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We study the smoothing impact of fiscal stabilizers (proxied by government expenditures or revenues) on business cycle volatility for a panel of EU countries in the period 1970-99. The results show that the business cycle volatility smoothing effect of fiscal stabilizers may revert at high levels. We present evidence that for government expenditure ratios exceeding an estimated value of about 38 percent, a further expansion in the size of the government could actually lead to an increase in cyclical volatility. This may call for a reconsideration of the use of fiscal stabilizers for business cycle smoothing.
This book, first published in 2000, addresses pricing and hedging derivative securities in uncertain and changing market volatility.
Reproduction of the original: Simon by J. Storer Clouston
***Discover your next reading obsession with Alex Gray's bestselling Scottish detective series*** ***Don't miss the latest from Alex Gray. Book 20 in the Lorimer series, QUESTIONS FOR A DEAD MAN, is out now and Book 21, OUT OF DARKNESS, is available to pre-order.*** Whether you've read them all or whether this is your first Lorimer novel, KEEP THE MIDNIGHT OUT is perfect if you love Ian Rankin, Val McDermid and Ann Cleeves WHAT THEY'RE SAYING ABOUT THE LORIMER SERIES: 'Warm-hearted, atmospheric' ANN CLEEVES 'Relentless and intriguing' PETER MAY 'Move over Rebus' DAILY MAIL 'Exciting, pacey, authentic' ANGELA MARSONS 'Superior writing' THE TIMES 'Immensely exciting and atmospheric' ALEXANDER MCCALL SMITH _______________ Two murders, twenty years apart. Time for revenge . . . When the body of a red-haired young man is washed up on the shore of the beautiful Isle of Mull, Detective Superintendent Lorimer's tranquil holiday away from the gritty streets of Glasgow is rudely interrupted. The body has been bound with twine in a ghoulishly unnatural position and strongly reminds Lorimer of another murder: a twenty year old Glasgow case that he failed to solve as a newly fledged detective constable and which has haunted him ever since. As local cop DI Stevie Crozier takes charge of the island murder investigation, Lorimer tries to avoid stepping on her toes. But as the similarities between the young man's death and his cold case grow more obvious, Lorimer realises that there could be a serial killer on the loose after all these years. As the action switches dramatically between the Mull murder and the Glasgow cold case twenty years earlier, Lorimer tries desperately to catch a cold-hearted killer. Has someone got away with murder for decades?