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Ecuador–Supplement To The Memorandum Of Economics Policies, Republic Of Ecuador Aug 2000

Ecuador–Supplement To The Memorandum Of Economics Policies, Republic Of Ecuador

Documents

No abstract provided.


Faulty Communication, Stephen Morris Aug 2000

Faulty Communication, Stephen Morris

Cowles Foundation Discussion Papers

The electronic mail game of Rubinstein (1989) showed that a lack of common knowledge generated by faulty communication can make coordinated action impossible. This paper shows how this conclusion is robust to having a more realistic timing structure of messages, more than two players who meet publicly but not as a plenary group, and strategic decisions about whether to communicate.


Faulty Communication, Stephen Morris Aug 2000

Faulty Communication, Stephen Morris

Cowles Foundation Discussion Papers

The electronic mail game of Rubinstein (1989) showed that a lack of common knowledge generated by faulty communication can make coordinated action impossible. This paper shows how this conclusion is robust to having a more realistic timing structure of messages, more than two players who meet publicly but not as a plenary group, and strategic decisions about whether to communicate.


Does One Soros Make A Difference? A Theory Of Currency Crises With Large And Small Traders, Giancarlo Corsetti, Partha Dasgupta, Stephen Morris, Hyun Song Shin Aug 2000

Does One Soros Make A Difference? A Theory Of Currency Crises With Large And Small Traders, Giancarlo Corsetti, Partha Dasgupta, Stephen Morris, Hyun Song Shin

Cowles Foundation Discussion Papers

Do large investors increase the vulnerability of a country to speculative attacks in the foreign exchange markets? To address this issue, we build a model of currency crises where a single large investor and a continuum of small investors independently decide whether to attack a currency based on their private information about fundamentals. Even abstracting from signalling, the presence of the large investor does make all other traders more aggressive in their selling. Relative to the case in which there is no large investors, small investors attack the currency when fundamentals are stronger. Yet, the difference can be small, or …


Gmm Estimation Of Autoregressive Roots Near Unity With Panel Data, Hyungsik Roger Moon, Peter C.B. Phillips Aug 2000

Gmm Estimation Of Autoregressive Roots Near Unity With Panel Data, Hyungsik Roger Moon, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper investigates a generalized method of moments (GMM) approach to the estimation of autoregressive roots near unity with panel data. The two moment conditions studied are obtained by constructing bias corrections to the score functions under OLS and GLS detrending, respectively. It is shown that the moment condition under GLS detrending corresponds to taking the projected score on the Bhattacharya basis, linking the approach to recent work on projected score methods for models with infinite numbers of nuisance parameters (Waterman and Lindsay, 1998). Assuming that the localizing parameter makes a nonpositive value, we establish consistency of the GMM estimator …


Optimal Inventory Policies When Sales Are Discretionary, Herbert E. Scarf Aug 2000

Optimal Inventory Policies When Sales Are Discretionary, Herbert E. Scarf

Cowles Foundation Discussion Papers

Inventory models customarily assume that demand is fully satisfied if sufficient stock is available. We analyze the form of the optimal inventory policy if the inventory manager can choose to meet a fraction of the demand. Under classical conditions we show that the optimal policy is again of the ( S,s ) form. The analysis makes use of a novel property of K-concave functions.


Tanzania Financial Sector Adjustment Programme Project Completion Report, African Development Fund Aug 2000

Tanzania Financial Sector Adjustment Programme Project Completion Report, African Development Fund

Documents

https://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-and-Operations/ADF-BD-IF-2000-204-EN-TANZANIA-PCR-FINANCIAL-SECTOR-ADJUSTMENT-PROGRAMME.PDF


2000 Public Fund Management White Paper, South Korea: Public Fund Oversight Committee (Pfoc) Aug 2000

2000 Public Fund Management White Paper, South Korea: Public Fund Oversight Committee (Pfoc)

Documents

No abstract provided.


Financial Sector Restructuring In East Asia, Gregory Root, Paula Grela, Mark Jones, Anand Adiga Aug 2000

Financial Sector Restructuring In East Asia, Gregory Root, Paula Grela, Mark Jones, Anand Adiga

Documents

No abstract provided.


Republic Of Latvia: Selected Issues And Statistical Appendix, International Monetary Fund (Imf) Aug 2000

Republic Of Latvia: Selected Issues And Statistical Appendix, International Monetary Fund (Imf)

Documents

No abstract provided.


How To Compute Equilibrium Prices In 1891, William C. Brainard, Herbert E. Scarf Aug 2000

How To Compute Equilibrium Prices In 1891, William C. Brainard, Herbert E. Scarf

Cowles Foundation Discussion Papers

Irving Fisher’s Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium model presented with the broad scope and formal mathematical clarity associated with Walras and his successors. In addition, Fisher presents a remarkable hydraulic apparatus for calculating equilibrium prices and the resulting distribution of society’s endowments among the agents in the economy. In this paper we provide an analytical description of Fisher’s apparatus, and report the results of simulating the mechanical/hydraulic “machine,” illustrating the ability of the apparatus to “compute” equilibrium prices and also to find multiple equilibria.


Public Hearing On Home Equity Lending Transcript, Diane Cameron, Edward M. Gramlich Jul 2000

Public Hearing On Home Equity Lending Transcript, Diane Cameron, Edward M. Gramlich

Documents

No abstract provided.


Contagion: How It Spreads & How It Can Be Stopped?, Rudiger Dornbusch, Yung Chul Park, Stijn Claessens Jul 2000

Contagion: How It Spreads & How It Can Be Stopped?, Rudiger Dornbusch, Yung Chul Park, Stijn Claessens

Documents

No abstract provided.


Excerpt From Hud's The National Homeownership Strategy: Chapter 1 - Partners In The American Dream, Henry Cisneros Jul 2000

Excerpt From Hud's The National Homeownership Strategy: Chapter 1 - Partners In The American Dream, Henry Cisneros

Documents

No abstract provided.


John Taylor Letter To The Ots Re Responsible Alternative Mortgage Lending, John B. Taylor Jul 2000

John Taylor Letter To The Ots Re Responsible Alternative Mortgage Lending, John B. Taylor

Documents

No abstract provided.


Changes In Returns To Education In India, 1983-94: By Gender, Age-Cohort And Location, P. Duraisamy Jul 2000

Changes In Returns To Education In India, 1983-94: By Gender, Age-Cohort And Location, P. Duraisamy

Discussion Papers

No abstract provided.


Learning About A New Technology: Pineapple In Ghana, Timothy G. Conley, Christopher R. Udry Jul 2000

Learning About A New Technology: Pineapple In Ghana, Timothy G. Conley, Christopher R. Udry

Discussion Papers

No abstract provided.


Family Structure, Fertility And Child Quality In Colombia, Rocio Ribero Jul 2000

Family Structure, Fertility And Child Quality In Colombia, Rocio Ribero

Discussion Papers

No abstract provided.


Export Growth In India: Has Fdi Played A Role?, Kishor Sharma Jul 2000

Export Growth In India: Has Fdi Played A Role?, Kishor Sharma

Discussion Papers

No abstract provided.


Modified Local Whittle Estimation Of The Memory Parameter In The Nonstationary Case, Katsumi Shimotsu, Peter C.B. Phillips Jul 2000

Modified Local Whittle Estimation Of The Memory Parameter In The Nonstationary Case, Katsumi Shimotsu, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Semiparametric estimation of the memory parameter is studied in models of fractional integration in the nonstationary case, and some new representation theory for the discrete Fourier transform of a fractional process is used to assist in the analysis. A limit theory is developed for an estimator of the memory parameter that covers a range of values of d commonly encountered in applied work with economic data. The new estimator is called the modified local Whittle estimator and employs a version of the Whittle likelihood based on frequencies adjacent to the origin and modified to take into account the form of …


Pooled Log Periodogram Regression, Katsumi Shimotsu, Peter C.B. Phillips Jul 2000

Pooled Log Periodogram Regression, Katsumi Shimotsu, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Estimation of the memory parameter in time series with long range dependence is considered. A pooled log periodogram regression estimator is proposed that utilizes a set of mL periodogram ordinates with L approaching infinity rather than m ordinates used in the conventional log periodogram estimator. Consistency and asymptotic normality of the pooled regression estimator are established. The pooled estimator is shown to have smaller variance but larger bias than the conventional log periodogram estimator. Finite sample performance is assessed in simulations, and the methods are illustrated in an empirical application with inflation and stock returns.


Trending Time Series And Macroeconomic Activity: Some Present And Future Challenges, Peter C.B. Phillips Jul 2000

Trending Time Series And Macroeconomic Activity: Some Present And Future Challenges, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Some challenges for econometric research on trending time series are discussed in relation to some perceived needs of macroeconomics and macroeconomic policy making.


Local Whittle Estimation In Nonstationary And Unit Root Cases, Katsumi Shimotsu, Peter C.B. Phillips Jul 2000

Local Whittle Estimation In Nonstationary And Unit Root Cases, Katsumi Shimotsu, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Asymptotic properties of the local Whittle estimator in the nonstationary case (d > 1/2) are explored. For 1/2 < d < 1, the estimator is shown to be consistent, and its limit distribution and the rate of convergence depend on the value of d . For d = 1, the limit distribution is mixed normal. For d > 1 and when the process has a linear trend, the estimator is shown to be inconsistent and to converge in probability to unity.


Dealing With The Bad Loans Of The Chinese Banks, John Bonin, Yiping Huang Jul 2000

Dealing With The Bad Loans Of The Chinese Banks, John Bonin, Yiping Huang

Documents

No abstract provided.


Savings And Portfolio Choice In A Two-Period Two-Asset Model, Saku Aura, Peter A. Diamond, John Geanakoplos Jul 2000

Savings And Portfolio Choice In A Two-Period Two-Asset Model, Saku Aura, Peter A. Diamond, John Geanakoplos

Cowles Foundation Discussion Papers

We extend Arrow’s analysis of portfolio choice in a one-period model to savings and portfolio choice in a two-period model.


Equivalence Of The Higher-Order Asymptotic Efficiency Of K-Step And Extremum Statistics, Donald W.K. Andrews Jul 2000

Equivalence Of The Higher-Order Asymptotic Efficiency Of K-Step And Extremum Statistics, Donald W.K. Andrews

Cowles Foundation Discussion Papers

It is well known that a one-step scoring estimator that starts from any N 1 /2 -consistent estimator has the same first-order asymptotic efficiency as the maximum likelihood estimator. This paper extends this result to k -step estimators and test statistics for k > 1, higher-order asymptotic efficiency, and general extremum estimators and test statistics. The paper shows that a k -step estimator has the same higher-order asymptotic efficiency, to any given order, as the extremum estimator towards which it is stepping, provided (i) k is sufficiently large, (ii) some smoothness and moment conditions hold, and (iii) a condition on the …


Implementation Completion Report: Kyrgyz Republic Financial Sector Adjustment Credit (Finsac), World Bank/World Bank Group Jun 2000

Implementation Completion Report: Kyrgyz Republic Financial Sector Adjustment Credit (Finsac), World Bank/World Bank Group

Documents

http://documents1.worldbank.org/curated/en/422611468276298198/pdf/multi-page.pdf


Nysid Letter To Starr International Inc. Regarding Credit Default Option Facility, Rochelle Katz Jun 2000

Nysid Letter To Starr International Inc. Regarding Credit Default Option Facility, Rochelle Katz

Documents

No abstract provided.


A Type Catalog Of Fossil Invertebrates (Mollusca: Ammonoidea) In The Yale Peabody Museum, Russell D. White, Laura K. Skorina Jun 2000

A Type Catalog Of Fossil Invertebrates (Mollusca: Ammonoidea) In The Yale Peabody Museum, Russell D. White, Laura K. Skorina

Postilla

Type material for 206 nominal species of ammonoids are in the Invertebrate Paleontology Collections of Yale University's Peabody Museum of Natural History. Primary types for 86 nominal species include 46 holotypes, 418 syntypes (representing 36 nominal species), 3 lectotypes and 1 neotype. Secondary types for 35 nominal species include 7 allotypes, 105 paratypes and 36 paralectotypes, Tertiary types of 132 nominal species include 852 hypotypes. Most types are from Coahuila (Mexico), South Dakota, Texas and Wyoming and have been described by E. Bose, S.S. Buckman, W.A. Cobban, N.H. Landman, A.K. Miller and K.M. Waage.


Law 2832/2000, Greece: Hellenic Parliament Jun 2000

Law 2832/2000, Greece: Hellenic Parliament

Documents

No abstract provided.