methods to examine the impact on welfare of several types of commonly used fiscal rules. The simulations employ an expected intertemporal welfare function and the parameters from a three-variable structural VAR estimated using data for sixteen European countries. The...
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Does a discount rate rule ensure a pension plan can pay promised benefits without excessive asset accumulation?
Download2017-12-18
Landon, Stuart, Smith, Constance E.
The choice of discount rate makes a substantial difference to the magnitude of the assets required to ensure a pension plan is fully funded. Finance theory suggests that the discount rate should equal the default-free rate, but pension plan administrators argue for a rate equal to the long run...
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Investment and the exchange rate: Short run and long run aggregate and sector-level estimates
Download2009-09-01
Landon, Stuart, Smith, Constance E.
Aggregate and sector-level investment equations that incorporate the exchange rate are estimated for a panel of 17 OECD countries using an error correction methodology. A real currency depreciation is found to have a significant negative effect on aggregate investment in both the short run and...
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Managing uncertainty: The search for a golden discount-rate rule for defined-benefit pensions
Download2019-01-01
Landon, Stuart, Smith, Constance E.
This Commentary examines how the choice of a pension plan discount rate affects the tradeoff between the risk of holding insufficient assets to pay promised benefits and the cost of acquiring more assets. The choice of discount rate can have a dramatic effect on the value of a plan’s liabilities...
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1998-01-01
Landon, Stuart, Smith, Constance E.
While the theoretical literature on firm reputation is well developed, there exist few empirical studies that quantify the importance of reputation effects. This paper and reputation using data from the market for Bordeaux wine. A model is proposed in which price is a function of current quality...
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2015-01-01
Landon, Stuart, Smith, Constance E.
Resource prices, and petroleum prices in particular, are volatile and difficult to predict, so government revenue in resource-producing regions is also uncertain and volatile. Adjusting government expenditure in response to these revenue movements involves economic, social and political costs....
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Taxation and bond market investment strategies: Evidence from the market for Government of Canada bonds
Download2008-01-01
Landon, Stuart, Smith, Constance E.
This article shows that, contrary to the suggestion of some investment advisers, for an individual Canadian investor subject to personal income taxation, the after-tax yield on a discount bond is always higher than (or, at worst, equal to) the yield on a premium bond. This follows because the tax...