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Articles 1 - 30 of 176
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Comment On ‘Economic Inequality At The Close Of The Twentieth Century’, Hyman P. Minsky Ph.D.
Comment On ‘Economic Inequality At The Close Of The Twentieth Century’, Hyman P. Minsky Ph.D.
Hyman P. Minsky Archive
Comment by Hyman P. Minsky on ‘Economic Inequality at the Close of the Twentieth Century’, a research proposal submitted to the Jerome Levy Economics Institute by Edward N. Wolff.
An Economic Impact Analysis Of The Proposed Yakima/Klickitat Fishery Enhancement Project; Preliminary Design Report, Appendix D., Richard S. Mack, Donald J. Cocheba, Daniel Green, David W. Hedrick
An Economic Impact Analysis Of The Proposed Yakima/Klickitat Fishery Enhancement Project; Preliminary Design Report, Appendix D., Richard S. Mack, Donald J. Cocheba, Daniel Green, David W. Hedrick
Economics Faculty Scholarship
The objective of this study is to estimate the economic impact of the proposed Yakima/Klickitat Production Project on the local economies of the Yakima and Klickitat subbasins. The project, when operating at planned maximum production, will augment the total number of salmon and steelhead returning to the subbasins by 77,600 and will increase the sustainable terminal harvest by 55,160. These estimates do not include fish harvested in the ocean or in the mainstem Columbia. In addition to evaluating the impacts of the construction, operations and maintenance, experimentation and monitoring, and harvest activities described in the Draft Environmental Assessment (Bonneville Power …
Metropolitan Report - December 21, 1989, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans
Metropolitan Report - December 21, 1989, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans
UNO Metropolitan Report
No abstract provided.
Public Pension Power For Socioeconomic Investments, F. Gregory Hayden
Public Pension Power For Socioeconomic Investments, F. Gregory Hayden
Department of Economics: Faculty Publications
We are at a turning point in the United States with regard to state and local public pension funds. First there is a movement to use these pension funds to support new kinds of investment activities, and second, the current economic analysis being provided by economists of the neoclassical ideology is inconsistent with the community intent for the pensions. These pensions were established by the community for what Thorstein Veblen defined as parental purposes, meaning societal activity structured to provide for the common good and the welfare of others [Veblen 1937, pp. 25-38]. Parental institutions function to elevate the broad …
On The Theory Of Macroeconomic Policy, James Tobin
On The Theory Of Macroeconomic Policy, James Tobin
Cowles Foundation Discussion Papers
Jan Tinbergen was and is of course a scientist, full of curiosity about how the world works. But his motivation has always been more than curiosity. He wants to know how the world works so that he can make it work better. Knowledge is the foundation of policy. It was natural for Tinbergen to set forth a formal theory of policy nearly fifty years ago and it was equally natural from him to relate the theory to practical problems of policy in the Netherlands and else where and to implement it and illustrate it with the help of theoretical and …
Entral Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1989, Central Bank Of Nigeria
Entral Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1989, Central Bank Of Nigeria
CBN Annual Report
The Nigerian economy showed improvement in 1989 compared to 1988. Economic Growth: Gross Domestic Product (GDP) increased by 4.0%, driven by growth in agriculture and industry. The overall balance of payments moved from a deficit to a surplus, largely due to a significant increase in crude oil exports. The unemployment rate declined slightly, with more jobs created through government programs. Nigeria's external assets increased significantly, reflecting a deliberate policy to build official reserves. Inflation: Despite some improvement, inflationary pressures remained high, with domestic prices rising by 40.9%. Stagnant Manufacturing: Manufacturing production grew at a slow pace due to high production …
Export Growth And Economic Performance In Developing Countries: Further Evidence From Africa, John M. Mbaku
Export Growth And Economic Performance In Developing Countries: Further Evidence From Africa, John M. Mbaku
Faculty Articles
Several studies have established that a significant positive relationship exists between export expansion and economic growth. In this study we examine the effect of export growth on factor productivity in Africa. It is seen that export expansion significantly enhances economic growth in Africa.
The Determinants Of Off-Budget Activity Of State And Local Governments, Michael L. Marlow, David Joulfaian
The Determinants Of Off-Budget Activity Of State And Local Governments, Michael L. Marlow, David Joulfaian
Economics
No Abstract
Mathematical Programming And Economic Theory, Herbert E. Scarf
Mathematical Programming And Economic Theory, Herbert E. Scarf
Cowles Foundation Discussion Papers
The paper discusses the analogy between economic institutions and algorithms for the solution of mathematical programming problems. The simplex method for solving linear programs can be interpreted as a search for market prices that equilibrate the demand for factors of production with their supply. An interpretation in terms of the internal organization of the large firm is offered for Lenstra’s integer programming algorithm.
A "Thriving State"? Reading A Private College Budget, Robinson G. Hollister
A "Thriving State"? Reading A Private College Budget, Robinson G. Hollister
Economics Faculty Works
No abstract provided.
The Financial Instability Hypothesis: A Clarification, Hyman P. Minsky Ph.D.
The Financial Instability Hypothesis: A Clarification, Hyman P. Minsky Ph.D.
Hyman P. Minsky Archive
Remarks prepared for "Conference on Reducing the Risks of Economic Crisis," National Bureau of Economic Research, Inc. (NBER), Cambridge, Mass.
The Empirical Reliability Of Monetary Aggregates As Indicators, Michael R. Darby, Angelo R. Mascaro, Michael L. Marlow
The Empirical Reliability Of Monetary Aggregates As Indicators, Michael R. Darby, Angelo R. Mascaro, Michael L. Marlow
Economics
It is widely believed that monetary aggregates have failed to predict economic performance over 1983-87. This paper observes that the traditional definition of money (M1 lessother checkable deposits, or M1A) shows no evidence of structural change, and yields lower prediction errors for both real GNP and inflation over 1983-87Q2 than the errors obtained using M1 or M2. If there is a mystery, it is not why MIA has done so well, but why economists abandoned it for M1 or what was once called M1B (currency, demand deposits, and other checkable deposits).
Observability And Optimality, John Geanakoplos, Heracles M. Polemarchakis
Observability And Optimality, John Geanakoplos, Heracles M. Polemarchakis
Cowles Foundation Discussion Papers
Observability of an individual’s excess demand function for assets and commodities as all prices and revenue vary suffices in order to recover his von Neumann-Morgenstern utility function. This is generically the case, even when the asset market is incomplete and the cardinal utility indices state dependent, as long as there are at least two commodities traded in spot markets at each state of nature. On the contrary, if the response of individuals’ excess demand for assets as prices in spot commodity markets vary is not observable, recoverability fails when the asset market is incomplete. In particular, it is not possible …
Solving Systems Of Simultaneous Equations In Economics, John Geanakoplos, Wayne Shafer
Solving Systems Of Simultaneous Equations In Economics, John Geanakoplos, Wayne Shafer
Cowles Foundation Discussion Papers
We show that there is a broad range of systems of simultaneous equations that arise in economics as descriptions of equilibrium that can be solved in elementary fashion via degree theory. Some of these systems are not susceptible to analysis by standard Brouwer fixed point methods. Two of our applications are to general equilibrium with incomplete markets, and to nonconvex production with noncompetitive pricing rules.
Alternative Approaches To The Political Business Cycle, William D. Nordhaus
Alternative Approaches To The Political Business Cycle, William D. Nordhaus
Cowles Foundation Discussion Papers
This paper reviews the theory and evidence concerning Political Business Cycles (PBC), which are based on the obvious facts of democratic life that voters care about the economy while politicians care about power. The first section provides an overview of different approaches to political cycles, describing five models that have been used in different contexts. The next two sections review major theoretical issues, with attention to the “microfoundations” of politico-economic systems, an exploration of the implications of ideological parties for political equilibria, and a formal analysis of a number of different PBC models. The empirical sections begin with an analysis …
Testing For A Unit Root In The Presence Of Deterministic Trends, Peter C.B. Phillips, Peter Schmidt
Testing For A Unit Root In The Presence Of Deterministic Trends, Peter C.B. Phillips, Peter Schmidt
Cowles Foundation Discussion Papers
This paper provides a new unit root test based on an alternative parameterization which has previously been considered by Bhargava (1986). This parameterization allows for trend under both the null and the alternative, without introducing any parameters that are irrelevant under either. This is not so in the Dickey-Fuller parameterizations. The new test is extracted from the score or LM principle under the assumption that the errors are iid N(0, sigma squared (epsilon)), but our asymptotics hold under more general assumptions about the errors. Two forms of the test (a coefficient test and at t-test) are derived.
Estimating Long Run Economic Equilibria, Peter C.B. Phillips, Mico Loretan
Estimating Long Run Economic Equilibria, Peter C.B. Phillips, Mico Loretan
Cowles Foundation Discussion Papers
Our subject is econometric estimation and inference concerning long-run economic equilibria in models with stochastic trends. Our interest is focused on single equation specifications such as those employed in the Error Correction Model (ECM) methodology of David Hendry (1987, 1989 inter alia) and the semiparametric modified least squares method of Phillips and Hansen (1989). We start by reviewing the prescriptions for empirical time series research that are presently available. We argue that the diversity of choices is confusing to practitioners and obscures the fact that statistical theory is clear about optimal inference procedures. Part of the difficulty arises from the …
Asymptotics For Linear Processes, Peter C.B. Phillips, Victor Solo
Asymptotics For Linear Processes, Peter C.B. Phillips, Victor Solo
Cowles Foundation Discussion Papers
A method of deriving asymptotics for linear processes is introduced which uses an explicit algebraic decomposition of the linear filter. The method leads to substantial simplifications in the asymptotics and offers a unified approach to strong laws and central limit theory for linear processes. Sample means and sample covariances are covered. The results also accommodate both homogeneous and heterogeneous innovations as well as innovations with undefined means and variances.
Asymptotic And Finite Sample Distribution Theory For Iv Estimators And Tests In Partially Identified Structural Equations, In Choi, Peter C.B. Phillips
Asymptotic And Finite Sample Distribution Theory For Iv Estimators And Tests In Partially Identified Structural Equations, In Choi, Peter C.B. Phillips
Cowles Foundation Discussion Papers
General formula for the finite sample and asymptotic distributions of the instrumental variable estimators and the Wald statistics in a simultaneous equation model are derived. It is assumed that the coefficient vectors of both endogenous and exogenous variables are only partially identified, even though the order condition for identification is satisfied. This work extends previous results in Phillips (1989) where the coefficient vector of the exogenous variables is partially identified and that of the endogenous variables is totally unidentified. The effect of partial identification on the finite sample and asymptotic distributions of the estimators and the Wald statistics is analyzed …
An Economic Approach To The Determination Of Injury Under United States Antidumping And Countervailing Duty Law, Michael S. Knoll
An Economic Approach To The Determination Of Injury Under United States Antidumping And Countervailing Duty Law, Michael S. Knoll
All Faculty Scholarship
No abstract provided.
Structural Change And Employment Decline In Oregon's Wood Products Industry, James G. Strathman, Anthony M. Rufolo, Lois M. Bronfman
Structural Change And Employment Decline In Oregon's Wood Products Industry, James G. Strathman, Anthony M. Rufolo, Lois M. Bronfman
Center for Urban Studies Publications and Reports
Employment in the wood products industry in Oregon has declined over the past decade despite a recent resurgence in demand for the industry's products. Reviewing employment and productivity data over the last decade, it is apparent that wood products employment in the state has been reduced as a result of productivity increases. Thus the industry processed more timber in 1986 than in 1979, but with about fifteen percent fewer workers. Continued reductions in wood products employment pose potentially serious adjustment problems because much of rural Oregon remains heavily dependent economically on the industry. There are also indications that timber supply …
Minnesota Housing Report [1989 4th Quarter], George R. Karvel Dr.
Minnesota Housing Report [1989 4th Quarter], George R. Karvel Dr.
Minnesota Housing Reports
The Minnesota Housing Report is compiled on the basis of monthly housing reports furnished to the Minnesota Real Estate Research Center at St. Cloud State University. Funding to permit preparation of the Minnesota Housing Report is provided by the Educational Foundation of the Minnesota Association of REALTORS and St. Cloud State University.
The reports are supplied by fourteen cooperating local real estate boards representing 80 percent of Minnesota' s population. The boards represent various areas of the state and thus provide a picture of housing diversity between regions as well as housing trends within regions.
Information presented for the state …
Labor Productivity In Wood Products: Using Interviews To Supplement Statistical Estimates, Anthony M. Rufolo, Lois M. Bronfman, James G. Strathman
Labor Productivity In Wood Products: Using Interviews To Supplement Statistical Estimates, Anthony M. Rufolo, Lois M. Bronfman, James G. Strathman
Center for Urban Studies Publications and Reports
In 1986 the wood products industry in Oregon was producing more output than in 1979 but with about fifteen percent fewer workers. The employment decline in the wood products industry in Oregon can be traced to a variety of causes, including reductions in timber harvest and changes in output mix between the more labor-intensive plywood production and the less labor-intensive lumber production; but increasing labor productivity in the industry was a major factor. Despite substantial amounts of research regarding such productivity increases, there is still ample room for debate about the specific causes of the observed productivity improvement.
In section …
Welfare Implications Of Hdb Policy On The Public Housing Price Gradient, Sock Yong Phang
Welfare Implications Of Hdb Policy On The Public Housing Price Gradient, Sock Yong Phang
Research Collection School Of Economics
In Singapore, extensive government intervention in the housing market has resulted in much deviation from assumptions made in the simple neoclassical urban models. The monocentric model of urban structure is extended to incorporate a subsidized public housing market in which the government-determined price gradient is flatter than the private housing price gradients. The propositionthat the utility of public housing households varies inversely with residential location distance from the CBD is empirically tested by estimating net returns to public housing using resale market data. It was found that net returns decreased with distance from the CBD.
Outline For Modern Money: Preconditions For A Successful Capitalism, Hyman P. Minsky Ph.D.
Outline For Modern Money: Preconditions For A Successful Capitalism, Hyman P. Minsky Ph.D.
Hyman P. Minsky Archive
Original outline for proposed volume to be written for Bank of Etruria, Banca Popolare dell'Etruria e del Lazio.
Also attached is the outline when Minsky again took up the idea of the book, in 1993.
Survey Of Methodologies For Valuing Externalities And Public Goods, F. Gregory Hayden
Survey Of Methodologies For Valuing Externalities And Public Goods, F. Gregory Hayden
Department of Economics: Faculty Publications
The purpose of this report is to explain and evaluate six different methodologies for the valuation of externalities and public goods with respect to natural resources and the ecosystem. The six methodologies are: 1) general systems analysis, 2) the social fabric matrix, 3) direct cost, 4) contingent valuation, 5) travel cost, and 6) the property approach. The explanation and analysis contained in this report intends to determine their applicability to a broad definition of an ecosystem or socioecosystem.
The concept of externalities in the field of economics is essentially a concept formulated to take account of interdependence in a model …
Publication List Economics Department 1984-89, Ardelle Lundeen
Publication List Economics Department 1984-89, Ardelle Lundeen
Economics Pamphlet Series
The publications listed herein were prepared during January 1984 - September 1989 by the faculty and graduate students in the Economics Department at South Dakota State University in the course of their research, extension, and teaching duties. The publications are arranged by the basic areas of concentration in the department: agricultural marketing, farm and ranch management, energy and water resource development, and rural development and public affairs.
Inflationary Expectations And Price Setting Behavior, Ray C. Fair
Inflationary Expectations And Price Setting Behavior, Ray C. Fair
Cowles Foundation Discussion Papers
This paper tests for the existence of expectational effects in very disaggregate price equations. Price equations are estimated using monthly data for each of 40 products. The dynamic specification of the equations is also tested, including whether the equations should be specified in level form or in change form. Two expectational hypotheses are used, one in which expectations of the aggregate price level and one in which expectations are rational. Under the first hypothesis the lag length is estimated along with the other parameters, and under the second hypothesis the lead length is estimated along with the other parameters. The …
Risk Analysis In Economics: An Application To University Finances, William D. Nordhaus
Risk Analysis In Economics: An Application To University Finances, William D. Nordhaus
Cowles Foundation Discussion Papers
Although the theory of decision making under uncertainty has been extensively studied for a half century, applications to business applications are relatively rare. This study frames a systematic risk analysis and applies the technique to the finances of private colleges and universities. It begins by constructing budgets for colleges and universities and then analyzes the major economic factors affecting those budgets. It estimates the variability (or unpredictability) associated with each major external variable from historical data and from economic forecasts. The study finds that government-spending risks outweigh all other external stock market, interest rates, inflation, and wage trends. The paper …
Additive Interactive Regression Models: Circumvention Of The Curse Of Dimensionality, Donald W.K. Andrews, Yoon-Jae Whang
Additive Interactive Regression Models: Circumvention Of The Curse Of Dimensionality, Donald W.K. Andrews, Yoon-Jae Whang
Cowles Foundation Discussion Papers
This paper considers series estimators of additive interactive regression (AIR) models. AIR models are nonparametric regression models that generalize additive regression models by allowing interactions between different regressor variables. They place more restrictions on the regression function, however, than do fully nonparametric regression models. By doing so, they attempt to circumvent the curse of dimensionality that afflicts the estimation of fully nonparametric regression models. In this paper, we present a finite sample bound and asymptotic rate of convergence results for the mean average squared error of series estimators that show the AIR models do circumvent the curse of dimensionality. The …