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1992

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Industrial Resources: Christian County - Hopkinsville, Kentucky Library Research Collections Dec 1992

Industrial Resources: Christian County - Hopkinsville, Kentucky Library Research Collections

Christian County

"Resources for Economic Development: Hopkinsville – Christian County, Kentucky" prepared by the Kentucky Cabinet for Economic Development, Division of Research, and the Hopkinsville – Christian County Economic Development Council, 1993. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1992., Central Bank Of Nigeria Dec 1992

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1992., Central Bank Of Nigeria

CBN Annual Report

In 1992, Nigeria's economy faced significant pressures but showed resilience, with rapid growth in output and economic liquidity. The Central Bank of Nigeria (CBN) intensified efforts to achieve inflation and exchange rate stability while improving the efficiency of the financial sector. The financial sector experienced rapid growth and structural changes, with the strongest growth occurring in common unity banking and mortgage finance institutions. Monetary and credit aggregates expanded at unprecedented rates, matching the all-time highs of the oil boom era of the mid-seventies. Interest rates rose significantly, with both deposit and lending rates rising in tandem with the movements of …

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Focus On Herd Size: South Dakota Beef Cattle; Winter Grain Market Potential, Donald C. Taylor, Dillion M. Feuz, Richard Shane Dec 1992

Focus On Herd Size: South Dakota Beef Cattle; Winter Grain Market Potential, Donald C. Taylor, Dillion M. Feuz, Richard Shane

Economics Commentator

No abstract provided.

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An Economic Opportunity Concept For The Northside Of The City Of Kalamazoo, Timothy J. Bartik, George A. Erickcek Dec 1992

An Economic Opportunity Concept For The Northside Of The City Of Kalamazoo, Timothy J. Bartik, George A. Erickcek

Reports

No abstract provided.

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Firing Line Debate: Reducing The Federal Deficit In The Next Four Years Is A Top Priority, Levy Institute Dec 1992

Firing Line Debate: Reducing The Federal Deficit In The Next Four Years Is A Top Priority, Levy Institute

Archives of the Levy Economics Institute

Announcement of Firing Line debate held at the Levy Institute.

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Book Review: Eisenhower And The Management Of Prosperity By John W. Sloan, Ann Mari May Dec 1992

Book Review: Eisenhower And The Management Of Prosperity By John W. Sloan, Ann Mari May

Department of Economics: Faculty Publications

Twenty-five years ago, Dwight Eisenhower was often depicted as a president with no great competence nor interest in economics or domestic policy issues. However, as those interested in presidential studies know, Eisenhower has been posthumously rehabilitated.

The revisionist literature on Eisenhower is now becoming complete, and John Sloan's book Eisenhower and the Management of Prosperity reflects this revisionism by examining economic policy formation in the 1950s. In Sloan's book, we see an Eisenhower who was not only competent in economics, but was also very aware of the political ramifications of economic policy. We also see in Eisenhower's leadership style a …

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Intergovernmental Competition, Voice And Exit Options And The Design Of Fiscal Structure, Michael L. Marlow Dec 1992

Intergovernmental Competition, Voice And Exit Options And The Design Of Fiscal Structure, Michael L. Marlow

Economics

Taxpayers may reveal their assessment of policy through exercise of available voice and exit options within the fiscal constitution. The voice option is utilized when taxpayers remain within political boundaries and attempt to communicate their assessments regarding the institutionalstatus quo to policymakers. Exercise of the exit option occurs when taxpayers signal discontent with thestatus quo by purchasing from another government supplier. This paper discusses and contrasts theconventional andconstitutional economics views toward fiscal design and argues that a major difference exists regarding the issue of who should be awarded primary responsibility in the policy process: taxpayers or policymakers? Because voice and …

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Hyper-Consistent Estimation Of A Unit Root In Time Series Regression, Peter C.B. Phillips Dec 1992

Hyper-Consistent Estimation Of A Unit Root In Time Series Regression, Peter C.B. Phillips

Cowles Foundation Discussion Papers

It is shown that the fully modified ordinary least squares (FM-OLS) estimator of a unit root in time series regression is T 3 /2 -consistent. Relative to FM-OLS, therefore, the least squares and maximum likelihood estimators are infinitely deficient asymptotically. Simulations show that this dominance of FM-OLS persists even in small samples.

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An Alternative Theory Of Firm And Industry Dynamics, Richard Ericson, Ariel Pakes Dec 1992

An Alternative Theory Of Firm And Industry Dynamics, Richard Ericson, Ariel Pakes

Cowles Foundation Discussion Papers

This paper provides a model of firm and industry dynamics that allows for entry, exit and firm-specific uncertainty generating variability in the fortunes of firms. It focuses on the impact of uncertainty arising from investment in research and exploration-type processes. It analyzes the behavior of individual firms exploring profit opportunities in an evolving marketplace and derives optimal policies, including exit, in this environment. Then it adds an entry process and aggregates the optimal behavior of all firms, including potential entrants, into a rational expectations, Markov perfect industry equilibrium, and proves ergodicity of the equilibrium process. Numerical examples are used to …

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Central Bank Of Nigeria Statistical Bulletin, December 1992, Central Bank Of Nigeria Dec 1992

Central Bank Of Nigeria Statistical Bulletin, December 1992, Central Bank Of Nigeria

CBN Statistical Bulletin

This volume data on various aspects of Nigeria's economy, including debt and banking sub-sector, central banking, financial markets, non-bank financial institutions, system clearinghouse activities, merchant and commercial banking, and public finance statistics for the year 1999. The data on financial institutions is based on the consolidation of commercial and merchant banks' first and second schedule statutory returns, computation of liquidity ratio, cash reserve ratio, loan/deposit ratio, proportion of loans to rural borrowers and small-scale enterprises, aggregate and sectoral distribution of credits, and the structure of licensed banks loans and advances. The data on financial markets is based on the consolidation …

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Price Expectations In Asset Markets With Futures Contracting, David P. Porter, Vernon L. Smith Dec 1992

Price Expectations In Asset Markets With Futures Contracting, David P. Porter, Vernon L. Smith

Economics Faculty Articles and Research

Can the introduction of a futures market assist investors in obtaining better price expectations and reduce price bubbles, and is the major determinant of the price bubble the uncertainty of the dividend structure and its effect on noise traders?

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The Importance Of Employer Accommodation On The Job Duration Of Workers With Disabilities: A Hazard Model Approach, Richard V. Burkhauser, J.S. Butler, Yang Woo Kim Dec 1992

The Importance Of Employer Accommodation On The Job Duration Of Workers With Disabilities: A Hazard Model Approach, Richard V. Burkhauser, J.S. Butler, Yang Woo Kim

Center for Policy Research

In line with policies long in place in Western Europe, United States disability policy is now attempting to intervene directly in the labor market to increase the employment of people with disabilities. Beginning in July, 1992, the Americans with Disabilities Act of 1990 required employers to provide reasonable accommodation to workers with disabilities. Here we use a continuous time hazard model on retrospective data from the 1978 Social Security Survey of Disability and Work to estimate the effect of employer accommodation on the subsequent job tenure of workers who suffer a work limiting health impairment. We show that the risk …

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Is Publicly Funded Research In Agriculture Still Needed?; Grain Price Outlook, Donald Peterson, Richard Shane Nov 1992

Is Publicly Funded Research In Agriculture Still Needed?; Grain Price Outlook, Donald Peterson, Richard Shane

Economics Commentator

No abstract provided.

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The Meaning Of Clinton's Victory, Hyman P. Minsky Ph.D. Nov 1992

The Meaning Of Clinton's Victory, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Prepared for Presentation at Libero Instituto Universitario Carlo Cattaneo, Castellanza, Italy, Nov. 17, 1992.

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Measuring Asset Values For Cash Settlement In Derivative Markets: Hedonic Repeated Measures Indices And Perpetual Futures, Robert J. Shiller Nov 1992

Measuring Asset Values For Cash Settlement In Derivative Markets: Hedonic Repeated Measures Indices And Perpetual Futures, Robert J. Shiller

Cowles Foundation Discussion Papers

Two proposals are made that may facilitate the creation of derivative market instruments, such as futures contracts, cash-settled based on economic indices. The first proposal concerns index number construction: indices based on infrequent measurements of nonstandardized items may control for quality change by using a hedonic repeated measures method, an index number construction method that follows individual assets or subjects through time and also takes account of measured quality variables. The second proposal is to establish markets for perpetual claims on cash flows matching indices of dividends or rents. Such markets may help us to measure the prices of the …

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Some Dynamics Of A Strategic Market Game With A Large Number Of Agents, John M. Miller, Martin Shubik Nov 1992

Some Dynamics Of A Strategic Market Game With A Large Number Of Agents, John M. Miller, Martin Shubik

Cowles Foundation Discussion Papers

This paper is designed to combine the game theoretic investigation of the static or equilibrium properties of large strategic market games together with the investigation of some very simple dynamics, which nevertheless are sufficient to show differences between two related games, one in which both borrowing and trade take place. The role of banking reserves emerges as relevant and sensitive to the transient state dynamics. Several 100,000 player games are simulated and the behavior is constructed with the analytical prediction for the games with a continuum of agents.

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The Complex Of Maximal Lattice Free Simplices, Imre Bárány, Roger Howe, Herbert E. Scarf Nov 1992

The Complex Of Maximal Lattice Free Simplices, Imre Bárány, Roger Howe, Herbert E. Scarf

Cowles Foundation Discussion Papers

The simplicial complex K ( A ) is defined to be the collection of simplices, and their proper subsimplices, representing maximal lattice free bodies of the form { x : Ax < b }, with A a fixed ( n + 1) × n matrix. The topological space associated with K ( A ) is shown to be homeomorphic to R n , and the space obtained by identifying lattice translates of these simplices is homeomorphic to the n -torus.

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The Large Sample Correspondence Between Classical Hypothesis Tests And Bayesian Posterior Odds Tests, Donald W.K. Andrews Nov 1992

The Large Sample Correspondence Between Classical Hypothesis Tests And Bayesian Posterior Odds Tests, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper establishes a correspondence in large samples between classical hypothesis tests and Bayesian posterior odds tests for models without trends. More specifically, tests of point null hypotheses and one- or two-sided alternatives are considered (where nuisance parameters may be present under both hypotheses). It is shown that for certain priors the Bayesian posterior odds test is equivalent in large samples to classical Wald, Lagrange multiplier, and likelihood ratio tests for some significance level and vice versa.

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Some Exact Distribution Theory For Maximum Likelihood Estimators Of Cointegrating Coefficients In Error Correction Models, Peter C.B. Phillips Nov 1992

Some Exact Distribution Theory For Maximum Likelihood Estimators Of Cointegrating Coefficients In Error Correction Models, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper derives some exact finite sample distributions and characterizes the tail behavior of maximum likelihood estimators of the cointegrating coefficients in error correction models. It is shown that the reduced rank regression estimator has a distribution with Cauchy-like tails and no finite moments of integer order. The maximum likelihood estimator of the coefficients in a particular triangular system representation is studied and shown to have matrix t -distribution tails with finite integer moments to order T - n + r where T is the sample size, n is the total number of variables in the system and r is …

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Child Care And The Employment Behavior Of Single And Married Mothers, Jean Kimmel Nov 1992

Child Care And The Employment Behavior Of Single And Married Mothers, Jean Kimmel

Upjohn Institute Working Papers

This paper examines the relationship between the cost of child care and the employment behavior of married and single mothers. The data used in this paper are from the 1987 SIPP, the first SIPP panel to utilize an improved probing of child care usage and expenditures. A primary contribution of this paper stems from the use of these improved child care data. A second contribution is to provide a clear comparison between single mothers and married mothers. A third contribution of this paper is its detailed discussion of participation elasticities, with a comparison of elasticities derived from different measures of …

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Employer Training Needs In Hawaii: Summary Report, Stephen A. Woodbury, University Of Hawaii At Manoa, Industrial Relations Center Nov 1992

Employer Training Needs In Hawaii: Summary Report, Stephen A. Woodbury, University Of Hawaii At Manoa, Industrial Relations Center

Upjohn Institute Working Papers

The Survey of Employer Training Needs in Hawaii was undertaken to gather information and data on the needs and preferences of employers in Hawaii regarding government assistance with training. The need for such information was created by passage of Act 68, Session Laws of Hawaii 1991, which created the Hawaii Employment and Training Fund "to assist employers and workers through innovative programs to include, but not be limited to, business-specific training, upgrade training, new occupational skills, management skills, and support services to improve the long-term employability of Hawaii's people."

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Assuming Clinton Wins, Hyman P. Minsky Ph.D. Oct 1992

Assuming Clinton Wins, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.

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Socially Efficient Control Of Carcinogen Emissions From Open Top Vapor Cleaners In Lndiana, Robert S. Main Oct 1992

Socially Efficient Control Of Carcinogen Emissions From Open Top Vapor Cleaners In Lndiana, Robert S. Main

Scholarship and Professional Work - Business

Robert Main's contribution to the Indiana Academy of the Social Sciences Proceedings, 1995.

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Consumption Tax Can Bring Back Thrifty American, Hyman P. Minsky Ph.D. Oct 1992

Consumption Tax Can Bring Back Thrifty American, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

“Consumption Tax Can Bring Back Thrifty American,” The Wall Street Journal, Wed. Oct. 7, 1992.

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Sustained Growth In The Model Of Overlapping Generations, Eric O'N. Fisher Oct 1992

Sustained Growth In The Model Of Overlapping Generations, Eric O'N. Fisher

Economics

This paper analyzes endogenous economic growth in the model of overlapping generations. There is no bequest motive, nor are there any externalities. If the technology is convex, per capita growth can occur only if the economy has at least two sectors. This paper shows that the limiting marginal efficiency of investment determines the potential for growth and that the rate of growth depends upon the share of the capital stock devoted to investment. Sustained consumption growth can occur only under a fairly restrictive set of assumptions. There is an equilibrium with growth only if the marginal propensity to save is …

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Construction Of Stationary Markov Equilibria In A Strategic Market Game, Ioannis Karatzas, Martin Shubik, William D. Sudderth Oct 1992

Construction Of Stationary Markov Equilibria In A Strategic Market Game, Ioannis Karatzas, Martin Shubik, William D. Sudderth

Cowles Foundation Discussion Papers

This paper studies stationary noncooperative equilibria in an economy with fiat money , one nondurable commodity , countably many time periods, no credit or futures market, and a measure space of agents — who may differ in their preferences and in the distributions of their (random) endowments. These agents are immortal, and hold fiat money as a means of hedging against the random fluctuations in their endowments of the commodity. In the aggregate, these fluctuations offset each other, and equilibrium prices are constant. We carry out an equilibrium analysis that focuses on distribution of wealth, on consumption, and on price …

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Time Series Modeling With A Bayesian Frame Of Reference: Concepts, Illustrations And Asymptotics, Peter C.B. Phillips, Werner Ploberger Oct 1992

Time Series Modeling With A Bayesian Frame Of Reference: Concepts, Illustrations And Asymptotics, Peter C.B. Phillips, Werner Ploberger

Cowles Foundation Discussion Papers

This paper offers an approach to time series modeling that attempts to reconcile classical and Bayesian methods. The central idea put forward to achieve this reconciliation is that the Bayesian approach relies implicitly on a frame of reference for the data generating mechanism that is quite different from the one that is employed in the classical approach. Differences in inferences from the two approaches are therefore to be expected unless the altered frame of reference is taken into account. We show that the new frame of reference in Bayesian inference is a consequence of a change of measure that arises …

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Fall 1992 Calendar, Levy Institute Oct 1992

Fall 1992 Calendar, Levy Institute

Archives of the Levy Economics Institute

Calendar of events.

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A Model Of The Link Between The Fiscal System And Singapore's Central Provident Fund In General Equilibrium, Hian Teck Hoon, Kai Lin Teo Oct 1992

A Model Of The Link Between The Fiscal System And Singapore's Central Provident Fund In General Equilibrium, Hian Teck Hoon, Kai Lin Teo

Research Collection School Of Economics

This paper demonstrates a channel through which the fiscal system interacts with the choice of CPF contribution rates to affect total savings, and hence, capital accumulation and the current account. It is shown that in the presence of a wage income tax, raising either the employee's or employer's contribution rates raises the total private earnings. On the other hand, in the presence of a capital income tax, raising the employee's or employer's contribution rates lowers total private savings. However, when we introduce a productive role for government spending, we show that an increase in CPF contribution rates under a balances …

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Industry's Response To Market Liberalization In China: Evidence From Jiangsu Province, Penelope B. Prime Oct 1992

Industry's Response To Market Liberalization In China: Evidence From Jiangsu Province, Penelope B. Prime

Faculty Articles

More than a decade has passed since China's communist party endorsed major economic reform at the Third Plenum of the Eleventh Central Committee in December 1978. The reforms have addressed many problems, but efficiency has been the focus of concern. To improve efficiency, China has introduced market mechanisms and reversed its import substitution policies. The purpose of this article is to investigate whether industrial productivity has increased as a result, using Jiangsu Province as a case study.

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