Economics Commons^™

Where Do The Rents Go? Land Ownership In An Urban Model, Stephen Ross, John Yinger

Center for Policy Research

Despite the predominance of homeownership, general equilibrium urban models assume that rents flow to absentee landlords or are redistributed to residents. This paper explores open urban models with more realistic forms of land ownership, namely ownership of shares in a land corporation and individual home ownership. These models, which produce capital gains and losses for residents, can yield different comparative static results than previous open models, with post-shock bid functions that are flatter at the periphery or steeper at the center. Moreover, shocks to these models cannot in general be analyzed without knowing the characteristics of all the urban areas …

Recounting Winners And Losers In The 1980s: A Critique Of Income Distribution Measurement Methodology, Richard V. Burkhauser, Amy D. Crews, Mary C. Daly

Center for Policy Research

The 1980s have been characterized as a time when the “rich got richer and the poor got poorer.” Using a cross-over point methodology used in several recent studies, we show how sensitive the measurement of winners and losers can be to seemingly small differences in methodological practice. Specifically, we show sensitivity to the years compared, the income sharing unit chosen, and the inflation index used. Our results show that these and other studies of economic well-being exaggerate losses by mixing cyclical with cross-cycle effects

The Control Of The Monetary And Banking System By The Central Bank Of Nigeria., Paul A. Ogwuma

Bullion

To understand the role of the Central Bank of Nigeria in controlling the system under the prevailing functional arrangement, it would be necessary to relate the conceptual framework of monetary and banking system control to the Bank's experience. To this end, the paper is organised in five sections. After Section One which is the introduction, Section Two examines the conceptual framework of monetary and banking system control. This is followed by Section Three which reviewed the CBN's techniques of control and their changes over the years. Section Four appraises the control measures and ascertains their effectiveness while Section Five provides …

Mobilising Financial Resources For Growth: Nigeria's Financial Policy Perspective., Felix U. Ezeuduji

Bullion

Financial resources for growth are from several sources because no single source could provide the required funding. The major known sources of resources for growth are based to both the informal sector and formal sector activities which include the fiscal operations of the Government foreign sector transactions, capital market activities, and institutional savings mobilisation in the financial sector which is the focus of this paper. This paper is organised in five sections. The introduction constitutes Section One which provides the background, the objective and the organisation of the paper. In section Two, the conceptual framework of financial resource mobilisation is …

Nigeria's Domestic Public Debt Stock: An Assessment., Victor A. Odozi

Bullion

Since the early 1980s, Nigeria has taken steps to evolve external debt management strategies encompassing refinancing, restructuring, buyback, collateralisation and debt conversion arrangements as well as issuing external borrowing guidelines. Although the county's external debt problem remains severe, judging both by the absolute level of the debt stock and the unsustainable trend of the various debt servicing ratios, such as debt stock/GDP, debt stock/exports and debt service/export earnings, it is generally acknowledged that the Government had made concerted efforts to address the problem. However, the domestic debt has not been given the same attention, if any at all. the domestic …

Financial Capital, Human Capital, And The Transition To Self-Employment; Evidence From Intergenerational Links, Thomas Dunn, Douglas Holtz-Eakin

Center for Policy Research

The environment for business creation is central to economic policy, as entrepreneurs are believed to be forces of innovation, employment and economic dynamism. We use data from the National Longitudinal Surveys (NLS) to investigate the relative importance of financial and human capital exploiting the variation provided by intergenerational links. Specifically, we estimate the impacts of parental wealth and human capital on the probability that an individual will make the transition from a wage and salary job to self-employment. We find that young men’s own financial assets exert a statistically significant, but quantitatively modest effect on the transition to self-employment. In …

Fax: May 7, 1996,The White House, Office Of The Press Secretary

Saffy Collection - All Textual Materials

A fax sent to Dr. Edna L. Saffy, the press release outlines President Clinton’s strong record of success meeting the challenges by the numbers. The fax gives statistics pertaining the economy and violent crimes in the United States.

An Estimation Of Three Sets Of Indicators Of Financial Risk Among Multifamily Properties, Amy S. Bogdon, James R. Follain

Center for Policy Research

A lack of information about the financial condition of multifamily properties has hindered the development of a secondary mortgage market in multifamily mortgages and federal policies to finance multifamily housing. The purpose of this paper is to improve our understanding of the financial condition of multifamily properties. The centerpiece of the analysis is the 1991 RFS [U.S. Bureau of the Census]. Three sets of indicators of financial distress are examined in this paper. The first is interest rate related risk. We find that twenty five percent of the properties with mortgages have contract interest rates at least 87 basis points …

Work, Welfare, And The Burden Of Disability: Caring For Special Needs Of Children In Poor Families, Marcia K. Meyers, Anna Lukemeyer, Timothy M. Smeeding

Center for Policy Research

This paper addresses issues which arise at the juncture of welfare and disability policies. Using preliminary data from a recent survey of current and recent AFDC recipients in California, we find that disabilities and chronic health problems affect the mothers or children in 43 percent of all households in the AFDC system. The presence of one or more children with disabilities or chronic illnesses is found to have an impact on the economic well-being of families, with increased levels of direct hardship reported by families caring for one or more severely impaired children. Potential causes of higher levels of hardship …

Individuals' Lifetime Use Of Nursing Home Services: A Dynamic Microsimulation Approach, Sarah B. Laditka

Center for Policy Research

Despite the projected growth in the number of older Americans who will use nursing home services as the baby boom generation ages, there is little information about the total amount of time we can expect people to reside in nursing homes. I estimate individuals’ lifetime use of nursing home services using data from the 1984-1990 Longitudinal Study of Aging and the 1982, 1984, and 1989 National Long-Term Care Survey. A Markov model of functional status was used to estimate monthly functional status transition probabilities. Discrete-time hazard models were estimated to determine characteristics that were associated with nursing home use. Microsimulation …

The Demand For Home Mortgage Debt And The Income Tax, James R. Follain, Robert M. Dunsky

Center for Policy Research

The goal of this paper is to learn more about the demand for the amount of mortgage debt owed by United States home owners. Mortgage debt is defined to be the amount of outstanding household debt secured by the owner’s principal residence; mortgages for second homes and other real estate are not considered, but second mortgages and home equity loans are. The analysis focuses on the behavior of individual households and examines variations in the their demand for mortgage debt with respect to a variety of characteristics such as household income, age, education, and other characteristics of the household. Of …

Do Housing Programs For Low-Income Households Improve Their Housing?, Amy D. Crews

Center for Policy Research

The primary goals of the 1937 Housing Act were to provide safe and sanitary housing and to reduce crowding for low-income households. During the nearly 60 years since, the effective goals have expanded to include lowering housing costs, and by extension, to increasing nonhousing consumption. This paper examines the effect these programs have had on the overall consumption behavior of participants. Using data from the 1987 American Housing Survey (AHS), the results indicate that federal housing programs have little effect on the housing consumption of participants (4.4 percent increase), but an enormous effect on their nonhousing consumption (141 percent increase). …

Ruthless Prepayment? Evidence From Multifamily Mortgages, James R. Follain, Jan Ondrich, Gyan P. Sinha

Center for Policy Research

Estimates of a prepayment function for multifamily mortgages are reported in this paper. These are among the first attempts to estimate such a function; most previous work along these lines focuses on single family mortgages. A further distinguishing aspect of the paper is its attempt to incorporate the impact of unobservable factors on the mortgage refinancing decision. A variant of the maximum likelihood procedure first developed by Meyer (1987) is employed. The results indicate an overall positive duration dependence for the conditional prepayment rate. The estimated response of prepayments to a change in the market rate of interest is significant …

Evaluating Main Street An Economic And Spatial Analysis Holden, Massachusetts, Umass Amherst Center Economic Development

Center for Economic Development Technical Reports

The purpose of this study was to assist the town of Holden in assessing further development potential along a 1.6 mile stretch of Main Street. Holden’s History is similar to many small New England towns, as it has evolved into a suburb in the post WWII period. The socioeconomic analysis shows a growing community where a large proportion of the residents are professionals and financially well off. There is a strong sense of community and the citizens are concerned about the future of their town.

Chicopee River Watershed Study Chicopee, Massachusetts, Umass Amherst Center Economic Development

Center for Economic Development Technical Reports

The goal of this studio is to provide our client with an assessment of conditions and attitudes within the Chicopee Watershed, which is located in Chicopee, Massachusetts. This information can then be used by the client in its effort to increase participation in watershed protection. To achieve this goal, the studio has set out four objectives. The first is to give an overview of land uses, social and economic trends in the watershed. The second is to review existing town regulations and compare them with model bylaws and regulations. The third is to gather opinions from the various people in …

Creating A Strong Image For The Economic Enhancement Of Downtown Ayer, Center For Economic Development

Center for Economic Development Technical Reports

The recent closure of Fort Devens has had an undeniable impact on business in downtown Ayer, Massachusetts, deflating both the town's population level and its economy. Downtown business in Ayer has traditionally served several surrounding communities, and it is fundamental to the survival of Ayer' s economy that this business continue to thrive. Facing a future that will lack the economic boost formerly associated with Fort activity, business owners and the town must make a greater effort to attract downtown commerce. In the midst of these changes, residents and business owners have participated with town officials in planning for the …

Final Report On The Measurable Indicators Of Economic Success, Center For Economic Development

Center for Economic Development Technical Reports

Across the United States of America people are increasingly interested in ensuring that government expenditures are well spent. We can note this interest at all levels of government ranging from local to national scales. Indeed, increased accountability is a paramount theme of the new Congress. As well, in all of its manifestations, it is a critical element of the "quality movement" that is becoming acculturated in both the private and public sectors.

The notion of accountability implies measurement: In exchange for public tax dollars allocated, increased value will be gained. All government organizations know this intuitively. Yet, few government organizations …

Economic Development Strategies For The Urban Core Cities Of The Pioneer Valley Region Of Massachusetts, Center For Economic Development

Center for Economic Development Technical Reports

This report presents a series of initial strategy recommendations for the economic development of the cities of Springfield and Holyoke. There are six cities in the Pioneer Valley: Springfield, Holyoke, Chicopee, Westfield, Northampton, and Agawam. The three contiguous cities of Springfield, Holyoke, and Chicopee form the urban core of the region. Historically, these cities have been the cultural. financial, and industrial centers of the Pioneer Valley. The scope of this report is limited to the cities of Springfield and Holyoke because these cities face uniquely urban problems that Chicopee, a largely middle class community, does not.

The client for the …

Looking At Market Square: Toward A Development Concept For Chicopee Center, Center For Economic Development

Center for Economic Development Technical Reports

This report presents a series of marketing and economic development strategies for the central business district in Chicopee Center known as the Market Square area. The City of Chicopee, along with the cities of Holyoke and Springfield, is part of the urban center of the Pioneer Valley region. Like many older industrial cities, and like many cities with a small downtown area, Chicopee finds its economic fortunes at an ebb. Although Chicopee is certainly not a city in distress, it is believed that steps should be taken to ensure that the Market Square area does not slip into serious decline. …

Industrial Lands Survey Worcester, Massachusetts, Center For Economic Development

Center for Economic Development Technical Reports

The purpose of this report is to provide the Worcester City Manager's Office of Planning and Community Development with an inventory of industrially zoned properties within the City's designated Economic Opportunity Areas (EOA): Southern District, Pullman Street, Greendale, and Northeast. This inventory includes a database consisting of property information for all four EOAs, as well as a more detailed analysis of the Main South Industrial Cluster of the Southern District EOA.

The first two chapters of the report provide a brief introduction to the City and the project, highlighting the economic history of Worcester and the region. As the region …

Closing The Growth And Equity Policy Divide: Rethinking The Role Of The Federal Government When Promoting Economic Development In Distressed Urban Communities, Edwin Melendez

Gastón Institute Publications

The objectives of this policy briefing memorandum are two-fold: first, to review the historical record concerning economic growth policies, particularly those overseen by the Economic Development Administration (EDA), and the experience with block grants for urban economic development; and, second, to discuss new roles the federal government might play in promoting the convergence of these two broad policy areas.

Rising Temperatures: Rising Tides, Prof. Elizabeth Burleson

Prof. Elizabeth Burleson

Transboundary environmental problems do not distinguish between political boundaries. Global warming is expected to cause thermal expansion of water and melt glaciers. Both are predicted to lead to a rise in sea level. We must enlarge our paradigms to encompass a global reality and reliance upon global participation.

Targeted Economic Development: Its Role In Maine Economic Policy, Carla Dickstein

Maine Policy Review

Targeted economic development strategies challenge traditional approaches to economic development by making explicit the recipients of job growth and job creation. They link economic development concerns such as business growth and a positive business climate to often-ignored social criteria that are reflected in the question of who wins and who loses in our present economy. Carla Dickstein brings a practitioner’s perspective to this issue by relating Coastal Enterprises Inc.’s experience in using gap financing programs to link people with low incomes to jobs created through business start-ups or expansions.

An Analysis Of Fee Shifting Based On The Margin Of Victory: On Frivolous Suints, Meritorious Suits, And The Role Of Rule 11, Howard F. Chang, Lucian A. Bebchuk

All Faculty Scholarship

When plaintiffs cannot predict the outcome of litigation with certainty, neither the American rule (each litigant bears its own litigation expenses) nor the British rule (the losing litigant pays the attorneys' fees of the winning litigant) would induce optimal decisions to bring suit. Plaintiffs may bring frivolous suits when litigation costs are small relative to the amount at stake; plaintiffs may not bring meritorious suits when litigation costs are large relative to this amount. More general fee-shifting rules are based not only on the identity of the winning party but also on how strong the court perceives the case to …

Reflections On Economic Development In Maine: Summary Comments Delivered At The 1995 Governors' Economic Development Conference, Robert L. Woodbury

Maine Policy Review

No abstract provided.

Family Structure And Institutionalization: Results From Merged Data, James Mcnally, Douglas Wolf

Center for Policy Research

Research on the patterns and behavioral consequences of kin networks among the older population is limited due to the shortcomings of most available survey data. Often, household surveys obtain little information on the number and characteristics of nonresident kin. Moreover, surveys are often confined to the noninstitutionalized population. One possible solution is to merge information from multiple sources, in order to achieve the requisite coverage of populations and data content. This paper reports on the development of a hybrid data base containing observations from the 1987-88 National Survey of Families and Households (NSFH) and the 1989 National Long-Term Care Survey …

Technological Specialization And Economic Performance In Oecd Countries, Mario Pianta, Valentina Meliciani

Mario Pianta

The paper investigates the growing sectoral specialization in technological activities of OECD countries (measured using patent data) and its impact on countries' innovative and economic performance in the 1975-1990 period. Aggregate indicators of sectoral specialization are introduced, showing the extent to which countries concentrate their innovations in few fields, or spread them across several sectors. A general positive relationship is found between the degree of specialization in technology and higher rates of growth, while specialization in electronics-related fields is not associated to better economic or technological performances. The position of individual countries in these patterns is also examined, showing that …

Measuring Technological Change Through Patents And Innovation Surveys, Mario Pianta, Daniele Archibugi

Mario Pianta

This article provides an overview of recent research using innovation surveys and patent data as indicators of technological activity. The conceptual and methodological problems of 'measuring' technology are discussed, with a classification of the types of information which can be drawn from patent databases and from surveys of both innovations and the innovative efforts of firms. The findings and the methodological strengths and weaknesses of such studies are reviewed, considering first the evidence at the firm level, second the analysis of the industrial structure and finally the evidence at the country level and the process of globalization. The overview shows …