Cost comparison of continued anticoagulation with rivaroxaban versus placebo based on the 1-year EINSTEIN-Extension trial efficacy and safety results

Aims: The EINSTEIN-Extension trial (EINSTEIN-EXT) found that continued treatment with rivaroxaban for an additional 6 or 12 months (vs placebo) after 6–12 months of initial anticoagulation significantly reduced the risk of recurrent venous thromboembolism (VTE) with a small non-significant increased risk of major bleeding (none fatal or in critical site). This study aimed to compare total healthcare cost between rivaroxaban and placebo, based on the EINSTEIN-EXT event rates.

Methods: Total healthcare cost was calculated as the sum of treatment and clinical event costs from a US managed care perspective. Treatment duration and event rates were obtained from the EINSTEIN-EXT study. Adjustment on treatment duration was made by assuming a 10% non-adherence rate. Drug costs were based on wholesale acquisition costs. Cost estimates for clinical events (i.e. recurrent deep vein thrombosis [DVT], recurrent pulmonary embolism, major bleeding, clinically relevant non-major bleeding) were determined from the literature. Results were examined over a ±20% range of each cost component and over 95% confidence intervals (CIs) of event rate differences in deterministic (one-way) and probabilistic sensitivity analyses (PSA).

Results: Total healthcare cost was $1,454 lower for rivaroxaban-treated (vs placebo-treated) patients in the base-case, with a lower clinical event cost fully offsetting drug cost. The cost savings of recurrent DVT alone (–$3,102) was greater than drug cost ($2,723). Total healthcare cost remained lower for rivaroxaban in the majority (73%) of PSA (cost difference [95% CI]?=?–$1,454 [–$2,396, $1,231]).

Limitations: This study was conducted over the 1-year observation period of the EINSTEIN-EXT trial, which limited “real-world” applicability and examination of long-term economic impact. Assumptions on drug and clinical event costs were US-based and, thus, not applicable to other healthcare systems.

Conclusions: Total healthcare costs were estimated to be lower for patients continuing rivaroxaban therapy compared to those receiving placebo in VTE patients who had completed 6–12 months of VTE treatment.     

Inflation,real economic growth and unemployment expectations: an empirical analysis based on the ECB survey of professional forecasters

Expectations are at the centre of modern macroeconomic theory and policymakers. In this article, we examine the predictive ability and the consistency properties of macroeconomic expectations using data of the European Central Bank (ECB) Survey of Professional Forecasters (SPF). In particular, we provide evidence on the properties of forecasts for three key macroeconomic variables: the inflation rate, the growth rate of real gross domestic product and the unemployment rate.     

Impact of state-dependent oil price on US stock returns using local projections

In this paper, we investigate the impact of oil prices on both aggregate and industry US real stock returns over the period 1973–2017. The empirical analysis contributes to the related literature introducing a state-dependent oil price (high and low) and the local projections approach. Our main finding is that, depending on the nature of the shock and industry, the negative effects of oil price shocks become exacerbated -and the positive effects get moderated- if oil prices are already high.     

Financial development,economic growth and convergence clubs

To study the role of financial development in economic growth, we apply an array of convergence tests designed to capture nonlinear transitional dynamics to real outputs per capita. Strong evidence of multiple convergence clubs is observed, implying that the clubs are formed based on the initial level of real output per capita and average growth rate. Our empirical results show that the stage of economic growth of each country plays an important role for the composition of the convergence clubs. Furthermore, financial development emerges to be a significant determinant, albeit plays differently in the economic growth of each convergence club.     

Will China's WTO accession worsen farm household incomes?

Many fear China's accession to the World Trade Organization (WTO) will impoverish its farmers via greater import competition in its agricultural markets. We explore that possibility bearing in mind that, even if producer prices of some (land-intensive) farm products fall, prices of other (labor-intensive) farm and nonfarm products could rise. New estimates, from the global, economy-wide numerical simulation model known as Global Trade Analysis Project (GTAP), of the likely changes in agricultural and other product prices as a result of WTO accession, are drawn on to examine empirically the real income implications of China's WTO accession. The results suggest farm–nonfarm income inequality may well rise within China but rural–urban income inequality need not. The article concludes with some policy suggestions for alleviating any pockets of farm household poverty that may emerge as a result of WTO accession.     

Discussion on the Benefits Distributing Structure in Village Land Deal

According to everyone average welfare value of land resources; this paper constitutes the base line of glebe usufruct deal value by analyzing the factors, which are affecting glebe usufruct deal value. Having adopted share＇s quotient of ownership and contracting power, the paper erects assigning mechanism to the income of glebe deal. Because of the share dynarnicity being adopted which shows the flexible strong points, the shares of ownership and contracting power avoid many unnecessary otiose disputes on income of glebe deal, adding the stability to the glebe usufruct deal. It is beneficial to the freedom flow and validity manufacture factor installment and also to the nonagricultural changing course.     

Nonparametric Dynamic Production Analysis and the Theory of Cost

While the dynamic theory of production provides little insight towards identifying a specific functional form for the firm's technology, dynamic production analysis has been explored traditionally in a parametric framework. A nonparametric dynamic dual cost approach to production analysis is developed in this article. Recovering technological information from intertemporal cost minimizing behavior is possible without imposing a parametric functional form on the firm's technology. Nonparametric tests to analyze the structure of a dynamic technology are presented from a dynamic cost minimizing perspective. The empirical implementation of these tests is illustrated for a balanced panel data set of Pennsylvania dairy operators during the time period 1986–1992.     

对纳税筹划问题的理性思考

纳税筹划近年来日益受到人们的关注,但国内研究多侧重于筹划策略和方法。本文试图从理论上对纳税筹划的必然性、可能性及其经济和社会效应进行较深入的探讨,完善纳税筹划的指导思想,纠正对其错误的认识。     

The distributional impact of unification and the 1992–93 recession on West German households

The 1992–93 recession in the western states of Germany has been attributed, in substantial measure, to the macroeconomic consequences of policies to finance unification. Studies of the costs of unification have not attempted to measure the burden of the recession. We estimate a dynamic, panel model of household incomes using data from the German Socio-Economic Panel (GSOEP) and use it to forecast what these incomes would have been in 1992–94 without a recession. Using a ratio of actual to forecast incomes, we compare the relative burden of the recession across households. Our findings suggest that western households below the median income bore the brunt of the combined impact of unification and the recession of 1992–93.
JEL classification: P3, D3, E3.     

美国调节区域经济差异的财政措施及启示

美国的地理位置和历史文化决定了美国区域经济的发展严重不平衡.本文分析了美国政府对落后地区经济的财政调节措施,这对我国在市场经济条件下调节区域经济,推进西部大开发,一定具有深刻的启示.