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Smooth Unbiased Multivariate Probability Simulators For Maximum Likelihood Estimation Of Limited Dependent Variable Models, Vassilis A. Hajivassiliou, Axel Borsch-Supan

Cowles Foundation Discussion Papers

We apply a new simulation method that solves the multidimensional probability integrals that arise in maximum likelihood estimation of a broad class of limited dependent variable models. The simulation method has four key features: the simulated choice probabilities are unbiased; they are a continuous and differentiable function of the parameters of the model; they are bounded between 0 and 1; and their computation takes an effort that is nearly linear in the dimension of the probability integral, independent of the magnitudes of the true probabilities. We also show that the new simulation method produces probability estimates with substantially smaller variance …

Stock Prices And Bond Yields: Can Their Co-Movements Be Explained In Terms Of Present Value Models?, Robert J. Shiller, Andrea E. Beltratti

Cowles Foundation Discussion Papers

Real stock prices seem to overreact to changes in long-term interest rates. That is, real stock prices drop when long-term interest rates rise (and rise when they fall) more than would be implied by a rational expectations present value model where expectations are based on a vector autoregression. This overreaction is not associated with any overreaction to changes in the short-run inflation rate. Over the last century real stock prices have shown little reaction to changes in inflation rates, and according to the model they should show little reaction. These conclusions were reached from an analysis of annual data in …

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 …

The Controlling Role Of Central Bank Of Jordan On Money Supply, Khaled Wassef Al- Wazani

Archived Theses and Dissertations

No abstract provided.

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.

The Hybrid Solutions Of An N-Person Game, Jingang Zhao

Cowles Foundation Discussion Papers

We introduce a solution concept intermediate between the cooperative and noncooperative solutions of an n -person game in normal form. Consider a partition p of the players, with each s in p a coalition. A joint strategy x = { x s | s in p } is a hybrid solution for the partition p if, for each s in p , x s is a core solution of the corresponding parametric subgame, where this game isplayed by the players in s and is parameterized by x -s , the strategies played by all outside players. This assumes that players …

New Mexico County Profiles_Sep 1990, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

the report provides a valuable county-by-county statistical portrait of New Mexico immediately before the economic and demographic growth that characterized much of the 1990s.

New Mexico County Profiles_Sept 1990, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

The report begins with a statewide overview describing New Mexico's population, economy, educational attainment, housing characteristics, employment structure, public assistance participation, gross receipts, tourism activity, agriculture, construction, mining, banking, and economic trends. It also provides population projections through 2010 prepared by BBER.

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.

What Is The Right Energy Policy For America?, Murray L. Weidenbaum

Murray Weidenbaum Publications

Addressed are the nation's options for energy policies heading into the 1990s and the need for less government regulation and more market interactions for price-setting. Such a policy should also include the full environmental costs to production as a way to help reduce excessive energy usage.

Taiwan's Economic Development, Liwen Chang

Theses

Development, by definition, brings new resources into a society that allow for a higher standard of living. Many developing nations which changed from a traditional survival type society to a self-supporting society experienced a high rate of economic growth after the World War II. No matter what route these countries or regions took to success, in the process of development they all faced similar international trade and balance of payments problems.

This paper presents a case study of Taiwan as a developing country's model. Taiwan certainly qualifies as a successful example of development. Although there is really no complete normative …

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.

Program For Workshop On Changes In Economic Institutions And The Mitteleuropean Question,, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Program for 9th International Summer School of Economics. Marina Di Aurisina (Trieste, Italy), Aug. 21-29, 1990. Workshop on Changes in Economic Institutions and the MittelEuropean Question, Aug. 30-31, 1990.

Endogeneity Of Money, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.

A Study Of Pease Elementary School, Odessa, Texas; The Development Of The Pease Elementary School Neighborhood And Its Changing Demographic Characteristics, Harriet Jan Rudd

Graduate Theses

The economic development of the city of Odessa flourished when oil was discovered in the Permian Basin. Oil field service businesses opened which provided jobs for the educated as well as for the uneducated. These available jobs encouraged people to move to Odessa. In 1958, Pease Elementary was built. The area around the school was being developed by local developers. The city grew to the east which decreased development in west Odessa. There have been no significant residential developments in the Pease neighborhood since 1981. This neighborhood has basically been unchanged for ten years. During this time the properties have …

A Functional Central Limit Theorem For Strong Mixing Stochastic Processes, Donald W.K. Andrews, David Pollard

Cowles Foundation Discussion Papers

This paper shows how the modern machinery for generating abstract empirical central limit theorems can be applied to arrays of dependent variables. It develops a bracketing approximation based on a moment inequality for sums of strong mixing arrays, in an effort to illustrate the sorts of difficulty that need to be overcome when adapting the empirical process theory for independent variables. Some suggestions for further development are offered. The paper is largely self-contained.

Popular Attitudes Towards Free Markets: The Soviet Union And The United States Compared, Robert J. Shiller, Maxim Boycko, Vladimir Korobov

Cowles Foundation Discussion Papers

Random samples of the Moscow and New York populations were compared in their attitudes towards free markets by administering identical telephone interviews in the two countries in May, 1990. Although the Soviet respondents were somewhat less likely to accept exchange of money as a solution to personal problems, and their attitudes towards business were less warm, we found that the Soviet and American respondents were basically similar in most dimensions. Soviets showed no difference from Americans in their feelings that price increases may be unfair. There appears to be little difference between the Soviets and Americans in their concern with …

International Diversification Of Social And Private Risk: The Us And Japan, Stephen S. Golub

Cowles Foundation Discussion Papers

This paper concerns the gains from international trade in risky assets, with an application to the United States and Japan. I examine the role of international financial markets in diversifying the risks associated with the aggregate consumption opportunities of a nation (social risk) and the risks related to individual agents’ consumption opportunities (private risk). The main empirical result is that international portfolio diversification between the United States and Japan leads to small reductions in social risk but large reductions in some private risks, especially for corporate profits.

Evaluation Criteria And Planning Guidelines For Employment Fund Programs In The Republic Of Hungary, Christopher J. O'Leary, W.E. Upjohn Institute For Employment Research

Reports

No abstract provided.

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 …

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 …

1990 Albequerque Convention And Visitors_Aug 1990, John Temple

BBER Publications

The report evaluates the travel behavior, spending patterns, demographics, and economic impacts of households that requested Albuquerque tourism information during 1989. The study is based on a random mail survey of ACVB inquiries, with 342 responses from a population of roughly 29,300 households. The survey was designed to measure visitor characteristics, estimate conversion rates from information requests to actual visits, and assess the effectiveness of ACVB promotional materials.

Population Household Size Employment_Aug 1990, Adelamar Alcantara, Brian Mcdonald, John Temple

BBER Publications

The report provides historical socioeconomic data and long-range projections for major PNM utility service areas, including Albuquerque, Bernalillo, Belen, Deming (Luna County), Santa Fe, Las Vegas (San Miguel County), Gallup, and Clayton. The study analyzes population, household size, employment, and income trends from 1966–1989 and develops low, medium, and high forecasts through 2010.

How To Trim The Deficit Without Raising Taxes, Murray L. Weidenbaum

Murray Weidenbaum Publications

This article argues that raising taxes to reduce the budget deficit ignores an effective alternative: trimming unnecessary government spending.

Macroeconomic Aspect Of Islamic Banking And Finance, Khidir Mohamed Ali Hassan

All-Inclusive List of Electronic Theses and Dissertations

The Islamic economy is the subject of this thesis, which reviews the basic foundations of this system. The main idea under discussion is the implication of monetary and fiscal policy in an Islamic economy framework. This analysis shows how the positively sloped IS and LM curves can be achieved. These two curves are used to determine the value of national income and expected profit rate. The stability of the system is ensured and the policy effectiveness is studied. This study shows the following results: (1) IS-LM framework can be used to analyze the macroeconomic aspect of Islamic economy. (2) The …

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.

Survey Of New Mexico Tourism_07-27-1990, John L. Temple

BBER Publications

The study surveyed people who requested a New Mexico Vacation Guide between July 1988 and July 1989 to determine whether they subsequently visited New Mexico, their travel characteristics, spending patterns, and opinions of the state's tourism materials.

Survey Of New Mexico Tourism_07-27-1990 (2), John L. Temple

BBER Publications

The study surveyed people who requested a New Mexico Vacation Guide between July 1988 and July 1989 to determine whether they subsequently visited New Mexico, their travel characteristics, spending patterns, and opinions of the state's tourism materials.

The Transition To A Market Economy: Financial Options, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

This paper was first prepared for a conference at Castle Szirak, Hungary, Aug. 30-31, 1990. It was edited and retyped a number of times. Given here is the final draft prepared in August 1991 apparently. The original paper is the first alternate version given. The intermediate re-edits are given following that.

The Question Of Financial Reform, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

There are two version of the paper in the Archives. Both are given here.