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Christian Seiler. This paper compares the German Gross Domestic Product between and with the Ifo business indicators. Because GDP is published quarterly but the Ifo indicators monthly, the most analyses compare these variables by merging the indicators to quarterly data.

In this paper an alternative way is shown: Furthermore, a spline-based disaggregation approach is discussed. The results of the analyses demonstrate a high connection between the disaggregated GDP and the Ifo indicators.

Show more. Multinational Firms and the Theory of International Trade. Despite the great importance of multinational firms in international economics, theoretical and empirical research on these firms has generally been conducted separately from that on international trade. In this book, James Markusen provides a comprehensive integration of the two fields. Drawing on twenty years of research, he focuses on the interaction of scale economies, trade costs, factor endowments, and imperfect competition.

He analyzes decisions about whether to build or acquire a foreign plant separately from decisions about where to raise the financing. Markusen begins with the simplest possible partial equilibrium models and works systematically toward a full-fledged general equilibrium model with both horizontal and vertical foreign direct investment. He offers empirical tests of hypotheses derived from the theoretical models. The notation is unified throughout, distinctions between models are explained with thoroughly explained derivations, and numerous graphs support the analysis.

Evidence for the Euro Area. We compare the forecast properties of the WES with those of monthly composite indicators. Considering the WES is interesting because i it is exclusively based on the assessment of economic experts about the current economic situation, and ii it is timely released within the quarter on a quarterly basis.

The empirical analysis is carried out under full informationwhich means that the competing monthly indicators are known for the entire quarter, and under incomplete information. Our findings exhibit that the forecast power of the WES is comparatively proper.

Lessons from Behavioral Responses to International Taxation. James R. This paper considers the impact of international taxation on patterns of foreign direct investment and on the extent of international tax avoidance activity. Reactions to worldwide tax rate differences, as well as to changes in international tax rules, provide important information concerning the extent to which taxpayers respond to incentives. The generally high degree of responsiveness in turn carries implications for the design of domestic as well as international tax policy.

Quality of Life in the Regions: Results for German Counties. In order to assess differences in living conditions across German regions we apply the hedonic approach of Rosen Current issues in urban economics, and Roback J Polit Econ 90 6: Employing a recent survey of more than half a million Germans on a wide range of social and political issues we confirm that differences in amenities give rise to substantial differences in land prices.

With regard to wages, however, we find only little effects of amenities. Relying on the land-price effects we assess the quality of life in each of the German counties and provide a comprehensive ranking. Corporate Taxation and Multinational Activity. This paper assesses the impact of corporate taxation on multinational activity.

A numerically solvable general equilibrium model of trade and multinational firms is used to incorporate the following components of corporate taxation: We account for their differential impact under alternative methods of double taxation relief i. The hypotheses regarding the effects of changes in the tax parameters are investigated in a panel of bilateral OECD outbound stocks of foreign direct investment FDI from to For this, we compile annual information on taxation to construct the largest existing panel of tax parameters at the bilateral level based on national tax law and bilateral tax treaties.

Depreciation allowances exert a significant impact on FDI, as hypothesized. The links between intangible income, intercompany transactions, income shifting and the choice of location are investigated using data on U. The objective is to better understand the income shifting process and its implications.

In particular, do opportunities for income shifting distort "real" behavior such as the choice of location and the volume of intercompany transactions?

Who Cares about Corporate Taxation? Asymmetric Tax Effects on Outbound FDI

Do prospective benefits from income shifting change behavior in both high-tax and low-tax locations? The results present a coherent, consistent picture. In addition, subsidiaries in locations with either very high or very low statutory tax rates, with a strong incentive to shift income in or out, also undertake a significantly larger volume of intercompany transactions.

An Application of Count Data Models. KaSaundra Tomlin. Previous studies have drawn a theoretical and empirical connection between foreign direct investment FDI and exchange rates using continuous measures of FDI.

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However, FDI data are often in discrete count form. Campaand I analyze the sensitivity of the results to specification of the dependent variable. Using data on FDI in the United States from tocontrolling for the traditional determinants of FDI, I find that the results are sensitive across specifications.

Significance levels and the magnitude of the coefficients change when going from a continuous Tobit specification to a zero inflated Poisson ZIP model designed for count data. Formal statistical testing finds that the ZIP specification likely models the data most properly. Thus, I indicate that misspecification bias from modeling discrete data with continuous distributions is important. The effects of bilateral tax treaties on U.

FDI activity. This chapter presents the first estimates of the effects of bilateral treaties governing the taxation of foreign direct investment FDI on bilateral FDI activity. The chapter proceeds as follows. Section A discusses U. Section B presents empirical methodology and data. Section C presents results and the last section concludes.

There is no systematic evidence that bilateral tax treaties affect FDI activity, despite statements by the Organization for Economic Cooperation and Development OECD and other sources that such agreements are meant to increase the efficiency of world capital flows.

Instead, the results suggest that either the provisions of a treaty have no effect, or the positive and negative aspects of treaty formation largely cancel one another. The Impact of U. This study empirically examines how taxes shape foreign direct investment, and finds that increased taxes spur inward foreign investment.

This finding conforms with theories that recognize that foreign investor response is critically shaped by the tax provisions faced by the foreign investor in his home country, and by the effects of tax reform on pre-tax asset returns. We demonstrate that average tax rates may better proxy tax effects than do effective tax rates.

Our findings are more robust than previous results since we utilize the entire s tax history, consider a fuller set of industry distinctions, and estimate the tax responsiveness in the context of exchange-rate fluctuations. Multinationals, Multi-plant Economies, and the Gains from Trade. A general equilibrium model of a multinational enterprise based on economies of multi-plant operation is developed. These economies are modelled as arising from the existence of a joint input whose productivity in each production facility is independent of the number of facilities maintained by a firm.

The multinational thus offers the world increased technical efficiency by eliminating the duplication of the joint input that would occur with independent national firms. Since this technical efficiency may come at the expense of increased market power, the full determinants of home country, host country, and world welfare are considered.

This paper assesses the sensitivity of the operations of multinational corporations MNCs to host country taxation. The empirical analysis is based on two different measures of MNC activity by U.

The empirical estimates indicate that investment geared toward export markets, rather than the domestic market, is particularly sensitive to host country taxation, that this sensitivity appears to be greater in developing countries than developed countries, and that it is becoming greater over time. International Profit Shifting Within Multinationals: A Multi-Country Perspective. We model the opportunities and incentives generated by international tax differences for international profit shifting by multinationals.

The model considers not only profit shifting arising from international tax differences between affiliates and parent companies, but also from tax differences between affiliates in different host countries. Using a unique dataset containing detailed firm-level information on the parent companies and subsidiaries of European multinationals and information about the international tax system, we test our model and empirically examine the extent of intra-European profit shifting by European multinationals.

On average, we find a semi-elasticity of reported profits with respect to the top statutory tax rate of 1. International profit shifting leads to a substantial redistribution of national corporate tax revenues. Many European nations appear to gain revenues from profit shifting by multinationals largely at the expense of Germany.

Taxes and the Location of Production: This paper considers the factors that influence the locational decisions of multinational firms. A model in which firms produce differentiated products in imperfectly competitive markets is developed, in the spirit of Horstmann and Markusen Firms choose between a number of foreign locations; the outside options of exporting to or not serving the foreign market are explicitly modelled.

Particular attention is paid to the impact of profit taxes; the separate roles of effective average and marginal tax rates are identified. The model is applied to a panel of US firms locating in the European market. Agglomeration effects are found to be important.

The effective average tax rate plays a role in the choice between locations, but not in the choice of whether to locate production in Europe compared with one of the outside options. Regression analysis of count data. Econometric Analysis of Count Data. Rainer Winkelmann. The book provides graduate students and researchers with an up-to-date survey of statistical and econometric techniques for the analysis of count data, with a focus on conditional distribution models.

Proper count data probability models allow for rich inferences, both with respect to the stochastic count process that generated the data, and with respect to predicting the distribution of outcomes. The book starts with a presentation of the benchmark Poisson regression model. Alternative models address unobserved heterogeneity, state dependence, selectivity, endogeneity, underreporting, and clustered sampling. Testing and estimation is discussed from frequentist and Bayesian perspectives.

Finally, applications are reviewed in fields such as economics, marketing, sociology, demography, and health sciences. The fifth edition contains several new topics, including copula functions, Poisson regression for non-counts, additional semi-parametric methods, and discrete factor models. Other sections have been reorganized, rewritten, and extended.

Who Cares about Corporate Taxation? Asymmetric Tax Effects on Outbound FDI | Request PDF

Company Taxation in the Internal Market. European Commission. This study analyzes the effects of right-wing extremism on the well-being of immigrants based on data from the German Socio-Economic Panel SOEP for the years to merged with state-level information on election outcomes.

The results show that the life satisfaction of immigrants is significantly reduced if right-wing extremism in the native population increases. Moreover ; the life satisfaction of highly educated immigrants is affected more strongly than that of low-skilled immigrants.

This supports the view that policies aimed at making immigration more attractive to the high-skilled have to include measures that reduce xenophobic attitudes in the native population. The model is then used to derive predictions of trade patterns, volumes of trade, the share of intra-industry trade, and the share of intrafirm trade as functions of relative country size and differences in relative factor endowments.

Feb Rev Econ Stat. The income of Puerto Rican affiliates of U. This lowers the tax penalty on investment there, and also makes it attractive to shift reported taxable income from the U.

This paper investigates these two interrelated impacts of taxation by developing a structural econometric model of the joint decisions regarding investment and income shifting, and estimating the model using firm-level data on the activity U. The results suggest that the income shifting advantages are the predominant reason for U. Fiscal Paradise: Foreign Tax Havens and American Business.

Hines Jr Eric M. The tax haven affiliates of American corporations account for more than 20 percent of U. American companies report extraordinarily high profit rates on their tax haven investments in This behavior implies that the revenue-maximizing tax rate for a typical haven is around percent.

American and foreign investment in tax havens has an uncertain effect on U. Kurzfristige Wachstumseffekte von Naturkatastrophen. Die Haeufigkeit von Naturkatastrophen hat in den letzten Jahrzehnten deutlich zugenommen. Vor diesem Hintergrund gewinnt die Frage an Bedeutung, welche oekonomischen Konsequenzen mit dem Auftreten von Naturkatastrophen verbunden sind. In der Literatur werden sowohl Argumente fuer positive als auch negative Wachstumseffekte diskutiert.

In diesem Aufsatz wird mit Hilfe von oekonometrischen Zeitreihenmodellen untersucht, inwieweit sich die Hochwasserkatastrophe vom August kurzfristig auf das Wirtschaftswachstum in Sachsen ausgewirkt hat. Den Ergebnissen zufolge ueberwogen die positiven Wachstumseffekte. Ohne die Flutkatastrophe waere das Wachstum des saechsischen Bruttoinlandsproduktes in den Jahrenund vermutlich um 0,6, 1,8 beziehungsweise 0,5 Prozentpunkte niedriger ausgefallen.

This paper investigates tax planning behavior by means of inter-company finance and the effectiveness of fighting back via thin-capitalization rules. A simple theoretical model, which considers the financing decision of a multinational company, is used to obtain empirical implications.

The empirical analysis, based on German inbound investment data from untilsupports a significant impact of tax rate differences on the use of intra-company debt. The effectiveness of the German thin-capitalization rule is tested by using legal amendments as natural experiments. The results suggest that the German thin-capitalization rule induces significantly lower intra-firm debt-levels of inbound investments.

Hence, tax planning via intra-firm finance is effectively limited.

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Repatriation Taxes and Dividend Distortions. Hines Jr Mihir A. Desai C. Fritz Foley. This paper analyzes the effect of repatriation taxes on dividend payments by the foreign affiliates of American multinational firms.

The United States taxes the foreign incomes of American companies, grants credits for any foreign income taxes paid, and defers any taxes due on the unrepatriated earnings for those affiliates that are separately incorporated abroad. This system thereby imposes repatriation taxes that vary inversely with foreign tax rates and that differ across organizational forms. As a consequence, it is possible to measure the effect of repatriation taxes by comparing the behavior of foreign subsidiaries that are subject to different tax rates and by comparing the behavior of foreign incorporated and unincorporated affiliates.

Evidence from a large panel of foreign affiliates of U. This implies that repatriation taxes reduce aggregate dividend payouts by These effects would disappear if the United States were to exempt foreign income from taxation. Altered States: Hines Jr. This paper examines the effect of taxation on foreign investment and on business location within the United States.

The idea is to compare the inter-state distribution of investments from certain foreign countries those with foreign tax credit systems with the distribution of investments from other countries.

Investors from countries with foreign tax credit systems receive home-country tax credits for income taxes paid to US states, so they are less likely than are other investors to avoid investing in high-tax states.

Eric M. Rice Jr. This behavior implies that the revenue-maximizing tax rate for a typical haven is around 5—8 percent. What a Difference Does it Make?: This study explains the variation in empirical estimates in the literature on the elasticity of foreign direct investment with respect to company tax levels.

To that end, the meta analysis of De Mooij and Ederveen is extended by considering an alternative classification of the literature and by including new studies that have recently become available. Specific attention is paid to two new dimensions: Empirical Evidence from the EU. This paper analyzes the tax responsiveness of bilateral foreign direct investment flows in the EU. Differentiating between investments in the three main economic sectors and using effective tax rates to measure tax incentives, we show that the tax sensitivity of foreign direct investment depends crucially on the sector the transaction takes place in.

While investment in the primary sector is driven by other than tax incentives, investment in the secondary and the tertiary sector is deterred by high tax rates. The response in the tertiary sector is substantially higher than that in the secondary sector.

The theory of tax competition suggests that different tools might be used to attract physical capital and taxable profits. While it is assumed that FDI in real activity is deterred by high effective taxes, investment undertaken for purpose of profit-shifting is deterred by a higher statutory tax rate. Using information from the RWI-Database "Globalisation", which contains statistics about foreign engagements of the most important German enterprises, this paper investigates if this assumption holds in reality.

Dualism and Cross-Country Growth Regression. Nov J Econ Growth. This paper develops empirical growth models suitable for dual economies, and studies the relationship between structural change and economic growth. Changes in the structure of employment will raise aggregate productivity when the marginal product of labor varies across sectors.

The models in the paper incorporate this effect in a more flexible way than previous work. Estimates of the models imply sizeable marginal product differentials, and indicate that the reallocation of labor makes a significant contribution to the international variation in productivity growth. Evidence from a Panel of German Multinationals. Feb Int Tax Publ Finance. Using a firm-level panel data set this paper investigates the impact of taxation on the decision of German multinationals to hold or establish a subsidiary in other European countries or abroad.

Taking account of unobserved local characteristics as well as firm-specific preferences for potential locations, the results confirm significant effects of tax incentives, market size, and of labor cost on cross-border location decisions. In accordance with Devereux and Griffith we find that the marginal effective tax rate has no predictive power for location decisions.

However, the results indicate a considerably weaker predictive power of the effective average tax rate as compared to the statutory tax rate. Taxation and Foreign Direct Investment: A Synthesis of Empirical Research.

Feb Asia Pac Financ Market. This paper reviews the empirical literature on the impact of company taxes on the allocation of foreign direct investment. We compare the outcomes of 25 empirical studies by computing the tax rate elasticity under a uniform definition. There exists substantial variation across studies, however. By performing a meta-analysis, the paper aims to explain this variation by the differences in characteristics of the underlying studies.

Systematic differences between studies are found with respect to the type of foreign capital data used, and the type of tax rates adopted. We find no systematic differences in the responsiveness of investors from tax credit countries and tax exemption countries. Copyright Kluwer Academic Publishers Evaluating Tax Policy for Location Decision. We consider the impact of taxation when investors face a discrete choice between two or more mutually exclusive projects; in particular we consider the location choice of multinationals.

Such choices depend on an effective average tax rate. We propose a precise measure of this rate, which is shown to be equal to a weighted average of an effective marginal tax rate and an adjusted statutory tax rate, where the weights depend on the profitability of the investment. Estimates of the distribution of this measure are presented and compared for domestic and international investment in the USA, France, Germany and the UK.

We analyse the impact of harmonising corporate tax rates in Europe on incentives to locate in France, Germany and the UK. Freedom of Choice in Macroeconomic Forecasting: Different studies provide surprisingly a large variety of controversial conclusions about the forecasting power of an indicator, even when it is supposed to forecast the same time series.

In this study we aim to provide a thorough overview of linear forecasting techniques and draw conclusions useful for the identification of the predictive relationship between leading indicators and time series. In a case study for Germany we forecast four possible representations of industrial production.

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Further on we consider a large variety of time-varying specifications: BIC vs. OSC, direct vs. In a horse race with nine leading indicators plus benchmark we demonstrate the variance of assessment across target variables and forecasting settings 50 per horizon.

We show that it is nearly always possible to find situations in which one indicator proved to have better predicting power compared to another. Changes in Human Capital: Implications for Productivity Growth in the Euro Area. The euro area has experienced a sustained decline in labour productivity growth since the s. In the economic literature this phenomenon is commonly explained by a decline in capital deepening and lower total factor productivity TFP growth.

However, the decline in labour productivity growth might partly also reflect a lower contribution of labour quality growth. We present evidence of changes in human capital in a number of euro area countries based on a fixed-weight index for labour quality growth for both the employed population and the labour force.

We then evaluate the significance of these changes for recent developments in productivity growth. Given the relatively low computational effort involved, vector autoregressive VAR models are frequently used for macroeconomic forecasting purposes. However, the usuallylimited number of observations obliges the researcher to focus on a relatively smallset of key variables, possibly discarding valuable information.

This paper proposes aneasy way out of this dilemma: Do not make a choice. A wide range of theoretical andempirical literature has already demonstrated the superiority of combined to single-modelbased forecasts. Thus, the estimation and combination of parsimonious VARs, employingevery reasonably estimable combination of the relevant variables, pose a viable path ofdealing with the degrees of freedom restriction.

The results of a broad empirical analysisbased on pseudo out-of-sample forecasts indicate that attributing equal weights systematicallyout-performs single models as well as most more refined weighting schemes interms of forecast accuracy and especially in terms of forecast stability.

Lost in Transmission? Using event study techniques, we first investigate whether the Russian suspension of gas deliveries, the announcement of this suspension as well as its withdrawal had an effect on unsystematic volatility of European energy stocks. Second, we measure event effects on stock returns, taking volatility GARCH effects and especially possible firm-specific, event-induced volatility into account.

In contrast, market uncertainty increased the day when Russia reopened its valves. One reason for these findings could be windfall profits of energy-related companies due to increasing resource and electricity prices.

The existence of event-induced volatility at a between-firm level confirms the choice of our flexible abnormal returns methodology.

Results from business tendency surveys are often used to construct leading indicators. The indicators are then, for example, employed to forecast GDP growth. In this article more detailed results of business tendency surveys are used to forecast quarter-onquarter GDP growth. The target series is very challenging because this type of growth rate leads to quite volatile time series.

Since numerous time series of possible indicators result from the surveys, methods that can handle this setting are applied. One candidate method is principal component analysis, which is used to reduce dimensionality. On the other hand, subset selection procedures are applied. For the present setting the latter method seems more successful than principal components. But this is not a statement about the two types of procedures in general.

Which method should be favoured depends very much on the aims of the specific study. Forecaster Behaviour and Bias in Macroeconomic Forecasts. This paper documents the presence of systematic bias in the real GDP and inflation forecasts of private sector forecasters in the G7 economies in the years — The data come from the monthly Consensus Economics forecasting service, and bias is measured and tested for significance using parametric fixed effect panel regressions and nonparametric tests on accuracy ranks.

We examine patterns across countries and forecasters to establish whether the bias reflects the inefficient use of information, or whether it reflects a rational response to financial, reputational and other incentives operating for forecasters. In several G7 countries — Japan, Italy, Germany and France — there is evidence of a change in the trend growth rate.

In these circumstances, standard tests for rationality are inappropriate, and a bias towards optimism in the consensus forecast is inevitable as rational forecasters learn about the new trend.

In all countries there is evidence that individual forecasters converge on the consensus forecast too slowly. Determinants and Effects of Foreign Direct Investment: Evidence from German Firm-Level Data. Claudia M. What we do know is based either on poor data for a wide range of nations, or good data for the US and Swedish cases. In this paper, we provide evidence on the determinants of the activities of German multinational firms by using a newly available firm-level data set from the Deutsche Bundesbank.

The specific goal of this paper is to demonstrate the relative role of country-level and firm-level determinants of foreign direct investment. We focus on three main questions: Second, is there evidence that sector-level and firm-level factors shape internationalization patterns? Third, is there evidence of agglomeration effects in the foreign activities of German firms? We find that the market access motive for internationalization dominates.

Firms move abroad mainly to gain better access to large foreign markets. Cost-saving motives, however, are important for some manufacturing sectors. Our results strongly suggest that firm-level heterogeneity has an important influence on internationalization patterns — as stressed by recent models of international trade.

We also find positive agglomeration effects for the activities of German firms that stem from the number of other German firms that are active on a given foreign market. In terms of lessons for economic policy, our results show that lowering barriers to the integration of markets and encouraging the formation of human capital can promote the activities of multinational firms.

However, our results related to the heterogeneity of firms and agglomeration tendencies show that it might be difficult to fine-tune policies directed at the exploitation of synergies and at the creation of clusters of foreign firms. Carr, James R. Markusen, and Keith E. The CMM estimates pool inward and outward U. After correcting this specification error estimates no longer reject the horizontal model in favor of the knowledge-capital model.

Instead, the data strongly support the predictions of the horizontal model of MNEs: Qualitatively identical results are also found using data that include a wider variety of parent and host countries, including data for the OECD. Theory and Evidence. Peter Egger Michael Pfaffermayr.

Abstract This paper investigates the effect of tax treaties on bilateral stocks of outward FDI. For this purpose we employ a numerically solvable general equilibrium model of trade and multinational firms to study the impact of tax treaties on both welfare and outward FDI.

The model indicates under which factor endowment configurations countries gain in welfare when implementing a tax treaty. This motivates an empirical specification of the endogenous selection into implementing new tax treaties. An Industry Analysis. US productivity growth surged twice post and post In contrast Germany registered two successive productivity reductions during that same period of time. Previous analysis of the post decline has been limited, however, by the short time series of the available data.

In this paper we extend the Ifo Industry Growth Accounting Database that provides detailed industry-level investment information up to While much attention has focused on the reduction in German labor hours, our post data shows that a fledgling recovery in German non-ICT investment was offset by a widespread collapse in German total factor productivity.

Almost half of German industries accounting for over 45 percent of German output did not experience positive TFP growth post Why is the share of women willing to work in East Germany larger than in West Germany?

A logit model of extensive labour supply decision. Beate Grundig. The aim of the paper is to analyse differences in the labour force participation LFP between East and West German women.

Using microcensus data in a binary choice model, we distinguish three main explanations for these differences: As LFP in-creases in the skill-level, the larger share of high-skilled women in East Germany can explain more than 10 percent of the differences. Whereas East German women do not vary their efforts when regional labour market conditions worsen, West German women are discouraged thereof.

Female LFP in East Germany is positively influenced by the provision of full-time childcare while West German women do not show any significant reaction. Health and Wages: This paper investigates the effects of health on wages by controlling for a number of problems: By using recently developed methods, I control for all of the above issues in one framework.

The results show that good health raises wages for both women and men. I find the health variable to suffer from measurement error. In the male sample, applying OLS or 2SLS, instead of methods accounting for selection and individual heterogeneity, causes an upward bias in the health coefficient. Due to tight public budget constraints, the efficiency of publicly financed universities in Germany is receiving increasing attention in the academic as well as in the public discourse.

Against this back ground we analyze the efficiency of 72 public Ger-man universities for the y ears —, applying data envelopment and stochastic frontier analysis. Contrary to earlier studies we account for the faculty composition of universities, which proves to be an essential element in the efficiency of higher education.

Our main finding is that East German universities have performed better in total factor productivity change compared to those in West Germany. However, when looking at mean efficiency scores over the sample period, West German universities still appear at the top end of relative efficiency outcomes.

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Evidence from Panel Data. This paper examines the social effects of fair trade transactions emerging from policies to expand the market around the globe. Focusing on the case of coffee farmers in Guatemala, it examines tensions that are created in local organisational networks linked to production, processing and certification of fair trade organic coffee and how these tensions fracture and fragment the life worlds of these coffee farmers.

While the fair trade market has provided positive opportunities for rural producers the research finds that network separation and market exclusion are also social expressions of involvement in fair trade. It is argued that fair trade policies need to reflect a more nuanced understanding of household and community level consequences of production for the fair trade market.

Warum man das Angebot bei der Klimapolitik nicht vergessen darf. Despite its efforts and obligations under the Kyoto Protocol, the EU has not succeeded in even making a dent in the rapidly rising trend of worldwide carbon dioxide emissions.

If anything, the trend has accelerated in recent years. He advances the hypothesis that the ineffectiveness of demand policies results from anticipation effects on the part of the owners of fossil fuel resources. In addition to the threat of potential ousting by domestic rivals, the threat of falling energy prices against a modified Hotelling trend due to greening public policies and increasing participation in worldwide emissions trading systems gives resource owners the incentive to speed up extraction.

Feasible policy measures that do not encounter such problematic anticipation effects include the rapid creation of a complete worldwide monopsony for fossil fuels that can dictate quantities rather than having to rely on price signals.

Moreover, source taxes on the financial returns of resource owners will provide additional conservation motives; technical measures including afforestation and sequestration may also be a way to reduce the speed of global warming. Lael Brainard. This paper examines the extent to which multinational location decisions reflect a trade-off between achieving proximity to customers and concentrating production to achieve scale economies. It finds that overseas production by multinationals increases relative to exports the higher are transport costs and trade barriers and the lower are investment barriers and scale economies at the plant level relative to the corporate level.

However, it is not possible to reject a model with only country and industry effects. The evidence also suggests that multinational activity is more likely the more similar are the home and foreign markets--contrary to conventional wisdom. Copyright by American Economic Association. Steffen Henzel. It can be shown that inflation expectations and associated forecast errors are characterized by a high degree of persistence.

One reason may be that forecasters cannot directly observe the inflation target pursued by the central bank and, hence, face a complicated forecasting problem. In particular, they have to infer whether the observed movement of the inflation rate is due to a permanent change of policy parameters or whether it is the result of a transient shock. Consequently, it is assumed that agents behave like econometricians who filter noisy information by estimating an unobserved components model.

This constitutes the trend learning algorithm employed by the forecaster. To examine whether this is a valid assumption, I fit a simple learning model to US survey expectations.

The second part contains an out-of-sample forecasting experiment which shows that learning by signal extraction matches survey measures closer than other standard models.

Moreover, it turns out that a weighted average of different expectation formation processes with a prominent role for signal extraction behaviour is well suited to explain survey measures of inflation expectations. Group Reputations - An Experimental Foray. Often information structures are such that while individual reputation building is impossible groups of agents would have the possibility of building up a reputation.

We experimentally examine whether groups of sellers in markets that suffer from moral hazard are able to build up reputations and, thus, avoid market breakdown. We contrast our findings with situations where sellers alternatively can build up an individual reputation or where there are no possibilities for reputation building at all.

Our results offer a rather optimistic outlook on group reputations.

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Even though each seller only receives some of the reputation benefits of withstanding short-run incentives, sellers are able to overcome the dilemma and successfully exploit the information structure.

Welcome back! Please log in. Most researchers use their institutional email address as their ResearchGate login. Password Forgot password? Keep me logged in. Log in. Индекс слова: Присоединяйтесь к Reverso, это удобно и бесплатно! Зарегистрироваться Войти. На основании Вашего запроса эти примеры могут содержать грубую лексику. На основании Вашего запроса эти примеры могут содержать разговорную лексику.

Посмотреть примеры с переводом possibility of paying 3 примеров, содержащих перевод. Возможны различные решения вопроса финансовых последствий расширения состава Комитета, и Финляндия изучит возможность оплаты расходов своих представителей на проезд и проживание. Various solutions for the financial implications of new members were possible and Finland would consider the possibility of paying for the travel and accommodation costs of its representatives. Возможность оплаты угля с использованием местной валюты.

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Он призывает правительство изучить рекомендации МОТ относительно отпусков по беременности и родам, чтобы привести законодательство страны в соответствие с этими рекомендациями, и рассмотреть возможность оплаты таких отпусков через фонды социального страхования для недопущения дискриминации женщин со стороны работодателей в частном секторе. It calls on the Government to review ILO recommendations concerning maternity leave, to adapt its national situation to these recommendations and to consider coverage of such leave through social insurance schemes in order to prevent private employers from discriminating against women in recruitment.

Фонд предназначен для оплаты доли больничных и амбулаторных расходов, хотя в настоящее время он покрывает лишь долю больничных расходов в ряде прикрепленных больниц, а возможность оплаты амбулаторных расходов изучается в рамках актуарных исследований. The fund is intended to pay a percentage of both inpatient and outpatient though currently the Fund covers only a portion of inpatient payment in accredited hospitals while actuarial studies are underway to include part of outpatient payments.

Многие администрации портов в развивающихся странах и странах с переходной экономикой взимают плату за свои услуги с национальных пользователей в местной валюте, а с международных пользователей в твердой валюте, иногда предусматривая возможность оплаты в местной валюте по обменному курсу на момент предоставления услуги.

Many authorities in developing countries and countries in transition charged national users in local currency and international users in hard currency, sometimes with the option to pay in local currency at the rate of exchange applying when the service was performed.

С года на основе Закона от 13 июня года о социальной занятости принимаются меры по поддержке лиц, находящихся под угрозой социальной изоляции, включая длительную безработицу, которая также ставит под угрозу возможность оплаты аренды квартир.