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Inter-Household Allocations Within Extended Family: Evidence From The Indonesia Family Life Survey, Firman Witoelar

Discussion Papers

No abstract provided.

Hud - Recent House Price Trends And Homeownership Affordability, United States: Department Of Housing And Urban Development: Office Of Policy Development And Research (Pd&R), David T. Rodda, Jack Goodman

Documents

No abstract provided.

Surviving The Death Of God: Existentialism, God, And Man At Post-Wwii Yale, Robert Tice Lalka

Kaplan Senior Essay Prize for Use of Library Special Collections

“This is our world to build, adorn, or destroy, not God's or anyone else's.”

These were the words of Hugh McClean, a Yale student both before and after the Second World War. When the war ended, McClean and thousands of his peers returned from duty in Europe and the Pacific to complete their education at colleges across the United States. They saw the world differently than they had before; they certainly viewed the world differently than their parents and grandparents. They had heard leaders of the world’s warring nations invoke destiny to validate their warfare. Some of these teenagers had …

Federal Home Loan Bank System: An Overview Of Changes And Current Issues Affecting The System, Thomas J. Mccool

Documents

No abstract provided.

Letter From Homer Hill For The Frbny Summary Of Supervision For Citi 2004, Homer Hill Iii

Documents

No abstract provided.

Using Experimental Economics To Measure Social Capital And Predict Financial Decisions, Dean S. Karlan

Discussion Papers

No abstract provided.

Commodity Money And The Valuation Of Trade, Eric Smith, Martin Shubik

Cowles Foundation Discussion Papers

In a previous essay we modeled the enforcement of contract, and through it the provision of money and markets, as a production function within the society, the scale of which is optimized endogenously by labor allocation away from primary production of goods. Government and a central bank provided fiat money and enforced repayment of loans, giving fiat a predictable value in trade, and also rationalizing the allocation of labor to government service, in return for a fiat salary. Here, for comparison, we consider the same trade problem without government or fiat money, using instead a durable good (gold) as a …

The Life-Cycle Personal Accounts Proposal For Social Security: An Evaluation, Robert J. Shiller

Cowles Foundation Discussion Papers

The life-cycle accounts proposal for Social Security reform has been justified by its proponents using a number of different arguments, but these arguments generally involve the assumption of a high likelihood of good returns on the accounts. A simulation is undertaken to estimate the probability distribution of returns in the accounts based on long-term historical experience. U.S. stock market, bond market and money market data 1871-2004 are used for the analysis. Assuming that future returns behave like historical data, it is found that a baseline personal account portfolio after offset will be negative 32% of the time on the retirement …

Two Algorithms For Solving The Walrasian Equilibrium Inequalities, Donald J. Brown, Ravi Kannan

Cowles Foundation Discussion Papers

We propose two algorithms for deciding if the Walrasian equilibrium inequalities are solvable. These algorithms may serve as nonparametric tests for multiple calibration of applied general equilibrium models or they can be used to compute counterfactual equilibria in applied general equilibrium models defined by the Walrasian equilibrium inequalities.

Fiat Money And The Natural Scale Of Government, Martin Shubik, Eric Smith

Cowles Foundation Discussion Papers

The competitive market structure of a decentralized economy is converted into a self-policing system treating the bureaucracy and enforcement of the legal system endogenously. In particular we consider money systems as constructs to make agents’ economic strategies predictable from knowledge of their preferences and endowments, and thus to support coordinated resource production and distribution from independent decision making. Diverse rule systems can accomplish this, and we construct minimal strategic market games representing government-issued fiat money and ideal commodity money as two cases. We endogenize the provision of money and rules for its use as productive activities within the society, and …

Decision Methods For Solving Systems Of Walrasian Inequalities, Donald J. Brown, Ravi Kannan

Cowles Foundation Discussion Papers

We propose two algorithms for deciding if systems of Walrasian inequalities are solvable. These algorithms may serve as nonparametric tests for multiple calibration of applied general equilibrium models or they can be used to compute counterfactual equilibria in applied general equilibrium models defined by systems of Walrasian inequalities.

Letter From Occ To Treasury Bank -Conditional Approval #679, James A. Bundy

Documents

No abstract provided.

Frb Transcript Of The Consumer Advisory Council Meeting, Mark Pinsky, Lorie R. Swanson, Stella Adams, Dennis L. Algiere, Faith L. Anderson, Susan Bredehoft, Shiela Canavan, Carolyn Carter, Michael Cook, Donald S. Currie, Anne Diedrick, Dan Dixon, Hattie Dorsey, Kurt Eggert, James Garner, Deborah Hickok, James W. King, Elsie Meeks, Bruce B. Morgan, Benjamin Robinson Iii, Mary Jane Seebach, Lisa Sodeika, Paul J. Springman, Forrest F. Stanley, Diane Thompson, Anselmo Villarreal, Clint Walker, Kelly K. Walsh, Marva E. Williams, Sandra F. Braunstein, Edward M. Gramlich, Susan Bies, Ben S. Bernanke

Documents

No abstract provided.

Fannie Mae 2004 10-K, Federal National Mortgage Association (Fannie Mae)

Documents

No abstract provided.

Minutes Of The Board Of Governors Of The Federal Reserve System, March 16, 2005, Ben S. Bernanke

Documents

Board Governors and Federal Reserve Staff discussed the deficiencies in Citigroup's compliance and internal controls, measures the company has taken to address these matters.

The Role Of Preconceived Ideas In Macroeconomic Policy: Japan’S Experiences In The Two Deflationary Periods, Koichi Hamada, Asahi Noguchi

Discussion Papers

No abstract provided.

Exactly Distribution-Free Inference In Instrumental Variables Regression With Possibly Weak Instruments, Donald W.K. Andrews, Vadim Marmer

Cowles Foundation Discussion Papers

This paper introduces a rank-based test for the instrumental variables regression model that dominates the Anderson-Rubin test in terms of finite sample size and asymptotic power in certain circumstances. The test has correct size for any distribution of the errors with weak or strong instruments. The test has noticeably higher power than the Anderson-Rubin test when the error distribution has thick tails and comparable power otherwise. Like the Anderson-Rubin test, the rank tests considered here perform best, relative to other available tests, in exactly-identified models.

Bank For International Settlements (Bis) Credit Risk Transfer, Bank For International Settlements (Bis): The Joint Forum: Working Group On Risk Assessment And Capital

Documents

No abstract provided.

A Practical Guide To An Effective National Amc, Thomas Rose

Documents

No abstract provided.

Chiang Mai Initiative As The Foundation Of Financial Stability In East Asia, Tadahiro Asami

Documents

No abstract provided.

Testimony Of Alan Greenspan Before The Senate Committee On Banking, Housing, And Urban Affairs On Monetary Presenting The Federal Reserve's Monetary Policy Report To Congress, Alan Greenspan

Documents

No abstract provided.

Trust: A Concept Too Many, Timothy W. Guinnane

Discussion Papers

No abstract provided.

Sparse Estimators And The Oracle Property, Or The Return Of Hodges’ Estimator, Hannes Leeb, Benedikt M. Pötscher

Cowles Foundation Discussion Papers

We point out some pitfalls related to the concept of an oracle property as used in Fan and Li (2001, 2002, 2004) which are reminiscent of the well-known pitfalls related to Hodges’ estimator. The oracle property is often a consequence of sparsity of an estimator. We show that any estimator satisfying a sparsity property has maximal risk that converges to the supremum of the loss function; in particular, the maximal risk diverges to infinity when ever the loss function is unbounded. For ease of presentation the result is set in the framework of a linear regression model, but generalizes far …

Memo To The Board Of Governors Of The Federal Reserve System From Staff, Federal Reserve System: Board Of Governors: Division Of Banking Supervision And Regulation

Documents

This memo discusses the subject of Stress Scenarios on Bank Exposures to Government Sponsored Enterprise (GSE) Debt. Staff from the Division of Banking Supervision and Regulation addressing the Federal Reserve Board include the following (last names only): Spillenkothen, Hoffman, Cole, Martinson, Wright, Embersit, Bertsch, Siddique, and Garza.. Additional staff involved in generating this memo include Ms. Gibb (Division of Banking Supervision and Regulation) and Mr. Van Der Weide (Legal Division).

Productive Benefits Of Health: Evidence From Low-Income Countries, T. Paul Schultz

Discussion Papers

No abstract provided.

A Pro-Market Agenda For El Salvador, Eduardo Engel

Discussion Papers

No abstract provided.

A Double-Diffusive Interface Tank For Dynamic-Response Studies, Raymond W. Schmitt, Robert C. Millard, John M. Toole, W. David Wellwood

Journal of Marine Research

A large tank capable of long-term maintenance of a sharp temperature-salinity interface has been developed and applied to measurements of the dynamical response of oceanographic sensors. A two-layer salt-stratified system is heated from below and cooled from above to provide two convectively mixed layers with a thin double-diffusive interface separating them. A temperature jump exceeding 10°C can be maintained over 1–2 cm (a vertical temperature gradient of order 10³°C/m) for several weeks. A variable speed-lowering system allows testing of the dynamic response of conductivity and temperature sensors in full-size oceanographic instruments. An acoustic echo sounder and shadowgraph system …

High-Pressure Thermodynamic Gibbs Functions Of Ice And Sea Ice, Rainer Fiestel, Wolfgang Wagner

Journal of Marine Research

A new Gibbs thermodynamic potential function of ice Ih is proposed to extend and improve already existing ones and to unify various data and formulas for thermodynamic equilibrium properties of natural ice in a consistent manner. It is valid for absolute pressures from 0 to 211 MPa and for temperatures from 0 to 273.16 K. It is consistent with the current 1995 international scientific pure water standard, IAPWS-95, and with the latest 2003 Gibbs potential of seawater. In conjunction with the latter, it provides freezing temperatures of seawater for pressures up to 100 MPa (10,000 dbar). The potential functions of …

Basin-Scale Performance Of A Locally Optimized Marine Ecosystem Model, A. Oschlies, M. Schartau

Journal of Marine Research

A marine ecosystem model, that had previously been calibrated in a one-dimensional (1D) mode against observations at three time-series and process-study sites simultaneously, is coupled to a three-dimensional (3D) circulation model of the North and Equatorial Atlantic. Compared to an experiment with a previously employed subjectively tuned ecosystem model, the new 3D-model does not only reduce the model-data misfit at those locations at which observations entered the 1D optimization procedure, but also at an oligotrophic site in the subtropics that had not been considered in the 1D calibration. Basin-scale gridded climatological data sets of nitrate, surface chlorophyll, and satellite-derived primary …

The Nonlocal Model Of Porewater Irrigation: Limits To Its Equivalence With A Cylinder Diffusion Model, Nicola J. Grigg, Bernard P. Boudreau, Ian T. Webster, Phillip W. Ford

Journal of Marine Research

Burrows maintained by animals in aquatic sediments ventilate the sediment and can substantially alter the rates and pathways of biologically-mediated decomposition reactions. A well known and effective way of modeling the impact of such bioirrigation in sediment diagenetic models is to assume that solutes diffuse into an annulus of sediment surrounding the burrow; the reaction diffusion equations are represented in cylindrical polar co-ordinates. More commonly, bioirrigation of sediments is represented by one-dimensional "nonlocal" irrigation models. Their use is typically justified by the assertion that a nonlocal model is equivalent to a radially-integrated two-dimensional diffusion model in cylindrical-polar co-ordinates. In this …