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Financial Services And Markets Act 2000, United Kingdom: Parliament Jun 2000

Financial Services And Markets Act 2000, United Kingdom: Parliament

Documents

No abstract provided.


Information And The Existence Of Stationary Markovian Equilibrium, Ioannis Karatzas, Martin Shubik, William D. Sudderth Jun 2000

Information And The Existence Of Stationary Markovian Equilibrium, Ioannis Karatzas, Martin Shubik, William D. Sudderth

Cowles Foundation Discussion Papers

We describe conditions for the existence of a stationary Markovian equilibrium when total production or total endowment is a random variable. Apart from regularity assumptions, there are two crucial conditions: (i) low information — agents are ignorant of both total endowment and their own endowments when they make decisions in a given period, and (ii) proportional endowments — the endowment of each agent is in proportion, possibly a random proportion, to the total endowment. When these conditions hold, there is a stationary equilibrium. When they do not hold, such equilibrium need not exist.


A Bias-Reduced Log-Periodogram Regression Estimator For The Long-Memory Parameter, Donald W.K. Andrews, Patrik Guggenberger Jun 2000

A Bias-Reduced Log-Periodogram Regression Estimator For The Long-Memory Parameter, Donald W.K. Andrews, Patrik Guggenberger

Cowles Foundation Discussion Papers

The widely used log-periodogram regression estimator of the long-memory parameter d proposed by Geweke and Porter-Hudak (1983) (GPH) has been criticized because of its finite-sample bias, see Agiakloglou, Newbold, and Wohar (1993). In this paper, we propose a simple bias-reduced log-periodogram regression estimator, ^d r , that eliminates the first- and higher-order biases of the GPH estimator. The bias-reduced estimator is the same as the GPH estimator except that one includes frequencies to the power 2 k for k = 1,…, r , for some positive integer r, as additional regressors in the pseudo-regression model that yields the GPH estimator. …


Rethinking Multiple Equilibria In Macroeconomic Modelling, Stephen Morris, Hyun Song Shin Jun 2000

Rethinking Multiple Equilibria In Macroeconomic Modelling, Stephen Morris, Hyun Song Shin

Cowles Foundation Discussion Papers

Are beliefs as indeterminate as auggested by models with multiple equilibria? Multiplicity of equilibria arise largely as the unintended consequence of two modelling assumptions — the fundamentals are assumed to be common knowledge, and economic agents know others’ actions in equilibrium. Both are questionable. When others’ actions are not known with certainty, such as when actions rely on noisy signals, self-fulfilling beliefs lead to a unique outcome determined by the fundamentals and the knowledges that others are rational. This paper illustrates this approach in the context of a model of bank runs and other similar applications. Such an approach places …


A Stochastic Overlapping Generations Economy With Inheritance, Ioannis Karatzas, Martin Shubik, William D. Sudderth Jun 2000

A Stochastic Overlapping Generations Economy With Inheritance, Ioannis Karatzas, Martin Shubik, William D. Sudderth

Cowles Foundation Discussion Papers

An overlapping generations model of an exchange economy is considered, with individuals having a finite expected life-span. Conditions concerning birth, death, inheritance and bequests are fully specified. Under such conditions, the existence of stationary Markov equilibrium is established in some generality, and several explicitly solvable examples are treated in detail.


Recovery From The Asian Crisis And The Role Of The Imf, International Monetary Fund (Imf) Jun 2000

Recovery From The Asian Crisis And The Role Of The Imf, International Monetary Fund (Imf)

Documents

No abstract provided.


Thailand Economic Monitor June 1, 2000, World Bank/World Bank Group Jun 2000

Thailand Economic Monitor June 1, 2000, World Bank/World Bank Group

Documents

No abstract provided.


Treasury And Hud Report- Curbing Predatory Home Lending, United States: Department Of Housing And Urban Development (Hud), U. S. Department Of The Treasury Jun 2000

Treasury And Hud Report- Curbing Predatory Home Lending, United States: Department Of Housing And Urban Development (Hud), U. S. Department Of The Treasury

Documents

No abstract provided.


Parliament Of Latvia (Fcmc Law). 2002. Law Of The Financial And Capital Markets Commission., Vaira Freiberga Jun 2000

Parliament Of Latvia (Fcmc Law). 2002. Law Of The Financial And Capital Markets Commission., Vaira Freiberga

Documents

No abstract provided.


Social Security Investment In Equities In An Economy With Short-Term Production And Land, Peter A. Diamond, John Geanakoplos Jun 2000

Social Security Investment In Equities In An Economy With Short-Term Production And Land, 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 via private accounts. The analysis depends critically on heterogeneity in saving, in production, in assets, and in taxes. Under fairly general assumptions we show that limited diversification increases a neutral social welfare function, increases interest rates, reduces the expected return on short-term equity (and thus the equity premium), decreases safe investment and increases risky investment. However, the effect on aggregate investment, long-term capital values, and the utility of young savers hinges on delicate assumptions about technology. Aggregate investment and …


Republic Act No. 8791 ("The General Banking Law Of 2000"), Philippines: Government May 2000

Republic Act No. 8791 ("The General Banking Law Of 2000"), Philippines: Government

Documents

No abstract provided.


Ecuador And The Imf - Address By Stanley Fischer, Stanley Fischer May 2000

Ecuador And The Imf - Address By Stanley Fischer, Stanley Fischer

Documents

This is an edited version of a talk given at the Hoover Institution conference on Currency Unions on May 19, 2000.


Federal Act On The Reorganization Of The Legal Relationships Of Osterreichische Industrieholding Aktiengesellschaft, Republic Of Austria: Parliament Of Austria May 2000

Federal Act On The Reorganization Of The Legal Relationships Of Osterreichische Industrieholding Aktiengesellschaft, Republic Of Austria: Parliament Of Austria

Documents

No abstract provided.


Annual Report 1999, Russian Federation: Central Bank Of The Russian Federation May 2000

Annual Report 1999, Russian Federation: Central Bank Of The Russian Federation

Documents

No abstract provided.


The Joint Ministerial Statement Of The Asean+3 Finance Ministers Meeting (May 6, 2000), Japan: Ministry Of Finance May 2000

The Joint Ministerial Statement Of The Asean+3 Finance Ministers Meeting (May 6, 2000), Japan: Ministry Of Finance

Documents

No abstract provided.


Joint Ministerial Statement Of The Asean+3 Finance Ministers Meeting, 6 May 2000, Chiang Mai, Thailand (Second Afmgm+3), Asean Plus Three May 2000

Joint Ministerial Statement Of The Asean+3 Finance Ministers Meeting, 6 May 2000, Chiang Mai, Thailand (Second Afmgm+3), Asean Plus Three

Documents

No abstract provided.


External Resolution No. 8 Of 2000 (May 5) Providing A Summary Of The Foreign-Exchange Regime, Bank Of The Republic (Colombia): Board Of Directors May 2000

External Resolution No. 8 Of 2000 (May 5) Providing A Summary Of The Foreign-Exchange Regime, Bank Of The Republic (Colombia): Board Of Directors

Documents

No abstract provided.


Supplementary Law No. 101 Of May 4, 2000, Brazilian Government May 2000

Supplementary Law No. 101 Of May 4, 2000, Brazilian Government

Documents

No abstract provided.


The Evolution Of Structural Adjustment And Stabilization Policy In Jamaica, Damien King May 2000

The Evolution Of Structural Adjustment And Stabilization Policy In Jamaica, Damien King

Documents

working paper evaluating decades-long trends in Jamaican macroeconomic policy


Optimal Scrutiny In Multi-Period Promotion Tournaments, Pradeep Dubey, Ori Haimanko May 2000

Optimal Scrutiny In Multi-Period Promotion Tournaments, Pradeep Dubey, Ori Haimanko

Cowles Foundation Discussion Papers

Consider a principal who hires heterogeneous agents to work for him over T periods, without prior knowledge of their respective skills, and intends to promote one of them at the end. In each period the agents choose effort levels and produce random outputs, independently of each other, and are fully informed of the past history of outputs The principal’s major objective is to maximize the total expected output, but he may also put some weight on detecting the higher-skilled agent for promotion. To this end, he randomly samples n out of the T periods and awards the promotion to the …


Cartoons Of The Variation Of Financial Prices And Of Brownian Motions In Multifractal Time, Benoit Mandelbrot May 2000

Cartoons Of The Variation Of Financial Prices And Of Brownian Motions In Multifractal Time, Benoit Mandelbrot

Cowles Foundation Discussion Papers

This article describes a versatile family of functions increasingly roughened by successive interpolations. They provide models of the variation of financial prices. More importantly, they are helpful “cartoons” of Brownian motions in multifractal time, BMMT, which are better models described in the next article. Ordinary Brownian motion and two models the author proposed in the 1960s correspond to special cartoons. More general cartoons are richer in structure but (by choice) remain parsimonious and easily computed. Their outputs reproduce the main features of financial prices: continually varying volatility, discontinuity or concentration, and other events far outside the mildly behaving Brownian “norm.”


Estimated, Calibrated, And Optimal Interest Rate Rules, Ray C. Fair May 2000

Estimated, Calibrated, And Optimal Interest Rate Rules, Ray C. Fair

Cowles Foundation Discussion Papers

Estimated, calibrated, and optimal interest rate rules are examined for their ability to dampen economic fluctuations caused by random shocks. A tax rate rule is also considered. The results show that the estimated interest rate rule used in the paper is stable for the period beginning in 1954 except for the early Volcker period, although more observations, especially high inflation ones, are needed before much confidence can be placed on the results. The models used for the stabilization results are large scale structural macroeconometric models, and some of the results differ from those based on small models. For example, rules …


Competitive Prizes: When Less Scrutiny Induces More Effort, Pradeep Dubey, Chien-Wei Wu May 2000

Competitive Prizes: When Less Scrutiny Induces More Effort, Pradeep Dubey, Chien-Wei Wu

Cowles Foundation Discussion Papers

We consider a principal who is keen to induce his agents to work at their maximal effort levels. To this end, he samples n days at random out of the T days on which they work, and awards a prize of B dollars to the most productive agent. The principal’s policy ( B,n ) induces a strategic game Γ( B,n ) between the agents. We show that to implement maximal effort levels weakly (or, strongly) as a strategic equilibrium (or, as dominant strategies) in Γ( B,n ), at the least cost B to himself, the principal must choose a small …


Inside And Outside Money, Gains To Trade, And Is-Lm, Pradeep Dubey, John Geanakoplos May 2000

Inside And Outside Money, Gains To Trade, And Is-Lm, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the nominal effects of government fiscal and monetary policy can be completely described by a diagram identical in form to the IS-LM curves introduced by Hicks to describe Keynes’ general theory. IS-LM analysis is thus not incompatible with full market clearing, multiple commodities, and heterogeneous households. We show that as the government deficit approaches a finite threshold, hyperinflation sets …


Inside And Outside Money, Gains To Trade, And Is-Lm, Pradeep Dubey, John Geanakoplos May 2000

Inside And Outside Money, Gains To Trade, And Is-Lm, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We build a one-period general equilibrium model with money. Equilibrium exists, and fiat money has positive value, as long as the ratio of outside money to inside money is less than the gains to trade available at autarky. We show that the nominal effects of government fiscal and monetary policy can be completely described by a diagram identical in form to the IS-LM curves introduced by Hicks to describe Keynes’ general theory. IS-LM analysis is thus not incompatible with full market clearing, multiple commodities, and heterogeneous households. We show that as the government deficit approaches a finite threshold, hyperinflation sets …


Asean, Three Dialogue Partners To Create Currency Swap Arrangement, Kyodo Apr 2000

Asean, Three Dialogue Partners To Create Currency Swap Arrangement, Kyodo

Documents

No abstract provided.


Ecuador Letter Of Intent, Memorandum Of Economic Policies, And Technical Memorandum Of Understanding, April 4, 2000, Repºblica Del Ecuador / Republic Of Ecuador Apr 2000

Ecuador Letter Of Intent, Memorandum Of Economic Policies, And Technical Memorandum Of Understanding, April 4, 2000, Repºblica Del Ecuador / Republic Of Ecuador

Documents

No abstract provided.


Liberalization And Structural Change: Evidence From Nepalese Manufacturing, Kishor Sharma Apr 2000

Liberalization And Structural Change: Evidence From Nepalese Manufacturing, Kishor Sharma

Discussion Papers

No abstract provided.


Supervision And Transaction Costs: Evidence From Rice Farms In Bicol, The Philippines, Robert E. Evenson, Ayal Kimhi, Sanjaya Desilva Apr 2000

Supervision And Transaction Costs: Evidence From Rice Farms In Bicol, The Philippines, Robert E. Evenson, Ayal Kimhi, Sanjaya Desilva

Discussion Papers

No abstract provided.


Asymptotics In Minimum Distance From Independence Estimation, Donald J. Brown, Marten H. Wegkamp Apr 2000

Asymptotics In Minimum Distance From Independence Estimation, Donald J. Brown, Marten H. Wegkamp

Cowles Foundation Discussion Papers

In this paper we introduce a family of minimum distance from independence estimators, suggested by Manski’s minimum mean square from independence estimator. We establish strong consistency, asymptotic normality and consistency of resampling estimates of the distribution and variance of these estimators. For Manski’s estimator we derive both strong consistency and asymptotic normality.