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Economics

2001

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Full-Text Articles in Social and Behavioral Sciences

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria Dec 2001

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria

CBN Annual Report

The Report, as in the past, reviews the operations of the Central Bank of Nigeria in its efforts at discharging its mandate for the fiscal year 2001. The major objectives of monetary policy for 2001 were outlined in the Bank's Monetary Policy Circular No. 35, which aimed to maintain internal and external balance, contribute to sustainable output growth and poverty reduction, and focus on the banking system, rate, rate regime, viability, and stability. Key policy targets included growth in broad money, narrow money, aggregate bank credit, growth in bank credit to the government, private sector, inflation rate, and GDP growth. …

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Employee Ownership After Privatization: Governance Institutions And Firm Performance In Romania, John S. Earle, ÁLmos Telegdy Dec 2001

Employee Ownership After Privatization: Governance Institutions And Firm Performance In Romania, John S. Earle, ÁLmos Telegdy

Reports

This paper studies the governance institutions and performance consequences of privatization through management-employee buyout (MEBO) in Romania. Detailed firm-level survey data are used to analyze ownership rights practices concerning voting, dividend payment, and sales of shares, and to study the continued role of the state through restructuring restrictions in the privatization contracts, difficulties in installment payment, and possible renationalization of shares. Comprehensive privatization and registry data are used to estimate the productivity performance of industrial MEBOs, compared with mass transfers to dispersed individuals, sales to domestic and foreign blockholders, and continued ownership by the state. We find that the ownership …

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The Economic Impact Of Cornerstone Alliance On Berrien County, George A. Erickcek Dec 2001

The Economic Impact Of Cornerstone Alliance On Berrien County, George A. Erickcek

Reports

No abstract provided.

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Volatile Times And Volatile Prices, Matthew A. Diersen Dec 2001

Volatile Times And Volatile Prices, Matthew A. Diersen

Economics Commentator

No abstract provided.

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Volatile Times And Volatile Prices, Matthew A. Diersen Dec 2001

Volatile Times And Volatile Prices, Matthew A. Diersen

Economics Commentator

No abstract provided.

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Ua3/9/5 Partnerships For Progress: Linking Higher Education & Economic Development, Wku President's Office, Gary A. Ransdell Dec 2001

Ua3/9/5 Partnerships For Progress: Linking Higher Education & Economic Development, Wku President's Office, Gary A. Ransdell

WKU Archives Records

Speech delivered by WKU president Gary Ransdell at the National Governor's Association Center for Best Practices. In response to Governor Patton's challenges to create Programs of Distinction and enhance the state's capacity for economic development, we, at Western, have created a series of applied science centers. These centers are directing faculty talent toward creating a relevant curriculum in the sciences, toward solving environmental and material problems which limit economic development, and toward creating practice-based experiences for students. A by-product of these centers is a strengthened core curriculum which brings the applied sciences into focus for all WKU students.

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Asset Prices In The Measurement Of Inflation, Michael F. Bryan, Stephen G. Cecchetti, Róisín O'Sullivan Dec 2001

Asset Prices In The Measurement Of Inflation, Michael F. Bryan, Stephen G. Cecchetti, Róisín O'Sullivan

Economics: Faculty Publications

The debate over including asset prices in the construction of an inflation statistic has attracted renewed attention in recent years. Virtually all of this (and earlier) work on incorporating asset prices into an aggregate price statistic has been motivated by a presumed, but unidentified transmission mechanism through which asset prices are leading indicators of inflation at the retail level. This paper takes an alternative, longer-term perspective on the issue and argues that the exclusion of asset prices introduces an excluded goods bias in the computation of the inflation statistic that is of interest to the monetary authority. This idea is …

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Subjective Distributions, Itzhak Gilboa, David Schmeidler Dec 2001

Subjective Distributions, Itzhak Gilboa, David Schmeidler

Cowles Foundation Discussion Papers

A decision maker has to choose one of several random variables, with uncertainty known distributions. As a Bayesian she behaves as if she knew the distributions. In his paper we suggest an axiomatic derivation of these (subjective) distributions, which is much more economical than the derivations by de Finetti or Savage. They derive the whole joint distribution of all the available random variables.

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A Derivation Of Expected Utility Maximization In The Context Of A Game, Itzhak Gilboa, David Schmeidler Dec 2001

A Derivation Of Expected Utility Maximization In The Context Of A Game, Itzhak Gilboa, David Schmeidler

Cowles Foundation Discussion Papers

A decision maker faces a decision problem, or a game against nature. For each probability distribution over the state of the world (nature’s strategies), she has a weak order over her acts (pure strategies). We formulate conditions on these weak orders guaranteeing that they can be jointly represented by expected utility maximization with respect to an almost-unique state-dependent utility, that is, a matrix assigning real numbers to act-state pairs. As opposed to a utility function that is derived in another context, the utility matrix derived in the game will incorporate all psychological or sociological determinants of well-being that result from …

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Money And The Monetization Of Credit, Martin Shubik Dec 2001

Money And The Monetization Of Credit, Martin Shubik

Cowles Foundation Discussion Papers

The relationship between money and credit is discussed in terms of network linkage. Fiat money is the only instrument with the universal recognition of its issuer. Near monies such as bank money and money substitutes such as gasoline credit cards can be classified in terms of their network links. This leads to a way of considering the velocity of money.

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Bootstrapping Macroeconometric Models, Ray C. Fair Dec 2001

Bootstrapping Macroeconometric Models, Ray C. Fair

Cowles Foundation Discussion Papers

This paper outlines a bootstrapping approach to the estimation and analysis of macroeconometric models. It integrates for dynamic, nonlinear, simultaneous equation models the bootstrapping approach to evaluating estimators initiated by Efron (1979) and the stochastic simulation approach to evaluating models’ properties initiated by Adelman and Adelman (1959). It also estimates for a particular model the gain in coverage accuracy from using bootstrap confidence intervals over asymptotic confidence intervals.

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Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos Dec 2001

Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a model of competitive pooling, which incorporates adverse selection and signalling into general equilibrium. Pools are characterized by their quantity limits on contributions. Households signal their reliability by choosing which pool to join. In equilibrium, pools with lower quantity limits sell for a higher price, even though each household’s deliveries are the same at all pools. The Rothschild-Stiglitz model of insurance is included as a special case. We show that by recasting their hybrid oligopolistic-competitive story into our perfectly competitive framework, their separating equilibrium always exists (even when they say it doesn’t) and is unique.

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Penalised Maximum Likelihood Estimation For Fractional Gaussian Processes, Offer Lieberman Dec 2001

Penalised Maximum Likelihood Estimation For Fractional Gaussian Processes, Offer Lieberman

Cowles Foundation Discussion Papers

We apply and extend Firth’s (1993) modified score estimator to deal with a class of stationary Gaussian long-memory processes. Our estimator removes the first order bias of the maximum likelihood estimator. A small simulation study reveals the reduction in the bias is considerable, while it does not inflate the corresponding mean squared error.

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Asymptotic Theory For Multivariate Garch Processes, F. Comte, Offer Lieberman Dec 2001

Asymptotic Theory For Multivariate Garch Processes, F. Comte, Offer Lieberman

Cowles Foundation Discussion Papers

We provide in this paper asymptotic theory for the multivariate GARCH (p,q) process. Strong consistency of the quasi-maximum likelihood estimator (MLE) is established by appealing to conditions given in Jeantheau [19] in conjunction with a result given by Boussama [9] concerning the existence of a stationary and ergodic solution to the multivariate GARCH (p,q) process. We prove asymptotic normality of the quasi-MLE when the initial state is either stationary or fixed.

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Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos Dec 2001

Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a model of competitive pooling, which incorporates adverse selection and signalling into general equilibrium. Pools are characterized by their quantity limits on contributions. Households signal their reliability by choosing which pool to join. In equilibrium, pools with lower quantity limits sell for a higher price, even though each household’s deliveries are the same at all pools. The Rothschild-Stiglitz model of insurance is included as a special case. We show that by recasting their hybrid oligopolistic-competitive story into our perfectly competitive framework, their separating equilibrium always exists (even when they say it doesn’t) and is unique.

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Inductive Inference: An Axiomatic Approach, Itzhak Gilboa, David Schmeidler Dec 2001

Inductive Inference: An Axiomatic Approach, Itzhak Gilboa, David Schmeidler

Cowles Foundation Discussion Papers

A predictor is asked to rank eventualities according to their plausibility, based on past cases. We assume that she can form a ranking given any memory that consists of finitely many past cases. Mild consistency requirements on these rankings imply that they have a numerical representation via a matrix assigning numbers to eventuality-case pairs, as follows. Given a memory, each eventuality is ranked according to the sum of the numbers in its row, over cases in memory. The number attached to an eventuality-case pair can be interpreted as the degree of support that the past case lends to the plausibility …

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Believe And Let Believe: Axiomatic Foundations For Belief Dependent Utility Functionals, Leeat Yariv Dec 2001

Believe And Let Believe: Axiomatic Foundations For Belief Dependent Utility Functionals, Leeat Yariv

Cowles Foundation Discussion Papers

A large body of experimental data demonstrates that people’s beliefs influence their well-being beyond the indirect effect through the actions taken. I present a model that incorporates beliefs into an agent’s utility function. The paper provides axiomatic foundations for a special class of non-additive utility indices defined over infinite streams of beliefs and actions. I assume that: 1) there exists a (null) belief that does not have any effect on future preferences; 2) the agent has finite memory – only finite histories have an effect on current preferences; and 3) if the agent knows she will not be getting any …

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Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos Dec 2001

Competitive Pooling: Rothschild-Stiglitz Reconsidered, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a model of competitive pooling, which incorporates adverse selection and signalling into general equilibrium. Pools are characterized by their quantity limits on contributions. Households signal their reliability by choosing which pool to join. In equilibrium, pools with lower quantity limits sell for a higher price, even though each household’s deliveries are the same at all pools. The Rothschild-Stiglitz model of insurance is included as a special case. We show that by recasting their hybrid oligopolistic-competitive story in our perfectly competitive framework, their separating equilibrium always exists (even when they say it doesn’t) and is unique.

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On Fair Allocations And Indivisibilities, Ning Sun, Zaifu Yang Dec 2001

On Fair Allocations And Indivisibilities, Ning Sun, Zaifu Yang

Cowles Foundation Discussion Papers

This paper studies the problem of how to distribute a set of indivisible objects with an amount M of money among a number of agents in a fair way. We allow any number of agents and objects. Objects can be desirable or undesirable and the amount of money can be negative as well. In case M is negative, it can be regarded as costs to be shared by the agents. The objects with the money will be completely distributed among the agents in a way that each agent gets a bundle with at most one object if there are more …

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Dimensions Of The Worldwide Merger Boom, Frederic L. Pryor Dec 2001

Dimensions Of The Worldwide Merger Boom, Frederic L. Pryor

Economics Faculty Works

No abstract provided.

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The Central And East European Automotive Industry Restructuring, Petr Pavlinek Dec 2001

The Central And East European Automotive Industry Restructuring, Petr Pavlinek

Geography and Geology Faculty Publications

have come to the Slavic Research Center of the Hokkaido University to study the profound changes that have been taking place in the automotive industry of Central and Eastern Europe (CEE) since 1990. My work is based on several field research visits to the Czech Republic that included in depth interviews conducted with key informants (plant managers, trade union leaders and ministry officials) in car factories, car component plants and governmental institutions. The automotive industry restructuring in the 1990s involved a number of complex issues that my research addresses, such as the effects of price and trade liberalization in the …

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Prognostic Impact Of P53 Status, Tls-Chop Fusion Transcript Structure, And Histological Grade In Myxoid Liposarcoma: A Molecular And Clinicopathologic Study Of 82 Cases, C. R. Antonescu, S. J. Tschernyavsky, R. Decuseara, Denis H. Y. Leung, J. M. Woodruff, M. F. Brennan, J. A. Bridge, J. R. Neff, J. R. Goldblum, M. Ladanyi Dec 2001

Prognostic Impact Of P53 Status, Tls-Chop Fusion Transcript Structure, And Histological Grade In Myxoid Liposarcoma: A Molecular And Clinicopathologic Study Of 82 Cases, C. R. Antonescu, S. J. Tschernyavsky, R. Decuseara, Denis H. Y. Leung, J. M. Woodruff, M. F. Brennan, J. A. Bridge, J. R. Neff, J. R. Goldblum, M. Ladanyi

Research Collection School Of Economics

Purpose: A specific TLS-CHOP fusion gene resulting from the t(12;16) is present in at least 95% of myxoid liposarcomas (MLS). Three common forms of the TLS-CHOP fusion have been described, differing by the presence or absence of TLS exons 6-8 in the fusion product. Type 5-2 (also known as type II) consists of TLS exons 1-5 fused to CHOP exon 2; type 7-2 (also known as type I) also includes TLS exons 6 and 7 in the fusion, whereas type 8-2 (also known as type III) fuses TLS exons 1-8 to CHOP exon 2. We sought to determine the impact …

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Nonstandard Work And Child Care Choices Of Married Mothers, Jean Kimmel, Lisa M. Powell Dec 2001

Nonstandard Work And Child Care Choices Of Married Mothers, Jean Kimmel, Lisa M. Powell

Upjohn Institute Working Papers

The focus of this paper is to examine the interplay between nonstandard employment and child care choice decisions of married mothers with young children. We draw on the 1992/93 Survey of Income and Program Participation to estimate two related econometric models of child care choice that include the choice among center, sitter, relative and parental care. First, controlling for the potential endogeneity of the nonstandard work decision, we find that being a nonstandard worker significantly reduces the likelihood of using formal modes of child care such as center and sitter care. In our second model, where we jointly estimate the …

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Factor Substitution And Endogenous Growth, Hing-Man Leung Dec 2001

Factor Substitution And Endogenous Growth, Hing-Man Leung

Research Collection School Of Economics

We argue that the degree of substitutability between skilled and unskilled workers in production increases long-term income growth rate. Growth rate reaches its maximum when such factors are perfect substitutes, but falls to zero when they are perfect complements. This model brings together the diverging relative wage and the human-capital-growth literature. Easier substitution absorbs more workers into the skilled profession, and their training fuels human capital accumulation and growth. Our result implies, among other things, that growth is positively related to between-and within-group inequality.

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Biotechnology -- An Application Of The 'Precautionary Principle', Thomas L. Dobbs Nov 2001

Biotechnology -- An Application Of The 'Precautionary Principle', Thomas L. Dobbs

Economics Commentator

No abstract provided.

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Biotechnology -- An Application Of The 'Precautionary Principle', Thomas L. Dobbs Nov 2001

Biotechnology -- An Application Of The 'Precautionary Principle', Thomas L. Dobbs

Economics Commentator

No abstract provided.

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Purchasing Power Parity And Interest Parity In The Laboratory, Eric O'N. Fisher Nov 2001

Purchasing Power Parity And Interest Parity In The Laboratory, Eric O'N. Fisher

Economics

This paper analyses purchasing power parity and uncovered interest parity in the laboratory. It finds strong evidence that purchasing power parity, covered interest parity, and uncovered interest parity hold. Subjects are endowed with an intrinsically useless (green) currency that can be used to purchase another useless (red) currency. Green goods can be bought only with green currency, and red goods can be bought only with red currency. The foreign exchange markets are organized as call markets. In the treatment analysing purchasing power parity, the price of the red good varies. In a second treatment, the interest rate on red currency …

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Fall 2001 Economics Newsletter, Economics Department Nov 2001

Fall 2001 Economics Newsletter, Economics Department

Economics Newsletter

No abstract provided.

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Gasoline Consumption Attributable To Gasoline Powered Watercraft Use In Maine, Jonathan Rubin, Charles Morrris, Suzanne K. Hart Nov 2001

Gasoline Consumption Attributable To Gasoline Powered Watercraft Use In Maine, Jonathan Rubin, Charles Morrris, Suzanne K. Hart

Economic Development

This study was conducted by the Margaret Chase Smith Center for Public Policy (MCSC) of the University of Maine at the request of the Maine Legislature’s Commission to Study Equity in the Distribution of Gas Tax Revenues Attributable to Snowmobiles, All-Terrain Vehicles and Watercraft. The Commission was created by the Legislature with a charge to collect and analyze information to determine an equitable distribution of gas tax revenues used in the enforcement and enhancement of programs supporting off-road vehicle use in Maine. The Commission concluded that snowmobiling, boating and ATV use has increased significantly over recent years and now constitutes …

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November 2001, Syracuse Department Of Economics Nov 2001

November 2001, Syracuse Department Of Economics

Economics - All Scholarship

No abstract provided.

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