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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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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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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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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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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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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...
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1997-09-01
Landon, Stuart, Smith, Constance E.
The absolute and relative impact of current quality and reputation variables on consumer decisions are examined using data from the market for Bordeaux wine. The estimates indicate that a model of consumer decision making which incorporates information on reputation (past quality) and collective...
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The risk premium, exchange rate expectations, and the forward exchange rate: Estimates for the Yen-Dollar rate
Download2003-01-01
Landon, Stuart, Smith, Constance E.
The forward rate is often used as the market's prediction of the future spot exchange rate even though the hypothesis that the forward rate is an unbiased predictor of the future spot rate has been rejected in a large number of empirical studies using data for different countries and time...