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New Mexico Labor Market Review 07-31-1991, 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 June 1991.

Apology For Being, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Comments made by Minsky at the 1991 Workshop "Macroeconomic Theory in the Light of Current Concerns," at the Levy Economics Institute. The main download also gives the schedule for the workshop and the participants.

The additional paper is another copy of Minsky's remarks.

Comment On ‘To Criticize The Critics’, By Peter C.B. Phillips, Christopher A. Sims

Cowles Foundation Discussion Papers

In his paper “To Criticize the Critics” (1991), Peter Phillips discusses Bayesian methodology for time series models. The main point that Uhlig and I set out to make, however, was that careful consideration of the implications of the likelihood principle suggests that much of the recent work under the “unit root” label in the econometrics literature is being incorrectly interpreted in practice. We pointed out that time series models with possible unit roots are one of the few domains within which the implications of a likelihood principle approach to inference are difference, even in the large samples, from those of …

Transformations Of The Commodity Space, Behavioral Heterogeneity And The Aggregation Problem, Jean-Michel Grandmont

Cowles Foundation Discussion Papers

The aggregation problem in demand analysis and exchange equilibrium is studied by putting restrictions on the shape of the distribution of the agents’ characteristics. This is done by exploiting the finite dimensional linear structure induced on demand functions by affine transformations of the commodity space (or household equivalence scales). Increasing the degree of behavioral heterogeneity in the household sector or more specifically, making the conditional distributions in each equivalence class of demand functions fiat enough, has an important regularizing influence on aggregate budget shares: market demand has a negative dominant diagonal Jacobian matrix, aggregate excess demand has the gross substitutability …

Bayesian Routes And Unit Roots: De Rebus Prioribus Semper Est Disputandum, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper provides detailed responses to the following 8 discussants of my paper “To Criticize the Critics: An Objective Bayesian Analysis of Stochastic Trends”: Gary Koop and Mark Steel; Edward Leamer; In-Moo Kim and G. S. Maddala Dale J. Poirier; Peter C. Schotman and Herman K. van Dijk; James H. Stock; David Dejong and Charles H. Whiteman; and Christopher Sims. This reply puts new emphasis on the call made in the earlier paper for objective Bayesian analysis in time series; it underlines the need for a new approach, especially with regard to posterior odds testing; and it draws attention to …

Dynamic Structural Models: Problems And Prospects. Mixed Continuous Discrete Controls And Market Interactions, Ariel Pakes

Cowles Foundation Discussion Papers

This paper reviews dynamic structural econometric models with both continuous and discrete controls, and those with market interactions. Its goal is to highlight techniques which enable researchers to obtain estimates of the parameters of models with these characteristics, and then use the estimates in subsequent descriptive and policy analysis. In an attempt to increase the accessibility of structural modeling, emphasis has been laid on estimation techniques which, though consistent with the underlying structural model, are computationally simple. The extent to which this is possible depends on the characteristics of the applied problem of interest, so the paper ends up covering …

The Ecology Of Markets, William D. Nordhaus

Cowles Foundation Discussion Papers

The notion that “everything is connected to everything else” runs through all of modern economics. Economies are connected in the production sphere through the inputs and outputs that circulate through the world; they are connected through the exchange of goods and services; and they are connected by flows of funds through which some people or nations finance the economic activity of others. It is generally believed that the great macroeconomic crises of this century — the periodic banking panics, the Great Depression of the 1930’s, the debt crisis of the 1980’s, the breakdown in socialist economies of today — occurred …

How Fast Do Old Men Slow Down?, Ray C. Fair

Cowles Foundation Discussion Papers

This study uses data on men’s track and field and road racing records by age to estimate the rate at which men slow down with age. For most of the running events (400 meters through the half marathon), the slowdown rate per year is estimated to be .80 percent between ages 35 and 51. At age 51 the rate begins to increase. It is 1.04 percent at age 60, 1.46 percent at age 75, and 2.01 percent at age 95. The slowdown rate is smaller for 100 meters. For the events longer than the half marathon, the rate is smaller …

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

Pacific Studies

Book Listing for the Vol 14, No 3 Edition of the Pacific Studies Journal

The People's Bank Of Nigeria: Review And Update, J. A. Babalola

Bullion

The paper reviews the establishment of the People's Bank in Nigeria. The paper is divided into five sections, Section one gives background to the establishment of the People's Bonk in Nigeria, section two discusses the concept and operational features of the Bank, section three appraises the operations, section four looks at the likely problems the Bank may face, while Section five discuses the prospects and conclude the Paper.

The Role Of The Central Bank Of Nigeria In Promoting Agricultural Production And Export Trade In Nigeria, I. G. Garba

Bullion

The paper examines Central Bank of Nigeria’s (CBN) engagement in a variety of activities in the form of policies, programmes and project for the development of the Nigerian economy. ln particular, the promotion of agricultural production and export trade has been pursed to varying degrees using various policy instruments at its (CBN) disposal under changing national and international economic and political climate. The paper examine the development in these two key and complimentary activities and highlighting the changing economic situations. The prospects for the future are discussed based on the lessons of past experiences. The paper is rounded up with …

Vol. 14 No. 3 (1991): 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 …

Vol. 14 No. 3 (1991): 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 …

Contributors: Vol 14 No. 3, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Contributors list of Vol. 14 (1991): Pacific Studies Full Issue 3

The Future Of The U.S. Defense Industry, Murray L. Weidenbaum

Murray Weidenbaum Publications

The U.S. defense industry is at a fork in the road and faces the prospect of substantial declines. There are two approaches that can be taken: Convert to civilian production or cut back and slim down. Conversion has a great deal of appeal, as it keeps the jobs of defense workers in place. The cut-back alternative is an austerity measure designed to maintain the financial health of the defense firms. The purpose of this paper is to provide some guidance in the selection between these two alternatives.

New Mexico Labor Market Review 06-28-1991, 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 May 1991.

New Mexicos Population In The 1990s_06-13-1991, Adelamar Alcantara

BBER Publications

The report focuses on population growth, county-level demographic changes, race and ethnicity, migration patterns, and the relative importance of natural increase versus migration in driving population change.

Depression, 1990'S Style, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.

Central Bank Of Nigeria Statistical Bulletin, June 1991, Central Bank Of Nigeria

CBN Statistical Bulletin

The financial statistics section offers comprehensive data on various financial subsectors, including money and banking, financial markets, non-bank financial institutions, and public finance statistics. Key areas covered include data consolidation of commercial and merchant banks, liquidity ratios, cash reserves, loan/deposit ratios, and credit distribution. Clearing house statistics provide information on volume of transactions within the commercial banking system and the number and value of cheques cleared. Financial markets provide information on new issues, treasury securities, money market assets, Nigerian Stock Exchange (NSE) transactions, and government debt instruments. Public finance statistics include federal government revenue and expenditure, sources such as oil, …

Stabilizing The Soviet Economy, William D. Nordhaus

Cowles Foundation Discussion Papers

The proposals in our policy memorandum on economic stabilization — a restrictive monetary policy and a fiscal policy that eliminates the government deficit — are shaped by our view that the Soviet Union today faces a mounting economic crisis. As we emphasized in our discussion in the policy memorandum, problems include issues of inefficient economic structures, distorted prices, large macroeconomic imbalances, divided government, and lack of popular support for steps to stabilize and restructure the economy.

Repeated Games: Cooperation And Rationality, David G. Pearce

Cowles Foundation Discussion Papers

The paper is a survey written for the Sixth World congress of the Econometric Society. It is devoted largely to a discussion of the progress made in the last decade in understanding the structure of self-enforcing agreements in discounted supergames of complete information. Perfect and imperfect monitoring models are considered in turn, with attention given to the case of substantial impatience as well as to the various “folk theorems.” The emphasis is on the features of constrained-optimal perfect equilibria, causes of inefficiency, and some relationships among different strands of the literature. The remainder of the paper is a critical and …

The Global Economy And The American Welfare State, Howard Jacob Karger

The Journal of Sociology & Social Welfare

The American social welfare state is approaching a crisis because of the global economy. Survival in a new world economy requires corporations to become more efficient, a strategy which leads to a rapidly changing technology, plant shutdowns, and industrial reorganization. To aid corporations, government often curbs taxes to make capital available for investment. These policies can lead to governmental debt, reduced welfare services, a deterioration in the infrastructure, and myriad social problems. This article investigates the effects of the global economy on the American welfare state.

The Role Of Central Bank Of Nigeria In The Relation To The Banking And Insurance Industries, Victor A. Odozi

Bullion

The financial services industry is on the threshold of a revolution. The advent of the Structural Adjustment Programme (SAP) in Mid-1986, with its underlying philosophy of liberalisation and deregulation, has brought about a proliferation of banks and non-bank financial institutions. Competition has intensified, there has been increased innovation and sophistication in product design and delivery. While the new changes have enhanced the opportunities for business and profits, they have also engendered challenges and problems calling for policy action. A number of banks arc suffering various degrees of distress manifested in liquidity problems and insolvency. The paper is in four parts: …

The Role Of The Banking System In The Management Of The Economy, Philips Toyin

Bullion

The objective of this paper is to examine and highlight the role of the banking system in the management of the economy, bearing in mind the lead role which financial capital plays in the development process. The paper is thus divided into three parts. Part I describes the evolution and growth of the banking system within the overall financial system. Part ll focuses on the role of the banking system in economic management while Part lll provides the summary and conclusion.

Management Of The External Debt Of Nigeria, R. A. Olukale

Bullion

Debt management primarily involves five basic functions: policy, regulatory, operational, accounting, and statistical analysis. The policy involves coordination among the agencies with prime responsibility for the economic management of a country in the formulation of national debt policies and strategies. This paper is arranged in six parts. Part I is an over-view of global debts in selected developed and developing economies. Part ll addresses the origin and structure of Nigeria's external debt. Part lll discusses the causative factors of Nigeria's external debt and her external borrowing policy. Part lV highlights the debt relief proposals and the Nigeria's external debt profile. …

Federal Government Policies In Respect Of Agricultural Finance, Godwill Ukpong, Usman Malgwi

Bullion

The objective of this paper is to identify some of the major policies pursued by government to increase agricultural output, with particular reference to agricultural finance and assess their effectiveness in terms of expectations and set targets. For ease of presentation, the paper is divided into three parts. Part 1 reviews past and current government policies on agricultural financing. Part 11 examines some specific measures taken and assesses their degree of effectiveness. Part 111 provides a Summary and Concluding remarks.

Crowding-Out And Crowding-In Effects Of Policy Reforms In Developing Countries, Odozi A, Victor

Bullion

This paper discusses the interplay of crowding-out and crowding-in effects of policy reforms in the context of growth-oriented adjustment programs in developing countries, and to highlight some of the policy implications. A discussion of the nature and determinants of the two phenomena in a developing-country content is given in Section ll. Section lll presents some conclusions and practical implications of the analysis.

Reglementation, Intervention Et Impot Regressif Dans La Richesse Des Nations, Spencer J. Pack

Economics Faculty Publications

No abstract provided.

Perestroika, Phase Iii: Can The Ussr Learn From The Only Successful Reform?, Phillip J. Bryson

Faculty Publications

In Phase I of Mikhail Gorbachev's tenure as chief director of the soviet economic strategy, the General Secretary seemed content to continue an approach his predecessors had referred to as plan "perfecting" (sovershenstvovanie). This approach which called merely for the development and implementation of modest improvements in the planning mechanism. It was the chosen alternative to economic reform, the approach which had been peremptorily rejected with the closing of the Kosygin reforms at the end of the 1960s.

New Mexico Labor Market Review 05-31-1991, 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 April 1991.