44 Economic Perspectives
|
|
- Katherine Fleming
- 6 years ago
- Views:
Transcription
1 44 Economic Perspectives Source: Kotlikoff (1988), p. 44 In Hundreds 70 Of Dollars ;-*** * s EARNINGS 20 -CONSUMPTION Age Year Fig. 1. Sum of male and female longitudinal average earnings and average consumption profiles, age 18 in 1910-age 82 in 1974
2 Table 4 Source: Gale and Scholz (1994), p. 152 Intergenerational Transfers as a Source of Capital Accumulation, 1986 Stock of Transfer Wealth Annual Flow ($ billions) Transfer Category ($ billions) (r - n = 0.01) Support Given to: Children Parents Grandparents Grandchildren Trusts Life Insurance Totals Intended Transfers College Payments Bequests As a % of net wortha Intended Transfers College Expenses Bequests Source: Authors' calculations from the Survey of Consumer Finances. aaggregate net worth in the SCF in 1986 is $11,976 billion.
3 Source: courtesy of Jim Poterba
4 Source: courtesy of Jim Poterba
5 LONG-RUN EVOLUTION OF INHERITANCE 1073 Source: Piketty QJE'11 FIGURE I Annual Inheritance Flow as a Fraction of National Income, France,
6 Building a Better America Source: Norton and Ariely 2011 Fig. 2. The actual United States wealth distribution plotted against the estimated and ideal distributions across all respondents. Because of their small percentage share of total wealth, both the 4th 2 value (0.2%) and the Bottom 2 value (0.1%) are not visible in the Actual distribution.
7 80 Private wealth / national income ratios, USA Germany UK Canada Japan France Italy Australia Authors' computations using country national accounts. Private wealth = non-financial assets + financial assets - financial liabilities (household & non-profit sectors) Source: Piketty and Zucman '13
8 80 Private wealth / national income ratios USA 60 Europe Authors' computations using country national accounts. Private wealth = non-financial assets + financial assets - financial liabilities (household & non-profit sectors) Source: Piketty and Zucman '13
9 60 50 The changing nature of national wealth, US (incl. slaves) Net foreign assets Other domestic capital Housing Slaves Agricultural land (% national income) National wealth = agricultural land + housing + other domestic capital goods + net foreign assets Source: Piketty and Zucman '13
10 80 The changing nature of national wealth, UK (% national income) Net foreign assets Other domestic capital Housing Agricultural land National wealth = agricultural land + housing + other domestic capital goods + net foreign assets Source: Piketty, Handbook chapter, 2014
11 80 The changing nature of national wealth, France (% national income) Net foreign assets Other domestic capital Housing Agricultural land National wealth = agricultural land + housing + other domestic capital goods + net foreign assets Source: Piketty, Handbook chapter, 2014
12 Figure S11.3. The share of inherited wealth in aggregate wealth, France ( : g=1,7%, r=3,) Partially capitalized inheritance (PPVR definition) Non-capitalized inheritance (Modigliani) Source: Piketty, Handbook chapter, 2014
13 Figure S11.4. The share of inherited wealth in aggregate wealth, France ( : g=1,7%, r=3,) Capitalized inheritance (KS1) (Kotlikoff-Summers, r=3%, 30yrs) Partially capitalized inheritance (PPVR definition) Non-capitalized inheritance (Modgliani) Source: Piketty, Handbook chapter, 2014
14 Figure The inheritance flow in Europe % France 2 16% United Kingdom (Atkinson) Germany (Schinke) 12% 8% 4% Source: Piketty, Handbook chapter, 2014
15 4 Figure 12: Capital shares in factor-price national income % 3 25% 2 15% USA Japan Germany France UK Canada Australia Italy Source: Piketty and Zucman (2014)
16 10 Figure Wealth inequality in the U.S., Shar re of top decile or percentile in total wealth Top 1 wealth chare Top 1% wealth share The top 1 wealth holders own about 8 of total wealth in 1910, and 75% today. Sources and series: see piketty.pse.ens.fr/capital21c. Source: Piketty (2014)
17 10 Figure Wealth inequality: Europe and the U.S., Share of top decile or percentile in total wealth Top 1 wealth share: Europe Top 1 wealth share: U.S. Top 1% wealth share: Europe Top 1% wealth share: U.S Until the mid 20th century, wealth inequality was higher in Europe than in the United States. Sources and series: see piketty.pse.ens.fr/capital21c. Source: Piketty (2014)
18 6% Figure After tax rate of return vs. growth rate at the world level, from Antiquity until 2100 Annual rate of return or rate of growth 5% 4% 3% 2% 1% Pure rate of return to capital (after tax and capital losses) Growth rate of world output g The rate of return to capital (after tax and capital losses) fell below the growth rate during the 20th century, and may again surpass it in the 21st century. Sources and series : see piketty.pse.ens.fr/capital21c Source: Piketty (2014)
19 Figure The share of inherited wealth in total wealth, France f inherited wealth (% total wealth of the living) Cumulated value of Share of inherited wealth ( : g=1,7%, r=3,) Share of inherited wealth ( : g=1,, r=5,) Inherited wealth represents 80-9 of total wealth in France in the 19th century; this share fell to 4-5 during the 20th century, and might return to 8-9 during the 21st century. Sources and series: see piketty.pse.ens.fr/capital21c Source: Piketty (2014)
20 Treatment example: Information about the Estate Tax
21 Source: Saez and Zucman (2014) 35% The composition of capital income in the U.S., % of factor-price national income 25% 2 15% 1 5% Corporate profits Noncorporate business profits Profits & interest paid to pensions Net interest Housing rents (net of mortgages)
22 Source: Saez and Zucman (2014) The composition of household wealth in the U.S., % of national income Equities Sole proprietorships & partnerships Pensions Currency, deposits and bonds Housing (net of mortgages)
23 9 Top 1 Wealth Shares: Comparing Es8mates 85% 8 75% 7 65% 6 Capitalized Incomes (Saez- Zucman) 55% SCF (Kennickell)
24 5 45% 4 35% 3 25% 2 Top 1% Wealth Shares: Comparing Es7mates Source: Saez and Zucman (2014) 15% Capitalized Incomes (Saez- Zucman) 1 Estates (Kopczuk- Saez and IRS) 5% SCF (Kennickell)
25 Source: Saez and Zucman (2014) 45% Composition of the bottom 9 wealth share 4 35% % of net household wealth 3 25% 2 15% Business assets Equities & fixed claims (net of non-mortgage debt) 1 5% Pensions Housing (net of mortgages)
26 10 Figure 3.1. Wealth inequality in France, Share of top decile or percentile in total wealth Top 1 wealth share Top 1% wealth share The top decile (the top 1 highest wealth holders) owns 80-9 of total wealth in , and 60-65% today. Source: Piketty and Zucman '14, handbook chapter
27 10 Figure 3.3. Wealth inequality in the United Kingom, Share of top decie or top percentile in total wealth Top 1 wealth share Top 1% wealth share The top decile owns 80-9 of total wealth in , and 7 today. Source: Piketty and Zucman '14, handbook chapter
28 10 Figure 3.4. Wealth inequality in Sweden, Share of top decie or percentile in total wealth Top 1 wealth share Top 1% wealth share The top 1 holds 80-9 of total wealth in , and 55-6 today. Source: Piketty and Zucman '14, handbook chapter
29 10 Figure 3.5. Wealth inequality in the U.S., Share of top decile or percentile in total wealth Top 1 wealth chare Top 1% wealth share The top 1 wealth holders own about 8 of total wealth in 1929, and 75% today.
30 10 Figure 4.4. The cumulated stock of inherited wealth as a fraction of aggregate private wealth, France Cumulated stock of inherited wealth (% private wealth) Share of inherited wealth (PPVR definition, extrapolation) Share of inherited wealth (simplified definition, lower bound) Inherited wealth represents 80-9 of total wealth in France in the 19th century; this share fell to 4-5 during the 20th century, and is back to about 60-7 in the early 21st century. Source: Piketty and Zucman '14, handbook chapter
31 Figure 4.5. The inheritance flow in Europe Annual flow of bequests and gifts (% national income) 24% 2 16% 12% 8% France U.K. Germany 4% The inheritance flow follows a U-shaped in curve in France as well as in the U.K. and Germany. It is possible that gifts are underestimated in the U.K. at the end of the period. Source: Piketty and Zucman '14, handbook chapter
32 10 9 Figure 4.6. The inheritance stock in Europe (simplified definitions using inheritance vs. saving flows) (approximate, lower-bound estimates) France Stock of inherited wealth(% private wealth) U.K. Germany The inheritance share in aggregate wealth accumulation follows a U-shaped curve in France and Germany (and to a more limited extent in the U.K. and Germany. It is possible that gifts are under-estimated in the U.K. at the end of the period. Source: Piketty and Zucman '14, handbook chapter
33 3 Top 0.1% wealth share in the U.S., % 2 15% 1 5%
34 14% Top wealth shares: decomposing the top 1% 12% Top 0.5%-0.1% 1 8% 6% 4% 2% Top 0.1%-0.01% Top 0.01% Top 1%-0.5%
Wealth Inequality in the United States since 1913
Wealth Inequality in the United States since 1913 Emmanuel Saez (UC Berkeley) Gabriel Zucman (LSE) JRCPPF 4 th Annual Conference 19 February 2015 Is rising inequality in the United States only a labor
More informationFigure 1: Gini coefficient
0.50 Figure 1: Gini coefficient Gini coefficient 0.45 0.40 0.35 0.30 All Workers Men Women 1940 1950 1960 1970 1980 1990 2000 Source: Kopczuk, Saez, Song QJE'10: Wage earnings inequality Year Top 10% Pre-
More informationInequality in America : The 1% in International and Historical Perspective
Inequality in America : The 1% in International and Historical Perspective Thomas Piketty Paris School of Economics Columbia University, September 27 2012 Inequality & capitalism in the long run Long run
More informationTop incomes in historical and international perspective: Recent developments
Top incomes in historical and international perspective: Recent developments Facundo Alvaredo EMod/Nuffield College & Conicet & Paris School of Economics Inequality in the and Europe Top Incomes, Poverty
More informationHousehold Wealth: Panel Study of Income Dynamics (Thousands of 1999 dollars)
Household Wealth: Panel Study of Income Dynamics (Thousands of 1999 dollars) Business 26.6 0.0 12.2% 217.8 62.5 30.9 0.0 13.4% 230.9 53.8 Checking / Savings 19.5 3.2 80.8% 24.2 6.4 23.9 3.4 81.2% 29.4
More informationTop Incomes and the Great Recession: Recent Evolutions and Policy Implications
13TH JACQUES POLAK ANNUAL RESEARCH CONFERENCE NOVEMBER 8 9, 2012 Top Incomes and the Great Recession: Recent Evolutions and Policy Implications Thomas Piketty Paris School of Economics Emmanuel Saez University
More informationDistributional National Accounts: Methods and Estimates for the United States
Distributional National Accounts: Methods and Estimates for the United States Thomas Piketty (PSE) Emmanuel Saez (UC Berkeley) Gabriel Zucman (UC Berkeley) November 2016 There is a large disconnect today
More informationFigure 1a. Top 1% income share: China vs USA vs France
22% 20% 18% 16% Figure 1a. Top 1% income share: China vs USA vs China USA 14% 12% 10% 8% 6% 4% 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 Distribution of pretax national income (before taxes and
More informationRising Income Inequality
Rising Income Inequality Prof. Lutz Hendricks Econ520 February 21, 2017 1 / 37 The issues Income inequality has been rising for the past 35 years. Why has this happened? What could be done about it? We
More information2019 ECONOMIC FORECAST AND FINANCIAL MARKET UPDATE
2019 ECONOMIC FORECAST AND FINANCIAL MARKET UPDATE January 14, 2019 Scott Colbert, CFA Executive Vice President Director of Fixed Income & Chief Economist scott.colbert@commercebank.com GLOBAL GROWTH EXPECTATIONS
More informationExhibit #MH-156. ELECTRIC OPERATIONS (MH10-2) PROJECTED OPERATING STATEMENT (In Millions of Dollars) For the year ended March 31 REVENUES
PROJECTED OPERATING STATEMENT 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 REVENUES General Consumers at approved rates 1,194 1,223 1,235 1,254 1,265 1,279 1,296 1,307 1,320 1,336 additional * - 42
More informationRBC Economics Financial Update Dawn Desjardins
RBC Economics Financial Update Dawn Desjardins CICA/RBC Q4 2011 Business Monitor Economic Results Overview Business and Economic Optimism Begin to Stablize 100 % 80 % 60 % 40 % 20 % 0 % National Optimism
More informationsector: recent developments VÍTOR CONSTÂNCIO
The economy and the banking sector: recent developments VÍTOR CONSTÂNCIO January 2006 Recent performance of the economy and prospects Factors behind the period of slow growth Challenges to the Banking
More informationEconomic Outlook March Economic Policy Division
Economic Outlook March 212 Economic Policy Division Real GDP Outlook Percent Change, Annual Rate 2 1 1 - -1 197 197 198 198 199 199 2 2 21 U.S. GDP Actual and Potential Quarterly, Q1 197 to Q4 211 Real
More informationMacroeconomics Measurements
Macroeconomics Measurements Thomas Chaney Sciences Po Thomas Chaney (Sciences Po) Macroeconomics Measurements 1 / 33 Housekeeping issues Instructor: Thomas Chaney (myself) Email: thomas.chaney@gmail.com
More informationCollege/high school median annual earnings gap,
College/high school median annual earnings gap, 1979 2012 In constant 2012 dollars 70,000 dollars Household gap $30,298 to $58,249 60,000 50,000 40,000 Male gap $17,411 to $34,969 30,000 20,000 10,000
More informationBC Pension Forum. Economic Outlook. Presented by: Ben Homsy, CFA Portfolio Manager
BC Pension Forum Economic Outlook Presented by: Ben Homsy, CFA Portfolio Manager 1694 1704 1713 1723 1732 1741 1751 1760 1770 1779 1788 1798 1807 1817 1826 1836 1845 1854 1864 1873 1883 1892 1901 1911
More informationEconomic & Financial Market Outlook
Economic & Financial Market Outlook BC Pension Forum March 1, 2013 Chris Lawless, Chief Economist Overview Global forces Recent economic performance ~ US, Europe, Japan, China ~ Other emerging markets
More informationRelevance of Questions from past Level III Essay Exams
This document attempts to identify questions from past Level III essay exams which are still relevant in 2018. There is no guarantee that the information presented here is 100% accurate. If you have any
More informationA Giant Producer, & An Emerging Giant Consumer/Investor. Hong Liang
A Giant Producer, & An Emerging Giant Consumer/Investor China s Role in Global Trade and Investment Hong Liang Chief Economist, Head of Research October, 2016 I China: A global manufacturing power house,
More informationMore of the Same; Or now for Something Completely Different?
More of the Same; Or now for Something Completely Different? C2ER Place cover image here Richard Wobbekind Chief Economist and Associate Dean for Business and Government Relations June 14, 2017 Real GDP
More informationFrom Recession to Recovery
From Recession to Recovery Monday, April 26, 2010 8:00 AM - 9:15 AM Moderator Michael Klowden, President and CEO, Milken Institute Speakers Mohamed El-Erian, CEO and Co-Chief Investment Officer, Pacific
More informationIt s the economy stupid!
It s the economy stupid! (and it doesn t have to be this way!) October 28, 2011 Alameda, CA Sylvia A. Allegretto, PhD Center on Wage & Employment Dynamics University of California, Berkeley The critical
More informationInequality Overview Slides Spring 2009 David Autor Lecture 1
Inequality Overview Slides 14.662 Spring 2009 David Autor Lecture 1 Returns to Education Goldin and Katz, 2007 Autor, Katz, Kearney (out-takes) Overview Slides Productivity and Wage Growth Katz and Autor,
More informationHenley Global Masterclasses 2017 Henley Business School, Greenlands, Henley-on-Thames Friday 12 May 2017
The End of the Golden Era for Global Investing Prof Sotiris Tsolacos International Capital Markets Association (ICMA) Centre and School of Real Estate & Planning Henley Global Masterclasses 2017 Henley
More informationPresentation half-year results 2012
Presentation half-year results 2012 Okura Hotel, Amsterdam 26 July 2012 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in H1 2012 2. Accell Group share 3.
More informationDemographic change, long-run housing demand and the related challenges for the Irish banking sector
Demographic change, long-run housing demand and the related challenges for the Irish banking sector December 5 th, 2016 esri.ie David Duffy, Daniel Foley, Kieran McQuinn and Niall McInerney Outline: Addresses
More informationMuhlenkamp & Company. Webinar December 1, Ron Muhlenkamp, Portfolio Manager Jeff Muhlenkamp, Portfolio Manager Tony Muhlenkamp, President
Muhlenkamp & Company Webinar December 1, 2016 Ron Muhlenkamp, Portfolio Manager Jeff Muhlenkamp, Portfolio Manager Tony Muhlenkamp, President Muhlenkamp & Company, Inc. Intelligent Investment Management
More informationAn American Profile: The United States and Its People
An American Profile: The United States and Its People 1 153641_EM_AmPro.indd 1 12/16/8 11:1:32 PM An American Profile: The United States and Its People 3 Table 1 Population, Percentage Change, and Racial
More informationGlobal growth forecasts Key countries/regions,
Global growth forecasts Key countries/regions, 2014-2018 Percent 7 6 5 4 3 2 1 0 Developing Asia Sub-Saharan Africa Middle East and North Africa Latin America and the Caribbean United States Euro area
More informationThe U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services
The U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services Growth Is Cooling; But a Soft Landing Is Likely (Real GDP, annualized rate of growth)
More informationSeven Lean Years Explaining Persistent Global Economic Weakness
Seven Lean Years Explaining Persistent Global Economic Weakness 9 June 2015 Bank of Canada and European Central Bank Conference Tim Lane Deputy Governor Bank of Canada The global economy remains weak and
More informationOpportunities in a Challenging Global Business Environment: Can the World Avoid a Double-Dip?
Opportunities in a Challenging Global Business Environment: Can the World Avoid a Double-Dip? Ross DeVol Chief Research Officer (310) 570 4615 rdevol@milkeninstitute.org www.milkeninstitute.org Presentation
More information2016 LERA Winter Meetings Inequality in Japan Session. Top Income Shares and Income Mobility in Japan. Chiaki Moriguchi*
2016 LERA Winter Meetings Inequality in Japan Session Top Income Shares and Income Mobility in Japan Chiaki Moriguchi* chiaki@ier.hit-u.ac.jp Institute of Economic Research, Hitotsubashi University Second
More informationSpring Press Conference February 23, Name of chairman
Spring Press Conference February 23, 2006 Disclaimer This presentation contains forward looking statements which reflect Management s current views and estimates. The forward looking statements involve
More informationImpacts of the Global Economy on Asia Pacific Travel. 29 June 2007 John Walker
Impacts of the Global Economy on Asia Pacific Travel 29 June 2007 John Walker jwalker@oxfordeconomics.com Oxford Economics Founded in 1981 Over 300 clients including blue chip companies and government
More informationU.S. Overview. Gathering Steam? Tuesday, October 1, 2013
U.S. Overview Gathering Steam? Tuesday, October 1, 2013 Uneven global economic recovery Annual real GDP growth projections (%) Projections 2013 2014 World 3.1 3.1 3.8 United States 2.2 1.7 2.7 Euro Area
More informationA Primer on Factors Affecting Farmland Values
A Primer on Factors Affecting Farmland Values Federal Reserve Bank of Chicago David Oppedahl Business Economist 312-322-6122 david.oppedahl@chi.frb.org The economy hit bottom in June 2009, with hesitant
More informationASSETS Swiss Francs Swiss Francs
INTERNATIONAL SKATING UNION, LAUSANNE BALANCE SHEET AS OF DECEMBER 31, 2015 31.12.2015 31.12.2014 ASSETS Swiss Francs Swiss Francs Current Assets Cash 14'562.31 16'103.63 Post / Bank - current accounts
More informationFact Sheet for Q3 and January-September 2012 October 24, 2012
Fact Sheet for Q3 and January-September 2012 October 24, 2012 Contents Daimler Group Stock Market Information 3 Earnings and Financial Situation 4-13 Information for Divisions Mercedes-Benz Cars 14-17
More informationFINANCIAL ANALYSIS. Stoby
FINANCIAL ANALYSIS Stoby INVESTMENTS AND FINANCING Investments planned over the period : Investments 2018 2019 2020 2021 Intangible assets Company creation 1 500 Web platform development 8 290 Accounting
More informationGrasshoppers, Ants and Locusts: the future of the world economy
Ralph Miliband Series on the Restructuring of World Power Grasshoppers, Ants and Locusts: the future of the world economy Martin Wolf Associate editor and chief economics commentator, Financial Times Professor
More informationCanadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States?
Canadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States? Nigel Gault Chief U.S. Economist Dale Orr Canadian Macroeconomic Services Copyright 2008 Global Insight, Inc.
More informationTop 1% Income Share and Top MTR
Source: IRS, Statistics of Income Division, Historical Table 23 Top 1% Income Share and Top MTR Top 1% Income Shares (%) 0 5 10 15 20 25 Top 1% (excluding Capital Gains) Top MTR 0 10 20 30 40 50 60 70
More informationPOST-KEYNESIAN ECONOMICS
PERSONAL DISTRIBUTION IN POST-KEYNESIAN ECONOMICS Miriam Rehm, AK Wien and WU Wien FMM Summer School Berlin, 1.8.2017 OVERVIEW Empirics Functional income distribution Personal income distribution Wealth
More informationNot For Sale. An American Profile: The United States and Its People
An American Profile: The United States and Its People Not For Sale 1 759_EM_AmPro_ptg1.indd 1 Not For Sale 759_EM_AmPro_ptg1.indd 2 An American Profile: The United States and Its People 3 Table 1 Population,
More informationTelling Canada s story in numbers Elizabeth Richards Analytical Studies Branch April 20, 2017
Recent Developments in the Canadian Economy: How have the decline in oil prices and a weaker Canadian dollar affected Canada s economy? www.statcan.gc.ca Telling Canada s story in numbers Elizabeth Richards
More informationSA economic review Kevin Lings. August 2018
SA economic review Kevin Lings August 2018 South Africa real GDP growth year-on-year %y/y 8 7 6 5 Ave 4.3% 4 Ave 2.5% 3 2 Ave 0.9% 1 0-1 -2-3 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 2
More informationCarol Tomé CFO and Executive Vice President, Corporate Services
Carol Tomé CFO and Executive Vice President, Corporate Services Financial Overview December 6, 2017 1 Discussion Overview Fiscal 2017 Financial Guidance Our View of the Economy and State of the U.S. Housing
More informationReading the Tea Leaves: Investing for 2010 and Beyond
Reading the Tea Leaves: Investing for 2010 and Beyond Wednesday, April 28, 2010; 8:00 AM - 9:15 AM Moderator: Maria Bartiromo, Anchor, CNBC's Closing Bell With Maria Bartiromo Speakers: Nick Calamos, President
More informationAgriculture and the Economy: A View from the Chicago Fed
Agriculture and the Economy: A View from the Chicago Fed March 3, 2016 Riverside, Iowa David Oppedahl Senior Business Economist 312-322-6122 david.oppedahl@chi.frb.org Federal Reserve System Twelve District
More informationShifting International Trade Routes A National Economic Outlook. February 1, 2011
Shifting International Trade Routes A National Economic Outlook February 1, 2011 Today s Objectives Endeavor to provide a broad context for today s program by briefly touching on: Some good news Some not
More informationTHE ICELANDIC ECONOMY AN IMPRESSIVE RECOVERY BUT WHAT CHALLENGES LIE AHEAD?
THE ICELANDIC ECONOMY AN IMPRESSIVE RECOVERY BUT WHAT CHALLENGES LIE AHEAD? FROM BUST TO BOOM. AN EPIC BUST After 16 years of growth with a short pause for breath in 2002, the Icelandic economy entered
More informationGlobal economy maintaining solid growth momentum. Canada leading the pack
Global economy maintaining solid growth momentum Canada leading the pack Dawn Desjardins (Deputy Chief Economist) (416) 974-6919 dawn.desjardins@rbc.com September 2017 Brighter global outlook gains traction
More informationEconomic Outlook. Peter Rupert Professor and Chair Department of Economics, UCSB Director, UCSB Economic Forecast Project
Economic Outlook Peter Rupert Professor and Chair Department of Economics, UCSB Director, UCSB Economic Forecast Project League of California Cities Monterey, CA December 3, 2014 Economic Update economic
More informationA Financial Systems Resilience Index for South Africa: Joining the Twin Peaks
A Financial Systems Resilience Index for South Africa: Joining the Twin Peaks Professor Christine Oughton SOAS University of London co12@soas.ac.uk KEY ISSUES FOR EFFECTIVE MACROPRUDENTIAL POLICYMAKING
More informationMarket Insights. March 29, 2019
March 29, 2019 Economic Overview 2 Global & Regional Growth Forecasts IMF GDP Forecasts (% change YoY) 2010 2011 2012 2013 2014 2015 2016 2017 2018 Advanced Economies 1.2% 1.4% 2.1% 2.3% 1.7% 2.4% 2.3%
More informationMarket Insights. June 30, 2018
June 30, 2018 Economic Overview 2 Global & Regional Growth Forecasts IMF GDP Forecasts (% change YoY) 2010 2011 2012 2013 2014 2015 2016 2017 2018 Advanced Economies 1.7% 1.2% 1.3% 2.1% 2.3% 1.7% 2.3%
More informationThe Economic Outlook. Economic Policy Division
The Economic Outlook Economic Policy Division Glass Half Full Six years of steady growth Real GDP Outlook Percent Change, Annual Rate 10 5 0-5 -10 1980 1985 1990 1995 2000 2005 2010 2015 Glass Half Full
More informationPuget Sound Regional Forecast Chris Mefford Community Attributes
2015 Puget Sound Regional Forecast Chris Mefford Community Attributes 3 1,000s The Regional Economy has added jobs consistently for nearly 5 full years. In a few months, this will be the longest streak
More informationThe Shifts and the Shocks Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times
The Shifts and the Shocks Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times Peterson Institute for International Economics 9 th October 2014 Washington DC The Shifts and the
More informationFederal Reserve Bank of Dallas, FIRM (Financial Institution Relationship Management)
The Economic Roller Coaster: Where Have We Been? And Where Are We Going? Thomas F. Siems, Ph.D. Senior Economist and Director of Economic Outreach Federal Reserve Bank of Dallas Economic Summit Dallas
More informationExample Report: Syndicate Peer Analysis.
Example Report: Syndicate Peer Analysis. Syndicate Peer Group XXXX Excel format
More informationGrand Scheme TOPIC 11 TRANSLATION OF FOREIGN FINANCIAL STATEMENTS
1- Translation of Foreign Financial Statements - Heading 2 TOPIC 11 TRANSLATION OF FOREIGN FINANCIAL STATEMENTS Grand Scheme 3 4 P owns a foreign S S keeps its books using a FC (not US$) How do we convert
More informationEconomic Outlook: fear over fundamentals
ECONOMICS I RESEARCH Economic Outlook: fear over fundamentals April 2016 Craig Wright (SVP & Chief Economist) (416) 974-7457 craig.wright@rbc.com Volatility index Market volatility index, (VIX) 90 80 70
More informationEconomic & Market Outlook
Economic & Market Outlook August 2017 The investments described herein are: NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL OR STATE GOVERNMENT AGENCY Average
More informationTurkey: Recent Developments and Future Prospects. ISBANK Economic Research Division November 2018
Turkey: Recent Developments and Future Prospects ISBANK Economic Research Division November 2018 Macroeconomic Outlook Strong Economic Growth Cycle GDP of 851 bn USD (2017), 10.6k USD (2017) per capita
More informationPresident and Chief Executive Officer Federal Reserve Bank of New York Washington and Lee University H. Parker Willis Lecture in Political Economics
The U.S. Economic Outlook Chartspresented by WilliamC Dudley Charts presented by William C. Dudley President and Chief Executive Officer Federal Reserve Bank of New York Washington and Lee University H.
More informationEconomic Support Ratios and the First and Second Demographic Dividend in Europe
Economic Support Ratios and the First and Second Demographic Dividend in Europe Alexia Prskawetz Vienna University of Technology, Vienna Institute of Demography, and Wittgenstein Centre for Demography
More informationReal gross domestic growth
Real gross domestic growth United States, 2000 prices Compound annual growth rate 10 5 0-5 -10 81 83 85 87 89 91 93 95 97 99 01 03 05 07 Sources: BEA, Global Insight. Consumer sentiment University of Michigan,
More informationLatin American Capital Markets:
Latin American Capital Markets: Stylized Facts, Recent Developments, and Issues FEDERAL RESERVE BANK OF NEW YORK October 18, 2007 Augusto de la Torre The World Bank Structure of presentation Medium-term
More informationConcentration trends in Europe
Concentration trends in Europe Professor Tommaso Valletti Chief Competition Economist, DG COMP Disclaimer: The views expressed are those of the authors and cannot be regarded as stating an official position
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook Presented to: Maquiladora Industry Outlook Conference September 29 2006 Presented by: Patrick Newport Principal, U.S. Macroeconomic Service 781-301-9125 patrick.newport@globalinsight.com
More informationForecast evaluation report Robert Chote Chairman
Forecast evaluation report 2017 Robert Chote Chairman Background to the FER The FER is an annual report looking at the performance of past EFO forecasts against the latest outturn data Rationale Accountability
More informationTAX REFORM AND THE BUDGET
TAX REFORM AND THE BUDGET Len Burman Daniel Patrick Moynihan Professor of Public Affairs, Maxwell School, Syracuse University OASIS February 9, 2011 Part I: About the Budget How did you go bankrupt? Bill
More informationAvoiding the Blind Alley China s Economic Overhaul and its Global Implications
Avoiding the Blind Alley China s Economic Overhaul and its Global Implications Daniel Rosen Partner dhrosen@rhg.com NYU Stern China Research Luncheon New York December 1, 2014 10 East 40 th Street, Suite
More informationStocks and Bonds Track Aging Population:
Stocks and Bonds Track Aging Population: 1952-2008 8 85.00% 7 6 5 4 3 2 1 Correlation: 93% Stocks and Bonds as a Percentage of Household Liquid Financial Assets (left scale) Population 35 Years and Over
More informationTHE PERRYMAN GROUP. The Economic Benefits of the Precision Dance Industry Inspired by the Kilgore College Rangerettes
The Economic Benefits of the Precision Dance Industry Inspired by the Kilgore College Rangerettes THE PERRYMAN GROUP 510 N. Valley Mills Dr. Suite 300 Waco, TX 76710 ph. 254.751.9595 fax 254.751.7855 info@perrymangroup.com
More informationFarm Sector Income & Finances 2016 Outlook. By Ryan Kuhns and Kevin Patrick March 16, 2016
Farm Sector Income & Finances 2016 Outlook By Ryan Kuhns and Kevin Patrick March 16, 2016 Background The Economic Research Service forecasts the farm sector s income statement and balance sheet Last released
More informationComment on: Productivity Growth, Wage Growth and Unions by Kügler, Schönberg and Schreiner
Comment on: Productivity Growth, Wage Growth and Unions by Kügler, Schönberg and Schreiner Michael C. Burda Humboldt-Universität zu Berlin, CEPR and IZA ECB Forum Sintra, 20 June 2018 What this paper does
More informationA comparative study of Australian agricultural household financial positions
A comparative study of Australian agricultural household financial positions Will Chancellor & Shiji Zhao Australian Bureau of Agricultural and Resource Economics and Sciences Disclaimer: This presentation
More informationFrance : Economic developments and reforms, where are we heading?
France : Economic developments and reforms, where are we heading? The Economic Club of New York : 18 April 2018 François VILLEROY de GALHAU, Governor of the Banque de France 1 WHERE ARE WE STARTING FROM?
More informationQ PRESENTATION 18 OCTOBER 2018
Q3 2018 PRESENTATION 18 OCTOBER 2018 Group Highlights Q3 2018 Very strong growth in revenue and operating profit outside of Denmark. In Denmark, acceptance of self-cleaning in September allows Atea to
More informationOil Crises and Climate Challenges 30 Years of Energy Use in IEA Countries
Crises and 30 Years of Energy Use in IEA Countries Fridtjof Unander, International Energy Agency ISED Meeting, UN, 13 September 2004 Aim of the Study Review of trends in energy use and CO 2 emissions since
More informationGreat Depressions of the Twentieth Century Project
Great Depressions of the Twentieth Century Project Timothy J. Kehoe and Edward C. Prescott www.greatdepressionsbook.com Cole and Ohanian, The Great Depression in the United States from a Neoclassical Perspective,
More informationThe US Economic Crisis: Impact on Northeast Asia, Lessons from Japan
The US Economic Crisis: Impact on Northeast Asia, Lessons from Japan Richard Katz The Oriental Economist Report rbkatz@ix.netcom.com www.orientaleconomist.com 2008 Japan Watchers LLC. All rights reserved.
More informationU.S. Economic Activity. Federal Reserve Bank of Dallas
U.S. Economic Activity Federal Reserve Bank of Dallas 2019 Contents 1 Economic Activity 2 Wages and Prices 3 Financial Activity Economic Activity Economic Activity Index 160 Consumer Confidence and Sentiment
More informationU.S. Economic Activity. Federal Reserve Bank of Dallas
U.S. Economic Activity Federal Reserve Bank of Dallas 2019 Contents 1 Economic Activity 2 Wages and Prices 3 Financial Activity Economic Activity Economic Activity New Orders for Durable Goods Billions
More informationU.S. Economic Activity. Federal Reserve Bank of Dallas
U.S. Economic Activity Federal Reserve Bank of Dallas 2019 Contents 1 Economic Activity 2 Wages and Prices 3 Financial Activity Economic Activity Economic Activity Index 160 Consumer Confidence and Sentiment
More informationCHAPTER FIVE COST VOLUME PROFIT ANALYSIS OF DELHI METRO
CHAPTER FIVE COST VOLUME PROFIT ANALYSIS OF DELHI METRO Delhi metro as a commercial organization operates with the objective of maximizing the profit. So, it is required to consider the above before proceeding
More informationPresentation first-half results 2010
Presentation first-half results 2010 Okura Hotel, Amsterdam 23 July 2010 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in H1 2010 2. Segments and countries
More informationGlobal Economic Outlook: From Fiscal Cliff to Rushcliffe in 15 minutes. Tom Rogers. Lead Economist, Oxford Economics.
Global Economic Outlook: From Fiscal Cliff to Rushcliffe in 15 minutes Tom Rogers Lead Economist, Oxford Economics trogers@oxfordeconomics.com 16 th January 2013 Overview External environment showing signs
More informationFor personal use only
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report Appendix 5B Rule 5.5 Mining exploration entity and oil and gas exploration entity quarterly report Introduced 01/07/96
More informationReal Estate and Economic Outlook
Real Estate and Economic Outlook Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS Presentation at Inforum Outlook Conference University of Maryland College Park, MD December 12, 2013
More informationNEW BALLPARK PLANNING STUDY
CITY OF COLUMBIA, SC NEW BALLPARK PLANNING STUDY CITY COUNCIL PRESENTATION JANUARY 7, 2014 BRAILSFORD & DUNLAVEY Rich Neumann, Vice President Major Accounts 26 Years of Experience in Professional Sports
More informationA New Gilded Age? Recent Trends in Top Income Shares in Canada
A New Gilded Age? Recent Trends in Top Income Shares in Canada Mike Veall veall@mcmaster.ca Thanks to many at Statistics Canada, but especially André Bernard, Brian Murphy, Eric Olson, Paul Roberts, Habib
More informationNIIT Technologies FZ-LLC, Dubai
Balance Sheet as at I Notes As at As at As at As at PARTICULARS AED AED EQUITY AND LIABILITIES 1 Shareholders funds Share capital 3 5,000,000 90,084,500 5,000,000 84,865,500 Reserves and surplus 4 (209,271)
More informationThe Economics of Public Policy 2. Government Revenue and Expenditure in the USA and elsewhere
Fletcher School of Law and Diplomacy, Tufts University The Economics of Public Policy 2. Government Revenue and Expenditure in the USA and elsewhere Prof George Alogoskoufis The Size of the Public Sector
More informationAn Agricultural Update
An Agricultural Update May 22, 2018 Indianapolis, IN David Oppedahl Senior Business Economist 312-322-6122 david.oppedahl@chi.frb.org Personal consumption shares 40% 30% 20% 10% 0% 1950 1960 1970 1980
More informationRecent Fiscal Developments and Outlook: The April 2014 IMF Fiscal Monitor Julio Escolano
Recent Fiscal Developments and Outlook: The April 214 IMF Fiscal Monitor Julio Escolano Division Chief, Fiscal Policy and Surveillance Fiscal Affairs Department, IMF Joint Vienna Institute, Vienna, June,
More information