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The Impact Of The Multinational Corporations On Leading Issues And Policy Making In Less Developed Countries (A Case Study On Kenya), Wamukota Francis W. Wambalaba

Dissertations and Theses

The era of Multinational Corporations (MNCs) is so significant in the development of the Less Developed Countries (LDCs) as was the era of the Industrial Revolution in the development of the now More Developed countries (MDCs). It could be referred to as one of the major economic frontiers in the LDCs as is the computer frontier in the MDCs now. Naturally, there are problems of distrust, fear of eventual crisis, uncertainty of the correct path and a pain in policy making. Coupled with the North/South delicate relationship, the MNC's acceptability in LDCs is of mixed feelings.

In this paper, we …

Time Series Regression With A Unit Root, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the random walk in a general time series setting that allows for weakly dependent and heterogeneously distributed innovations. It is shown that simple least squares regression consistently estimates a unit root under very general conditions in spite of the presence of autocorrelated errors. The limiting distribution of the standardized estimator and the associated regression t-statistic are found using functional central limit theory. New tests of the random walk hypothesis are developed which permit a wide class of dependent and heterogeneous innovation sequences. A new limiting distribution theory is constructed based on the concept of continuous data recording. …

Aggregation And Linearity In The Provision Of Intertemporal Incentives, Bengt Holmstrom, Paul R. Milgrom

Cowles Foundation Discussion Papers

One of the main findings of the principal-agent literature has been that incentive schemes should be sensitive to all information that bears on the agent’s actions. As a manifestation of this principle, incentive schemes tend to take quite complex (non-linear) forms. In contrast, real world schemes are often based on aggregate information with a rather simple structure. This paper considers the optimality of linear schemes that use only aggregated information. The hypothesis is that linear schemes are to be expected in situations where the agent has a rich set of actions to choose from, because richness in action choice allows …

Do We Reject Too Often? Small Sample Bias In Tests Of Rational Expectations, N. Gregory Mankiw, Matthew D. Shapiro

Cowles Foundation Discussion Papers

We examine the small sample properties of tests of rational expectations models. We show using Monte Carlo experiments that these tests can be extremely biased toward rejection for sample sizes typical in applied research. These biases are important when the time series examined are highly autoregressive. We also show that these tests are even more biased with detrended data. We present correct small sample critical values for our canonical problem.

An Axiomatization Of Utility And Subjective Probability Based On Objective Probability, Mamoru Kaneko

Cowles Foundation Discussion Papers

This paper provides an axiomatic model based on an extraneous random device generating objective probabilities for the derivation of expected utilities and subjective probabilities. Four basic axioms fully determine a real-valued utility function and a finitely additive subjective probability measure. The restrictions of these axioms to lotteries depending only upon events of the random device yield the von Neumann-Morgenstern axioms.

Coordinating Coordination Failures In Keynesian Models, Russell Cooper, Andrew John

Cowles Foundation Discussion Papers

This paper focuses on the importance of strategic complementarity in agents’ payoff functions as a basis for macroeconomic coordination failures. We first analyze an abstract game and find that inefficient equilibria and a multiplier process may arise in the presence of strategic complementarities (essentially positively sloped reaction curves). We then place additional economic content on complementarities arising from production functions, matching technologies and commodity demand functions in a multi-sector economy.

The Distribution Of Fiml In The Leading Case, Peter C.B. Phillips

Cowles Foundation Discussion Papers

In a recent article (1984a) Phillips showed that the distribution of the limited information maximum likelihood (LIML) estimator of the coefficients of the endogenous variables in a single structural equation is multivariate Cauchy in the leading (totally unidentified) case. The purpose of the present note is to show that the same result holds for the full information maximum likelihood (FIML) estimator. Our proof relies on the theory of invariant measures on a Stiefel manifold. This approach provides a major simplification of the derivation of the LIML result given in the earlier article and extends to the FIML case without difficulty. …

Two Stage And Related Estimators And Their Applications, Adrian Pagan

Cowles Foundation Discussion Papers

Applied econometric research frequently encounters the difficulty that estimation of the parameters of interest is complex owing to the presence of incidental parameters. It is tempting therefore to try to circumvent the difficulties by proceeding in two stages. In the first, some estimates are made of the incidental parameters. In the second, these estimates are treated as though they were population values, leading to a large reduction in the dimension of the unknown parameter space, possibly even down to that of the parameters of interest only. The properties of such a staged process (particularly as they relate to issues arising …

Coordinating Coordination Failures In Keynesian Models, Russell Cooper, John Andrew

Cowles Foundation Discussion Papers

This paper focuses on the importance of strategic complementarity in agents’ payoff functions as a basis for macroeconomic coordination failures. We first analyze an abstract game and find that inefficient equilibria and a multiplier process may arise in the presence of strategic complementarities (essentially positively sloped reaction curves). We then place additional economic content on complementarities arising from production functions, matching technologies and commodity demand functions in a multi-sector economy.

The Balance Of Payments Adjustment Mechanism In A Rational Expectations Equilibrium, Richard H. Clarida

Cowles Foundation Discussion Papers

This paper provides a choice theoretic, general equilibrium account of the balance of payments adjustment process and the determination of national price levels in a world comprised of countries populated by rational households. Balance of payments adjustment dynamics arise in the equilibrium of this model from the precautionary saving behavior of risk-averse households who self-insure against random productivity fluctuations by accumulating, via balance of payments surpluses in productive periods, buffer stocks of domestic money which can be drawn down to finance payments deficits, and thus a less variable profile of consumption relative to output, when productivity is unexpectedly low. Precautionary …

Book Review Forum On Douglas Oliver's Two Tahitian Villages: A Study In Comparison, Douglas Oliver, Paul Shankman, Greg Dening, F. Allan Hanson

Pacific Studies

No abstract provided.

The Commercial Timber Industry In Colonial Papua New Guinea, W. J. Jonas

Pacific Studies

No abstract provided.

Time Series Regression With A Unit Root, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the random walk in a general time series setting that allows for weakly dependent and heterogeneously distributed innovations of the type recently considered in [39] and [40]. It is shown that simple least squares regression consistently estimates a unit root under very general conditions in spite of the presence of autocorrelated errors. The limiting distribution of the standardized estimator and the associated regression t -statistic are found using functional central limit theory. New tests of the random walk hypothesis are developed which permit a wide class of dependent and heterogeneous innovation sequences. A new limiting distribution theory …

Time-Expired Melanesian Labor In Queensland: An Investigation Of Job Turnover, 1884-1906, Ralph Shlomowitz

Pacific Studies

No abstract provided.

F. R. Fosberg's Review Of Gilbert Cuzent's Archipel De Tahiti: Recherches Sur Les Principales Productions Végétales, F. R. Fosberg

Pacific Studies

No abstract provided.

Noel J. Kent's Review Of Ronald Takaki's Pau Hana: Plantation Life And Labor In Hawaii, 1835-1920, Noel J. Kent

Pacific Studies

No abstract provided.

Review Of "Self-Management: Economic Theory And Yugoslav Practice" By S. Estrin And "The Effects Of Economic Reform In Yugoslavia: Investment And Trade Policy" By J. P. Burkett, Frederic L. Pryor

Economics Faculty Works

No abstract provided.

Review Of Prices, Wages And Business Cycles By Burton H. Klein, Abdur Chowdhury

Economics Faculty Research and Publications

No abstract provided.

Ricardo, Sraffa, & Marx, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Reading list for Econ 210 (Spring 1985)

• Annotated document titled Appendix: Prices, exchange values, and value

• Reading list for Econ 211S (Spring 1984)

• Reading list for Econ 308S (Fall 1975)

• Handwritten phone and address list for Econ 211 (February 1984)

• Handwritten to-do list

• Class roster for Econ 211 (January 27, 1984)

Reorientation Of A Nigeria's Industrial Policies: A Suggested Approach, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The theme which I wish to explore is that further improvement, indeed maintenance, of the general living standards of Nigerians which will require a rapid growth of the non-oil economy must grow not only to compensate for the decline in oil earnings but also to effect the desired increase in incomes, foreign exchange earnings and public revenue. The domination of oil income in the balance of payments and federal government revenue at present is such that for one percent decrease in oil income, the non-oil component must rise by roughly ten percent to prevent exports or government revenue from declining. …

A Program For Reducing The Federal Budget, Murray L. Weidenbaum

Murray Weidenbaum Publications

Murray Weidenbaum explains why it is important to reduce the federal budget and proposes ways to achieve this.

The Economic Impact Of The U.S. Department Of Energy In New Mexico (Fy 1984) [Revised], University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

This report provides an updated macroeconomic analysis of the U.S. Department of Energy's (DOE) financial impact on the New Mexico economy during fiscal year 1984. Prepared by the Bureau of Business and Economic Research at the University of New Mexico, the study utilizes refined multiplier models and agency data to show that DOE's $1.275 billion in direct state expenditures generated $2.337 billion in expanded economic income. Additionally, these funds supported a total of 76,700 jobs—equivalent to 15.6% of the state's total nonagricultural employment—and accounted for roughly 22% of New Mexico's individual state income tax revenue.

Book Review Of An Introduction To Law And Economics, Stewart Schwab

Journal of Legal Education

No abstract provided.

Book Note Of Dilemmas Of Economic Coercion, Sanctions In World Politics, Janet L. Ambrosi

Journal of Legal Education

No abstract provided.

Book Note Of Implementing The Tokyo Round: National Constitutions And International Economic Rules, Stephen B. Reynolds

Journal of Legal Education

No abstract provided.

Long Term And Recent Farmland Market Developments In South Dakota, Cindy Swinson

Economics Commentator (1972- 2016)

No abstract provided.

Economis Review And Outlook_March 1984, University Of New Mexico Bureau Of Business And Economic Research, John Beasley, Brian Mcdonald

Historic Publications

NEW MEXICO ECONOMIC REVIEW AND OUTLOOK.

A Post-Keynesian Analysis Of Financial Markets, Wallace C. Peterson Ph.D.

Hyman P. Minsky Archive

Paper prepared for Missouri Valley Economic Assoc. Meeting, Memphis, Tn, March 8, 1985. Minsky's handwritten notes are on the paper.

Money And The Lender Of Last Resort, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.

Data And Reproduction, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Notes titled Capitalized drilling & exploration costs in K-shock

• Table from the BEA (1993) related to industry investments

• Econometric results for Econ 204

• Document titled Simple reproduction with prices deviating from values

• Handwritten Price-value deviations (April 1984)

• Brody, A. (1970). Proportions, prices and planning: A mathematical restatement of the labor theory of value

• Econometric results sent by Shaikh to Sinead at MATHSOFT (March 10, 1995)

• Four steps used in modifying the BEA asset—type by industry matrix (March 13, 1995)

• Message from ED to Shaikh regarding econometric methodology (March 13, 1995)

• Data tables (March 13, 1995)

• Appendices from …

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