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Information And The Operation Of Markets: Tests Based On A General Equilibrium Model Of Land Leasing In India, Jean Olson Lanjouw Jun 1995

Information And The Operation Of Markets: Tests Based On A General Equilibrium Model Of Land Leasing In India, Jean Olson Lanjouw

Discussion Papers

No abstract provided.


The Classical Approach To Convergence Analysis, Xavier Sala-I-Martin Jun 1995

The Classical Approach To Convergence Analysis, Xavier Sala-I-Martin

Discussion Papers

No abstract provided.


Technological Diffusion, Convergence, And Growth, Xavier Sala-I-Martin, Robert J. Barro Jun 1995

Technological Diffusion, Convergence, And Growth, Xavier Sala-I-Martin, Robert J. Barro

Discussion Papers

No abstract provided.


Unit Root Tests, Peter C.B. Phillips Jun 1995

Unit Root Tests, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Classical and Bayesian unit root test procedures are reviewed, with an emphasis on testing principles and recent developments. A numerical illustration and annotated references and bibliography are provided.


Impulse Response And Forecast Error Variance Asymptotics In Nonstationary Var's, Peter C.B. Phillips Jun 1995

Impulse Response And Forecast Error Variance Asymptotics In Nonstationary Var's, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Impulse response and forecast error variance matrix asymptotics are developed for VAR models with some roots at or near unity and some cointegration. For such models, it is shown that impulse responses that are estimated from an unrestricted VAR are inconsistent at long horizons and tend to random variables rather than the true impulse responses in the limit. The asymmetric distribution of the limit variates helps to explain the asymmetry of the finite sample distributions of the estimated impulse responses that is often found in simulations. VAR regressions also give inconsistent estimates of the forecast error variance of the optimal …


Automated Forecasts Of Asia-Pacific Economic Activity, Peter C.B. Phillips Jun 1995

Automated Forecasts Of Asia-Pacific Economic Activity, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper reports quarterly ex ante forecasts of macroeconomic activity for the U.S.A., Japan and Australia for the period 1995-1997. The forecasts are based on automated time series models of vector autoregressions (VAR’s), reduced rank regressions (RRR’s), error correction models (ECM’s) and Bayesian vector autoregressions (BVAR’s). The models are automated by using an asymptotic predictive form of the model selection criterion PIC to determine autoregressive lag order, cointegrating rank and trend degree in the VAR’s, RRR’s, and ECM’s. The same criterion is used to find optimal values of the hyperparameters in the BVAR’s. The forecasts are graphed and tabulated. In …


Adaptive Testing In Arch Models, Oliver B. Linton, Douglas G. Steigerwald Jun 1995

Adaptive Testing In Arch Models, Oliver B. Linton, Douglas G. Steigerwald

Cowles Foundation Discussion Papers

Existing specification tests for conditional heteroskedasticity are derived under the assumption that the density of the innovation, or standardized error, is Gaussian, despite the fact that many recent empirical studies provide evidence that this density is not Gaussian. We obtain specification tests for conditional heteroskedasticity under the assumption that the innovation density is a member of a general family of densities. Our test statistics maximize asymptotic local power and weighted average power criteria for the general family of densities. We establish both first order and second order theory for our procedures. Monte Carlo simulations indicate that asymptotic power gains are …


The Mexican Peso Crisis: The Foreseeable And The Surprise, Nora Lustig Jun 1995

The Mexican Peso Crisis: The Foreseeable And The Surprise, Nora Lustig

Documents

No abstract provided.


Federal Reserve Bulletin - June 1995, Federal Reserve Board Of Governors (Frb) Jun 1995

Federal Reserve Bulletin - June 1995, Federal Reserve Board Of Governors (Frb)

Documents

No abstract provided.


Yale Scientific Magazine: Volume 69, Number 3 Jun 1995

Yale Scientific Magazine: Volume 69, Number 3

Yale Scientific Magazine

No abstract provided.


Press Release A2338, Argentina: Banco De La Repºblica May 1995

Press Release A2338, Argentina: Banco De La Repºblica

Documents

No abstract provided.


Recommendation And Proposed Loan Of Us$1,000 Million To National Financiera, World Bank/World Bank Group May 1995

Recommendation And Proposed Loan Of Us$1,000 Million To National Financiera, World Bank/World Bank Group

Documents

No abstract provided.


Report And Recommendation Of The President Of The International Bank For Reconstruction And Development To The Executive Directors On A Proposed Loan In An Amount Equivalent To Us$1,000 Million To Nacional Financiera, S.N.C With The Guarantee Of The Unite, World Bank/World Bank Group May 1995

Report And Recommendation Of The President Of The International Bank For Reconstruction And Development To The Executive Directors On A Proposed Loan In An Amount Equivalent To Us$1,000 Million To Nacional Financiera, S.N.C With The Guarantee Of The Unite, World Bank/World Bank Group

Documents

report summarizing banking reforms and the plan for Société Nationale de Recouvrement as of 1989


Drawing Lessons From The Mexican Crisis: Preventing And Resolving Financial Crisis -- The Role Of The Imf, Michael Camdessus May 1995

Drawing Lessons From The Mexican Crisis: Preventing And Resolving Financial Crisis -- The Role Of The Imf, Michael Camdessus

Documents

No abstract provided.


Syncope In A Population-Based Sample Of Elderly Persons: Prevalence, Predisposing Risk Factors, And Precipitating Events, Eric A. Gomes May 1995

Syncope In A Population-Based Sample Of Elderly Persons: Prevalence, Predisposing Risk Factors, And Precipitating Events, Eric A. Gomes

Yale Medicine Thesis Digital Library

Syncope is a serious but potentially preventable occurrence commonly afflicting the elderly population. The objectives of this study were to estimate the incidence of syncope in the community-dwelling elderly population, to identify the clinical risk factors that predispose some elderly persons to syncope, and to describe situational factors and the morbidity associated with syncope. Study participants were members of the Project Safety cohort, representing a probability sample of non-institutionalized residents of New Haven, Connecticut aged 72 years or older. Age-restricted housing lists and utilities listings were used to generate an index of community dwellings from which 5,936 households were identified. …


Community Reinvestment Act - Federal Register Volume 60, Number 86, United States: National Archives And Records Administration: Office Of The Federal Register, United States: Department Of The Treasury: Office Of Thrift Supervision, United States: Department Of The Treasury: Office Of The Comptroller Of The Currency (Occ), United States: Federal Deposit Insurance Corporation (Fdic), Federal Reserve System: Board Of Governors May 1995

Community Reinvestment Act - Federal Register Volume 60, Number 86, United States: National Archives And Records Administration: Office Of The Federal Register, United States: Department Of The Treasury: Office Of Thrift Supervision, United States: Department Of The Treasury: Office Of The Comptroller Of The Currency (Occ), United States: Federal Deposit Insurance Corporation (Fdic), Federal Reserve System: Board Of Governors

Documents

No abstract provided.


How Should We Measure Sustainable Income?, William D. Nordhaus May 1995

How Should We Measure Sustainable Income?, William D. Nordhaus

Cowles Foundation Discussion Papers

Growing concerns about long-run economic growth have led to calls for measures of “sustainable income.” Traditional analyses rely on Hicksian income, which is consumption plus net investment. The present paper shows that Hicksian income corresponds to sustainable income only under implausibly limited circumstances. We define sustainable income and estimate its magnitude for the United States. The analysis and empirical estimates indicate, first, that consumption has historically been far below sustainable income; second, that conventional Hicksian measures of national income are poor proxies for sustainable income; and, third, that the true savings rate has declined significantly in the last two decades.


Mortgage Default Risk And Real Estate Prices: The Use Of Index-Based Futures And Options In Real Estate, Robert J. Shiller, Karl E. Case, Allan N. Weiss May 1995

Mortgage Default Risk And Real Estate Prices: The Use Of Index-Based Futures And Options In Real Estate, Robert J. Shiller, Karl E. Case, Allan N. Weiss

Cowles Foundation Discussion Papers

Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established.


Banks Versus Bonds: A Simple Theory Of Comparative Financial Institutions, Sandeep Baliga, Ben Polak May 1995

Banks Versus Bonds: A Simple Theory Of Comparative Financial Institutions, Sandeep Baliga, Ben Polak

Cowles Foundation Discussion Papers

We use a simple, graphical moral hazard model to compare monitored bank lending versus non-monitored bond issues as sources of external funds for industry. We contrast the conditions that theoretically favor each system, such as the size and number of firms, with conditions prevailing when these financial systems were developed during the British and German Industrial Revolutions. Then, to address the question why different systems have persisted, we embed the model in an entry game in which firm size and number are endogenous. We show that multiple equilibria can exist if financiers take the industrial structure as given and vice …


World Income Components: Measuring And Exploiting International Risk Sharing Opportunities, Robert J. Shiller, Stefano G. Athanasoulis May 1995

World Income Components: Measuring And Exploiting International Risk Sharing Opportunities, Robert J. Shiller, Stefano G. Athanasoulis

Cowles Foundation Discussion Papers

We provide a method for decomposing the variance of world national income (present values) into components in such a way as to indicate the most important risk-sharing opportunities among nations of the world. We identify risk-sharing opportunities in terms of eigenvectors of a variance matrix of deviations of the present value of country incomes from their respective shares (adjusted for population and risk aversion) of world income. The method is applied to data on national incomes of six large countries 1870-1992 (Maddison [1995]): Canada, France, Germany, Italy, United Kingdom and United States. The method reveals that, assuming symmetric risk aversions, …


A Strategic Market Game With Secured Lending, Ioannis Karatzas, Martin Shubik, William D. Sudderth May 1995

A Strategic Market Game With Secured Lending, Ioannis Karatzas, Martin Shubik, William D. Sudderth

Cowles Foundation Discussion Papers

We study stationary Markov equilibria for strategic, competitive games, in a market-economy model with one non-durable commodity, fiat money, borrowing/lending through a central bank or a money market, and a continuum of agents. These use fiat money in order to offset random fluctuations in their endowments of the commodity, are not allowed to borrow more than they can pay back (secured lending), and maximize expected discounted utility from consumption of the commodity. Their aggregate optimal actions determine dynamically prices and/or interest rates for borrowing and lending, in each period of play. In equilibrium, random fluctuations in endowment- and wealth-levels offset …


The Identification And Characterization Of Protein Tyrosine Phosphatases Expressed In The Developing Rat Brain, Mustafa Sahin May 1995

The Identification And Characterization Of Protein Tyrosine Phosphatases Expressed In The Developing Rat Brain, Mustafa Sahin

Yale Medicine Thesis Digital Library

Previous studies of the developing nervous system have shown that cell-cell and cell-matrix interactions are involved in a variety of processes such as the proliferation, migration and differentiation of neurons. While many cell surface molecules have been identified, the signal transduction mechanisms through which they alter cellular responses are poorly understood. Recent studies have described a new and large family of enzymes, protein tyrosine phosphatases (PTPases), that may play a key role in transduction of cell surface events. Opposing the actions of protein tyrosine kinases (PTKs), PTPases may determine the state of tyrosine phosphorylation of a protein and regulate its …


A Brief History Of The Exchange Fund, John Nugèe May 1995

A Brief History Of The Exchange Fund, John Nugèe

Documents

No abstract provided.


Banking/Finance: Bank Funding, Mexico Business Monthly May 1995

Banking/Finance: Bank Funding, Mexico Business Monthly

Documents

No abstract provided.


Rtc: Efforts Under Way To Address Management Weaknesses, United States: Government Accountability Office (Gao) May 1995

Rtc: Efforts Under Way To Address Management Weaknesses, United States: Government Accountability Office (Gao)

Documents

No abstract provided.


Restructuring In The Czech Republic: Beyond Ownership And Bankruptcy, Aydm Hayri, Gerald A. Mcdermott May 1995

Restructuring In The Czech Republic: Beyond Ownership And Bankruptcy, Aydm Hayri, Gerald A. Mcdermott

Documents

No abstract provided.


Hungary—Recent Economic Developments And Background Issues, International Monetary Fund (Imf) May 1995

Hungary—Recent Economic Developments And Background Issues, International Monetary Fund (Imf)

Documents

No abstract provided.


Williams And Jacobsen -The Business Of Banking: Looking To The Future, Julie L. William, Mark P. Jacobsen May 1995

Williams And Jacobsen -The Business Of Banking: Looking To The Future, Julie L. William, Mark P. Jacobsen

Documents

No abstract provided.


Imf Annual Report 1995, International Monetary Fund (Imf): Executive Board Apr 1995

Imf Annual Report 1995, International Monetary Fund (Imf): Executive Board

Documents

No abstract provided.


Press Release A2331, Argentina: Banco De La Repºblica Apr 1995

Press Release A2331, Argentina: Banco De La Repºblica

Documents

No abstract provided.