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over the Business Cycle. Georgetown University: Working Paper . Asea, P. K. — Turnovsky, S. J. (1998): Capital Income Taxation and Risk Taking in a Small Open Economy. Journal of Public Economics 68: 55

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The paper analyses the inconsequence and problems of Russian economic policy to accelerate economic growth. The authors consider three components of growth rate (potential, Russian business cycle, and world business cycle components) and conclude that in order to pursue an effective economic policy to accelerate growth, it has to be addressed to the potential (long-run) growth component. The main ingredients of this policy are government spending restructuring and budget institutions reform, labour and capital markets reform as well as productivity growth.

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/05. Pomenková , J. – Maršálek , R. ( 2012 ): Time and Frequency Domain in the Business Cycle Structure . Agricultural Economics (AGRICECON) 58 ( 7 ): 332 – 346 . Saurina , J

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Backus, D.K. - Kehoe, P.J. - Kydland, F.E. (1992): International Real Business Cycles. Journal of Political Economy , 100(4): 745–775. Kydland FE International Real Business Cycles

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Varying. Bank of Estonia Working Paper Series , 1/2007. King, R. G. — Rebelo, S. T. (2000): Resuscitating Real Business cycles. NBER Working Paper , No. 7534. Kovács, M. A. (2005): Hogyan hat

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Business Cycle Synchronization: Irresponsibility is Idiosyncratic. In: Frankel, J. A. and Pissarides, C. (eds): NBER International Seminar on Macroeconomics 2005 . Cambridge, MA: MIT Press, pp. 261–298. Szapáry G

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] Magas, I. (1987): Konjunktúraalakulás és világgazdasági változások a fejlett tókés országokban [Business cycles and world-economic changes in the developed countries]. Kőzgazdasági Szemle , 1:70-84. Konjunktúraalakulás és

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. Karakas , M. ( 2012 ): Political Business Cycles in Turkey: Is It the Case? International Journal of Economic Sciences , I ( 2 ): 51 – 71 . Lami , E. – Kächelein , H

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/1. Burns , A.F. – Mitchell , W.C. ( 1946 ): Measuring Business Cycles . New York : NBER . IMF ( 2012 ): Hungary: Country Report . No. 12/13. http://www.imf.org/external/pubs/ft/scr/2012/ cr1213.pdf

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This paper provides an empirical analysis of the relationship between the labour income share and financialisation, as well as other related variables in Portugal from 1978 to 2012. We estimate an equation for the labour share that includes standard variables (technological progress, globalisation, education and business cycle) and variables to capture the effect of financialisation. We formulate the hypothesis that the financialisation process may lead to a rise in the inequality of functional income distribution through three channels: the change in the sectoral composition of the economy (due to both the increase in the weight of financial activity and the decrease in government activity), the diffusion of shareholder value governance practices and the weakening of trade unions. Our results show that the financialisation process has an indirect long-term effect on the labour share through its impact on government activity and trade union density. The paper also finds evidence supporting the traditional explanations for functional income distribution, namely globalisation, education and business cycle.

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