Social and Behavioral Sciences Commons^™

The Market For (Ir)Reproducible Econometrics, Susan K. Feigenbaum, David M. Levy

Susan Feigenbaum

No abstract provided.

Two-Part Marginal Cost Pricing Equilibria With N Firms: Sufficient Conditions For Existence And Optimality, Aaron S. Edlin, Mario Epelbaum

Aaron Edlin

Restoring Economic Growth, Levy Institute

Archives of the Levy Economics Institute

Conference held at the National Press Club, Washington, DC.

Restoring Economic Growth: America's Challenges Ahead

Deregulation And Trade Liberalization: The Indonesia Reform Program, Scott Fausti, Rony Bishry

Economics Staff Paper Series

Beginning in the early 1980s, Indonesia embarked on the most comprehensive trade liberalization program in its history. The long-term goal of the reform program is to replace Indonesia's industrial development strategy of import substitution industrialization with one of export oriented industrial growth. The issues to be discussed in this paper are: 1) the historical context from which the current liberalization program evolved, 2) the recent reform measures implemented by the Indonesian government, 3) the pattern of liberalization with respect to the sequencing and speed of reforms, and 4) the successes and failures of the new trade regime.

Faculty Consistency Pay Program, John Fraas

John W. Fraas

This paper presents the procedures that were used to identify faculty salary compression, as well as, a discussion of the compensation program that was designed and implemented at a university to reduce the degree of salary compression. An example of the procedure used in the compensation program to determine the amount of money received by each faculty member is provided. The impact of the program on salary compression at the university is analyzed, and the results of a survey of faculty and Dean perceptions of the program are reviewed.

Nafta And Its Impact On Northern Plains Agriculture; Test Weight Discounts And On-Farm Drying Decisions, John Sondey, Richard Shane

Economics Commentator

No abstract provided.

Dairy Outlook; Hog Comments, Donald Peterson, Gene Murra

Economics Commentator

No abstract provided.

Making American Cities Work, Chester Smolski

Smolski Texts

"Visiting a city in a foreign country can be revealing about the culture of that country, can make one realize that cities are places of enjoyment and fulfillment, and that people prize living in them. From such experiences one has to ponder why American cities cannot be viewed in the same manner."

Book Review Of The United States In The Global Economy: Challenges And Policy Choices, John Mullin

Landscape Architecture & Regional Planning Faculty Publication Series

Academics who teach either economic development or industrial policy courses struggle to find a core text to support their courses. Typically they borrow material from business, economics, political science, or public policy and blend articles into a reader that is rearely comprehensive and often lacks continuity. For this reason alone, these academics will be quite pleased to learn of John Accordino's new text, The United States in the Global Economy: Challenges and Policy Choices.

Fiscal Policy, Monetary Policy, And The Carter Presidency, Ann Mari May

Department of Economics: Faculty Publications

The Carter years have often been characterized as a period of profound economic malaise brought on by weak and misguided leadership. Indeed, not since Herbert Hoover left office in 1933 has a president faced such pervasive allegations of economic mismanagement. However, examination of broad indicators of economic conditions demonstrates that the economy performed quite well during the Carter years. Moreover, fiscal policy during the Carter Administration was relatively stable and less volatile than fiscal policy during other postwar presidential periods and appropriate in its countercyclical thrust. In contrast, monetary policy was highly erratic compared to monetary policy during other presidential …

Modern Techniques Of Bank Administration, C. E. Agene

Bullion

This paper examines the basic theories and concepts underlying bank management. The paper noted that portfolio management, especially the funds management aspect, represented the core of sound bank planning and financial control. The paper identified principal methods of assets and liability management including liquidity and asset management, forecasting, resource allocation, foreign exchange management and gap management were discussed. The twin concepts of overall bank liquidity and balance sheet interest rate sensitivity management are also highlighted. The paper further observed that that portfolio management in banks being an intricate matter usually requires the setting up of management committees to take charge …

Could Distance Be A Proxy For Severity-Of-Illness? A Comparison Of Hospital Costs In Distant And Local Patients., H G. Welch, E B. Larson, W P. Welch

Dartmouth Scholarship

We test the hypothesis that hospital costs, after adjusting for DRG mix, are higher in distant patients than in local patients. Data were obtained from the Washington State Commission Hospital Abstract Reporting System (CHARS) and included all patients discharged from 15 metropolitan hospitals in the state of Washington during fiscal year 1987 (N = 181,072).

The Natural Rate As New Classical Macroeconomics, James Tobin

Cowles Foundation Discussion Papers

Friedman identified his “natural rate” as Walrasian equilibrium. Keynes’s “full employment” is also classical equilibrium: labor markets are clearing at existing real wages. Why is equilibrium unemployment not zero? Keynes and Friedman cite, but do not explain, “frictional” unemployment. They differ on what explains cycles. Friedman and Lucas answer: misperceptions of inflation. Markets clear at wrong prices and quantities. Today New Classicals stress variations in the natural rate itself. In Keynesian cycles markets don’t clear. Excess supplies or demands trigger Phillips-curve movements of wages and prices. Unemployment and vacancies coexist in varying proportions because inter-sectoral shocks always occur. Adjustment dynamics, …

Macroeconomic Shocks In An Aggregative Disequilibrium Model, Vassilis A. Hajivassiliou

Cowles Foundation Discussion Papers

In this paper, I first show how aggregation over submarkets that exhibit varying degrees of disequilibrium can provide a foundation to the classic “short-side” disequilibrium econometric model of Fair and Jaffee [11]. I then introduce explicit randomness in the aggregative model as arising from economy-wide demand and supply shocks, which are allowed to be serially correlated. I develop suitable simulation estimation methods to circumvent hitherto intractable computational problems resulting from serial correlation in the unobservables in disequilibrium analysis. I show that the introduction of macroeconomic shocks has fundamentally different implications compared to the traditional approach that arbitrarily appends an additive …

Review Of Business Cycles: Theory, History, Indicators, And Forecasting By Victor Zarnowitz, Abdur Chowdhury

Economics Faculty Research and Publications

No abstract provided.

Auctions For Transferable Objects: Theory And Evidence From The Vehicle Quota System In Singapore, David K. C. Lee, Winston T. H. Koh

Research Collection Lee Kong Chian School Of Business

This paper studies the hypothesis that auctions with resale markets result in higher prices. The vehicle quota system introduced in Singapore in May 1990 provides the setting. The Certificates of Entitlement (COEs) necessary to purchase new cars were initially transferable for all quota categories. After October 1991, COEs for four major categories became non-transferable. Our results indicate that while the conversion to non-transferability eliminated speculation, it has also intensified competition among car distributors. Auctions for non-transferable COEs in fact led to higher COE prices in three of the four categories.

The Case For The Savings-Exempt Income Tax, Murray L. Weidenbaum

Murray Weidenbaum Publications

Murray Weidenbaum gives his reasons why he supports a savings-exempt income tax.

The U.S./Ec Relationship: Friends And Competitors, Murray L. Weidenbaum

Murray Weidenbaum Publications

The United States and the European Community need to develop a better understanding of how to simultaneously be both friends and competitors. U.S. firms with facilities in the EC will benefit from this regional trade zone while others will find difficulties trying to export goods to the EC. The author concludes that he expects the United States and the European Community will work more closely in the 21st century.

Suggested Revisions To The Polish Employment Law, Christopher J. O'Leary

Reports

No abstract provided.

Audit Selection And Income Tax Underreporting In The Tax Compliance Game, James Alm, Roy W. Bahl, Matthew N. Murray

ECON Publications

This paper uses a game-theoretic model of the tax compliance game to estimate a model of audit selection and income tax underreporting in Jamaica. The empirical analysis make use of audited tax returns for individual taxpayers, and a random sample of tax returns for the population from which the audited returns are selected. The estimation results strongly indicate a nonrandom audit strategy, and thus provide support for the game-theoretic approach. The results also indicate that the probability of underreporting and the level of underreporting are positively related to the marginal tax rate and to income, and negatively related to marginal …

Suggested Revisions To The Polish Social Welfare Law, Christopher J. O'Leary, W.E. Upjohn Institute For Employment Research

Reports

No abstract provided.

The Value Line Enigma Extended - An Examination Of The Performance Of Option Recommendations, Jack B. Broughton, Don M. Chance

Business Faculty Articles and Research

We extend the research on the Value Line Enigma by examining the performance of call recommendations in Value Line Options. Galai's hedge decomposition procedure identifies the components of the calls' returns. Abnormal call returns were most pronounced immediately following the purchase, which is consistent with studies of Value Line's stock rankings. The largest and most significant abnormal performance was by calls assigned the highest rank written on stocks judged by Value Line to be correctly priced. Abnormal call return performance by joint call and stock ranks was consistent with the hypothesis that Value Line identifies underpriced call options.

Domestic Monopoly, Quotas & Contestable Rents, William Rieber

William Rieber

The Essential Characteristics Of Post-Keynesian Economics, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Given here, in addition to the final article, are:

Proofs of the article: Notes; Glossary; an outline; an outline also showing post-it notes; a 1992 version; a version from August 1990 with post-it notes and corrections; the same without the post-it notes, and a l version from 1990 without edits.

Seasonality In Corn And Soybean Prices Received By South Dakota Farmers; Grain: Sell Or Store, Bashir A. Qasmi, Richard Shane

Economics Commentator

No abstract provided.

Outlook: Economy Ok, But Significant Changes Coming For Agriculture, Donald Peterson

Economics Commentator

No abstract provided.

Group Risk Plan A New Program From The Federal Crop Insurance Corporation, Burton Pflueger

Economics Commentator

No abstract provided.

Implementation Of Indirect Monetary Control In Nigeria: Problems And Prospects., F. O. Oresotu

Economic and Financial Review

The paper discusses the advantages and disadvantages, pre-conditions, instruments and issues in indirect approach to monetary and credit control. Among the preconditions stated are the ability of the Central Bank to formulate an appropriate monetary programme to which government must give support and co-operation to the Central Bank in its execution. The importance of competitive money and short-term securities markets to serve as medium for transmitting monetary policy action to the productive sectors of the economy is also stressed. This will facilitate the functioning of an efficient transmission mechanism for the allocation of financial resources among competing needs. The relevance …

Economic Cost Of Electricity Outages: Evidence From A Sample Study Of Industrial And Commercial Firms In The Lagos Area Of Nigeria., O. A. Uchendu

Economic and Financial Review

The purpose of this study is to estimate some of the measurable costs of electricity outages from a sample of industrial and commercial firms in the Lagos area. To achieve this objective, over 100 firms were surveyed. Analysis of the survey returns showed that firms in the area sustained substantial economic costs, consisting of adaptive costs (investments and operating costs on own generations), operating losses (raw and processed materials), equipment losses and unproduced output. Most of the firms indicated that NEPA's tariff was expensive. They also recommended among other things, private sector participation in the electricity industry and privatization of …

The Human Costs Of Nafta, Melvin Burke

School of Economics Faculty Scholarship

The proposed North American Free Trade Agreement between the United States, Canada, and Mexico is the logical and perhaps inevitable extension of the 1989 Free Trade Agreement between the United States and Canada. Both agreements are controversial, and massive public opposition exists in all three countries—for good reasons, as we shall see. The citizens of these three nations have never been provided with a credible explanation of the need for NAFTA. Contrary to the proclamations of NAFTA's proponents, there are no guarantees that the supposed benefits ofthe free trade agreement will be realized, nor is it clear who will gain …