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The Macroeconomic Safety Net: Does It Need To Be Improved?, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper originally prepared for the Eastern Economic Assoc. - March 6, 1987 (Revised: Dec. 1987; Updated: Jan. 1988).

Also given here is the paper prepared as a Working Paper, and, as it finally appeared in, H. Peter Gray, Ed. The Modern International Environment. Series: Research in International Business and Finance, Vol. 7, 1989. Greenwich, Conn.: JAI Press, c. 1989.

The Reform Of Welfare, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Previously unpublished essay.

The End Of The Reagan Era, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

One of the ongoing columns “The Economy from the Not-so Ivory Tower.”

The Lives And Times Of Resident Traders In Tuvalu: An Exercise In History From Below, Doug Munro

Pacific Studies

No abstract provided.

Inefficient Dynamic Portfolio Strategies Or How To Throw Away A Million Dollars In The Stock Market, Philip H. Dybvig

Cowles Foundation Discussion Papers

A number of portfolio strategies followed by practitioners are dominated because they are incompletely diversified over time. The Payoff Distribution Pricing Model is used to compute the cost of following undiversified strategies. Simple numerical examples illustrate the technique, and computer-generated examples provide realistic estimates of the cost of some typical policies using reasonable parameter values. The cost can be substantial and should not be ignored by practitioners. A section on generalizations shows how to extend the analysis to term structure models and other general models of returns.

Game Theory. Models Of Strategic Behavior And Nuclear Deterrence, Martin Shubik

Cowles Foundation Discussion Papers

This essay offers an exposition of the potential uses of game theoretic reasoning and mathematical models in the study of the prevention of nuclear war.

Sequential Games Of Resource Extraction: Existence Of Nash Equilibria, Rabah Amir

Cowles Foundation Discussion Papers

A general model for noncooperative extraction of common-property resource is considered. The main result is that this sequential game has a Nash equilibrium in stationary strategies. The proof is based on an infinite dimensional fixed-point theorem, and relies crucially on the topology of epi-convergence. A byproduct of the analysis is that Nash equilibrium strategies may be selected such that marginal propensities of consumption are bounded above by one.

Developments In The Financial System During The First Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Money supply as measured by both Ml and M2 declined in the first quarter of 1987 due mainly to declines in net foreign assets and ••other'' assets net of the banking system. Banking system credit, on the other hand increased although at a slower pace than in the last quarter of 1986. While both the money and capital markets remained active during the quarter, the tempo of activities slowed down considerably from the December 1986level.

Developments In The Agricultural Sector During The First Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Early rains in most southern parts of the country during the first quarter encouraged preliminary farming activities such as bush clearing and land tilling. In a number of areas, actual planting of some crops-maize, yam, okro, pepper and leaf vegetables- also began. In the northern parts, activity centred around dry-season farming involving the planting of wheat, rice and vegetables on irrigated lands. Other activities during the first quarter included harvesting and processing of cassava, rice; fruits and vegetables in the south, and maize, sorghum, millet and cotton in the northern states. A total of 99,295.1 tonnes of fertilizers were discharged …

Performance Of The Manufacturing Sub-Sector During The First Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

This report presents the results obtained from an impressionistic survey conducted by the Central Bank of Nigeria to assess the performance of the manufacturing sub-sector during the first quarter of 1987. During the survey, 135 firms, covering 20 industrial sub-groups, were contacted and 48.8 per cent response rate was achieved.

Developments In Nigeria's External Sector During The First Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Transactions in foreign exchange through the Central Bank of Nigeria resulted in a net outflow of N819.0 million in the first quarter of 1987, in contrast with a net inflow of Nl,580.8 million in the preceding quarter ang. a net outflow of N76.4 million during the corresponding quarter of 1986. The deterioration in the foreign exchange position during the quarter under review was attributable to the combined effects of a decline of 4.2 per cent in the level of inflow and a rise of 77 .6 per cent in the level of outflow.

Statistics (March 1987), Central Bank Of Nigeria Cbn

Economic and Financial Review

This is a statistical representation of economic activities in Nigeria in March, 1987

Vol. 10 No. 2 (1987): 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 …

The Atomization Of Tongan Society, Keith L. Morton

Pacific Studies

No abstract provided.

Estimates Of Some Aspects Of Personal Wealth Distribution In Egypt, Heba Ezzeldin Helmy

Archived Theses and Dissertations

No abstract provided.

The Validity Of Studies With Line Of Business Data: Comment, Frederic M. Scherer, William F. Long, Stephen Martin, Dennis C. Mueller, George Pascoe, David J. Ravenschaft, John T. Scott, Leonord W. Weiss

Dartmouth Scholarship

In the March 1985 issue of this Review, George Benston found fault with Federal Trade Commission Line of Business (LB) data generally and singled out for extended criticism thirteen LB data-based papers written by the authors of this comment. Even by the pre-Queensberry rules governing eco- nomic disputation, Benston's article is one- sided and negative. Moreover, it is marred by numerous errors in characterizing our work. We wish to set the record straight.

An Economic Approach To Hazardous Wastes, Murray L. Weidenbaum

Murray Weidenbaum Publications

The author proposes that economic incentives may encourage the public to accept proposals for improving the environment and for locations for hazardous waste sites.

Economic Relations Between Asean And Australia, Mohamed Ariff, Ross Garnaut, Hal Hill, Eng Fong Pang

Research Collection Lee Kong Chian School Of Business

Economic relations between the countries of ASEAN and Australia have developed rapidly in the past 25 years. All countries in the region share a powerful interest in the maintenance of a liberal international trading environment. There is also confineable scope for an expanded. mutually beneficial bilateral relationship if a range of barriers to commercial contact are removed. Public policy reforms, on a non-discriminatory basis are the key to such a relationship.

A Note On Sargan Densities, Yiu Kuen Tse

Research Collection School Of Economics

This note reexamines the general class of Sargan densities analyzed by Goldfeld and Quandt (1981), Kafei and Schmidt (1985), and others in the context of approximating normal densities in certain econometric models. It suggests a third-order Sargan density which complies with the Goldfeld and Quandt criteria, is unimodal, and is the best approximation to the normal for orders less than or equal to 3. Some errors in Goldfeld and Quandt paper are corrected.

Sap Saps Industries: Nigerian Enterprises Groan Under Effects Of Sfem-Induced Policies, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

This is the fate facing a large chunk of Nigeria's industrial sector. Ironically it is government, for so long the protector of Nigerian manufacturers, that has now done an about turn. By its implementation of the Structural Adjustment Programme (SAP), it has ushered in what could be a totally retrogressive era for local industries

Is Reagan Coolidge Or Hoover, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

One of the ongoing columns “The Economy from the Not-so Ivory Tower.”

The Future Of Social Security: One Economist's Assessment, James Tobin

Cowles Foundation Discussion Papers

Three interrelated issues must be faced in assessing the future of OASI. I shall discuss each in turn. Balancing Contributions and Benefits. The overriding long-run issue about OASI is the balance between the tax contributions of the young and the benefits of the old. The system is now geared to scale up benefits automatically so as to maintain the ratio of benefits to contemporaneous wages, the replacement ratio, at its historical level of roughly 40 percent. Payroll tax rates are the residual balancing item in the OASI financial equation. They have been raised steadily for years, and according to current …

Supply Shocks In Macroeconomics, Matthew D. Shapiro

Cowles Foundation Discussion Papers

Supply shocks played an important role in macroeconomic fluctuations during the 1970’s. Supply shocks are also increasingly important in Keynesian and neo-classical models of the business cycle. This paper is a short survey of these theoretical models. It also discusses the history of supply shocks in recent business cycles.

Spherical Matrix Distributions And Cauchy Quotients, Peter C.B. Phillips

Cowles Foundation Discussion Papers

It is shown that matrix quotients of submatrices of a spherical matrix are distributed as matrix Cauchy. This generalizes known results for scalar ratios of independent normal variates. The derivations are simple and make use of the theory of invariant measures on manifolds.

Are Cyclical Fluctuations In Productivity Due More To Supply Shocks Or Demand Shocks?, Matthew D. Shapiro

Cowles Foundation Discussion Papers

Measured productivity is strongly procyclical. Real business cycle theories suggest that actual fluctuations in productivity are the source of fluctuations in aggregate output. Keynesian theories maintain that fluctuations in aggregate output come from shocks to aggregate demand. Keynesian theories appeal to labor hoarding or off the production function behavior to explain the procyclicality of productivity. If observed productivity shocks are true productivity shocks, a function of factor prices should covary exactly with productivity. In annual data for United States industries, that function of factor prices and conventionally-measured productivity move together very closely. Moreover, their difference is uncorrelated with aggregate output.

Tying Requirements In Markets With Many Sellers: The Contact Lens Industry, Deborah Haas-Wilson

Economics: Faculty Publications

The asymmetric information characterizing markets for professional services has been used to justify tying requirements and other restrictions on the business practices of professionals. In this paper the prices and quality effects of state restrictions that prohibit the fitting of contact lenses by independent opticians and thereby tie the sale of contact lenses to the services of ophthalmologists and optometrists are estimated. The results suggest that prices are significantly higher in markets with tying requirements, controlling for differences in quality and variations in other state commercial practice restrictions. The tying requirements and the commercial practice restrictions, however, appear to have …

Today's Challenges To Economic Freedom, Murray L. Weidenbaum

Murray Weidenbaum Publications

Murray Weidenbaum shows the benefits of having a free enterprise system.

A Study Of The Social Working Conditions Of Migrant Farmworkers In New Jersey, Lorna Janet Carpenter

Theses

This paper will not dwell on the multiplexity of statistical reports on migrant farmworkers in New Jersey. The paper will have a four fold purpose to describe in detail the significan extent of migrant labor within the agriculture system.

For purposes of the study the writer will discuss the following:

(1) The history of agriculture in New Jersey.

(2) The living and working conditions of migrant farmworkers.

(3) The factors that prohibits migrant farmworkers from entering the non-farm labor stream.

(4) The impact of technology in agriculture as it replaces human labor with farm mechanization.

It is the writer's opinion …

Analysis And Evaluation Of The "Pay For Savings" Concept : The Residential Energy Conservation Action Program (Recap), Glenn Owen Steiger

Theses

Recently, electric utilities have developed and implemented many methods to induce their customers to reduce consumption of electricity. One of the most unique concepts was developed by the General Public Utilities Corporation. Simply, it is the "Pay for Savings" concept which pays energy conservation contractors for actual (measured) energy saved, and not for the retrofit measures used to accomplish the savings. GPU has developed a program, Residential Energy Conservation Action Program, as a vehicle for this concept.

This thesis has attempted to describe the methodology used in implementing RECAP. More importantly, it has analyzed actual results of the program and …

Alternatives To Lay Off, Davidson Nwaneri Okere

Theses

In the recent years, there have been some changes in the American corporate life. These changes have been occasioned by some external factors which adversely affect the profitability of the companies. In order to address this problem, many corporations have resorted to cutbacks which more often than not, affect a great bulk of the human resources.

The purpose of this study therefore, is to explore the strategies which companies could use, rather than lay off, during business downturns; and still remain competitive and profitable.

Chapter one of this study focuses on what companies should do to help the affected workers …