Estimated returns to schooling in Taiwan are sensitive to the inclusion of family background variables in the wage function. The effects of family background on worker’s wage are significant in the private sector but not in the public sector, suggesting that wages are more sensitive to unobserved ability or family connections in the private sector than in the public sector. The estimated wage f...

The private pension structure in the United States, once dominated by defined benefit (DB) plans, is currently divided between defined contribution (DC) and DB plans. Wealth accumulation in DC plans depends on the participant's contribution behavior and on financial market returns, while accumulation in DB plans is sensitive to a participant's labor market experience and to plan parameters. Thi...

A growing theoretical literature describes mechanisms whereby even predictable increases in the rate of inflation interfere with the ability of the financial sector to allocate resources effectively. This paper empirically assesses these predictions. The evidence indicates that there is a significant, and economically important, negative relationship between inflation and both banking sector de...

Recently there have been many attempts to understand and measure the returns from information technology (IT) investments in public sector. Initially, most of the methodologies and models were based on traditional financial models. However, assessing the returns on government investments in IT poses important practical and research challenges. Scholars and practitioners that have embarked in IT...

Stock market plays a very influential role for the economy of any country. Energy sector is considered as one of the dominating sectors in the stock market. This sector is evidently affected by oil and gas prices and performance of this sector is evaluated by stock returns of the oil & gas companies. Therefore, the study of such stock returns always remains an objective of interest for many fin...

Recent evidence suggests that ignoring structural breaks in volatility financial asset returns can result overestimation of spillover among markets. This paper examines major US equity sectors (i.e. Financial, Technology, Energy, Health, Consumer and Industrial) with bivariate GARCH models utilizing daily data from April 2006 to March 2021 after adjusting for breaks. I find significantly less b...

This paper investigates the output gap between the formal and informal sectors in three Western African countries: Benin, Mali and Senegal. Using original matched employer-employee databases, we find evidence of low physical and human capital returns in these countries when considering the informal sector. There is also evidence that these economies are deeply cleaved between productive and non...

In this general equilibrium framework, the transportation sector is modeled as a distinct sector with increasing returns. A more advanced technology has a higher fixed cost but a lower marginal cost of production. Even with both manufacturing firms and transportation firms engage in oligopolistic competition and choose technologies optimally, the model is tractable and results are derived analy...