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Social Security Investment In Equities, Peter A. Diamond, John Geanakoplos Jul 2001

Social Security Investment In Equities, Peter A. Diamond, John Geanakoplos

Cowles Foundation Discussion Papers

This paper explores the general equilibrium impact of social security portfolio diversification into private securities, either through the trust fund or private accounts. The analysis depends critically on heterogeneities in saving, production, assets, and taxes. Limited diversification weakly increases interest rates, reduces the expected return on short-term investment (and the equity premium), decreases safe investment, increases risky investment and increases a suitably weighted social welfare function. However, the effects on aggregate investment, long-term capital values, and the utility of young savers hinges on assumptions about technology. Aggregate investment and long-term asset values can move in opposite directions.

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Law On The Financial And Capital Market Commission, Latvia: Saeima Jul 2001

Law On The Financial And Capital Market Commission, Latvia: Saeima

Documents

No abstract provided.

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Krung Thai Bank Pcl - Capital Intelligence Report, Rory Keelan, Darren Stubing Jul 2001

Krung Thai Bank Pcl - Capital Intelligence Report, Rory Keelan, Darren Stubing

Documents

No abstract provided.

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Second Order Expansions For The Distribution Of The Maximum Likelihood Estimator Of The Fractional Difference Parameter, Offer Lieberman, Peter C.B. Phillips Jul 2001

Second Order Expansions For The Distribution Of The Maximum Likelihood Estimator Of The Fractional Difference Parameter, Offer Lieberman, Peter C.B. Phillips

Cowles Foundation Discussion Papers

The maximum likelihood estimator (MLE) of the fractional difference parameter in the Gaussian ARFIMA(0, d ,0) model is well known to be asymptotically N (0, 6/ π 2 ). This paper develops a second order asymptotic expansion to the distribution of this statistic. The correction term for the density is shown to be independent of d , so that the MLE is second order pivotal for d . This feature of the MLE is unusual, at least in time series contexts. Simulations show that the normal approximation is poor and that the expansions make significant improvements in accuracy.

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Social Security Investment In Equities I: Linear Case, Peter A. Diamond, John Geanakoplos Jul 2001

Social Security Investment In Equities I: Linear Case, Peter A. Diamond, John Geanakoplos

Cowles Foundation Discussion Papers

This paper explores the general equilibrium impact of social security portfolio diversification into private securities, either through the trust fund or private accounts. The analysis depends critically on heterogeneities in saving, production, assets, and taxes. Limited diversification weakly increases interest rates, reduces the expected return on short-term investment (and the equity premium), decreases safe investment, increases risky investment and increases a suitably weighted social welfare function. However, the effects on aggregate investment, long-term capital values, and the utility of young savers hinges on assumptions about technology. Aggregate investment and long-term asset values can move in opposite directions.

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Housing In The New Millennium: A Home Without Equity Is Just A Rental With Debt, Joshua Rosner Jun 2001

Housing In The New Millennium: A Home Without Equity Is Just A Rental With Debt, Joshua Rosner

Documents

No abstract provided.

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経営健全化計画の改善点の評価項目, Government Of Japan: Financial Reconstruction Commission Jun 2001

経営健全化計画の改善点の評価項目, Government Of Japan: Financial Reconstruction Commission

Documents

No abstract provided.

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Frbny Email From Katie S Cox To Nardolili Robinson Wiederhom Waldron Smith Fleet And Mikes Re Citi Banamex Ai Compliance Questions, Katie S. Cox, Lily Tham Jun 2001

Frbny Email From Katie S Cox To Nardolili Robinson Wiederhom Waldron Smith Fleet And Mikes Re Citi Banamex Ai Compliance Questions, Katie S. Cox, Lily Tham

Documents

No abstract provided.

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Royal Proclamation On Thai Asset Management Corporation B.E. 2544 (2001), King Bhumibhol Adulyadej Of Thailand Jun 2001

Royal Proclamation On Thai Asset Management Corporation B.E. 2544 (2001), King Bhumibhol Adulyadej Of Thailand

Documents

No abstract provided.

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Thai Asset Management Company Plan Approved, Vithoon Amorn Jun 2001

Thai Asset Management Company Plan Approved, Vithoon Amorn

Documents

No abstract provided.

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India’S Reform Of External Sector Policies And Future Multilateral Trade Negotiations, T.N. Srinivasan Jun 2001

India’S Reform Of External Sector Policies And Future Multilateral Trade Negotiations, T.N. Srinivasan

Discussion Papers

No abstract provided.

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Does Intellectual Property Protection Spur Technological Change?, Sunil Kanwar, Robert Evenson Jun 2001

Does Intellectual Property Protection Spur Technological Change?, Sunil Kanwar, Robert Evenson

Discussion Papers

No abstract provided.

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Inside The ‘Black Box’ Of Project Star: Estimation Of Peer Effects Using Experimental Data, Michael A. Boozer, Stephen E. Cacciola Jun 2001

Inside The ‘Black Box’ Of Project Star: Estimation Of Peer Effects Using Experimental Data, Michael A. Boozer, Stephen E. Cacciola

Discussion Papers

No abstract provided.

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Back From The Brink: Thailand's Response To The 1997 Economic Crisis, Ijaz Nabi, Jayasankar Shivakumar Jun 2001

Back From The Brink: Thailand's Response To The 1997 Economic Crisis, Ijaz Nabi, Jayasankar Shivakumar

Documents

World Bank study describing the causes and response of Thailand to the currency, financial, and economic crises

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On The Evolution Of Overconfidence And Entrepreneurs, Antonio E. Bernardo, Ivo Welch Jun 2001

On The Evolution Of Overconfidence And Entrepreneurs, Antonio E. Bernardo, Ivo Welch

Cowles Foundation Discussion Papers

This paper explains why seemingly irrational overconfident behavior can persist. Information aggregation is poor in groups in which most individuals herd. By ignoring the herd, the actions of overconfident individuals (“entrepreneurs”) convey their private information. However, entrepreneurs make mistakes and thus die more frequently. The socially optimal proportion of entrepreneurs trades off the positive information externality against high attrition rates of entrepreneurs, and depends on the size of the group, on the degree of overconfidence, and on the accuracy of individuals’ private information. The stationary distribution trades off the fitness of the group against the fitness of overconfident individuals.

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Yale Scientific Magazine: Volume 74, Number 4 Jun 2001

Yale Scientific Magazine: Volume 74, Number 4

Yale Scientific Magazine

No abstract provided.

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An Economic Approach To The Psychology Of Change: Amnesia, Inertia, And Impulsiveness, David Hirshleifer, Ivo Welch Jun 2001

An Economic Approach To The Psychology Of Change: Amnesia, Inertia, And Impulsiveness, David Hirshleifer, Ivo Welch

Cowles Foundation Discussion Papers

This paper models how imperfect memory affects the optimal continuity of policies. We examine the choices of a player (individual or firm) who observes previous actions but cannot remember the rationale for these actions. In a stable environment, the player optimally responds to memory loss with excess inertia, defined as a higher probability of following old policies than would occur under full recall. In a volatile environment, the player can exhibit excess impulsiveness (i.e., be more prone to follow new information signals). The model provides a memory-loss explanation for some documented psychological biases, implies that inertia and organizational routines should …

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Implementation Completion Report, World Bank/World Bank Group May 2001

Implementation Completion Report, World Bank/World Bank Group

Documents

http://documents1.worldbank.org/curated/en/958181468311403765/pdf/multi0page.pdf

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Annual Report 2000, Russian Federation: Central Bank Of The Russian Federation May 2001

Annual Report 2000, Russian Federation: Central Bank Of The Russian Federation

Documents

No abstract provided.

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Law On The Central Bank Of Mongolia, Mongolia: State Ikh Khural May 2001

Law On The Central Bank Of Mongolia, Mongolia: State Ikh Khural

Documents

No abstract provided.

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Joint Ministerial Statement Of The Asean+3 Finance Ministers Meeting, 9 May 2001, Honolulu, Usa (Third Afmgm+3), Asean Plus Three May 2001

Joint Ministerial Statement Of The Asean+3 Finance Ministers Meeting, 9 May 2001, Honolulu, Usa (Third Afmgm+3), Asean Plus Three

Documents

Honolulu, Hawaii, USA

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Trends And Prospects Of Thailand's Banking And Financial Sector And Its Impacts On The Thai Economy, M. R. Chatumongol Sonakul May 2001

Trends And Prospects Of Thailand's Banking And Financial Sector And Its Impacts On The Thai Economy, M. R. Chatumongol Sonakul

Documents

No abstract provided.

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Decentralization In Argentina, Nadir Habibi, Cindy Huang, Diego Miranda, Victoria Murillo May 2001

Decentralization In Argentina, Nadir Habibi, Cindy Huang, Diego Miranda, Victoria Murillo

Discussion Papers

No abstract provided.

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Consumption Growth In A Booming Economy: Taiwan 1976-96, David J. Mckenzie May 2001

Consumption Growth In A Booming Economy: Taiwan 1976-96, David J. Mckenzie

Discussion Papers

No abstract provided.

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Growth And Human Development: Comparative Latin American Experience, Gustav Ranis, Frances Stewart May 2001

Growth And Human Development: Comparative Latin American Experience, Gustav Ranis, Frances Stewart

Discussion Papers

No abstract provided.

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The Effects Of Class Size On The Long Run Growth In Reading Abilities And Early Adult Outcomes In The Christchurch Health And Development Study, Michael A. Boozer, Tim Maloney May 2001

The Effects Of Class Size On The Long Run Growth In Reading Abilities And Early Adult Outcomes In The Christchurch Health And Development Study, Michael A. Boozer, Tim Maloney

Discussion Papers

No abstract provided.

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Mortality In The North Dublin Union During The Great Famine, Timothy W. Guinnane, Cormac Ó Gráda May 2001

Mortality In The North Dublin Union During The Great Famine, Timothy W. Guinnane, Cormac Ó Gráda

Discussion Papers

No abstract provided.

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Group Behavior And Development: A Comparison Of Farmers’ Organisations In South Korea And Taiwan, Larry Burmeister, Gustav Ranis, Michael Wang May 2001

Group Behavior And Development: A Comparison Of Farmers’ Organisations In South Korea And Taiwan, Larry Burmeister, Gustav Ranis, Michael Wang

Discussion Papers

No abstract provided.

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Icam-1 Transmembrane Signaling: Involvement Of Taxreb107 In Icam-1-Mediated Signal Transduction, Brian Lee May 2001

Icam-1 Transmembrane Signaling: Involvement Of Taxreb107 In Icam-1-Mediated Signal Transduction, Brian Lee

Yale Medicine Thesis Digital Library

The role of membrane ICAM-1 in intercellular adhesion, through interaction with the leukocyte beta2 integrin receptors LFA-1 and Mac-1, is well established. However, until recently, ICAM-1 was widely regarded as being simply an "anchor" molecule, promoting, for example, firm adhesion of lymphocytes to vascular endothelial cells. The demonstration that ICAM-1 is connected to the actin-based cytoskeleton through interactions with subcortical actin-binding proteins, such as alpha-actinin, enhanced this concept. However, ICAM-1 has been increasingly shown to have signaling properties of its own. Engagement of ICAM-1 extracellularly, either through its natural counter-receptors, LFA-1/Mac-1, or through antibody mediated clustering, can produce numerous changes …

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A ‘Friend And Advisor’: Management, Auditors, And Confidence In Germany’S Credit Cooperatives, 1889-1914, Timothy W. Guinnane May 2001

A ‘Friend And Advisor’: Management, Auditors, And Confidence In Germany’S Credit Cooperatives, 1889-1914, Timothy W. Guinnane

Discussion Papers

No abstract provided.

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