We show that the existence of momentum and contrarian profits imposes restrictions on stochastic discount factors used to price stocks in equity markets. For several widely used asset pricing models, we demonstrate that these restrictions imply testable forms of intertemporal dependence in macroeconomic fundamentals such as consumption growth rate. Extensive empirical analysis provides supporti...

OBJECTIVE To analyze the relationship between macroeconomic conditions and health in Brazil. METHODS The analysis of the impact of employment and income on mortality in Brazil was based on panel data from Brazilian states between 1981 and 2002. Mortality rates obtained from the national mortality database was used as a proxy for health status, whereas the variables employment, income, and ill...

An Analysis of Macroeconomic Impacts Produced by the Fixed Capital Investment in China Liu Baojun Tianjin University of Finance and Economics, Tianjin, 300222,China Abstract. In this paper we analyzed macroeconomic impacts produced by fixed capital investment in China, and proposed a model to analyze effect of structural change of fixed capital investment for macroeconomic impacts of fixed capi...

This article represents an issue about macroeconomic model realization under transition economy of Moldova Republic. Different macroeconomic model beginning with simple monetary model and growth model, and more complicated model as financial programming models, general equilibrium model, describing complex functioning of national economy and forecasting effect of various economic policies on ec...

The construction industry is one of the largest sectors in the U.S. economy, yet little is known about the key macroeconomic parameters that affect its industry’s structure and performance. The main objectives of this research are 1) to analyze the macroeconomic performance of construction industry as a whole and at fourteen of its sub-sectors in terms of labor productivity, gross margin, and w...

Look at the dramatic change in family structure that has occurred recently, illustrated in Figure 1. In the United States, 23 percent of children lived with an unwed mother in 1998, compared with only 8 percent in 1960.1 Of this 15-percentage-point increase, about 6 percentage points are due to a rise in the rate of divorce; the remaining 9 percentage points arise from an increase in out-of-wed...

This paper studies the effects of a one-child policy. A benchmark without the fertility constraint is compared to a counterfactual experiment with the fertility constraint in place. The results suggest that imposing the one-child policy promotes the accumulation of human capital and increases output per capita. In partial equilibrium, an unskilled adult’s welfare is lowered by the policy. Howev...

A scientific paradigm of irreversible changes in the natural sciences has opened new prospects in economic researches. The modern school of evolutionism offers a wide variety of economic development models. However the evolutionary approach, rather successfully applied on the theory of company and innovation, has not received adequate development in the analysis of macroeconomic processes. So t...