Open Access. Powered by Scholars. Published by Universities.®

Digital Commons Network™

Open Access. Powered by Scholars. Published by Universities.®

Yale University

Discipline
Keyword
Publication Year
Publication
Publication Type
File Type

Articles 23851 - 23880 of 33913

Full-Text Articles in Entire DC Network

Impartiality And Priority. Part 2: A Characterization With Solidarity, Juan D. Moreno-Ternero, John E. Roemer Aug 2004

Impartiality And Priority. Part 2: A Characterization With Solidarity, Juan D. Moreno-Ternero, John E. Roemer

Cowles Foundation Discussion Papers

The ethic of ‘priority’ is a compromise between the extremely compensatory ethic of ‘welfare equality’ and the needs-blind ethic of ‘income equality’. We propose an axiom of priority, and characterize resource allocation rules that are impartial, prioritarian, and solidaristic. They comprise a class of rules which equalize across individuals some index of resources and welfare. Consequently, we provide an ethical rationalization for the many applications in which such indices have been used (e.g., the ‘human development index,’ ‘index of primary goods,’ etc.).

Go to article

Impartiality, Solidarity, And Priority In The Theory Of Justice, Juan D. Moreno-Ternero, John E. Roemer Aug 2004

Impartiality, Solidarity, And Priority In The Theory Of Justice, Juan D. Moreno-Ternero, John E. Roemer

Cowles Foundation Discussion Papers

The veil of ignorance has been used often as a tool for recommending what justice requires with respect to the distribution of wealth. We show that John Harsanyi’s and Ronald Dworkin’s conceptions of the veil, when modeled formally, recommend wealth allocations in conflict with the prominently espoused view that priority should be given to the worse off with respect to wealth allocation. It follows that those who believe that justice requires impartiality and priority must seek some method of assuring the former other than the veil of ignorance. We propose that impartiality and solidarity are fundamentals of justice, and study …

Go to article

Impartiality And Priority. Part 1: The Veil Of Ignorance, Juan D. Moreno-Ternero, John E. Roemer Aug 2004

Impartiality And Priority. Part 1: The Veil Of Ignorance, Juan D. Moreno-Ternero, John E. Roemer

Cowles Foundation Discussion Papers

The veil of ignorance has been used often as a tool for recommending what justice requires with respect to the distribution of wealth. We complete Harsanyi’s model of the veil of ignorance by appending information permitting interpersonal comparability of welfare. We show that the veil-of-ignorance conception of John Harsanyi, so completed, and Ronald Dworkin’s, when modeled formally, recommend wealth allocations in conflict with the prominently espoused view that priority should be given to the worse off with respect to wealth allocation.

Go to article

Resolving Systemic Financial Crises: Policies And Institutions, Daniela Klingebiel, Stijn Claessens, Luc Laeven Aug 2004

Resolving Systemic Financial Crises: Policies And Institutions, Daniela Klingebiel, Stijn Claessens, Luc Laeven

Documents

No abstract provided.

Go to article

金融機能強化審査会議事録, Government Of Japan: Financial Function Enhancement Examination Committee Aug 2004

金融機能強化審査会議事録, Government Of Japan: Financial Function Enhancement Examination Committee

Documents

No abstract provided.

Go to article

Sierra Madre Funding Cdo Offering Circular, Goldman Sachs Jul 2004

Sierra Madre Funding Cdo Offering Circular, Goldman Sachs

Documents

This offering circular serves the interest of Sierra Madre Funding and Goldman Sachs.

Go to article

The Scope Of Monetary Policy Actions Authorized Under The Federal Reserve Act, David H. Small, James Clouse Jul 2004

The Scope Of Monetary Policy Actions Authorized Under The Federal Reserve Act, David H. Small, James Clouse

Documents

David Small and James Clouse are economists in the Division of Monetary Affairs at the Board of Governors.

Go to article

Nasd Fines Piper Jaffray $2.4 Million For Ipo Spinning, Financial Industry Regulatory Authority, Inc. (Finra): National Association Of Securities Dealers, Inc. (Nasd) Jul 2004

Nasd Fines Piper Jaffray $2.4 Million For Ipo Spinning, Financial Industry Regulatory Authority, Inc. (Finra): National Association Of Securities Dealers, Inc. (Nasd)

Documents

No abstract provided.

Go to article

Countrywide Loan Program Guide- Non-Conforming Cofi, Mta, Or Libor, Countrywide Financial Corporation Jul 2004

Countrywide Loan Program Guide- Non-Conforming Cofi, Mta, Or Libor, Countrywide Financial Corporation

Documents

No abstract provided.

Go to article

Silence Is Golden, Leaden, And Copper, Robert Repetto Jul 2004

Silence Is Golden, Leaden, And Copper, Robert Repetto

Yale School of the Environment Publications Series

No abstract provided.

Go to article

Testing For A Supply Constraint To Fertility: Interpreting The Up To God Response To The Survey Question On Desired Family Size, Nistha Sinha Jul 2004

Testing For A Supply Constraint To Fertility: Interpreting The Up To God Response To The Survey Question On Desired Family Size, Nistha Sinha

Discussion Papers

No abstract provided.

Go to article

Intra-Household Redistribution Of Income And Calorie Consumption In South-Western Nigeria, Adebayo Aromolaran Jul 2004

Intra-Household Redistribution Of Income And Calorie Consumption In South-Western Nigeria, Adebayo Aromolaran

Discussion Papers

No abstract provided.

Go to article

Grading Exams: 100, 99, ..., 1 Or A, B, C? Incentives In Games Of Status, Pradeep Dubey, John Geanakoplos Jul 2004

Grading Exams: 100, 99, ..., 1 Or A, B, C? Incentives In Games Of Status, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We show that if students care primarily about their status (relative rank) in class, they are best motivated to work not by revealing their exact numerical exam scores (100,99,…,1), but instead by clumping them in broad categories (A,B,C). If their abilities are disparate, the optimal grading scheme awards fewer A’s than there are alpha-quality students, creating small elites. If their abilities are common knowledge, then it is better to grade them on an absolute scale (100 to 90 is an A, etc.) rather than on a curve (top 15% is an A, etc.). We develop criteria for optimal grading schemes …

Go to article

Hac Estimation By Automated Regression, Peter C.B. Phillips Jul 2004

Hac Estimation By Automated Regression, Peter C.B. Phillips

Cowles Foundation Discussion Papers

A simple regression approach to HAC and LRV estimation is suggested. The method exploits the fact that the quantities of interest relate to only one point of the spectrum (the origin). The new estimator is simply the explained sum of squares in a linear regression whose regressors are a set of trend basis functions. Positive definiteness in the estimate is therefore automatically enforced and the technique can be implemented with standard regression packages. No kernel choice is needed in practical implementation but basis functions need to be chosen and a smoothing parameter corresponding to the number of basis functions needs …

Go to article

Challenges Of Trending Time Series Econometrics, Peter C.B. Phillips Jul 2004

Challenges Of Trending Time Series Econometrics, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We discuss some challenges presented by trending data in time series econometrics. To the empirical economist there is little guidance from theory about the source of trend behavior and even less guidance about practical formulations. Moreover, recent proximity theorems reveal that trends are more elusive to model empirically than stationary processes, with the upshot that optimal forecasts are also harder to estimate when the data involve trends. These limitations are implicitly acknowledged in much practical modeling and forecasting work, where adaptive methods are often used to help keep models on track as trends evolve. The paper discusses these broader issues …

Go to article

Regression Asymptotics Using Martingale Convergence Methods, Rustam Ibragimov, Peter C.B. Phillips Jul 2004

Regression Asymptotics Using Martingale Convergence Methods, Rustam Ibragimov, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Weak convergence of partial sums and multilinear forms in independent random variables and linear processes to stochastic integrals now plays a major role in nonstationary time series and has been central to the development of unit root econometrics. The present paper develops a new and conceptually simple method for obtaining such forms of convergence. The method relies on the fact that the econometric quantities of interest involve discrete time martingales or semimartingales and shows how in the limit these quantities become continuous martingales and semimartingales. The limit theory itself uses very general convergence results for semimartingales that were obtained in …

Go to article

Competition, Consumer Welfare And Monopoly Power, Donald J. Brown, G. A. Wood Jul 2004

Competition, Consumer Welfare And Monopoly Power, Donald J. Brown, G. A. Wood

Cowles Foundation Discussion Papers

An applied general equilibrium analysis of monopoly power is proposed as an alternative to the partial equilibrium analyses of monopoly pricing current in antitrust economics. This analysis introduces a new notion of market equilibrium where firms with monopoly power are cost-minimizing price-takers in competitive factor markets and make supracompetitive profits in equilibrium, i.e., the monopoly price exceeds the marginal cost of production. We assume that the primary goals of antitrust policy are the promotion of competition and the enhancement of consumer welfare. To that end, we use Debreu’s coefficient of resource utilization to determine the counterfactual competitive price levels in …

Go to article

Collateral Restrictions And Liquidity Under-Supply: A Simple Model, Ana Fostel, John Geanakoplos Jul 2004

Collateral Restrictions And Liquidity Under-Supply: A Simple Model, Ana Fostel, John Geanakoplos

Cowles Foundation Discussion Papers

We show that very little is needed to create liquidity under-supply in equilibrium. Credit constraints on demand by themselves can cause an under-supply of liquidity, without the uncertainty, intermediation, asymmetric information or complicated international financial framework used in other models in the literature. We show that the under-supply is a non-monotone function of the demand distortion that causes it, a result that may have interesting implications for emerging markets economies. Finally, when we make the credit constraint endogenous, the inefficiency can be large due to the presence of a multiplier.

Go to article

Automated Discovery In Econometrics, Peter C.B. Phillips Jul 2004

Automated Discovery In Econometrics, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Our subject is the notion of automated discovery in econometrics. Advances in computer power, electronic communication, and data collection processes have all changed the way econometrics is conducted. These advances have helped to elevate the status of empirical research within the economics profession in recent years and they now open up new possibilities for empirical econometric practice. Of particular significance is the ability to build econometric models in an automated way according to an algorithm of decision rules that allow for (what we call here) heteroskedastic and autocorrelation robust (HAR) inference. Computerized search algorithms may be implemented to seek out …

Go to article

Non-Monotone Liquidity Under-Supply, Ana Fostel, John Geanakoplos Jul 2004

Non-Monotone Liquidity Under-Supply, Ana Fostel, John Geanakoplos

Cowles Foundation Discussion Papers

We define liquidity as the flexibility to move goods (money) from one project (investment) to another. We show that credit constraints on demand by themselves can cause an under-supply of liquidity, without the uncertainty, intermediation, asymmetric information or complicated international financial framework used in other models in the literature. In this respect liquidity is like a commodity: according to our offsetting distortions principle, a distortion in the demand for any good can often be understood as an inefficiency of supply. We show that the liquidity under-supply is a non-monotone function of the credit constraint. This result is also a particular …

Go to article

Limit Theory For Moderate Deviations From A Unit Root, Peter C.B. Phillips, Tassos Magdalinos Jul 2004

Limit Theory For Moderate Deviations From A Unit Root, Peter C.B. Phillips, Tassos Magdalinos

Cowles Foundation Discussion Papers

An asymptotic theory is given for autoregressive time series with a root of the form ρ n = 1 + c/ n α , which represents moderate deviations from unity when α in (0,1). The limit theory is obtained using a combination of a functional law to a diffusion on D [0,∞) and a central limit law to a scalar normal variate. For c > 0, the results provide a n (1+α)/2 rate of convergence and asymptotic normality for the first order serial correlation, partially bridging the squareroot of n and n convergence rates for the stationary (α = 0) and …

Go to article

Uniform Limit Theory For Stationary Autoregression, Liudas Giraitis, Peter C.B. Phillips Jul 2004

Uniform Limit Theory For Stationary Autoregression, Liudas Giraitis, Peter C.B. Phillips

Cowles Foundation Discussion Papers

First order autoregression is shown to satisfy a limit theory which is uniform over stationary values of the autoregressive coefficient ρ = ρ n in [0,1) provided (1 - ρ n )n approaches infinity. This extends existing Gaussian limit theory by allowing for values of stationary rho that include neighbourhoods of unity provided they are wider than ( n 1 ), even by a slowly varying factor. Rates of convergence depend on rho and are at least squareroot of / n but less than n . Only second moments are assumed, as in the case of stationary autoregression with fixed …

Go to article

Principles For The Management And Supervision Of Interest Rate Risk, Bank For International Settlements: Basel Committee On Banking Supervision Jul 2004

Principles For The Management And Supervision Of Interest Rate Risk, Bank For International Settlements: Basel Committee On Banking Supervision

Documents

No abstract provided.

Go to article

Staff Country Reports: Indonesia: Selected Items, International Monetary Fund (Imf) Jul 2004

Staff Country Reports: Indonesia: Selected Items, International Monetary Fund (Imf)

Documents

https://www.imf.org/external/pubs/ft/scr/2004/cr04189.pdf

Go to article

Cascade Funding 1 Cdo Offering Circular, Merrill Lynch International Jul 2004

Cascade Funding 1 Cdo Offering Circular, Merrill Lynch International

Documents

This offering circular serves the interest of Cascade Funding 1 and Merrill Lynch.

Go to article

Cascade Funding 1 Cdo Term Sheet, Merrill Lynch International Jul 2004

Cascade Funding 1 Cdo Term Sheet, Merrill Lynch International

Documents

No abstract provided.

Go to article

Crystal Cove Cdo Offering Circular, Merrill Lynch International Jul 2004

Crystal Cove Cdo Offering Circular, Merrill Lynch International

Documents

This offering circular serves the interest of Crystal Cove and Merrill Lynch.

Go to article

Crystal Cove Cdo Pitchbook, Pacific Investment Management Company Llc Jul 2004

Crystal Cove Cdo Pitchbook, Pacific Investment Management Company Llc

Documents

No abstract provided.

Go to article

Optimal Invariant Similar Tests For Instrumental Variables Regression, Donald W.K. Andrews, Marcelo J. Moreira, James H. Stock Jul 2004

Optimal Invariant Similar Tests For Instrumental Variables Regression, Donald W.K. Andrews, Marcelo J. Moreira, James H. Stock

Cowles Foundation Discussion Papers

This paper considers tests of the parameter on endogenous variables in an instrumental variables regression model. The focus is on determining tests that have some optimal power properties. We start by considering a model with normally distributed errors and known error covariance matrix. We consider tests that are similar and satisfy a natural rotational invariance condition. We determine tests that maximize weighted average power (WAP) for arbitrary weight functions among invariant similar tests. Such tests include point optimal (PO) invariant similar tests. The results yield the power envelope for invariant similar tests. This allows one to assess and compare the …

Go to article

The Politic 2004 Summer, The Politic, Inc. Jul 2004

The Politic 2004 Summer, The Politic, Inc.

The Politic

No abstract provided.

Go to article

First Prev Next Last