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2015-09-11
Landon, Stuart, Smith, Constance E.
The growth of debt and deficits in developed countries has led many states to consider the adoption of fiscal rules. There is little evidence on the benefits of different types of rules. This study uses Monte Carlo techniques to examine the impact on welfare and government spending stabilization...
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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...
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2006-10-01
Landon, Stuart, Smith, Constance E.
This study, conducted by Stuart Landon and Constance E. Smith of the University of Alberta, aims to understand the critical factors influencing capital investment. The results show that, for the average country in the sample of 17 developed OECD economies (including Canada), a currency...
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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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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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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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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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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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1986-01-01
Purvis, Douglas D., Smith, Constance E.
This study takes as its basic premise that, although monetary policy in Canada during the post-second World War period has been extensively documented and analyzed, the broad strategies and outcomes of fiscal policy are not as well documented or understood. As a result, a large part of the study...