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Off-Floor Trading, Disintegration And The Bid-Ask Spread In Experimental Markets, Joseph Campbell, Shawn Lamaster, Vernon L. Smith, Mark Van Boening Jan 1991

Off-Floor Trading, Disintegration And The Bid-Ask Spread In Experimental Markets, Joseph Campbell, Shawn Lamaster, Vernon L. Smith, Mark Van Boening

Economics Faculty Articles and Research

This article uses experimental methods to establish that greater uncertainty in the environment increases the naturally emerging bid-ask spread in double-auction trading. The opportunity to trade off floor is then introduced. Off-floor trading is greater in the environment with a wider bid-ask spread, increases with block trading, and increases still more with increasing subject experience. Finally, we find that the preponderance of off-floor trades are inside the bid-ask spread, supporting the hypothesis that a motive for such trades is to split privately the gain represented by the bid-ask spread without revealing publicly a willingness to make price concessions.

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Nm Summary Of Economic Activity_Jan-Dec 1990, University Of New Mexico Bureau Of Business And Economic Research, New Mexico Department Of Labor Jan 1991

Nm Summary Of Economic Activity_Jan-Dec 1990, University Of New Mexico Bureau Of Business And Economic Research, New Mexico Department Of Labor

BBER Publications

This annual report documents economic conditions throughout New Mexico during 1990, providing detailed analyses of employment, unemployment, industry performance, labor force trends, major business developments, and county-level economic activity. It serves as a statewide reference on economic conditions during a period of changing labor markets and regional development patterns.

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Was The 1983-84 Recovery Due More To Demand Or Supply Shocks?, Farrokh Nourzad Jan 1991

Was The 1983-84 Recovery Due More To Demand Or Supply Shocks?, Farrokh Nourzad

Economics Faculty Research and Publications

No abstract provided.

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Keynes's View Of Economics As A Moral Science, John B. Davis Jan 1991

Keynes's View Of Economics As A Moral Science, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

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Corporative Registration And Mortality In Rajasthan, During 1931-50: A Causative Analysis, Navin Mathur Dec 1990

Corporative Registration And Mortality In Rajasthan, During 1931-50: A Causative Analysis, Navin Mathur

IIMB Management Review

Almost 110 years ago, the corporate form of business was introduced in Rajasthan, when the first joint stock company  was registered in the year 1881. Since its establishment various ups-and-downs have been significantly recorded with regard to corporate sector during different stages of its growth. The study concerned with corporate growth between 1881-1975 (95 years) has specifically revealed various important trends. The corporate registration and mortality was dramatic during 1931-50 period. On account of the following phenomenal features and trends which persisted during 1931-50 period, the study becomes important regarding corporate growth in Rajasthan with special reference to corporate mortality.

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Technological Upgradation Policies Of The Steel Industry And Impact Of The Steel Industry In The Indian Economy, K K Saxena, Binayak Rath Dec 1990

Technological Upgradation Policies Of The Steel Industry And Impact Of The Steel Industry In The Indian Economy, K K Saxena, Binayak Rath

IIMB Management Review

In India, the iron and steel industry in general occupies an important Position among the manufacturing industries. The priorities attached to this sector can be explained from the Second Five Year Plan document which mentioned that the expansion of iron and steel industry has obviously the highest priority than other industries because the tempo of progress of the economy. Hence, Second Plan onwards the industry has made a rapid stride in our economy. A number of Integrated Steel Plants (ISPs) in the public sector have been set up to boost up production. Today these ISPs contribute a significant portion of …

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Exchange Rate Policy And The Structural Adjustment Programme In African Countries: Case Studies Of Zambia, Kenya, Ghana And Nigeria, S. E. Omoruyi Dec 1990

Exchange Rate Policy And The Structural Adjustment Programme In African Countries: Case Studies Of Zambia, Kenya, Ghana And Nigeria, S. E. Omoruyi

Economic and Financial Review

The purpose of this paper is to review the experiences of some selected countries in Africa- Zambia, Kenya, Ghana and Nigeria- that have implemented adjustment programmes supported by the use of IMF resources, focusing largely on the role of their exchange rate policies. The paper is divided into four parts. Part I highlights the policy targets/objectives and instruments of structural adjustment and discusses in some detail.the role of exchange rate in the programmes of the countries under reference. In Part II, a theoretical analysis is undertaken of exchange rate concepts and the typology of the transmission mechanism linking exchange rate …

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Review Of "Asia Next Giant: South Korea And Late Industrialization" By A. H. Amsden, Larry E. Westphal Dec 1990

Review Of "Asia Next Giant: South Korea And Late Industrialization" By A. H. Amsden, Larry E. Westphal

Economics Faculty Works

No abstract provided.

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Wallerstein’S World-Systems Theory And The Cook Islands: A Critical Examination, Grant R. Simpson Nov 1990

Wallerstein’S World-Systems Theory And The Cook Islands: A Critical Examination, Grant R. Simpson

Pacific Studies

No abstract provided.

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Vol. 14 No. 1 (1990): Pacific Studies Full Issue, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Nov 1990

Vol. 14 No. 1 (1990): Pacific Studies Full Issue, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Pacific Studies is published two times a year by The Jonathan Nāpela Center for Hawaiian and Pacific Studies, Brigham Young University Hawai‘i #1979, 55–220 Kulanui Street, Lāʻie, Hawai‘i 96762, but responsibility for opinions expressed in the articles rests with the authors alone. Subscription rate is US$40.00 yearly, payable to The Jonathan Nāpela Center for Hawaiian and Pacific Studies. The Jonathan Nāpela Center for Hawaiian and Pacific Studies (formerly The Pacific Institute) is an organization funded by Brigham Young University Hawai‘i. The Center assists the University in meeting its cultural and educational goals by undertaking a program of teaching, research, and …

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Books Received And Book Notices, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Nov 1990

Books Received And Book Notices, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Book Listing for the Vol 14, No 1 Edition of the Pacific Studies Journal

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Vol. 14 No. 1 (1990): Pacific Studies Front Matter, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Nov 1990

Vol. 14 No. 1 (1990): Pacific Studies Front Matter, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Pacific Studies is published two times a year by The Jonathan Nāpela Center for Hawaiian and Pacific Studies, Brigham Young University Hawai‘i #1979, 55–220 Kulanui Street, Lāʻie, Hawai‘i 96762, but responsibility for opinions expressed in the articles rests with the authors alone. Subscription rate is US$40.00 yearly, payable to The Jonathan Nāpela Center for Hawaiian and Pacific Studies. The Jonathan Nāpela Center for Hawaiian and Pacific Studies (formerly The Pacific Institute) is an organization funded by Brigham Young University Hawai‘i. The Center assists the University in meeting its cultural and educational goals by undertaking a program of teaching, research, and …

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New Mexico Labor Market Review 10-31-1990, New Mexico Department Of Labor Oct 1990

New Mexico Labor Market Review 10-31-1990, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review was prepared by the New Mexico Department of Labor in cooperation with U.S. Bureau of Labor Statistics for September of 1990. It is a report on the state's employment and economic activity.

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Free Bank Failures In New York And Wisconsin: A Portfolio Analysis, Andrew J. Economopoulos Oct 1990

Free Bank Failures In New York And Wisconsin: A Portfolio Analysis, Andrew J. Economopoulos

Business and Economics Faculty Publications

Rolnick and Weber found that a sharp decline in asset prices led to bank panics and, ultimately, bank failures during the free banking era. An examination of New York and Wisconsin free bank portfolios prior to a fall in asset prices indicates banks that weathered the turmoil held significantly different portfolios than closed banks. In general, solvent banks held more loans and specie, and issued more deposits and less bank notes than closed banks.

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Changes In Income Distribution In Poor Agricultural Nations: Malawi And Madagascar, Frederic L. Pryor Oct 1990

Changes In Income Distribution In Poor Agricultural Nations: Malawi And Madagascar, Frederic L. Pryor

Economics Faculty Works

No abstract provided.

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The Slowdown In Soviet Defense Expenditures: Comment, Abdur Chowdhury, Josef C. Brada, Ronald L. Graves Oct 1990

The Slowdown In Soviet Defense Expenditures: Comment, Abdur Chowdhury, Josef C. Brada, Ronald L. Graves

Economics Faculty Research and Publications

The reason for the apparently opposing results in Brada and Graves' (1988) attempt to explain the reasons for the slowdown in USSR defense expenditures in the mid-1970s is that their analysis suffers from a serious serial correlation problem. The majority of the regressions display Durbin-Watson statistics that reject the null hypothesis of no autocorrelation. A reestimation of their results, after correcting for serial correlation, changes some of their major conclusions regarding the factors influencing Soviet defense spending. The corrected results indicate that no structural break occurred in the mid-1970s. These results suggest that there has been no change in Soviet …

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New Mexico Labor Market Review 09-30-1990, New Mexico Department Of Labor Sep 1990

New Mexico Labor Market Review 09-30-1990, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review was prepared by the New Mexico Department of Labor in cooperation with U.S. Bureau of Labor Statistics for August of 1990. It is a report on the state's employment and economic activity.

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Efficient Bargains In The Context Of Recent Labor Market Experience And Policy, Robert A. Hart, Thomas Moutos Sep 1990

Efficient Bargains In The Context Of Recent Labor Market Experience And Policy, Robert A. Hart, Thomas Moutos

Upjohn Institute Working Papers

In Europe in recent times, bargaining between a leading nationally-based industrial union and a representative group of employers over the issues of employment, wages and working time has proved to be influential in a much wider industrial context. Adopting a generalized Nash bargaining approach, this paper considers the possible effects on such "key" bargains of several prominent labor market events and policies experienced since the middle 1970s. These include the impacts of OPEC supply shocks, changes in union power, greater emphasis on payroll taxes as well as growing government economic orthodoxy as expressed through the goal of a balanced budget.

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Perceived Stress, Social Support And Survival: North Carolina Farm Operators And The Farm Crisis, Michael D. Schulman, Paula S. Armstrong Sep 1990

Perceived Stress, Social Support And Survival: North Carolina Farm Operators And The Farm Crisis, Michael D. Schulman, Paula S. Armstrong

The Journal of Sociology & Social Welfare

The current farm crisis draws attention to the sources and consequences of the stress process among farm operators. Using panel data from statewide surveys of North Carolina farm operators collected during a period of economic and ecological crisis, the relationships among perceived stress, social support, and survival in agriculture are investigated. Analyses reveal that while the level of perceived stress has no relationship with survival, social support has a significant impact upon both social psychological (plans to remain in farming) and behavioral (continuing as a farm operator) dimensions of survival in agriculture. Perceived social support increased plans to remain in …

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Introduction To The Modern Corporation And Private Property, Murray L. Weidenbaum Sep 1990

Introduction To The Modern Corporation And Private Property, Murray L. Weidenbaum

Murray Weidenbaum Publications

In their introduction to the new edition of The Modern Corporation and Private Property, Weidenbaum and Jensen critically assess the impact of developments not fully anticipated by Adolf Berle and Gardiner Means, such as the rise of the service sector, and the significant role played by institutional investors in the owner/manager equation. They note the authors' prescient observations, including the complex role of and motivating influences on professional managers, and the significance of inside information on stock markets.

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New Mexico Labor Market Review 08-31-1990, New Mexico Department Of Labor Aug 1990

New Mexico Labor Market Review 08-31-1990, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review was prepared by the New Mexico Department of Labor in cooperation with U.S. Bureau of Labor Statistics for July of 1990. It is a report on the state's employment and economic activity.

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Maximum Score Estimates Of The Determinants Of Residential Mobility: Implications For The Value Of Residential Attachment And Neighborhood Amenities, Timothy J. Bartik, J. S. Butler, Jin-Tan Liu Aug 1990

Maximum Score Estimates Of The Determinants Of Residential Mobility: Implications For The Value Of Residential Attachment And Neighborhood Amenities, Timothy J. Bartik, J. S. Butler, Jin-Tan Liu

Upjohn Institute Working Papers

This paper examines the determinants of the decision of low-income renters to move out of their current dwelling. Maximum score estimation is shown to be superior to ordinary discrete choice estimation techniques (probit, logit) for this problem, and for similar discrete choices that require revering a previously optimal decision. The estimation reveals psychological costs from moving for typical low income renters of at least 8% of their income ; these costs are even higher for older, longer tenure, or minority households. Policies that displace low income renters will have large social costs. In addition, the estimation results are used to …

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Interstate Differences In Employer Tax Costs And Worker Benefits Of Unemployment Insurance: A Micro-Simulation Approach, Timothy L. Hunt, Christopher J. O'Leary, Wei-Jang Huang Aug 1990

Interstate Differences In Employer Tax Costs And Worker Benefits Of Unemployment Insurance: A Micro-Simulation Approach, Timothy L. Hunt, Christopher J. O'Leary, Wei-Jang Huang

Reports

This study compares employer unemployment insurance (UI) tax costs and worker UI benefits across the 28 largest industrial states for 1988. The comparison is done using a detailed computerized micro-simulation model which computes the worker UI benefits and employer UI taxes for each state. Assumed characteristics of employers and employees are held constant across the states so that differences in UI costs and benefits among the states can be attributed entirely to differences in UI statutes. The principal findings of this study are: (1) the UI system can be modeled fruitfully at the firm level, (2) there are significant UI …

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New Mexico Labor Market Review 07-31-1990, New Mexico Department Of Labor Jul 1990

New Mexico Labor Market Review 07-31-1990, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review was prepared by the New Mexico Department of Labor in cooperation with U.S. Bureau of Labor Statistics for June of 1990. It is a report on the state's employment and economic activity.

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Vol. 13 No. 3 (1990): Pacific Studies Full Issue, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Jul 1990

Vol. 13 No. 3 (1990): Pacific Studies Full Issue, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Pacific Studies is published two times a year by The Jonathan Nāpela Center for Hawaiian and Pacific Studies, Brigham Young University Hawai‘i #1979, 55–220 Kulanui Street, Lāʻie, Hawai‘i 96762, but responsibility for opinions expressed in the articles rests with the authors alone. Subscription rate is US$40.00 yearly, payable to The Jonathan Nāpela Center for Hawaiian and Pacific Studies. The Jonathan Nāpela Center for Hawaiian and Pacific Studies (formerly The Pacific Institute) is an organization funded by Brigham Young University Hawai‘i. The Center assists the University in meeting its cultural and educational goals by undertaking a program of teaching, research, and …

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The Impact Of The Caribbean Basin Economic Recovery Act On Caribbean Nations Exports And Development: A Comment, W. Charles Sawyer, Richard L. Sprinkle Jul 1990

The Impact Of The Caribbean Basin Economic Recovery Act On Caribbean Nations Exports And Development: A Comment, W. Charles Sawyer, Richard L. Sprinkle

Faculty Publications

No abstract provided.

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The Displacement Effect Of Reemployment Bonus Programs, Carl Davidson, Stephen A. Woodbury Jul 1990

The Displacement Effect Of Reemployment Bonus Programs, Carl Davidson, Stephen A. Woodbury

Upjohn Institute Working Papers

This paper explores whether reemployment bonuses--cash payments made to insured unemployed workers who find reemployment quickly--have the unintended consequence of displacing workers who are not covered by the bonus program. We develop two partial equilibrium matching models of the labor market, patterned after the work of Diamond (1982), Mortensen (1982), and Pissarides (1984). In the first model, wages are assumed exogenous, in the second endogenous. In both, we find that the direct substitution of covered for uncovered workers (which constitutes displacement) is countered by two offsetting effects : a gross job creation effect, which results from the increased search effort …

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Vol. 13 No. 3 (1990): Pacific Studies Front Matter, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Jul 1990

Vol. 13 No. 3 (1990): Pacific Studies Front Matter, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Pacific Studies is published two times a year by The Jonathan Nāpela Center for Hawaiian and Pacific Studies, Brigham Young University Hawai‘i #1979, 55–220 Kulanui Street, Lāʻie, Hawai‘i 96762, but responsibility for opinions expressed in the articles rests with the authors alone. Subscription rate is US$40.00 yearly, payable to The Jonathan Nāpela Center for Hawaiian and Pacific Studies. The Jonathan Nāpela Center for Hawaiian and Pacific Studies (formerly The Pacific Institute) is an organization funded by Brigham Young University Hawai‘i. The Center assists the University in meeting its cultural and educational goals by undertaking a program of teaching, research, and …

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Industrial Policy In An Export-Propelled Economy: Lessons From South Korea's Experience, Larry E. Westphal Jul 1990

Industrial Policy In An Export-Propelled Economy: Lessons From South Korea's Experience, Larry E. Westphal

Economics Faculty Works

Korea provides an illuminating case of state intervention to promote economic development. Like many other third world governments, Korea's government has selectively intervened to affect the allocation of resources among industrial activities. It has used taxes and subsidies, credit rationing, various kinds of licensing, and the creation of public enterprises, for example. But these policies have been applied in the context of a radically different development strategy, one of export-led industrialization. Moreover, Korea's economy has experienced exceptionally rapid development with relatively equitable distribution of the gains. This paper argues that the government's selective industrial policies have contributed importantly to Korea's …

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Review Of Perestroika And The Economy: New Thinking On Soviet Economics By Anthony Jones And William Moskoff, Abdur Chowdhury Jul 1990

Review Of Perestroika And The Economy: New Thinking On Soviet Economics By Anthony Jones And William Moskoff, Abdur Chowdhury

Economics Faculty Research and Publications

No abstract provided.

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