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Economic Front: How Policy Makers Regrouped To Defend The Financial System, Greg Ip, Jim Vandehei Sep 2001

Economic Front: How Policy Makers Regrouped To Defend The Financial System, Greg Ip, Jim Vandehei

Documents

No abstract provided.


Fomc Statement And Board Discount Rate Action, Federal Reserve System: Board Of Governors Sep 2001

Fomc Statement And Board Discount Rate Action, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Swap Facility With U.S. Federal Reserve, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada Sep 2001

Swap Facility With U.S. Federal Reserve, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada

Documents

No abstract provided.


Dollar Swap Facility, Bank Of England/Central Bank Of The United Kingdom Sep 2001

Dollar Swap Facility, Bank Of England/Central Bank Of The United Kingdom

Documents

No abstract provided.


Swap Agreement With The Bank Of Canada, Federal Reserve System: Board Of Governors Sep 2001

Swap Agreement With The Bank Of Canada, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Federal Reserve And Bank Of England Agreement, Federal Reserve System: Board Of Governors Sep 2001

Federal Reserve And Bank Of England Agreement, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Federal Reserve Announcement On September 11 Events, Federal Reserve System: Board Of Governors Sep 2001

Federal Reserve Announcement On September 11 Events, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Swap Agreement With The Federal Reserve, European Central Bank (Ecb) Sep 2001

Swap Agreement With The Federal Reserve, European Central Bank (Ecb)

Documents

No abstract provided.


Dollar Euro Swap Agreement 9/13/2001, European Central Bank (Ecb) Sep 2001

Dollar Euro Swap Agreement 9/13/2001, European Central Bank (Ecb)

Documents

No abstract provided.


Press Release: September 13, 2001, Federal Reserve System Sep 2001

Press Release: September 13, 2001, Federal Reserve System

Documents

Federal Reserve - European Central Bank swap arrangement - September 13, 2001


The Federal Reserve System Is Open And Operating, Federal Reserve System: Board Of Governors Sep 2001

The Federal Reserve System Is Open And Operating, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Critics Unsatisfied (American Banker), Erick Bergquist Sep 2001

Critics Unsatisfied (American Banker), Erick Bergquist

Documents

No abstract provided.


Best Practices For The Management Of Credit Risk, Bank Negara Malaysia/Central Bank Of Malaysia Sep 2001

Best Practices For The Management Of Credit Risk, Bank Negara Malaysia/Central Bank Of Malaysia

Documents

No abstract provided.


Japan's Financial Sector Reform: Progress And Challenges, Hakuo Yanagisawa Sep 2001

Japan's Financial Sector Reform: Progress And Challenges, Hakuo Yanagisawa

Documents

No abstract provided.


Japan's Financial Sector Reform: Progress And Challenges, Hakuo Yanagisawa Sep 2001

Japan's Financial Sector Reform: Progress And Challenges, Hakuo Yanagisawa

Documents

No abstract provided.


Information Structures In Optimal Auctions, Dirk Bergemann, Martin Pesendorfer Sep 2001

Information Structures In Optimal Auctions, Dirk Bergemann, Martin Pesendorfer

Cowles Foundation Discussion Papers

A seller wishes to sell an object to one of multiple bidders. The valuations of the bidders are privately known. We consider the joint design problem in which the seller can decide the accuracy by which bidders learn their valuation and to whom to sell at what price. We establish that optimal information structures in an optimal auction exhibit a number of properties: (i) information structures can be represented by monotone partitions, (ii) the cardinality of each partition is finite, (iii) the partitions are asymmetric across agents. These properties imply that the optimal selling strategy of a seller can be …


A Cusum Test For Cointegration Using Regression Residuals, Zhijie Xiao, Peter C.B. Phillips Sep 2001

A Cusum Test For Cointegration Using Regression Residuals, Zhijie Xiao, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We show that the conventional CUSUM test for structural change can be applied to cointegrating regression residuals leading to a consistent residual based test for the null hypothesis of cointegration. The proposed tests are semiparametric and utilize fully modified residuals to correct for endogeneity and serial correlation and to scale out nuisance parameters. The limit distribution of the test is derived under both the null and the alternative hypothesis. The tests are easy to use and are found to perform quite well in a Monte Carlo experiment.


Egalitarianism Against The Veil Of Ignorance, John E. Roemer Sep 2001

Egalitarianism Against The Veil Of Ignorance, John E. Roemer

Cowles Foundation Discussion Papers

J. Rawls and R. Dworkin have each used veils of ignorance to justify equality (Rawls) or to compute what equality entails (Dworkin). J. Harsanyi has also derived a distributive ethic from a veil of ignorance argument, which, although not egalitarian, is believed by Harsanyi to be not excessively inegalitarian. Harsanyi’s analysis does not determine a unique social choice function, but rather a family of such functions. Here, by appending more information to Harsanyi’s environment, and an Axiom of Neutrality, I uniquely determine a social welfare function by extending Harsanyi’s argument. I show that this function is strongly inegalitarian, in that …


Bootstrapping Spurious Regression, Peter C.B. Phillips Sep 2001

Bootstrapping Spurious Regression, Peter C.B. Phillips

Cowles Foundation Discussion Papers

The bootstrap is shown to be inconsistent in spurious regression. The failure of the bootstrap is spectacular in that the bootstrap effectively turns a spurious regression into a cointegrating regression. In particular, the serial correlation coefficient of the residuals in the bootstrap regression does not converge to unity, so the bootstrap is not even first order consistent. The block bootstrap serial correlation coefficient does converge to unity and is therefore first order consistent, but has a slower rate of convergence and a different limit distribution from that of the sample data serial correlation coefficient. The analysis covers spurious regressions involving …


What We Owe Our Children, They Their Children, ..., John E. Roemer, Roberto Veneziani Sep 2001

What We Owe Our Children, They Their Children, ..., John E. Roemer, Roberto Veneziani

Cowles Foundation Discussion Papers

Egalitarian theorists, since Rawls, have in the main advocated equalizing some objective measure of individual well-being, such as primary goods, functioning, or resources, rather than subjective welfare. This discussion, however, has assumed, implicitly, a static environment. By analyzing a society that survives for many generations, we demonstrate that equality of opportunity for some objective condition is incompatible with human development over time. We argue that this incompatibility can be resolved by equalizing opportunities for welfare. Thus, ‘subjectivism’ seems necessary if we are to hope for a society which can both equalize opportunities and support the development of human capacity over …


Nonlinear Instrumental Variable Estimation Of Autoregression, Peter C.B. Phillips, Joon Y. Park, Yoosoon Chang Sep 2001

Nonlinear Instrumental Variable Estimation Of Autoregression, Peter C.B. Phillips, Joon Y. Park, Yoosoon Chang

Cowles Foundation Discussion Papers

Instrumental variable (IV) estimation methods that allow for certain nonlinear functions of the data as instruments are studied. The context of the discussion is the simple unit root model where certain advantages to the use of nonlinear instruments are revealed. In particular, certain classes of IV estimators and associated t -tests are shown to have simpler (standard) limit theory in contrast to the least squares estimator, providing an opportunity for the study of optimal estimation in certain IV classes and furnishing tests and confidence intervals that allow for unit root and stationary alternatives. The Cauchy estimator studied in recent work …


The Progress Of Computing, William D. Nordhaus Sep 2001

The Progress Of Computing, William D. Nordhaus

Cowles Foundation Discussion Papers

The present study analyzes computer performance over the last century and a half. Three results stand out. First, there has been a phenomenal increase in computer power over the twentieth century. Performance in constant dollars or in terms of labor units has improved since 1900 by a factor in the order of 1 trillion to 5 trillion, which represent compound growth rates of over 30 percent per year for a century. Second, there were relatively small improvements in efficiency (perhaps a factor of ten) in the century before World War II. Around World War II, however, there was a substantial …


Debt Collector Handed License To Speed Up Bad-Loan Disposal, Unknown Sep 2001

Debt Collector Handed License To Speed Up Bad-Loan Disposal, Unknown

Documents

No abstract provided.


The Bank”Shares Regulation Affair And Illegality In Israeli Society: A Theoretical Perspective Of Unethical Managerial Behaviour, David De Vries, Yoav Vardi Sep 2001

The Bank”Shares Regulation Affair And Illegality In Israeli Society: A Theoretical Perspective Of Unethical Managerial Behaviour, David De Vries, Yoav Vardi

Documents

No abstract provided.


Yale Scientific Magazine: Volume 75, Number 1 Sep 2001

Yale Scientific Magazine: Volume 75, Number 1

Yale Scientific Magazine

No abstract provided.


The Equity Premium Consensus Forecast Revisited, Ivo Welch Sep 2001

The Equity Premium Consensus Forecast Revisited, Ivo Welch

Cowles Foundation Discussion Papers

A seller wishes to sell an object to one of multiple bidders. The valuations of the bidders are privately known. We consider the joint design problem in which the seller can decide the accuracy by which bidders learn their valuation and to whom to sell at what price. We establish that optimal information structures in an optimal auction exhibit a number of properties: (i) information structures can be represented by monotone partitions, (ii) the cardinality of each partition is finite, (iii) the partitions are asymmetric across agents. These properties imply that the optimal selling strategy of a seller can be …


Value And Politics, John E. Roemer Sep 2001

Value And Politics, John E. Roemer

Cowles Foundation Discussion Papers

A brief, historical review of the study of the interdependency between politics and economic distribution is offered. While the impact of economic interests on politics has been acknowledged for thousands of years, and the impact of politics on distribution for hundreds, it is only in the last thirty years that formal models of the interdependency between economic distribution and politics have been formulated. A general model of political-economic equilibrium is proposed, in which political competition and economic distribution jointly determine each other. Several examples are given. The author proposes that political economy, conceived of as studying this process of joint …


Fully Nonparametric Estimation Of Scalar Diffusion Models, Federico M. Bandi, Peter C.B. Phillips Sep 2001

Fully Nonparametric Estimation Of Scalar Diffusion Models, Federico M. Bandi, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We propose a functional estimation procedure for homogeneous stochastic differential equations based on a discrete sample of observations and with minimal requirements on the data generating process. We show how to identify the drift and diffusion function in situations where one or the other function is considered a nuisance parameter. The asymptotic behavior of the estimators is examined as the observation frequency increases and as the time span lengthens (that is, we implement both infill and long span asymptotics). We prove consistency and convergence to mixtures of normal laws, where the mixing variates depend on the chronological local time of …


Frb Letter From Robert Dev Frierson To Carl V Howard At Citi Re A Response To The Request By Citigroup For An Exemption From Section 23a Of The Federal Reserve Act, Robert Dev. Frierson, Citigroup, Inc. Aug 2001

Frb Letter From Robert Dev Frierson To Carl V Howard At Citi Re A Response To The Request By Citigroup For An Exemption From Section 23a Of The Federal Reserve Act, Robert Dev. Frierson, Citigroup, Inc.

Documents

No abstract provided.


Thailand: Selected Issues 2001, International Monetary Fund (Imf) Aug 2001

Thailand: Selected Issues 2001, International Monetary Fund (Imf)

Documents

No abstract provided.