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Grand-Ducal Regulation Of 21 December 1991 Implementing Article 167, Paragraph 1, Number 5 Of The Law Of 4 December 1967 Concerning Income Tax, Grand Duchy Of Luxembourg/The Luxembourg State/Luxembourg
Grand-Ducal Regulation Of 21 December 1991 Implementing Article 167, Paragraph 1, Number 5 Of The Law Of 4 December 1967 Concerning Income Tax, Grand Duchy Of Luxembourg/The Luxembourg State/Luxembourg
Documents
No abstract provided.
Federal Deposit Insurance Corporation Improvement Act, U.S. Congress
Federal Deposit Insurance Corporation Improvement Act, U.S. Congress
Documents
No abstract provided.
Regional Growth And Migration: A Japan-U.S. Comparison, Robert J. Barro, Xavier Sala-I- Martin
Regional Growth And Migration: A Japan-U.S. Comparison, Robert J. Barro, Xavier Sala-I- Martin
Discussion Papers
No abstract provided.
Public Law No: 102-233 - Resolution Trust Corporation, Refinancing, Restructuring, And Improvement Act Of 1991, U.S. Congress
Public Law No: 102-233 - Resolution Trust Corporation, Refinancing, Restructuring, And Improvement Act Of 1991, U.S. Congress
Documents
No abstract provided.
Regulations For The Activities Of The Government Bank Guarantee Fund, Norway: Ministry Of Finance
Regulations For The Activities Of The Government Bank Guarantee Fund, Norway: Ministry Of Finance
Documents
No abstract provided.
Proposed Credit Of Sdr 74.0 Million To The Republic Of Ghana For A Second Financial Sector Adjustment Program, World Bank/World Bank Group
Proposed Credit Of Sdr 74.0 Million To The Republic Of Ghana For A Second Financial Sector Adjustment Program, World Bank/World Bank Group
Documents
Report describing the reform efforts in Ghana, including NPART
Power Of The Mortgage Twins - New York Times, Stephen Labaton
Power Of The Mortgage Twins - New York Times, Stephen Labaton
Documents
No abstract provided.
Yale Political Monthly 1991 November, The Politic, Inc.
Yale Political Monthly 1991 November, The Politic, Inc.
The Politic
No abstract provided.
Measuring The Value Of Children By Sex And Age Using A Life Cycle Model Of Fertility, Namkee Ahn
Measuring The Value Of Children By Sex And Age Using A Life Cycle Model Of Fertility, Namkee Ahn
Discussion Papers
No abstract provided.
Wages, Schooling And Background: Investments In Men And Women In Urban Brazil, John Strauss, Duncan Thomas
Wages, Schooling And Background: Investments In Men And Women In Urban Brazil, John Strauss, Duncan Thomas
Discussion Papers
No abstract provided.
Taxes And The Form Of Ownership Of Foreign Corporate Equity, Roger H. Gordon, Joosung Jun
Taxes And The Form Of Ownership Of Foreign Corporate Equity, Roger H. Gordon, Joosung Jun
Discussion Papers
No abstract provided.
Report Of The Committee On The Financial System, Reserve Bank Of India
Report Of The Committee On The Financial System, Reserve Bank Of India
Documents
https://m.rbi.org.in/Scripts/PublicationReportDetails.aspx?UrlPage=&ID=1035
Act On State Bank Investment Fund, Norway
Nota Bene; Volume V, Number Iii, Yale University Library
Nota Bene; Volume V, Number Iii, Yale University Library
Nota Bene
Nota Bene is published during the academic year to acquaint the Yale community and others with the resources of the Yale Library.
Yale Political Monthly 1991 October, The Politic, Inc.
Yale Political Monthly 1991 October, The Politic, Inc.
The Politic
No abstract provided.
Public Policy And Anthropometric Outcomes In The Côte D’Ivoire, Duncan Thomas, Victor Lavy, John Strauss
Public Policy And Anthropometric Outcomes In The Côte D’Ivoire, Duncan Thomas, Victor Lavy, John Strauss
Discussion Papers
No abstract provided.
Financial Development, The Trade Regime, And Economic Growth, Nouriel Roubini, Xavier Sala-I-Martin
Financial Development, The Trade Regime, And Economic Growth, Nouriel Roubini, Xavier Sala-I-Martin
Discussion Papers
No abstract provided.
Smoothing Primary Exporters’ Price Risks: Bonds, Futures, Options And Insurance, Kenneth M. Kletzer, David M. Newbery, Brian D. Wright
Smoothing Primary Exporters’ Price Risks: Bonds, Futures, Options And Insurance, Kenneth M. Kletzer, David M. Newbery, Brian D. Wright
Discussion Papers
No abstract provided.
English Translation, Yale University Press, James Tobin
English Translation, Yale University Press, James Tobin
Cowles Foundation Discussion Papers
Eduard Marz’s book was first published in German in 1983. I have read only his English translation, which he had completed with preliminary revisions, though not alas with final polishing, before his death in 1987. The book illuminates for us who knew him in America the intellectual and personal background of this fascinating immigrant. And not just for us, of course. World events and intellectual developments over the past two decades have heightened interest in Schumpeter not only among economists, but also among our social scientists and political philosophers. Indeed many people of all ages and all walks of life …
Classification Of Two-Person Ordinal Bimatrix Games, Imre Bárány, Jon Lee, Martin Shubik
Classification Of Two-Person Ordinal Bimatrix Games, Imre Bárány, Jon Lee, Martin Shubik
Cowles Foundation Discussion Papers
The set of possible outcomes of a strongly ordinal bimatrix game is studied by imbedding each pair of possible payoffs as a point on the standard two-dimensional integral lattice. In particular, we count the number of different Pareto optimal sets of each cardinality; we establish asymptotic bounds for the number of different convex hulls of the point sets, for the average shape of the set of points dominated by the Pareto optimal set, and for the average shape of the convex hull of the point set. We also indicate the effect of individual rationality considerations on our results. As most …
Vector Autoregression And Causality: A Theoretical Overview And Simulation Study, Hiro Y. Toda, Peter C.B. Phillips
Vector Autoregression And Causality: A Theoretical Overview And Simulation Study, Hiro Y. Toda, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper provides a theoretical overview of Wald tests for Granger causality in levels vector autoregressions (VAR’s) and Johansen-type error correction models (ECM’s). for VAR models the results for inference are not encouraging. The limit theory typically involves nonstandard distributions and nuisance parameters, and there is no sound statistical basis for testing causality in such a framework. Granger causality tests in ECM’s also suffer from nuisance parameter dependencies asymptotically and nonstandard limit theory. But, in spite of these difficulties Johansen-type ECM’s do offer a sound basis for empirical testing of the rank of the cointegration space and the rank of …
A Bayesian Analysis Of Trend Determination In Economic Time Series, Eric Zivot, Peter C.B. Phillips
A Bayesian Analysis Of Trend Determination In Economic Time Series, Eric Zivot, Peter C.B. Phillips
Cowles Foundation Discussion Papers
In this paper we provide a comprehensive Bayesian posterior analysis of trend determination in general autoregressive models. Multiple lag autoregressive models with fitted drifts and time trends as well as models that allow for certain types of structural change in the deterministic components are considered. We utilize a modified information matrix-based prior that accommodates stochastic nonstationarity, takes into account the interactions between long-run and short-run dynamics and controls the degree of stochastic nonstationarity permitted. We derive analytic posterior densities for all of the trend determining parameters via the Laplace approximation to multivariate integrals. We also address the sampling properties of …
A Reexamination Of The Consumption Function Using Frequency Domain Regressors, Dean Corbae, Sam Ouliaris, Peter C.B. Phillips
A Reexamination Of The Consumption Function Using Frequency Domain Regressors, Dean Corbae, Sam Ouliaris, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper reexamines the permanent income hypothesis (PIH) in the frequency domain. Using a simple model, we demonstrate that the PIH implies the marginal propensity to consume (MPC) out of zero frequency income is unity. The PIH also implies that the MPC out of transitory (or high frequency) income is smaller than the long-run MPC. The paper employs a systems spectral regression procedure to test the PIH that accommodates stochastic trends in the consumption and income series as well as the joint dependence in these series. Monte Carlo simulations suggest that single equation techniques can produce inefficient tests of the …
Commentary On Irving Fisher, James Tobin
Commentary On Irving Fisher, James Tobin
Cowles Foundation Discussion Papers
Schumpeter regarded “The Nature of Capital and Income” as one of the three of Fisher’s contributions to general theory generally recognized, at the time Schumpeter was writing, as “of first-class importance and originality.” The other two were Fisher’s “Mathematical Investigations” (1982) and his statistical method for measuring the marginal utility of income (1972). Nature is the bridge, both in sequence and in logic, between the other two great works, the timeless general equilibrium theory of the 1892 dissertation and the extension of that theory to intertemporal choices in production and consumption in the theory of interest.
Price Flexibility And Output Stability: An Old Keynesian View, James Tobin
Price Flexibility And Output Stability: An Old Keynesian View, James Tobin
Cowles Foundation Discussion Papers
The central macroeconomic issue is the same as ever. How reliable are automatic market adjustments in maintaining full employment equilibrium in the face of aggregate demand shocks? Many modern theorists assume that nominal prices, including wages, jump instantaneously to keep supply and demand equal in all markets. No excess supply, no involuntary unemployment, can ever arise. However, since actual price adjustments take real time, greater flexibility can be destabilizing. “Real balance” effects are overrated, and the demand effects of nominal price changes are perverse. Activist macro policies are necessary, as Keynes argued, even though nominal prices are far from rigid.
On The Internationalization Of Portfolios, William C. Brainard, James Tobin
On The Internationalization Of Portfolios, William C. Brainard, James Tobin
Cowles Foundation Discussion Papers
Portfolio theory has been an important component of open economy macroeconomic models. In those models, it is essential to distinguish among several categories of assets, both foreign and domestic, and to specify the demands and supplies. This framework has become increasingly relevant. Movements of capital across regional and national boundaries, and across currencies, have exploded in volume, thanks to the dismantling of currency and exchange controls and other financial regulations and to revolutionary economies in technologies of communication and transactions. The globalization of financial markets was stimulated by the floating exchange rate regime established in 1973.
International Currency Regimes, Capital Mobility, And Macroeconomic Policy, James Tobin
International Currency Regimes, Capital Mobility, And Macroeconomic Policy, James Tobin
Cowles Foundation Discussion Papers
The structure of the international monetary system is once again a topic of great interest and controversy — among economists, business managers, financiers, and government leaders. Many members of all these groups are acutely dissatisfied with the floating exchange rate regime that succeeded the Bretton Woods system two decades ago. Within the European Community, the Exchange Rate Mechanism has re-established a regime of “adjustable pets.” After 1992 financial markets and institutions will cover the entire Community. The further step of issuing a common European currency is under serious consideration, and beyond that the more drastic step of replacing national currencies …
Unit Roots, Peter C.B. Phillips
Unit Roots, Peter C.B. Phillips
Cowles Foundation Discussion Papers
Nonstationarity is certainly one of the most dominant and enduring characteristics of macroeconomic and financial time series. It therefore seems appropriate that this feature of the data be seriously addressed both in econometric methodology and in empirical practice. However, until recently this has not been the case. Before 1980, it was standard empirical practice in econometrics to treat observed trends as simple deterministic functions of time. Nelson-Plosser (1982) challenged this practice and showed that observed trends are better modeled if one allows for stochastic trends. Since their work there has been a continuing reappraisal of trend behavior in economic methods …
The Tail Behavior Of Maximum Likelihood Estimates Of Cointegrating Coefficients In Error Correction Models, Peter C.B. Phillips
The Tail Behavior Of Maximum Likelihood Estimates Of Cointegrating Coefficients In Error Correction Models, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper derives exact finite sample distributions of maximum likelihood estimators of the cointegrating coefficients in error correction models. The distributions are derived for the leading case where the variables in the system are independent random walks. But important aspects of the theory, in particular the tail behavior of the distributions, continue to apply when the system is cointegrated. The reduced rank regression estimator is shown to have a distribution with Cauchy-like tails and no finite moments of integer order. The maximum likelihood estimator of the coefficients in the triangular system representation has matrix t -distribution tails with finite integer …
The Long-Run Australian Consumption Function Reexamined: An Empirical Exercise In Bayesian Influence, Peter C.B. Phillips
The Long-Run Australian Consumption Function Reexamined: An Empirical Exercise In Bayesian Influence, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper reports an empirical application of new Baynesian methodology to Australian data on consumption, income, liquid assets and inflation. The methods involve the use of objective model based reference priors and objective posterior odds test criteria. The paper provides an overview of this methodology, which is based on recent work by the author (1991) and joint work with Werner Ploberger (1991) and Eric Zivot (1991). The empirical application involves tests of nonstationarity and cointegration in the data and various long-run model specifications are studied in detail. Bayesian empirical results are presented alongside well-known classical tests and are shown to …