Digital Commons Network^™

Social Security Money's Worth, John Geanakoplos, Olivia S. Mitchell, Stephen P. Zeldes

Cowles Foundation Discussion Papers

This paper describes how three money’s worth measures — the benefit-to-tax ratio, the internal rate of return, and the net present value — are calculated and used in analyses of social security reforms, including systems with privately managed individual accounts invested in equities. Declining returns from the U.S. social security system prove to be the inevitable result of having instituted an unfunded (pay-as-you-go) retirement system that delivered $7.9 trillion of net transfers (in 1997 present value dollars) to people born before 1917, and will deliver another $1.8 trillion to people born between 1918 and 1937. But young and future workers …

The Korean Crisis - Causes And Resolution, Joonho Hahm, Inseok Shin

Documents

No abstract provided.

Letter Of Intent Of The Government Of Korea, Chol-Hwan Chon, Kyu-Sung Lee

Documents

https://www.imf.org/external/np/loi/072498.htm

Brooksley Born Testimony Regarding The Over-The-Counter Derivatives Market, Brooksley Born

Documents

No abstract provided.

The Current Status Of Risk Management Loans Held By Deposit-Taking Financial Institutions In Japan, Government Of Japan: Financial Services Authority

Documents

No abstract provided.

A Monetary Policy: Recent Theory And Practice, James Tobin

Cowles Foundation Discussion Papers

The paper reviews the major developments of the last three decades: the rise and fall of monetarism as theory and as targeting of intermediate monetary aggregates; targeting of nominal GDP in order to escape volatility of velocity of money; the abandonment of intermediate targets as superfluous; the use of money-market interest rates as operating procedure, except in the U.S.; their replacement by reserve aggregates in 1970–82; inflation stability and price level stability as policy objectives, often exclusive of other macroeconomic goals; the U.S. Federal Reserve as aiming successfully at both low inflation and low unemployment, goals mandated by law; the …

Commentary On "The Financial Crisis Of 1825 And The Restructuring Of The British Financial System", Michael Bordo

Documents

No abstract provided.

Banking System Restructuring In Kazakhstan, David Hoelscher

Documents

https://papers.ssrn.com/abstract=882612

Risk And Returns Of Financial-Industrial Interactions: The Korean Experience, Sung-Hee Jwa, Chan Guk Huh

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No abstract provided.

Annual Report 1997, Russian Federation: Central Bank Of The Russian Federation

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No abstract provided.

Report No. 18012-Mexico-Financial Sector Restructuring Loan Project [Loan 3911-Me], World Bank/World Bank Group

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No abstract provided.

Implementation Completion Report Mexico Financial Sector Restructuring Loan, World Bank/World Bank Group

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No abstract provided.

Report No. 18012 - Mexico - Financial Sector Restructuring Loan Project [Loan 3911-Me], World Bank/World Bank Group

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No abstract provided.

Determinants Of School Attainment Of Boys And Girls In Turkey, Aysit Tansel

Discussion Papers

No abstract provided.

Czech Republic: Selected Issues, International Monetary Fund (Imf)

Documents

No abstract provided.

Yale Nurse: Yale School Of Nursing Newsletter, April 1998, Yale University School Of Nursing

Yale School of Nursing Alumni Newsletters and Magazines

This issue includes part two of a two-part series, Graduate Entry Program in Nursing (GEPN): A Twenty-Year History.

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

Stabilisation Package For The Financial Sector, Bank Negara Malaysia/Central Bank Of Malaysia

Documents

No abstract provided.

Some Simple Games For Teaching And Research. Part 1: Cooperative Games, Martin Shubik

Cowles Foundation Discussion Papers

Over many years some simple cooperative games have been considered in lectures on game theory. The games were selected in order to provide insight into various normative theories of solution to n-person games. It is suggested that the results indicate that when solutions have outcomes in common, predictability is higher than when they are apart. The core is attractive but less so when it is heavily nonsymmetric.

Wage Premia For Education And Location, By Gender And Race In South Africa, T. Paul Schultz, Germano Mwabu

Discussion Papers

No abstract provided.

Human Behavior And The Efficiency Of The Financial System, Robert J. Shiller

Cowles Foundation Discussion Papers

Recent literature in empirical finance is surveyed in its relation to underlying behavioral principles, principles which come primarily from psychology, sociology and anthropology. The behavioral principles discussed are: prospect theory, regret and cognitive dissonance, anchoring, mental compartments, overconfidence, over- and underreaction, representativeness heuristic, the disjunction effect, gambling behavior and speculation, perceived irrelevance of history, magical thinking, quasi-magical thinking, attention anomalies, the availability heuristic, culture and social contagion, and global culture.

Brady Bonds And Other Emerging-Markets Bonds, Federal Reserve System: Board Of Governors

Documents

Trading and Capital-Markets Activities Manual, section covering Brady bonds in emerging market countries.

The Asian Crisis: A View From The Imf, Stanley Fischer

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Address by Stanley Fischer -- First Deputy Managing Director of the International Monetary Fund at the Midwinter Conference of the Bankers' Association for Foreign Trade

The Malin Cascade In Winter 1996, A. E. Hill, A. J. Souza, K. Jones, J. H. Simpson, G. I. Shapiro, R. Mccandliss, H. Wilson, J. Leftley

Journal of Marine Research

We report evidence for cascading of shelf-edge water down the continental slope northwest of Ireland at 55N in February 1996. The measured surface density contrast between shelf-edge and slope waters was 0.01 kg m^-3 and the resulting dense plume was 20-50 m thick over the continental slope and penetrated to a depth of 500 m. Cascade waters were warmer but saltier than overlying slope waters and their shelf-edge origin was confirmed by relatively higher chlorophyll concentrations and a distinctive nutrient signature. Other cross-slope transects 100 km north and south of the cascade site showed dense water at the shelf …

Tidal Resuspension And Deposition Of Particulate Matter In The Oyster Grounds, North Sea, Wim Van Raaphorst, Hans Malschaert, Hans Van Haren

Journal of Marine Research

Moored current meters, fluorom eters and transmissometers were used in combination with sediment traps (aspect ratio >4) and shipborne sampling to determine fluxes of deposition and resuspension of total suspended matter (TSM) under tidal action in the 45 m deep Oyster Grounds, North Sea. Here, we present data from the mixed layer below the major thermocline at about 20 m above the bottom (mab) as obtained during a 14-day period of calm weather in July 1994. Around neap tide near-bottom current velocities remained smaller than 0.15 m s^-1 and TSM was dominated by particles advected from a relatively turbid …

A Numerical Study Of Layer Formation Due To Fingers In Double-Diffusive Convection In A Vertically-Bounded Domain, Tamay M. Özgökmen, Oleg E. Esenkov, Donald B. Olson

Journal of Marine Research

The evolution of fingers in a double-diffusive system is investigated using numerical integration of two-dimensional equations of motion for an incompressible, Boussinesq fluid. The computational domain is periodic in the horizontal direction and is closed with no-flux boundary conditions in the vertical direction. The main result of this study is the evolution of the system from initially linear profiles for both fast and slow diffusing components to a layered state characterized by a finger zone sandwiched between two mixed layers. The horizontal boundaries in this system play an important role in the development of the layered state. At the top …

The Rectification Of Wind-Driven Flow Due To Its Instabilities, Caroline A. Katsman, Henk A. Dijkstra, Sybren S. Drijfhout

Journal of Marine Research

Within a quasi-geostrophic two-layer model of the wind-driven ocean circulation, an idealized symmetric double gyre flow is considered. When lateral friction is large enough, this flow is steady and characterized by a motionless lower layer. As friction is decreased, the flow undergoes a transition to time-dependence through a Hopf bifurcation, associated with a mixed barotropic/baroclinic instability. It is shown that the nonlinear self-interaction of this oscillatory unstable mode induces a nonzero time mean response in the lower layer. The origin of this deep flow is clarified through a weakly nonlinear analysis near critical conditions. It is explained how the perturbation …

Process-Specific Cues For Recruitment In Sedimentary Environments: Geochemical Signals?, Sarah A. Woodin, Roberta L. Marinelli, Sara M. Lindsay

Journal of Marine Research

The most biologically and geochemically active marine sediments are characterized by steep chemical gradients within the top centimeters of sediment (Berner, 1980). A common feature of these environments is disruptions of surface sediments by both physical and biotic forces. Growth and mortality rates for new recruits are affected by many of these surface perturbations. At the same time, these disturbances also impose a discontinuity in concentration across the sediment-water interface, and accordingly, a change in surface chemistry. In this paper we present evidence that the cue used by juveniles to distinguish between recently disturbed and undisturbed surfaces may be disruption …

Seabed Drag Coefficient Over Natural Beds Of Horse Mussels (Atrina Zelandica), Malcolm O. Green, Judi E. Hewitt, Simon F. Thrush

Journal of Marine Research

Measurements of seabed drag coefficient, C₁₀₀, were made under tidal currents at four sites in Mahurangi Harbour, New Zealand. At the first three sites the dominant roughness element was the pinnid bivalve, Atrina zelandica (horse mussel). At the fourth site, which was devoid of horse mussels but covered in cockle shells, patches of seaweed and crab burrows, C₁₀₀ was smallest (0.0055), but still twice as large as the value typically applied to abiotic, flat, cohesionless seabeds (0.0025). The mean drag coefficient plus-or-minus standard error at the three sites with horse mussels was: 0.0082 ± 0.0010 (site 1); …

Three-Dimensional Stirring Of Thermohaline Fronts, Patrice Klein, Anne-Marie Treguier, Bach Lien Hua

Journal of Marine Research

This study investigates the stirring of the thermohaline anomalies in a fully turbulent quasigeostrophic stratified flow. Temperature and salinity fields are permanently forced at large scales and are related to density by a linear equation of state. We show, using some inherent properties of quasi-geostrophic turbulence, that the 3-D ageostrophic circulation is the key dynamical characteristic that governs the strength and the spatial distribution of small-scale thermohaline fronts that are strongly density compensated. The numerical simulations well illustrate the formation by the mesoscale eddy field of sharp thermohaline fronts that are mainly located in the saddle regions and around the …

The Non-Wavelike Response Of A Continental Shelf To Wind, G. T. Csanady

Journal of Marine Research

An overlooked aspect of continental shelf wave generation by wind is that a non-wavelike flow field may accompany the waves. To explore this possibility, we calculate the response of an inclined plane shelf to suddenly applied alongshore wind, affecting a finite portion of the coast. The calculations are based on the classical theory of continental shelf waves, supposing low frequency motions and invoking the boundary layer approximation (alongshore scales much longer than cross-shore ones). The results reveal non-wavelike circulations, with or without bottom friction, on a shelf of finite or unlimited width, unaffected by changing offshore boundary conditions. In the …