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Working Papers

A Note on Leverage and the Macroeconomy

Istiak, Khandokar and Serletis, Apostolos
In this paper we investigate the relationship between leverage and the level of economic activity in the United States, using quarterly data over the 1951 to 2012 period. We address the question for …five different measures of leverage - —household leverage, non…financial fi…rm leverage, commercial...

Can't Touch This! Similarity And The Willingness to Keep "Dirty Money"

Johnson, David, Goerg, Sebastian and Rogers, Jonathan
Traditionally, allocations by dictators in Dictator Games (gifts) have been explained by aspects of altruism, reciprocity, and fairness. However, this assumes the gift to be desirable to the dictators and responder. Giving may also be driven by the source of the endowment. We examine this by using...

A Complete Example of an Optimal Two-Bracket Income Tax

Wen, Jean-Francois
I provide a simple model that is solved analytically to yield tidy expressions for the Pareto efficient tax structures and the optimal two-bracket marginal tax rates. It is for the special case of equally-sized groups of two skill types and no exogenous spending requirements of the government. The...

Capital Budgeting and Fiscal Sustainability in British Columbia

Wen, Jean-Francois

Introduction to Macroeconomic Dynamics Special Issue on Complexity in Economic Systems

Serletis, Apostolos
In the aftermath of the global …financial crisis questions have been raised regarding the value and applicability of modern macroeconomics. Motivated by these developments and recent advances in dynamical systems theory, the papers in this special issue of Macroeconomic Dynamics deal with specifi…c...

Energy Markets Volatility Modelling using GARCH

Efimova, Olga and Serletis, Apostolos
This paper investigates the empirical properties of oil, natural gas, and electricity price volatilities using a range of univariate and multivariate GARCH models and daily data from wholesale markets in the United States for the period from 2001 to 2013. The key contribution to the literature is...

The Yield Curve as a Determinant of Investment in Durable Capital

Fellows, Garret Kent
I study the relationship between the relative cost of long term debt and the composition of firms' capital structure with respect to durability. By estimating a set of dynamic panel models using plant level data on U.S. electricity generators and firm level data on large (inter-provincial)...

Capital Input Decisions under Rate of Return Regulation

Fellows, Garret Kent
I present a dynamic steady state model of firm behavior under an imperfect rate of return constraint such that a margin exists between the regulated rate of return and the firm's average cost of capital. Revenue is assumed to be a function of labor and heterogeneous capital inputs...

The Conditions for Successful Collaboration over Water Policy: Substance versus Process

Bruce, Christopher and Madani, Kaveh

The Missing Food Problem

Tombe, Trevor


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