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Inflationary Expectations And Price Setting Behavior, Ray C. Fair Sep 1989

Inflationary Expectations And Price Setting Behavior, Ray C. Fair

Cowles Foundation Discussion Papers

This paper tests for the existence of expectational effects in very disaggregate price equations. Price equations are estimated using monthly data for each of 40 products. The dynamic specification of the equations is also tested, including whether the equations should be specified in level form or in change form. Two expectational hypotheses are used, one in which expectations of the aggregate price level and one in which expectations are rational. Under the first hypothesis the lag length is estimated along with the other parameters, and under the second hypothesis the lead length is estimated along with the other parameters. The …

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Additive Interactive Regression Models: Circumvention Of The Curse Of Dimensionality, Donald W.K. Andrews, Yoon-Jae Whang Sep 1989

Additive Interactive Regression Models: Circumvention Of The Curse Of Dimensionality, Donald W.K. Andrews, Yoon-Jae Whang

Cowles Foundation Discussion Papers

This paper considers series estimators of additive interactive regression (AIR) models. AIR models are nonparametric regression models that generalize additive regression models by allowing interactions between different regressor variables. They place more restrictions on the regression function, however, than do fully nonparametric regression models. By doing so, they attempt to circumvent the curse of dimensionality that afflicts the estimation of fully nonparametric regression models. In this paper, we present a finite sample bound and asymptotic rate of convergence results for the mean average squared error of series estimators that show the AIR models do circumvent the curse of dimensionality. The …

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Risk Analysis In Economics: An Application To University Finances, William D. Nordhaus Sep 1989

Risk Analysis In Economics: An Application To University Finances, William D. Nordhaus

Cowles Foundation Discussion Papers

Although the theory of decision making under uncertainty has been extensively studied for a half century, applications to business applications are relatively rare. This study frames a systematic risk analysis and applies the technique to the finances of private colleges and universities. It begins by constructing budgets for colleges and universities and then analyzes the major economic factors affecting those budgets. It estimates the variability (or unpredictability) associated with each major external variable from historical data and from economic forecasts. The study finds that government-spending risks outweigh all other external stock market, interest rates, inflation, and wage trends. The paper …

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Intrastate Differences In Workers' Compensation Costs: October 1986 Closed Case Study, H. Allan Hunt, Leslie E. Lance Sep 1989

Intrastate Differences In Workers' Compensation Costs: October 1986 Closed Case Study, H. Allan Hunt, Leslie E. Lance

Reports

It is the goal of this study to present an empirical description of the Michigan workers' compensation system as of 1986 which will enable the comparison of the operation of the current system with the 1978 system in order to measure the impact of the policy changes implemented in the early 1980s.

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Survey Of Methodologies For Valuing Externalities And Public Goods, F. Gregory Hayden Sep 1989

Survey Of Methodologies For Valuing Externalities And Public Goods, F. Gregory Hayden

Department of Economics: Faculty Publications

The purpose of this report is to explain and evaluate six different methodologies for the valuation of externalities and public goods with respect to natural resources and the ecosystem. The six methodologies are: 1) general systems analysis, 2) the social fabric matrix, 3) direct cost, 4) contingent valuation, 5) travel cost, and 6) the property approach. The explanation and analysis contained in this report intends to determine their applicability to a broad definition of an ecosystem or socioecosystem.

The concept of externalities in the field of economics is essentially a concept formulated to take account of interdependence in a model …

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Current Economic Issues In Employee Benefits, Stephen A. Woodbury Sep 1989

Current Economic Issues In Employee Benefits, Stephen A. Woodbury

Book Chapters

No abstract provided.

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New Mexico County Profiles_Sep 1989, University Of New Mexico Bureau Of Business And Economic Research Sep 1989

New Mexico County Profiles_Sep 1989, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

The report combines narrative county overviews with standardized statistical profiles that document local economic structures, population characteristics, public services, natural resources, and development trends across the state.

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Filling In The Hollowed-Out Corporation: The Competitive Status Of U.S. Manufacturing, Murray L. Weidenbaum Sep 1989

Filling In The Hollowed-Out Corporation: The Competitive Status Of U.S. Manufacturing, Murray L. Weidenbaum

Murray Weidenbaum Publications

This paper looks at the status of American manufacturing in 1989, given falling costs to production, improvements in product quality, and a surge in research and development.

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New Mexico Labor Market Review 08-31-1989, New Mexico Department Of Labor Aug 1989

New Mexico Labor Market Review 08-31-1989, 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 1989. It is a report on the state's employment and economic activity.

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Metropolitan Report - August 23, 1989, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans Aug 1989

Metropolitan Report - August 23, 1989, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans

UNO Metropolitan Report (1986-2017)

No abstract provided.

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Warranties, Durability, And Maintenance: Two Sided Moral Hazard In A Continuous-Time Model, Philip H. Dybvig, Nancy A. Lutz Aug 1989

Warranties, Durability, And Maintenance: Two Sided Moral Hazard In A Continuous-Time Model, Philip H. Dybvig, Nancy A. Lutz

Cowles Foundation Discussion Papers

We consider the provision of an optimal warranty in a continuous-time model with two-sided moral hazard. The optimal warranty must balance the producer’s durability incentive and the buyer’s maintenance incentive. Too little warranty protection gives the producer too much incentive to produce low durability, while too much warranty protection gives the consumer too much incentive to neglect maintenance. The derived optimal warranty is a “block warranty” that is high for an initial block of time and zero thereafter. The first-best would be available under a very high warranty for a very short time interval, except for the incentive this would …

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Full Information Estimation And Stochastic Simulation Of Models With Rational Expectations, Ray C. Fair, John B. Taylor Aug 1989

Full Information Estimation And Stochastic Simulation Of Models With Rational Expectations, Ray C. Fair, John B. Taylor

Cowles Foundation Discussion Papers

A computationally feasible method for the full information maximum likelihood estimation of models with rational expectations is described in this paper. The stochastic simulation of such models is also described. The methods discussed in this paper should open the way for many more tests of the rational expectations hypothesis within macroeconomic models.

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Vag Trust Fund Adequacy, Christopher J. O'Leary Aug 1989

Vag Trust Fund Adequacy, Christopher J. O'Leary

Reports

No abstract provided.

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Experience Rating Of Unemployment Insurance In Michigan And Other States: A Microeconomic Comparison For 1988, Timothy L. Hunt, Christopher J. O'Leary Aug 1989

Experience Rating Of Unemployment Insurance In Michigan And Other States: A Microeconomic Comparison For 1988, Timothy L. Hunt, Christopher J. O'Leary

Reports

No abstract provided.

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Metropolitan Report - August 1989, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans Aug 1989

Metropolitan Report - August 1989, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans

UNO Metropolitan Report (1986-2017)

No abstract provided.

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Population Projections For Hydrobasins_Aug 1989, Brian Mcdonald, Adelamar Alcantara, Richard Zimmerman Aug 1989

Population Projections For Hydrobasins_Aug 1989, Brian Mcdonald, Adelamar Alcantara, Richard Zimmerman

BBER Publications

The study was designed to support water-resource planning by providing demographic forecasts that could be incorporated into future water-demand scenarios.

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Population Projections For Hydrobasins_Aug 1989 (2), Brian Mcdonald, Adelamar Alcantara, Richard Zimmerman Aug 1989

Population Projections For Hydrobasins_Aug 1989 (2), Brian Mcdonald, Adelamar Alcantara, Richard Zimmerman

BBER Publications

The study was designed to support water-resource planning by providing demographic forecasts that could be incorporated into future water-demand scenarios.

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Improving Competitiveness, Congressional Style, Murray L. Weidenbaum Aug 1989

Improving Competitiveness, Congressional Style, Murray L. Weidenbaum

Murray Weidenbaum Publications

Seemingly in order to demonstrate its concern with huge trade deficits, Congress passed the Omnibus Trade and Competitiveness Act of 1988. While the object of the legislation is ostensibly to reduce trade deficits and enhance American competitiveness, the new statute actually responds to all sorts of pressure groups. This report examines the impact of the new trade law on a multitude of government agencies.

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Who Says Public Investment In Agricultural Research Doesn't Pay?, Stanley K. Seaver Jul 1989

Who Says Public Investment In Agricultural Research Doesn't Pay?, Stanley K. Seaver

Storrs Agricultural Experiment Station

No abstract provided.

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Privatize Deposit Insurance, Jeffrey Rogers Hummel Jul 1989

Privatize Deposit Insurance, Jeffrey Rogers Hummel

Faculty Publications

No abstract provided.

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Job Displacement, Relative Wage Changes, And Duration Of Unemployment, John T. Addison, Pedro Portugal Jul 1989

Job Displacement, Relative Wage Changes, And Duration Of Unemployment, John T. Addison, Pedro Portugal

Faculty Publications

Using special CPS data on displaced workers, this article investigates the wage consequences of job displacement in a framework that emphasizes the effects of past job duration(s) and unemployment duration(s) on postdisplacement wages. Our model also attempts to take account of the simultaneity between unemployment duration and the postdisplacement wage. It is found that duration strongly reduces subsequent earnings and that considerable overstatement of the loss in firm-specific training investments is implied by conventional routes to measuring wage losses.

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Vol. 12 No. 3 (1989): Pacific Studies Front Matter, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Jul 1989

Vol. 12 No. 3 (1989): 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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Vol. 12 No. 3 (1989): Pacific Studies Full Issue, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Jul 1989

Vol. 12 No. 3 (1989): 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 12 No. 3, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Jul 1989

Contributors: Vol 12 No. 3, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Contributors list of Vol. 12 (1989): Pacific Studies Full Issue 3

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The American Economy: Is A Turning Point At Hand?, Murray L. Weidenbaum Jul 1989

The American Economy: Is A Turning Point At Hand?, Murray L. Weidenbaum

Murray Weidenbaum Publications

American businesses are making adjustments to the global marketplace. Politically, the big question is whether or not the Cold War is finally ending. Can the United States successfully shift key resources to the civilian economy? Will the lower military demand lead to a worldwide recession or will it free up resources for a period of stronger growth? There are signs of a potential slowdown in the short term. In the long term, open markets seem to be prevailing, with three dominant clusters emerging: Europe, U.S./Canada, and the Pacific rim.

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Bureau Of Labor Stats News Multiple_06-30-1989, New Mexico Department Of Labor Jun 1989

Bureau Of Labor Stats News Multiple_06-30-1989, New Mexico Department Of Labor

Historic Publications

This report announces a public hearing to consider amendments to the Rules and Regulations implementing the New Mexico Public Works Minimum Wage Act. Proposed changes include revisions to wage survey procedures, wage determination schedules, appeal provisions, and the addition of electrician classifications and wage spreads for multiple construction categories.

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New Mexico Labor Market Review 06-30-1989, New Mexico Department Of Labor Jun 1989

New Mexico Labor Market Review 06-30-1989, 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 May of 1989. It is a report on the state's employment and economic activity.

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Is "It" Happening, Hyman P. Minsky Ph.D. Jun 1989

Is "It" Happening, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

This paper is a spin off from comments made on March 18, 1989 at The Jerome Levy Economics Institute of Bard College. The final version from June is posted as the main download. Next is the original. The final two are interim revisions.

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Forward Pricing Grain While Maintaining The Potential To Benefit From Price Increases, Brian H. Schmiesing Jun 1989

Forward Pricing Grain While Maintaining The Potential To Benefit From Price Increases, Brian H. Schmiesing

Economics Commentator (1972- 2016)

No abstract provided.

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The Reconciliation Of Micro And Macro Economics, Martin Shubik Jun 1989

The Reconciliation Of Micro And Macro Economics, Martin Shubik

Cowles Foundation Discussion Papers

It is suggested that the appropriate structure for the reconciliation of micro and macroeconomics is an infinite horizon overlapping generations (OLG) model with many finitely lived natural persons and one infinitely lived strategic player without preferences whose choice rule is determined by the periodic political choice of the finitely lived players who are alive and politically strategically active at the time of choice. This player may be interpreted as government. In the steps from the finite horizon general equilibrium (GE) model to the overlapping generations model (GGOLG) it is suggested that even without exogenous uncertainty, if economic efficiency is to …

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