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Regulation And Supervision, Hyman P. Minsky Ph.D. Oct 1994

Regulation And Supervision, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

This paper is the final copy. Notes for it are also available.

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Uncertainty Over The Quality Of Labor Inputs: A Nonmonopoly Theory Of Union Wages And Hours Worked, Dwight Adamson, Scott Fausti Oct 1994

Uncertainty Over The Quality Of Labor Inputs: A Nonmonopoly Theory Of Union Wages And Hours Worked, Dwight Adamson, Scott Fausti

Economics Staff Paper Series (1969 - 2017)

Traditional theoretical explanations of union wage effects rely on a monopoly theory of wage determination. Using union monopoly power to set wages implies that unions face a tradeoff between higher wages and lower union sector employment. Earle and Pencavel (1990) find a positive union effect (relative to the nonunion sector) on wages and hours of work. Their empirical result appears to be inconsistent with the theoretical implications of union monopoly power. If unions are able to force unionized firms off their labor demand curve to the point where both wages and hours worked increase, then in a competitive environment, nonunion …

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The Effect Of Economic Events On Votes For President: 1992 Update, Ray C. Fair Oct 1994

The Effect Of Economic Events On Votes For President: 1992 Update, Ray C. Fair

Cowles Foundation Discussion Papers

This paper updates through the 1992 election the equation originally presented in Fair (1978) explaining votes for president. Conditional predictions of the 1996 election are also made.

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Review Of "Privatization In The Transition To A Market Economy: Studies Of Preconditions And Policies In Eastern Europe" By J. S. Earle, R. Frydman, And A. Rapaczynski, Frederic L. Pryor Oct 1994

Review Of "Privatization In The Transition To A Market Economy: Studies Of Preconditions And Policies In Eastern Europe" By J. S. Earle, R. Frydman, And A. Rapaczynski, Frederic L. Pryor

Economics Faculty Works

No abstract provided.

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Review Of Maynard Keynes, An Economist's Biography By D. Moggridge, John B. Davis Oct 1994

Review Of Maynard Keynes, An Economist's Biography By D. Moggridge, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

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New Mexico Labor Market Review 09-30-1994, New Mexico Department Of Labor Sep 1994

New Mexico Labor Market Review 09-30-1994, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers August 1994.

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Impacts Of Changing Techonolgy On Rental Shares; Early, Quick Harvest Pressures Row Crop Prcies, Larry Madsen, Richard Shane Sep 1994

Impacts Of Changing Techonolgy On Rental Shares; Early, Quick Harvest Pressures Row Crop Prcies, Larry Madsen, Richard Shane

Economics Commentator (1972- 2016)

No abstract provided.

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Improving Education And Training For Economic Development, Joan Mcrae Stoia Sep 1994

Improving Education And Training For Economic Development, Joan Mcrae Stoia

New England Journal of Public Policy

This article explores the connections between workforce quality and economic prosperity, as well as the role of the Massachusetts education and training system, in developing and preserving that quality and supporting the state's key industries. It includes a review of the most recent employment trend and projection data available from the Massachusetts Department of Employment and Training, information about several business-based workplace education models, and a discussion of the specific education and training needs of workers across the age/skill continuum. For the purpose of this discussion, the education and training system are broadly defined to include existing public, private, and …

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Access To Capital And Technical Assistance, Richard J. Ward Sep 1994

Access To Capital And Technical Assistance, Richard J. Ward

New England Journal of Public Policy

This article summarizes and analyzes the views of select leaders in business, labor, banking, the government, and academia with regard to the constraints, obstacles, and recommendations to achieve economic growth in Massachusetts. The role of the state government in addressing these issues receives special attention. Access to capital and technical assistance had been regarded by many as the key constraint, particularly during the recession of the early 1990s. The author analyzes inconvenient government systems, bottlenecks, and bureaucracy as throttling the flow of capital to small-business entrepreneurs. The analysis concludes, however, that unless the state cum federal government finds ways to …

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Economic Growth Issues In Massachusetts Rural Areas And Small Cities, Nancy Goff Sep 1994

Economic Growth Issues In Massachusetts Rural Areas And Small Cities, Nancy Goff

New England Journal of Public Policy

In developing a strategy for economic development, state government must consider the special needs of its small cities and rural areas. Well-meaning policies crafted for metropolitan areas have unintended and often negative consequences when applied statewide. This article is a revision of the author's topical discussion paper for the August 6, 1992, Conference on Rural and Small City Development at Mount Wachusett Community College, Gardner. It was used by the Massachusetts Executive Office of Economic Affairs and the University of Massachusetts in developing a statewide economic development strategy.

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Budget Policy And Fiscal Crisis: A Political Matrix, Francis J. Leazes Jr., Robert Sieczkiewicz Sep 1994

Budget Policy And Fiscal Crisis: A Political Matrix, Francis J. Leazes Jr., Robert Sieczkiewicz

New England Journal of Public Policy

A study of 134 Rhode Island programs, administered during the state's budget crisis in the fiscal years 1987 to 1991, yielded a number of important lessons. The more mandated formula spending there was in a budget, the more uncontrollable was the budget. There is a spending bias ingrained in the political culture. Some nonentitlement spending can be difficult to curtail. Cutback management strategies are inadequate to address significant revenue shortfalls. The authors present a political budget matrix designed to assist budget policymakers and staff in making educated assumptions about the way categories of programs may be treated during times of …

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Capturing The Impacts Of North American Free Trade Agreement On South Dakota's Economy, Bashir Qasmi, Scott Fausti Sep 1994

Capturing The Impacts Of North American Free Trade Agreement On South Dakota's Economy, Bashir Qasmi, Scott Fausti

Economics Staff Paper Series (1969 - 2017)

In August 1992, representatives of Canada, Mexico, and the United States concluded their negotiations of the North American Free Trade Agreement (NAFTA). The treaty has been subsequently signed and ratified by all three countries. As of January 1, 1994, NAFTA created the largest free trade area in the world, with more than 360 million people and a combined gross domestic product of roughly $6.5 trillion (in U.S. dollars). A comparison of NAFTA with the European Union (EU) is provided in appendix A. NAFTA essentially lifts trade barriers between Mexico, Canada, and the United States. At the time of signing of …

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Publication List Economics Department: 1993 - 1994, Department Of Economics Sep 1994

Publication List Economics Department: 1993 - 1994, Department Of Economics

Economics Pamphlet Series (1985-2016)

The publications listed herein were prepared during April 1993 - July 1994 by the faculty and graduate students in the Economics Department at South Dakota State University. The publications are arranged by series (Staff Paper, Research Paper, Economics Commentator, Experiment Station Bulletin, etc.). There is a subject matter index, author index and a Economics Faculty listing included also.

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Nonstationary Time Series And Cointegration: Recent Books And Themes For The Future, Peter C.B. Phillips Sep 1994

Nonstationary Time Series And Cointegration: Recent Books And Themes For The Future, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Recent developments in nonstationary time series and cointegration are discussed and three new books in the area are reviewed. Some perspectives concerning the scope of current interest in the field are provided, and some novel themes for future research are outlined.

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Model Determination And Macroeconomic Activity, Peter C.B. Phillips Sep 1994

Model Determination And Macroeconomic Activity, Peter C.B. Phillips

Cowles Foundation Discussion Papers

The subject of this paper is modelling, estimation, inference and prediction for economic time series. Bayesian and classical approaches are considered. The paper has three main parts. The first is concerned with Bayesian model determination, forecast evaluation and the construction of evolving sequences of models that can adapt in dimension and form (including the way in which any nonstationarity in the data is modelled) as new characteristics in the data become evident. This part of the paper continues some recent work on Bayesian asymptotics by the author and Werner Ploberger, develops embedding techniques for vector martingales that justify the role …

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Fully Modified Iv, Give And Gmm Estimation With Possibly Non-Stationary Regressions And Instruments, Yuichi Kitamura, Peter C.B. Phillips Sep 1994

Fully Modified Iv, Give And Gmm Estimation With Possibly Non-Stationary Regressions And Instruments, Yuichi Kitamura, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper develops a general theory of instrumental variables (IV) estimation that allows for both I(1) and I(0) regressors and instruments. The estimation techniques involve an extension of the fully modified (FM) regression procedure that was introduced in earlier work by Phillips-Hansen (1990). FM versions of the generalized instrumental variable estimation (GIVE) method and the generalized method of moments (GMM) estimator are developed. In models with both stationary and nonstationary components, the FM-GIVE and FM-GMM techniques provide efficiency gains over FM-IV in the estimation of the stationary components of a model that has both stationary and nonstationary regressors. The paper …

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Robust Tests Of Forward Exchange Market Efficiency With Empirical Evidence From The 1920’S, Peter C.B. Phillips, James W. Mcfarland, Patrick C. Mcmahon Sep 1994

Robust Tests Of Forward Exchange Market Efficiency With Empirical Evidence From The 1920’S, Peter C.B. Phillips, James W. Mcfarland, Patrick C. Mcmahon

Cowles Foundation Discussion Papers

This paper provides a robust statistical approach to testing the unbiasedness hypothesis in forward exchange market efficiency studies. The methods we use allow us to work explicitly with levels rather than differenced data. They are statistically robust to data distributions with heavy tails, and they can be applied to data sets where the frequency of observation and the futures maturity do not coincide. In addition, our methods allow for stochastic trend nonstationarity and general forms of serial dependence. The methods are applied to daily data of spot exchange rates and forward exchange rates during the 1920’s, which marked the first …

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Do Real Output And Real Wage Measures Capture Reality? The History Of Lighting Suggests Not, William D. Nordhaus Sep 1994

Do Real Output And Real Wage Measures Capture Reality? The History Of Lighting Suggests Not, William D. Nordhaus

Cowles Foundation Discussion Papers

Historical studies of the growth in real wages and output depend upon the accurate measure of the price trends of goods and services. Over long periods of time, the consumption bundle has changed profoundly, and most of today’s consumption includes items that were not produced, and in some cases not even conceived, at the beginning of the nineteenth century. This paper tackles the issue of the quantitative significance of the qualitative change in consumption by choosing a single service — lighting — for which the service characteristic — illumination — is invariant. We estimate changes in lighting efficiency and construct …

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Vol. 17 No. 3 (1994): Pacific Studies Front Matter, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Sep 1994

Vol. 17 No. 3 (1994): 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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Colin Newbury's Review Of Brij V. Lal, Doug Munro, And Edward D. Beechert's Plantation Workers: Resistance And Accommodation, Colin Newbury Sep 1994

Colin Newbury's Review Of Brij V. Lal, Doug Munro, And Edward D. Beechert's Plantation Workers: Resistance And Accommodation, Colin Newbury

Pacific Studies

No abstract provided.

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A Case Study Of The Base-Closure Community Initial Redevelopment Process, Stephen R. Cliatt, Gregory A. Stanley Sep 1994

A Case Study Of The Base-Closure Community Initial Redevelopment Process, Stephen R. Cliatt, Gregory A. Stanley

Theses and Dissertations

In 1990, Public Law 101-510 created the independent, five-year Defense Base Realignment and Closure Commission BRAC. This law provided for the Commission to meet in 1991, 1993, and 1995. The 1993 Commission recommended transfer of the Defense Electronic Supply Center DESC, a Defense Logistics Agency inventory control point, to Columbus, Ohio. This action resulted in an Air Force decision to close Gentile AFS, Kettering, Ohio. A case study of the closure and initial redevelopment of Gentile AFS was undertaken to construct a framework to be used by future redevelopment policy makers affected by a defense base closure. This framework covers …

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The Role Of The Federal Government In The Civilian Conversion Of Military Installations: A Case Study Of Gentile Air Force Station, Jodie L. Eshbach, Calvin S. Hall Sep 1994

The Role Of The Federal Government In The Civilian Conversion Of Military Installations: A Case Study Of Gentile Air Force Station, Jodie L. Eshbach, Calvin S. Hall

Theses and Dissertations

In 1988, the Department of Defense DOD began a massive series of military base closures. Communities affected by these closures must contend with regulations of numerous agencies which impact the closure process. Since 1961, DODs Office of Economic Adjustment OEA has assisted communities in their attempts to recover from effects of base closures. In the 1980s and 1990s, the governments level of involvement increased it added the Air Force Base Conversion Agency AFBCA and the Base Transition Office BTO to assist communities recovery efforts. Through a review of historical data, a case study of the conversion activities at Gentile Air …

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Vol. 17 No. 3 (1994): Pacific Studies Full Issue, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Sep 1994

Vol. 17 No. 3 (1994): 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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Contributors: Vol 17 No. 3, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Sep 1994

Contributors: Vol 17 No. 3, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Contributors list of Vol. 17 (1994): Pacific Studies Full Issue 3

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Changing Patterns Of Commitment To Island Homelands: A Case Study Of Western Samoa, Cluny Macpherson Sep 1994

Changing Patterns Of Commitment To Island Homelands: A Case Study Of Western Samoa, Cluny Macpherson

Pacific Studies

No abstract provided.

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From Sea And Garden To School And Town: Changing Gender And Household Patterns Among Pollap Atoll Migrants, Juliana Flinn Sep 1994

From Sea And Garden To School And Town: Changing Gender And Household Patterns Among Pollap Atoll Migrants, Juliana Flinn

Pacific Studies

No abstract provided.

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Books Received And Book Notices, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Sep 1994

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

Pacific Studies

Book Listing for the Vol 17, No 3 Edition of the Pacific Studies Journal

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How Domestic Regulation Handicaps U.S. Global Business, Murray L. Weidenbaum Sep 1994

How Domestic Regulation Handicaps U.S. Global Business, Murray L. Weidenbaum

Murray Weidenbaum Publications

Regulatory reform would benefit private industry. Some suggestions include: benefit-cost analysis, risk assessment, and emphasizing objectives to be achieved rather than precise methods to be used in complying with regulation.

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Testing For Serial Correlation Against An Arma(1,1) Process, Donald W.K. Andrews, Werner Ploberger Sep 1994

Testing For Serial Correlation Against An Arma(1,1) Process, Donald W.K. Andrews, Werner Ploberger

Cowles Foundation Discussion Papers

This paper is concerned with tests for serial correlation in time series and in the errors of regression models. In particular, the nonstandard problem of testing for white noise against ARMA(1,1) alternatives is considered. Sup Lagrange multiplier (LM) and exponential average LM tests are introduced and are shown to be asymptotically admissible for ARMA(1,1) alternatives. In addition, they are shown to be consistent against all (weakly stationary strong mixing) non-white noise alternatives. Simulation results compare the tests to several tests in the literature. These results show that the Exp-LM infinity test has very good all-around power.

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New Mexico Labor Market Review 08-31-1994, New Mexico Department Of Labor Aug 1994

New Mexico Labor Market Review 08-31-1994, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers July 1994.

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