Financialisation, income distribution and aggregate demand in the USA

This paper investigates the effects of financialisation and functional income distribution on aggregate demand in the USA by estimating the effects of the increase in rentier income (dividends and interest payments) and housing and financial wealth on consumption and investment. The redistribution of income in favour of profits suppresses consumption, whereas the increase in the rentier income and wealth has positive effects. A higher rentier income decreases investment. Without the wealth effects, the overall effect of the changes in distribution on aggregate demand would have been negative. Thus a pro-capital income distribution leads to a slightly negative effect on growth, i.e. the USA economy is moderately wage-led.

Vodafone - Kabel Deutschland Merger

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

The patent expiry as a major inflection point in a branded Rx drug's life and strategies to counter generic competition - exemplified at Pfizer's blockbuster drug Lipitor in the USA

A large number of expensive, but highly profitable branded prescription drugs will go off-patent in the USA between 2011 and 2015. Their revenues are crucial to fund the immense costs associated with the development of an innovative drug. The rising cost pressure on pharmaceutical stakeholders has increased the demand for more affordable medications, as provided by the branded drug's generic counterpart. Yet, research based incumbents are moving beyond the traditional late lifecycle strategies and deploy more aggressive tactics in order to protect their brands, as seen with Pfizer's Lipitor!. It is doubtful, whether these efforts will help the blockbuster business model to resist current market conditions.

Effects of quantitative easing on the USA economy: A test for policy effectiveness

The catastrophic disruption in the USA financial system in the wake of the financial crisis prompted the Federal Reserve to launch a Quantitative Easing (QE) programme in late 2008. In line with Pesaran and Smith (2014), I use a policy effectiveness test to assess whether this massive asset purchase programme was effective in stimulating the economic activity in the USA. Specifically, I employ an Autoregressive Distributed Lag Model (ARDL), in order to obtain a counterfactual for the USA real GDP growth rate. Using data from 1983Q1 to 2009Q4, the results show that the beneficial effects of QE appear to be weak and rather short-lived. The null hypothesis of policy ineffectiveness is not rejected, which suggests that QE did not have a meaningful impact on output growth.

"Grundlage unseres Volkes ist die deutsche Familie“ : Ein Blick auf rechtsextreme Kindererziehung in Deutschland

[s.c.]

Antiepileptika bei Frauen im gebärfähigen Alter und in der Schwangerschaft : Vergleich der Fachinformationen in Deutschland und der Schweiz mit dem aktuellen Wissensstand [Antiepileptics in women of childbearing age and during pregnancy : Comparison of specialized information with the current state of knowledge in Germany and Switzerland].

BACKGROUND: Healthcare professionals regularly read the summary of product characteristics (SmPC) as one of the various sources of information on the risks of drug use in women of childbearing age and during pregnancy. The aim of this article is to present an overview of the teratogenic potential of various antiepileptic drugs and to compare these data with the information provided by the SmPCs. METHODS: A literature search on the teratogenic risks of 19 antiepileptic agents was conducted and the results were compared with the information on the use in women of childbearing age and during pregnancy provided by the SmPCs of 38 commercial products available in Switzerland and Germany. RESULTS: The teratogenic risk is discussed in all available SmPCs. Quantification of the risk for birth defects and the numbers of documented pregnancies are mostly missing. Reproductive safety information in SmPCs showed poor concordance with risk levels reported in the literature. Recommendations concerning the need to monitor plasma levels and possibly perform dose adjustments during pregnancy to prevent treatment failure were missing in five Swiss and two German SmPCs. DISCUSSION: The information regarding use in women of childbearing age and during pregnancy provided by the SmPCs is heterogeneous and poorly reflects the current state of knowledge. Regular updates of SmPCs are warranted in order for these documents to be of reliable use for health care professionals.

Berlin, une cité de baraques [intérieur d'une maison], CN [cliché Central News photo service] USA : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59494

Berlin, une cité de baraques, CN [cliché Central News photo service] USA : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59495

Berlin, une cité de baraques, CN [cliché Central News photo service] USA : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59496

Fête de Jeanne d'Arc à New-York, CN [cliché Central News photo service] USA : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59497

Fête de Jeanne d'Arc à New-York, CN [cliché Central News photo service] USA : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59498

Fête de Jeanne d'Arc à New York, CN [cliché Central News photo service] USA : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59499

New York, arrivée des corps de 138 marins américains qui avaient été enterrés à Brest, C.N. USA [cliché Central News] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 59501

Patrick Mc Donald (USA), gagnant du poids [de 25 kg des Jeux olympiques d'Anvers] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 60589

R. W. [Richmond Wilcox "Dick"] Landon (USA) saut en hauteur (gagnant) [des Jeux olympiques d'Anvers] : [photographie de presse] / [Agence Rol]

Référence bibliographique : Rol, 60590