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1997

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1997, Central Bank Of Nigeria Dec 1997

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1997, Central Bank Of Nigeria

CBN Annual Report

In 1997, Nigeria experienced its third consecutive year of macroeconomic stability, resulting in modest improvement in domestic output growth and a persistently low inflation rate. The balance of payments position showed a modest surplus, and significant success was achieved in reducing domestic liquidity growth. Domestic output expanded further due to increased agricultural output and crude petroleum production, while the inflation rate declined further. Domestic output, measured by the Gross Domestic Product (GDP), increased by 3.8% in 1997, as against the average growth rate of 2.3% in the preceding three years. The fight against inflation was highly successful, reaching a single …

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Seasonal Corn And Soybean Pricing; Benchmarks For Your Beef Herd: Where To Find Them, Dick Shane, Gene Murra Dec 1997

Seasonal Corn And Soybean Pricing; Benchmarks For Your Beef Herd: Where To Find Them, Dick Shane, Gene Murra

Economics Commentator

No abstract provided.

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Review Of "The Post-Cold War Trading System: Who's On First?" By S. Ostry, Stephen S. Golub Dec 1997

Review Of "The Post-Cold War Trading System: Who's On First?" By S. Ostry, Stephen S. Golub

Economics Faculty Works

No abstract provided.

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Non-Convex Costs And Capital Utilization: A Study Of Production Scheduling At Automobile Assembly Plants, George J. Hall Dec 1997

Non-Convex Costs And Capital Utilization: A Study Of Production Scheduling At Automobile Assembly Plants, George J. Hall

Cowles Foundation Discussion Papers

This paper studies how managers at automobile assembly plants organize production across time. Detailed data from eleven single-source automobile assembly plants display considerable cross-plant heterogeneity. At plants which make low- and medium-selling vehicles the capital stock often sits idle, production is more variable than sales, and weeklong shutdowns are often used to vary output. In contrast, at plants which make high-selling vehicles, the capital stock rarely sits idle, production is about as variable as sales, and over time — bit weeklong shutdowns — is most frequently used to vary output. To explain this difference in production scheduling, I formulate and …

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Stock Market And Macroeconomic Policies: New Evidence For The Pacific Basin Countries, Unro Lee Dec 1997

Stock Market And Macroeconomic Policies: New Evidence For The Pacific Basin Countries, Unro Lee

Eberhardt School of Business Faculty Articles

This article investigates whether the stock markets of the Pacific Basin countries of Hong Kong, Singapore, South Korea, and Taiwan are informationally efficient with respect to macroeconomic policies. Granger causality tests are utilized in the context of a Vector Error Correction Model to test the relationship between aggregate stock prices and monetary and fiscal policies. The findings indicate that the stock markets of all four countries are not efficient with respect to both macroeconomic policies. These findings are different from those of other articles focusing on major industrialized countries. Rejection of market efficiency may be attributed to the unique structure …

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Evaluating The Information Content And Money Making Ability Of Forecasts From Exchange Rate Equations, Ray C. Fair Dec 1997

Evaluating The Information Content And Money Making Ability Of Forecasts From Exchange Rate Equations, Ray C. Fair

Cowles Foundation Discussion Papers

This paper evaluates a particular set of equations for the dollar/yen and dollar/mark exchange rates. The forecasts from the equations dominate both forecasts from the random walk model and forecasts using the forward rate. The results also suggest that money may be able to be made in the forward markets using the equations.

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Curbing Urban Traffic Congestion In Singapore: A Comprehensive Review, Rex S. Toh, Sock-Yong Phang Dec 1997

Curbing Urban Traffic Congestion In Singapore: A Comprehensive Review, Rex S. Toh, Sock-Yong Phang

Research Collection School Of Economics

One of the most pervasive and frustrating of modern transportation problems is urban traffic congestion. Since 1975, Singapore has introduced a relentless series of traditional and experimental measures to slow down the growth of the motor vehicle population and to control its usage. While some of the measures have been somewhat successful, some of the problems were shifted or were substituted. The Area Licensing Scheme led to a shifting of the problem in time and place while the quota system has substituted uncertainty in quantity with uncertainty in price. Furthermore, the Preferential Additional Registration Fee system and the Quota System …

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Central Bank Of Nigeria Statistical Bulletin, December 1997, Central Bank Of Nigeria Dec 1997

Central Bank Of Nigeria Statistical Bulletin, December 1997, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from documents like balance sheets and financial statements, which are designed for legal and administrative purposes rather than economic analysis. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. However, due to problems with imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation, major revisions were made. The Computer Services Department generates summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. …

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The Stock Market: Herd Mentality And Rationality; World Meat Production And Trade: Some Selected Comments, John Sodney, Gene Murra Nov 1997

The Stock Market: Herd Mentality And Rationality; World Meat Production And Trade: Some Selected Comments, John Sodney, Gene Murra

Economics Commentator

No abstract provided.

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Almost Everybody Disagrees Almost All The Time: The Genericity Of Weakly Merging Nowhere, Ronald I. Miller, Chris William Sanchirico Nov 1997

Almost Everybody Disagrees Almost All The Time: The Genericity Of Weakly Merging Nowhere, Ronald I. Miller, Chris William Sanchirico

All Faculty Scholarship

Suppose we randomly pull two agents from a population and ask them to observe an unfolding, infinite sequence of zeros and ones. If each agent starts with a prior belief about the true sequence and updates this belief on revelation of successive observations, what is the chance that the two agents will come to agree on the likelihood that the next draw is a one? In this paper we show that there is no chance. More formally, we show that under a very unrestrictive definition of what it means to draw priors “randomly,” the probability that two priors have any …

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Subsidies In Oligopoly Markets: A Welfare Comparison Between Symmetric And Asymmetric Costs, Stephen F. Hamilton, Rickard Sandin Nov 1997

Subsidies In Oligopoly Markets: A Welfare Comparison Between Symmetric And Asymmetric Costs, Stephen F. Hamilton, Rickard Sandin

Economics

Oligopolistic industries generally produce less than is socially desirable. As a result, the use of production subsidies is often suggested as a means of raising production toward the efficient level in imperfectly competitive markets. In cases where firms are equally efficient in producing the good, the common prescription is a policy of uniform subsidization, as suggested by Besley (1989).(1) When firms in an industry differ in cost efficiency, however, uniform subsidization involves subsidizing inefficient firms in the same manner as efficient firms. Consequently, uniform policy may be undesirable from a social perspective, particularly when the price-cost margins of inefficient firms …

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Meaningful Measures Of The Current Account, Eric O'N. Fisher, Youngsoo Woo Nov 1997

Meaningful Measures Of The Current Account, Eric O'N. Fisher, Youngsoo Woo

Economics

Since the conventional current account uses cash-flow accounting, it is potentially devoid of economic meaning. Assessing foreign assets at market values and including expected transfers from abroad, this paper reports two measures of the external surplus that are grounded in economic theory. The first measure is the aggregate generational current account, annual differences in the sum of net foreign assets across all current and future generations. The second measure is the generational profile of net foreign assets in a benchmark year. These ideas are implemented with data from Korea.

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Why Not Cut Pay?, Truman F. Bewley Nov 1997

Why Not Cut Pay?, Truman F. Bewley

Cowles Foundation Discussion Papers

Over 300 business people, labor leaders, business consultants, and counselors of unemployed people were interviewed during the recession of the early 1990’s in order to learn why wages and salaries were declining in only a few firms. Employers believed that cutting pay would hurt employee morale, leading to lower productivity and current or future difficulties with hiring and retention. There were few indications that unemployed people had excessive wage expectations. On the contrary, many unemployed were too flexible and found themselves rejected by firms as overqualified.

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Managerial Stress In Hong Kong And Taiwan : A Comparative Study, Oi Ling Siu, Luo Lu, Cary L. Cooper Nov 1997

Managerial Stress In Hong Kong And Taiwan : A Comparative Study, Oi Ling Siu, Luo Lu, Cary L. Cooper

Centre for Public Policy Studies : CPPS Working Paper Series

The purpose of this study was to investigate occupational stress in managers in Hong Kong (N=280) and Taiwan (N=347) using the Occupational Stress Indicator-2 (OSI-2). The results showed that the reliabilities and predictive validity of the OSI-2 subscales were reasonably high in both samples. The logical relationships between job satisfaction, mental and physical well-being that were found in the two samples have provided support to the findings obtained in Western countries. The predictors for health effects were various and many in the two places. Further, there were gender differences in managerial stress in Hong Kong: female managers scored higher in …

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Breaking Trends And The Money-Output Correlation, David Fernandez Nov 1997

Breaking Trends And The Money-Output Correlation, David Fernandez

Research Collection Lee Kong Chian School Of Business

This paper examines the impact on the money-output correlation of a univariate specification that allows time series to be characterized as stationary around a broken trend function. Though pretesting suggests that U.S. real output (industrial production) can be described as broken-trend stationary, this result has only limited impact on the money-output correlation. Before 1985 there is a strong Granger causal relationship between money and broken-detrended output (hut not first-differenced output), even when different short-term interest rates are used as regressors. However, after 1985 this relationship weakens significantly, whether or not one determines that output has a unit root.

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Crop System Diversity: Historical Perspective And Current Policies, Thomas L. Dobbs, Linda M. Dumke Oct 1997

Crop System Diversity: Historical Perspective And Current Policies, Thomas L. Dobbs, Linda M. Dumke

Economics Commentator

No abstract provided.

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The Closing Of The Yankee Rowe Nuclear Power Plant: The Impact On A New England Community, John R. Mullin, Zenia Kotval Oct 1997

The Closing Of The Yankee Rowe Nuclear Power Plant: The Impact On A New England Community, John R. Mullin, Zenia Kotval

Landscape Architecture & Regional Planning Faculty Publication Series

America's nuclear power companies for the first time, face reduced demand and a resulting decline in generating capacity that will affect not only the industry, but also the communities that have become dependent on the "nuclear economy." Across the United States there are 111 nuclear plants; approximately twenty are expected to close by the year 2012 (Pasqualetti 1991a, Allen 1996). While many Americans applaud this trend, the fact remains that the closings will bring extensive economic hardships to the communities and regions where the plants are located. This paper is a case study of the local effect from the closing …

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Endnotes: About Composite Economic Indexes, Alan Clayton-Matthews Oct 1997

Endnotes: About Composite Economic Indexes, Alan Clayton-Matthews

Public Policy and Public Affairs Faculty Publication Series

Just as there are different motivations for wanting to know the weather, there are different motivations for wanting to know current, past, and future economic conditions. A firm or a government agency whose revenues or tax receipts depend on the level of economic activity needs to be able to plan budgets accordingly. Others, such as the Federal Reserve System and financial analysts, need to make decisions based on the state of the economy. An economist needs to know the “facts” about the economy before explaining them.

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Economic Currents: The State Of The State Economy, Alan Clayton-Matthews Oct 1997

Economic Currents: The State Of The State Economy, Alan Clayton-Matthews

Public Policy and Public Affairs Faculty Publication Series

The current economic situation in Massachusetts, like the nation, is healthy. Employment, income, and output growth are strong, and inflation is low. Over the last 12 months ending in July 1997, non-agricultural payroll employment (referred to below as “employment”) grew 2.3 percent. At this rate, the peak employment of December 1988 will be surpassed by the end of this winter. The unemployment rate has been hovering at or below 4 percent for several months, a rate not experienced since 1989. Monthly initial unemployment insurance claims averaged 28,500 over the last 12 months, down from an average 31,400 a year earlier, …

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The Income Gap In Cognitive Skills In Rural Pakistan, Harold Alderman, Jere R. Behrman, Shahrukh Khan, David R. Ross, Richard Sabot Oct 1997

The Income Gap In Cognitive Skills In Rural Pakistan, Harold Alderman, Jere R. Behrman, Shahrukh Khan, David R. Ross, Richard Sabot

Economics Faculty Research and Scholarship

No abstract provided.

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Population Numbers Are Necessary To Predict The Future, Chester Smolski Oct 1997

Population Numbers Are Necessary To Predict The Future, Chester Smolski

Smolski Texts

"'Demographics explain about two-thirds of everything.' So say David K. Foot and Daniel Stoffman in Canada's best selling nonfiction book for 1996, Boom, Bust and Echo."

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Restating Capitalization Standards And Rules: The Case For "Rough Justice" Regulations (Part Two), John W. Lee, Eldridge Blanton, Veena Luthra, Glenn Walberg, Darryl Whitesell Oct 1997

Restating Capitalization Standards And Rules: The Case For "Rough Justice" Regulations (Part Two), John W. Lee, Eldridge Blanton, Veena Luthra, Glenn Walberg, Darryl Whitesell

Faculty Publications

No abstract provided.

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The Use Of Profiling To Target Services In State Welfare-To-Work Programs: An Example Of Process And Implementation, Randall W. Eberts Oct 1997

The Use Of Profiling To Target Services In State Welfare-To-Work Programs: An Example Of Process And Implementation, Randall W. Eberts

Upjohn Institute Working Papers

The purpose of this paper is to provide preliminary information about the design of a pilot project to test the efficacy of profiling and referring welfare-to-work participants. Welfare reform requires welfare recipients, with few exceptions, to participate in work activities and ultimately become economically self-sufficient. Welfare recipients possess a wide variation in job readiness skills, ranging from those who are ready and able to work to those who face significant barriers to employment. The challenge of the local administrator of welfare-to-work programs is to target services to those who need them the most. Yet, most programs provide the same services …

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Assessment Of Kalamazoo County's Education For Employment (Efe) Programs Using 1997 Survey Data, Kevin M. Hollenbeck Oct 1997

Assessment Of Kalamazoo County's Education For Employment (Efe) Programs Using 1997 Survey Data, Kevin M. Hollenbeck

Reports

Discusses EFE's mission, programs, and activities for high school students in the nine local school districts in Kalamazoo County, the Intermediate School District and Kalamazoo Valley Community College.

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Preliminary Evidence On Impacts Of Active Labor Programs In Hungary And Poland, Christopher J. O'Leary Oct 1997

Preliminary Evidence On Impacts Of Active Labor Programs In Hungary And Poland, Christopher J. O'Leary

Upjohn Institute Working Papers

To ease the hardship associated with worker dislocation and to maintain social stability during the transition to markets, the governments of Hungary and Poland provide labor force members with unemployment compensation and a variety of active labor programs (ALPs). Follow-up surveys of participants in retraining, public works, wage subsidies, self-employment, and comparison groups were done in Hungary and Poland in early 1997. Preliminary analysis suggests positive net impacts for most ALPs and additive benefits from the use of the employment service in both countries. Strong evidence of nonrandom assignment to programs means that great care should be used in interpreting …

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Ohio's Metropolitan Areas: Employment And Payroll Trends In Central And Suburban Counties, Ziona Austrian Oct 1997

Ohio's Metropolitan Areas: Employment And Payroll Trends In Central And Suburban Counties, Ziona Austrian

All Maxine Goodman Levin School of Urban Affairs Publications

No abstract provided.

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Products Liability And Legal Leverage: The Perverse Effect Of Stiff Penalties, Michael S. Knoll Oct 1997

Products Liability And Legal Leverage: The Perverse Effect Of Stiff Penalties, Michael S. Knoll

All Faculty Scholarship

No abstract provided.

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Assessment Of Kalamazoo County's Education For Employment (Efe) Programs Using 1996 Survey Data, Kevin M. Hollenbeck Oct 1997

Assessment Of Kalamazoo County's Education For Employment (Efe) Programs Using 1996 Survey Data, Kevin M. Hollenbeck

Reports

No abstract provided.

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Class Action Reform, Qui Tam, And The Role Of The Plaintiff, Jill E. Fisch Oct 1997

Class Action Reform, Qui Tam, And The Role Of The Plaintiff, Jill E. Fisch

All Faculty Scholarship

No abstract provided.

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Vol. 1, No. 1: Benevolent But Troubled Amnesty, Vincent Williams, Jonathan Crush Sep 1997

Vol. 1, No. 1: Benevolent But Troubled Amnesty, Vincent Williams, Jonathan Crush

Southern African Migration Programme

No abstract provided.

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