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Ben Bernanke: Asset-Price "Bubbles" And Monetary Policy, Ben S. Bernanke

Documents

No abstract provided.

The Fertility Of The Irish In America In 1910, Timothy W. Guinnane, Carolyn M. Moehling, Cormac Ó Gráda

Discussion Papers

No abstract provided.

Yale Medicine : Alumni Bulletin Of The School Of Medicine, Autumn 2002- Summer 2003, Yale University. School Of Medicine

Yale Medicine Magazine - alumni bulletin and magazine

This volume contains Yale medicine: alumni bulletin of the School of Medicine, v.37 (Autumn 2002-Summer 2003). Prepared in cooperation with the alumni and development offices at the School of Medicine. Earlier volumes are called Yale School of Medicine alumni bulletins, dating from v.1 (1953) through v.13 (1965).

Digitized with funding from the Arcadia fund, 2017.

Fairness, Reciprocity, And Wage Rigidity, Truman F. Bewley

Cowles Foundation Discussion Papers

This paper contains a review of work on wage rigidity. The work includes field studies, and economic experiments, and psychological surveys. Economists have done the field studies and experiments, and management scientists and experimental psychologists have done the surveys.

From Efficient Market Theory To Behavioral Finance, Robert J. Shiller

Cowles Foundation Discussion Papers

The efficient markets theory reached the height of its dominance in academic circles around the 1970s. Faith in this theory was eroded by a succession of discoveries of anomalies, many in the 1980s, and of evidence of excess volatility of returns. Finance literature in this decade and after suggests a more nuanced view of the value of the efficient markets theory, and, starting in the 1990s, a blossoming of research on behavioral finance. Some important developments in the 1990s and recently include feedback theories, models of the interaction of smart money with ordinary investors, and evidence on obstacles to smart …

One Simple Test Of Samuelson's Dictum For The Stock Market, Jeeman Jung, Robert J. Shiller

Cowles Foundation Discussion Papers

Samuelson (1998) offered the dictum that the stock market is “micro efficient” but “macro inefficient.” That is, the efficient markets hypothesis works much better for individual stocks than it does for the aggregate stock market. In this paper, we present one simple test, based both on regressions and on a simple scatter diagram that vividly illustrates that there is some truth to Samuelson’s dictum. The data comprise all U.S. firms on the CRSP tape that have survived since 1926.

Sorting Out Japan's Financial Crisis, Anil K. Kashyap

Documents

No abstract provided.

The Economic Effects Of 9/11: A Retrospective Assessment, Gail Makinen

Documents

No abstract provided.

College Football Rankings And Market Efficiency, Ray C. Fair, John F. Oster

Cowles Foundation Discussion Papers

The results in this paper show that various college football ranking systems have useful independent information for predicting the outcomes of games. Optimal weights for the systems are estimated, and the use of these weights produces a predictive system that is more accurate than any of the individual systems. The results also provide a fairly precise estimate of the size of the home field advantage. These results may be of interest to the Bowl Championship Series in choosing which teams to play in the national championship game. The results also show, however, that none of the systems, including the optimal …

2 Aout 2002. - Loi Relative À La Surveillance Du Secteur Financier Et Aux Services Financiers, Kingdom Of Belgium/Belgium/Belgian State

Documents

Original title in French is: Loi relative la surveillance du secteur financier et aux services financiers (1)

Demography And The Long-Run Predictability Of The Stock Market, John Geanakoplos, Michael Magill, Martine Quinzii

Cowles Foundation Discussion Papers

Stock market price/earnings ratios should be influenced by demography. Since demography is predictable, stock returns should be as well. We provide a simple stochastic OLG model with a cyclical structure that generates cyclical P/E ratios. We calibrate the model to roughly fit the cyclical features of historical P/E ratios.

The Value Of Benchmarking, Dirk Bergemann, Ulrich Hege

Cowles Foundation Discussion Papers

We consider the provision of venture capital in a dynamic model with multiple research stages, where time and investment needed to meet each benchmark are unknown. The allocation of funds is subject moral hazard. The optimal contract provides for incentive payments linked to attaining the next benchmark, which must be increasing in the funding horizon of each stage. Benchmarking reduces agency costs, directly by shortening the agent’s guaranteed funding horizon, and indirectly via an implicit incentive effect of information rents in future financing rounds. The ex ante need to provide incentives and the venture capitalist’s desire to cut information rents …

Japan: 2002 Article Iv Consultation-Staff Report; Staff Statement; And Public Information Notice On The Executive Board Discussion, International Monetary Fund (Imf)

Documents

No abstract provided.

72nd Annual Report, Bank For International Settlements (Bis)

Documents

No abstract provided.

Econometric Methods For Endogenously Sampled Time Series: The Case Of Commodity Price Speculation In The Steel Market, George J. Hall, John Rust

Cowles Foundation Discussion Papers

This paper studies the econometric problems associated with estimation of a stochastic process that is endogenously sampled . Our interest is to infer the law of motion of a discrete-time stochastic process { p t } that is observed only at a subset of times { t 1 ,…, t n } that depend on the outcome of a probabilistic sampling rule that depends on the history of the process as well as other observed covariates x t . We focus on a particular example where p t denotes the daily wholesale price of a standardized steel product. However there …

La Rèforme Du Secteur Financier En Afrique, Anne Joseph

Documents

No abstract provided.

Crisis And Dollarization In Ecuador”¯: Stability, Growth, And Social Equity, Paul Beckerman, Andrès Solimano

Documents

No abstract provided.

Health And Labor Force Participation Of The Elderly In Taiwan, Cem Mete, T. Paul Schultz

Discussion Papers

No abstract provided.

Vouchers, School Choice And The Access To Higher Education, Dante Contreras

Discussion Papers

No abstract provided.

Ooc And Frbny Letter From Scott N Waterhouse And Homer C Hill To Todd S Thomson Re Joint Examination Of Citigroups Allowance For Loan And Lease Losses, Homer Hill Iii, Scott N. Waterhouse

Documents

This letter is addressed to Todd S Thomson

Dynamics Of The Federal Funds Target Rate: A Nonstationary Discrete Choice Approach, Ling Hu, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We apply a discrete choice approach to model the empirical behavior of the Federal Reserve in changing the federal funds target rate, the benchmark of short term market interest rates in the US. Our methods allow the explanatory variables to be nonstationary as well as stationary. This feature is particularly useful in the present application as many economic fundamentals that are monitored by the Fed and are believed to affect decisions to adjust interest rate targets display some nonstationarity over time. The empirical model is determined using the PIC criterion (Phillips and Ploberger, 1996; Phillips, 1996) as a model selection …

The Mildest Recession: Output, Profits, And Stock Prices As The U.S. Emerges From The 2001 Recession, William D. Nordhaus

Cowles Foundation Discussion Papers

This essay examines the state of the United States economy as it emerges from the 2001 recession. A comparison of several central economic variables indicates that the 2001 recession was the mildest recession in the postwar period. In light of highly differentiated characteristics of recessions, the paper suggests that we differentiate among downturns by a five-category “recession severity scale,” analogous to the Saffir-Simpson Hurricane Scale. According to this approach, the 2001 recession fits in the least severe box, a “category I recession,” along with the 1963 and 1967 non-recessions. The paper next examines the behavior of profits in recent years …

Dynamic Panel Estimation And Homogeneity Testing Under Cross Section Dependence, Peter C.B. Phillips, Donggyu Sul

Cowles Foundation Discussion Papers

This paper deals with cross section dependence, homogeneity restrictions and small sample bias issues in dynamic panel regressions. To address the bias problem we develop a panel approach to median unbiased estimation that takes account of cross section dependence. The new estimators given here considerably reduce the effects of bias and gain precision from estimating cross section error correlation. The paper also develops an asymptotic theory for tests of coefficient homogeneity under cross section dependence, and proposes a modified Hausman test to test for the presence of homogeneous unit roots. An orthogonalization procedure is developed to remove cross section dependence …

Nonstationary Discrete Choice, Ling Hu, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper develops an asymptotic theory for time series discrete choice models with explanatory variables generated as integrated processes and with multiple choices and threshold parameters determining the choices. The theory extends recent work by Park and Phillips (2000) on binary choice models. As in this earlier work, the maximum likelihood (ML) estimator is consistent and has a limit theory with multiple rates of convergence ( n 3/4 and n 1 /4 ) and mixture normal distributions where the mixing variates depend on Brownian local time as well as Brownian motion. An extended arc sine limit law is given for …

The Liquidity Management Of The Ecb, European Central Bank (Ecb)

Documents

No abstract provided.

Local Whittle Estimation Of Fractional Integration, Katsumi Shimotsu, Peter C.B. Phillips

Cowles Foundation Discussion Papers

An exact form of the local Whittle likelihood is studied with the intent of developing a general purpose estimation procedure for the memory parameter ( d ) that does not rely on tapering or differencing prefilters. The resulting exact local Whittle estimator is shown to be consistent and to have the same N (0,1/4) limit distribution for all values of d if the optimization covers an interval of width less than 9/2 and the initial value of the process is known.

Mongolia - Financial Capacity Development Project, World Bank/World Bank Group

Documents

No abstract provided.

The Japanese Economy: What We Know, Think We Know, And Don't Know, Edward Lincoln

Documents

No abstract provided.

Yale Nursing Matters Spring / Summer 2002 Volume 3 Issue 2, Yale University School Of Nursing

Yale School of Nursing Alumni Newsletters and Magazines

Please contact the Medical Historical Library if you need a higher resolution version.

Yale Nurse, Yale School Of Nursing

Yale School of Nursing Alumni Newsletters and Magazines

No abstract provided.