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Privileged Position, Kenneth H. Bacon Jun 1992

Privileged Position, Kenneth H. Bacon

Documents

No abstract provided.


The Government Decided On The Criteria For The Distribution Of Bank Support Of Eight Billion Dollars Still Unresolved, Luukka Teemu Jun 1992

The Government Decided On The Criteria For The Distribution Of Bank Support Of Eight Billion Dollars Still Unresolved, Luukka Teemu

Documents

No abstract provided.


Public Welfare And Growth, Xavier Sala-I-Martin Jun 1992

Public Welfare And Growth, Xavier Sala-I-Martin

Discussion Papers

No abstract provided.


Permanent International Productivity Growth Differentials In An Integrated Global Economy. The Roles Of Households, Non-Tradedness, Self-Financing And Fiscal Policy, Willem H. Buiter, Kenneth M. Kletzer Jun 1992

Permanent International Productivity Growth Differentials In An Integrated Global Economy. The Roles Of Households, Non-Tradedness, Self-Financing And Fiscal Policy, Willem H. Buiter, Kenneth M. Kletzer

Discussion Papers

No abstract provided.


The Demographic Transition In Southern Africa: Another Look At The Evidence From Botswana And Zimbabwe, Duncan Thomas, Ityai Muvandi Jun 1992

The Demographic Transition In Southern Africa: Another Look At The Evidence From Botswana And Zimbabwe, Duncan Thomas, Ityai Muvandi

Discussion Papers

No abstract provided.


A Nine Variable Probabilistic Macroeconomic Forecasting Model, Christopher A. Sims Jun 1992

A Nine Variable Probabilistic Macroeconomic Forecasting Model, Christopher A. Sims

Cowles Foundation Discussion Papers

A model for U.S. macroeconomic time series that has been used for forecasting for several years is described in some detail. The model is a multivariate Bayesian autoregression, with allowance for conditional heteroskedasticity, stochastic time-variation in parameters, and non-normality of disturbances. It specifies the prior distribution in ways that improve on previous Bayesian vector autoregression specifications in realism and forecasting performance. The model’s record of forecasting in recent years is displayed and discussed.


Rolling The ‘Dice’: An Optimal Transition Path For Controlling Greenhouse Gases, William D. Nordhaus Jun 1992

Rolling The ‘Dice’: An Optimal Transition Path For Controlling Greenhouse Gases, William D. Nordhaus

Cowles Foundation Discussion Papers

The possibility of greenhouse warming has received growing attention in recent years. Many scientific bodies are calling for severe curbs on the emissions of greenhouse gases. To date, the calls to arms and treaty negotiations have progressed more or less independently of economic studies of the costs and benefits of measures to slow greenhouse warming. The plan of the present study is to develop a dynamic, global model of both the impacts of and policies to slow global warming. It is an integral model that incorporates both the dynamics of emissions and impacts and the economic costs of policies to …


Expectations Driven Nonlinear Business Cycles, Jean-Michel Grandmont Jun 1992

Expectations Driven Nonlinear Business Cycles, Jean-Michel Grandmont

Cowles Foundation Discussion Papers

The first part of the paper is a brief introduction to the concepts and methods used in recent endogenous business cycles models. Endogenous deterministic and stochastic fluctuations are bound to occur, under increasingly plausible assumptions, in models with individual optimization, market clearing and self-fulfilling expectations when there are capital market imperfections. The phenomenon is most likely to be observed, in a nonlinear framework, when some eigenvalue(s) of the system have a modulus close to 1 (unit roots). It is argued that endogenous business cycles models have become more and more credible alternatives to describe observed fluctuations in our economies. The …


The Development Of "The Big Eight" Accounting Firms In The United States, 1900 To 1990, Charles W. Wootton, Carel M. Wolk Jun 1992

The Development Of "The Big Eight" Accounting Firms In The United States, 1900 To 1990, Charles W. Wootton, Carel M. Wolk

Documents

No abstract provided.


Mongolia Law On The National Security Council Of Mongolia, Secretary Of The Congress Of Mongolia May 1992

Mongolia Law On The National Security Council Of Mongolia, Secretary Of The Congress Of Mongolia

Documents

No abstract provided.


Mutual Funds Law No. 24,083, Argentine Republic May 1992

Mutual Funds Law No. 24,083, Argentine Republic

Documents

No abstract provided.


Christmas, Spring And The Dawning Of Economic Recovery, Eric Ghysels May 1992

Christmas, Spring And The Dawning Of Economic Recovery, Eric Ghysels

Cowles Foundation Discussion Papers

Six months of the year, which for convenience we call the spring and Christmas seasons, have a statistically higher number of troughs than the other six months of the year. In contrast, peaks do not exhibit any clustering. These results are drawn from the NBER chronology as well as alternative chronologies. As peaks are evenly distributed and troughs are not, it also appears that contraction lengths following peaks in the off-season are longer which is also an indication of the uneven propensity to switch regime throughout the year. This paper deliberately takes a “model-free” and “distribution-free” approach to test and …


A Note On The Dual Approach To The Existence And Characterization Of Optimal Consumption Decisions Under Uncertainty And Liquidity Constraints, Vassilis A. Hajivassiliou, Yannis M. Ioannides May 1992

A Note On The Dual Approach To The Existence And Characterization Of Optimal Consumption Decisions Under Uncertainty And Liquidity Constraints, Vassilis A. Hajivassiliou, Yannis M. Ioannides

Cowles Foundation Discussion Papers

This paper considers a dual approach to the problem of maximizing lifetime utility subject to liquidity constraints in a discrete time setting. These constraints prohibit the decision maker from borrowing against future endowment income. The dual approach allows us to exploit directly the supermartingale property of the marginal utility of expenditure and to establish existence and uniqueness of the optimal solution. The optimal solution is interpreted as deriving from a version of the problem that is subject to a single lifetime budget constraint, where expenditures and incomes are discounted to the beginning of the horizon by means of individualized Arrow-Debreu …


An Introduction To Econometric Random Variables, Donald W.K. Andrews May 1992

An Introduction To Econometric Random Variables, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper discusses some uses econometrics of functional limit theory for dependent random variables. Attention is focused on empirical process-type results rather than partial sum results that are prevalent in unit root econometrics. Examples considered include nonstandard parametric hypotheses tests and semiparametric estimation. The application of bracketing functional limit results is discussed in some detail.


Simulation Of Multivariate Normal Orthant Probabilities: Theoretical And Computational Results, Vassilis A. Hajivassiliou, Daniel Mcfadden, Paul A. Ruud May 1992

Simulation Of Multivariate Normal Orthant Probabilities: Theoretical And Computational Results, Vassilis A. Hajivassiliou, Daniel Mcfadden, Paul A. Ruud

Cowles Foundation Discussion Papers

An extensive literature in econometrics and in numerical analysis has considered the problem of evaluating the multiple integral P ( B ; µ, Ω) = Integral a b n ( v - µ, Ω) dv = E V 1 ( V c B ), where V is a m -dimensional normal vector with mean µ, covariance matrix Ω, and density n ( v - µ, Ω) and 1 ( V c B ) is an indicator for the event B = { V | a < V < b }. A leading case of such an integral is the negative orthant probability, where B = { v | v < 0}. The problem is computationally difficult except in very special cases. The multinomial probit (MNP) model used in econometrics and biometrics has cell probabilities that are negative orthant probabilities, with µ and depending on unknown parameters (and, in general, on covariates). Estimation of this model requires, for each trial parameter vector and each observation in a sample, evaluation of P (µ; B ) and of its derivatives with respect to µ and Ω. This paper surveys Monte Carlo techniques that have been developed for approximations of P (µ;Ω) and its linear and logarithmic derivatives that limit computation while possessing properties that facilitate their use in iterative calculations for statistical inference: the Crude Frequency Simulator (CFS), Normal Importance Sampling (NIS), a Kernel-Smoothed Frequency Simulator (KFS), Stern’s Decomposition Simulator (SDS), the Geweke–Hajivassiliou–Keane Simulator (GHK), a Parabolic Cylinder Function Simulator (PCF), Deák’s Chi-squared Simulator (DCS), an Acceptance/Rejection Simulator (ARS), the Gibbs Sampler Simulator (GSS), a Sequentially Unbiased Simulator (SUS), and an Approximately Unbiased Simulator (AUS). We also discuss Gauss and FORTRAN implementations of these algorithms and present our computational experience with them. We find that GHK is overall the most reliable method.


Posterior Odds Testing For A Unit Root With Data-Based Model Selection, Peter C.B. Phillips, Werner Ploberger May 1992

Posterior Odds Testing For A Unit Root With Data-Based Model Selection, Peter C.B. Phillips, Werner Ploberger

Cowles Foundation Discussion Papers

The Kalman filter is sued to derive updating equations for the Bayesian data density in discrete time linear regression models with stochastic regressors. The implied “Bayes model” has time varying parameters and conditionally heterogeneous error variances. A sigma-finite “Bayes model” measure is given and used to produce a new model selection criterion (PIC) and objective posterior odds tests for sharp null hypotheses like the presence of a unit root. Simulation results and an empirical application are reported. The simulations show that the new model selection criterion “PIC” works very well and is generally superior to the Schwarz criterion BIC even …


Yale Political Monthly 1992 May, The Politic, Inc. May 1992

Yale Political Monthly 1992 May, The Politic, Inc.

The Politic

No abstract provided.


Act On Government Guarantee Fund, Parliament Of Finland / Suomen Eduskunta Apr 1992

Act On Government Guarantee Fund, Parliament Of Finland / Suomen Eduskunta

Documents

No abstract provided.


Law On The State Guarantee Fund 379/1992, Parliament Of Finland / Suomen Eduskunta Apr 1992

Law On The State Guarantee Fund 379/1992, Parliament Of Finland / Suomen Eduskunta

Documents

No abstract provided.


Moody's Cites Stress On Credit Quality Of Finnish Banks, Dow Jones Newswires Apr 1992

Moody's Cites Stress On Credit Quality Of Finnish Banks, Dow Jones Newswires

Documents

No abstract provided.


Regulation Of Melanogenesis At The Sub-Cellular Level In Cloudman Murine Melanoma Cells, Kenneth Rosenzweig Apr 1992

Regulation Of Melanogenesis At The Sub-Cellular Level In Cloudman Murine Melanoma Cells, Kenneth Rosenzweig

Yale Medicine Thesis Digital Library

The decarboxylation of dopachrome to 5,6-dihydroxyindole (DHI) appears to be a major control point in the biosynthesis of melanin, in particular the conversation of dopachrome to 5,6-dihydroxyindole-2-carboxylic acid (DHICA). The recent discovery of a factor, DHICA stablin, that stabilizes DHICA and inhibits its conversion to DHI has added insight into the regulation of this intermediary compound. This study has shown that DHICA stablin activity is present in the melanosomal fraction of Cloudman murine melanoma cells and that this activity was observed by a new method using two complementary decarboxylase assays. When three known decarboxylase stabilizing cofactors (biotin, pyridoxal phosphate, and …


Supplementi Al Bollettino Statistico: Note Metodologiche E Informazioni Statistiche, Banca D'Italia Apr 1992

Supplementi Al Bollettino Statistico: Note Metodologiche E Informazioni Statistiche, Banca D'Italia

Documents

No abstract provided.


The Misuse Of The Fed’S Discount Window, Anna Schwartz Apr 1992

The Misuse Of The Fed’S Discount Window, Anna Schwartz

Documents

No abstract provided.


Nota Bene; Volume Vi, Number Ii, Yale University Library Apr 1992

Nota Bene; Volume Vi, Number Ii, Yale University Library

Nota Bene

Nota Bene is published during the academic year to acquaint the Yale community and others with the resources of the Yale Library.


The Life Within Yale-New Haven 1991 Annual Report, Yale-New Haven Hospital Apr 1992

The Life Within Yale-New Haven 1991 Annual Report, Yale-New Haven Hospital

Yale New Haven Hospital Annual Reports

For the Year 1991. Year ending September 30, 1991.


Distribution Of Rents And Growth, Charles Engel, Kenneth M. Kletzer Apr 1992

Distribution Of Rents And Growth, Charles Engel, Kenneth M. Kletzer

Discussion Papers

No abstract provided.


Cigarette Demand, Health Scares And Education In Turkey, Aysit Tansel Apr 1992

Cigarette Demand, Health Scares And Education In Turkey, Aysit Tansel

Discussion Papers

No abstract provided.


A Growth Model Of Inflation, Tax Evasion And Financial Repression, Nouriel Roubini, Xavier Sala-I-Martin Apr 1992

A Growth Model Of Inflation, Tax Evasion And Financial Repression, Nouriel Roubini, Xavier Sala-I-Martin

Discussion Papers

No abstract provided.


Wage Employment, Earnings And Returns To Schooling For Men And Women In Turkey, Aysit Tansel Apr 1992

Wage Employment, Earnings And Returns To Schooling For Men And Women In Turkey, Aysit Tansel

Discussion Papers

No abstract provided.


The Relationship Between Local Family Planning Expenditures And Fertility In Thailand, 1976-1981, T. Paul Schultz Apr 1992

The Relationship Between Local Family Planning Expenditures And Fertility In Thailand, 1976-1981, T. Paul Schultz

Discussion Papers

No abstract provided.