108,284 research outputs found
A Case Where Barro Expectations Are Not Rational
No full textThis note generalizes Feldstein’s (1976) criticism of Barro’s(1974) analysis for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents hold “Barro expectations”: they believe that government debt must necessarily be repaid and therefore leave the present value of their income streams unchanged. In this scenario, a change in the mode of taxation affects the present value of disposable income in the private sector. This violates their Barro expectations
Clinical guidelines: social and cultural dimensions and juridical and medico-legal implications
No full textno abstrac
The dynamics of wealth inequality under endogenous fertility: A remark on the Barro-Becker model with heterogenous endowments
No full textSeveral contributions have already pointed out that initial wealth in- equalities do persist in the long run in the Ramsey model with heteroge- nous agents. We show that this result is not robust to the introduction of endogenous fertility. Our argument builds on the Barro-Becker (1989) seminal model extended to allow for heterogenous agents with dierent capital endowments. Strikingly enough, individual consumption levels, fertility rates and capital stocks are shown to be equalized after only one adjustment period. This property is shown to hold irrespective of the production sector specication.endogenous fertility, heterogeneous households, optimal growth
A Case Where Barro Expectations Are Not Rational
No full textThis note generalizes Feldstein’s (1976) criticism of Barro’s(1974) analysis for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents hold “Barro expectationsâ€: they believe that government debt must necessarily be repaid and therefore leave the present value of their income streams unchanged. In this scenario, a change in the mode of taxation affects the present value of disposable income in the private sector. This violates their Barro expectations.Barro-Ricardo equivalence; Ricardian equivalence; fiscal policy; debt; taxation; rational expectations
Inequality and Growth Revisited
No full textThis paper updates and extends the work of Barro (2000). International data confirm the presence of the Kuznets curve-an inverse-U shape relationship between income inequality and per capita GDP-that is relatively stable from the 1960s into the 2000s. The direct effect of international openness on income inequality is also found to be positive. On the other hand, a cross-country-growth equation shows a negative effect of income inequality on economic growth, holding fixed a familiar set of other explanatory variables. This effect diminishes as per capita GDP rises and may be positive for the richest countries.inequality; growth; Kuznets curve; Gini coefficient
A stochastic programming model for dynamic portfolio management with financial derivatives
No full textStochastic optimization models have been extensively applied to financial portfolios and have proven their effectiveness in asset and asset-liability management. Occasionally, however, they have been applied to dynamic portfolio problems including not only assets traded in secondary markets but also derivative contracts such as options or futures with their dedicated payoff functions. Such extension allows the construction of asymmetric payoffs for hedging or speculative purposes but also leads to several mathematical issues. Derivatives-based nonlinear portfolios in a discrete multistage stochastic programming (MSP) framework can be potentially very beneficial to shape dynamically a portfolio return distribution and attain superior performance. In this article we present a portfolio model with equity options, which extends significantly previous efforts in this area, and analyse the potential of such extension from a modeling and methodological viewpoints. We consider an asset universe and model portfolio set-up including equity, bonds, money market, a volatility-based exchange-traded-fund (ETF) and over-the-counter (OTC) option contracts on the equity. Relying on this market structure we formulate and analyse, to the best of our knowledge, for the first time, a comprehensive set of optimal option strategies in a discrete framework, including canonical protective puts, covered calls and straddles, as well as more advanced combined strategies based on equity options and the volatility index. The problem formulation relies on a data-driven scenario generation method for asset returns and option prices consistent with arbitrage-free conditions and incomplete market assumptions. The joint inclusion of option contracts and the VIX as asset class in a dynamic portfolio problem extends previous efforts in the domain of volatility-driven optimal policies. By introducing an optimal trade-off problem based on expected wealth and Conditional Value-at-Risk (CVaR), we formulate the problem as a stochastic linear program and present an extended set of numerical results across different market phases, to discuss the interplay among asset classes and options, relevant to financial engineers and fund managers. We find that options’ portfolios and trading in options strengthen an effective tail risk control, and help shaping portfolios returns’ distributions, consistently with an investor's risk attitude. Furthermore the introduction of a volatility index in the asset universe, jointly with equity options, leads to superior risk-adjusted returns, both in- and out-of-sample, as shown in the final case-study
Environmental, social, and governance evaluation for European small and medium enterprises: A multicriteria approach
No full textThe exposure to environmental, social, and governance (ESG) risks can be effectively measured by companies to identify opportunities for long-term sustainable growth, along with the social and environmental impact. This process is crucial for listed small and medium-sized enterprises (SMEs) wanting additional support in their ESG transition, and for European SMEs it will be required by the implementation of the Corporate Sustainability Reporting Directive (CSRD), starting from 2026. In this contribution, we propose to apply a multicriteria decision aiding approach to assess the sustainability profiles of SMEs. The methodology, which allows the measurements of a firm's ESG efforts (ESGness), is applied to a sample of European-listed SMEs, controlling for potential sector-specific effects, in order to understand what is the situation on the ESG front, and to identify ESG leaders and laggards. The model can provide valuable information for the firm, and for a broad spectrum of stakeholders, including policymakers and investors. The obtained rankings show some degree of robustness across different model parameterizations. The benefits of voluntary disclosure of sustainability information are investigated under a prudential scoring framework
Frequenza del taglio cesareo di elezione e di urgenza nella Regione Umbria
No full textIl ricorso alle modalità di parto tramite taglio cesareo (TC) è assunto quale indicatore di eccessiva medicalizzazione del parto. L'analisi di tale indice per singolo punto nascita dell'Umbria, suddiviso per cesareo programmato o di elezione e di urgenza, dopo standardizzazione per indicazione al TC, mette in evidenza la variabilità di stile professionale ed organizzativo nella regione. Si evidenzia la necessità di formazione per omogeneizzare l'appropriatezza del ricorso al TC
A New Data Set of Educational Attainment in the World, 1950–2010
No full textOur panel data set on educational attainment has been updated for 146 countries from 1950 to 2010. The data are disaggregated by sex and by 5-year age intervals. We have improved the accuracy of estimation by using information from consistent census data, disaggregated by age group, along with new estimates of mortality rates and completion rates by age and education level. We use these new data to investigate how output relates to the stock of human capital, measured by overall years of schooling as well as by the composition of educational attainment of workers at various levels of education. We find schooling has a significantly positive effect on output. After controlling for the simultaneous determination of human capital and output, by using the 10-year lag of parents‘ education as an instrument variable (IV) for the current level of education, the estimated rate-of-return to an additional year of schooling ranges from 5% to 12%, close to typical Mincerian return estimates found in the labor literature.
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