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Stabilizing The Soviet Economy, William D. Nordhaus

Cowles Foundation Discussion Papers

The proposals in our policy memorandum on economic stabilization — a restrictive monetary policy and a fiscal policy that eliminates the government deficit — are shaped by our view that the Soviet Union today faces a mounting economic crisis. As we emphasized in our discussion in the policy memorandum, problems include issues of inefficient economic structures, distorted prices, large macroeconomic imbalances, divided government, and lack of popular support for steps to stabilize and restructure the economy.

Repeated Games: Cooperation And Rationality, David G. Pearce

Cowles Foundation Discussion Papers

The paper is a survey written for the Sixth World congress of the Econometric Society. It is devoted largely to a discussion of the progress made in the last decade in understanding the structure of self-enforcing agreements in discounted supergames of complete information. Perfect and imperfect monitoring models are considered in turn, with attention given to the case of substantial impatience as well as to the various “folk theorems.” The emphasis is on the features of constrained-optimal perfect equilibria, causes of inefficiency, and some relationships among different strands of the literature. The remainder of the paper is a critical and …

Economic Implication Of "Too Big To Fail" Hearing Before The Subcommitte On Economic Stabilization, Thomas Carper, Thomas Ridge, William Brandon, Robert Clarke, Bert Ely, Johnny Finch, Robert Glauber, George Kaufman, John Laware, L. William Seidman, Howard Wright

Documents

Included in this document is John LaWare's Testimony to the FCIC Committee on Banking

Credit Unions, Receivership And Depco, Neil Downing

Documents

No abstract provided.

Yale Political Monthly 1991 May, The Politic, Inc.

The Politic

No abstract provided.

Can The Export-Led Growth Model Be Applied To Large Developing Countries? China’S Case, Jinjun Xue

Discussion Papers

No abstract provided.

Agricultural Research Productivity In Pakistan, Qazi Tauqir Azam, Erik A. Bloom, Robert E. Evenson

Discussion Papers

No abstract provided.

The Spurious Effect Of Unit Roots On Exogeneity Tests In Vector Autoregressions: An Analytical Study, Hiro Y. Toda, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper analyzes whether inclusion of a statistically independent random walk in a vector autoregression can result in spurious inference. The problem was raised originally by Ohanian (1988). In a Monte Carlo simulation based on the VAR’s estimated by Sims (1980b, 1982), Ohanian found that block exogeneity of the genuine variables with respect to an artificially generated random walk variable was rejected too often. In the present paper we attempt a full analytical study of this problem. It can be shown that if the genuine variables are nonstationary, the Wald statistic for testing the block exogeneity hypothesis does not have …

Testing The Null Hypothesis Of Stationarity Against The Alternative Of A Unit Root: How Sure Are We That Economic Time Series Have A Unit Root?, Denis Kwiatkowski, Peter C.B. Phillips, Peter Schmidt

Cowles Foundation Discussion Papers

The standard conclusion that is drawn from this empirical evidence is that many or most aggregate economic time series contain a unit root. However, it is important to note that in this empirical work the unit root is set up as the null hypothesis testing is carried out ensures that the null hypothesis is accepted unless there is strong evidence against it. Therefore, an alternative explanation for the common failure to reject a unit root is simply that most economic time series are not very informative about whether or not there is a unit root; or, equivalently, that standard unit …

Time Series Modelling With A Bayesian Frame Of Reference: I. Concepts And Illustrations, Peter C.B. Phillips, Werner Ploberger

Cowles Foundation Discussion Papers

This paper offers a general approach to time series modeling that attempts to reconcile classical and methods. The central idea put forward to achieve reconciliation is that the Bayesian approach relies implicitly a frame of reference for the data generating mechanism that is quite different from the one that is employed in the classical approach. Differences in inferences from the two approaches are therefore to be expected unless the altered frame reference is taken into account. We show that the new frame of reference in Bayesian inference is a consequence of a change of measure that arises naturally in the …

A Bound Of The Proportion Of Pure Strategy Equilibria In Generic Games, Faruk Gul, David G. Pearce, Ennio Stacchetti

Cowles Foundation Discussion Papers

In a generic finite normal form game with 2(α) + 1 Nash equilibria, at least alpha of the equilibria are nondegenerate mixed strategy equilibria (that is, they involve randomization by some players).

An ‘Average’ Lyapunov Convexity Theorem And Some Core Equivalence Results, Lin Zhou

Cowles Foundation Discussion Papers

I prove an “average” version of the Lyapunov convexity theorem and apply it to establish some core equivalence results for an atomless economy.

Vector Autoregression And Causality, Hiro Y. Toda, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper develops a complete limit theory for Wald tests of Granger causality in levels vector autoregression (VAR’s) and Johansen-type error correction models (ECM’s) allowing for the presence of stochastic trends and cointegration. Earlier work by Sims, Stock and Watson (1990) on trivariate VAR systems is extended to the general case, thereby formally characterizing the circumstances when these Wald tests are asymptotically valid as chi-square criteria. Our results for inference from unrestricted levels VAR are not encouraging.

Report And Chronology With Exhibits Of Governor Bruce Sundlun, Bruce Sundlun

Documents

No abstract provided.

Bumgardner Statement, Layne L. Bumgardner

Documents

No abstract provided.

Closure Of 45 Privately Insured Financial Institutions In Rhode Island, United States: House Of Representatives: Committee On Banking, Finance And Urban Affairs

Documents

No abstract provided.

Opening Remarks Of The Honorable John F. Reed Before The House Banking Subcommittee On General Oversight And Investigation, John F. Reed

Documents

No abstract provided.

Nota Bene; Volume V, 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 Worlds Of Yale-New Haven Yale-New Haven Hospital 1990 Annual Report, Yale-New Haven Hospital

Yale New Haven Hospital Annual Reports

For the year 1990. Year ending September 30, 1990.

This annual report starts with six patient stories from around the country and world. The 1990 year-end message is on pages 14-16. Comparative Statistics follow which include a Balance Sheet and Summary Statement of Operating Revenues and Expenses. The report includes lists of members of the Board of Trustees, Management & Auxiliary, Medical Staff, Development Committee, and Donors.

Convergence Across States And Regions, Robert J. Barro, Xavier Sala-I-Martin

Discussion Papers

No abstract provided.

A Competitive Analysis Of Rural Credit: State- Contingent Loans In Northern Nigeria, Christopher Udry

Discussion Papers

No abstract provided.

Japan In The New World Confrontation: A Historical Perspective, Yujiro Hayami

Discussion Papers

No abstract provided.

Intergenerational Transfers In Philippine Rice Villages: Gender Differences In Traditional Inheritance Customs, Agnes R. Quisumbing

Discussion Papers

No abstract provided.

Exactly Unbiased Estimation Of First Order Autoregressive/Unit Root Models, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper is concerned with the estimation of first-order autoregressive/unit root models with independent identically distributed normal errors. The models considered include those without an intercept, those with an intercept, and those with an intercept and time trend. The autoregressive (AR) parameter alpha is allowed to lie in the interval (-1,1], which includes the case of a unit root. Exactly median-unbiased estimators of the AR parameter alpha are proposed. Exact confidence intervals for this parameter are introduced. Corresponding exactly median-unbiased estimators and exact confidence intervals are also provided for the impulse response function and the cumulative impulse response. An unbiased …

Rtc: Financial Audit – Resolution Funding Corporation's 1989 Financial Statements, United States: Government Accountability Office (Gao)

Documents

No abstract provided.

-Person Game And Endogenous Coalition Formation, Lin Zhou

Cowles Foundation Discussion Papers

The two most fundamental questions in cooperative game theory are: When a game is played, what coalitions will be formed and what payoff vectors will be chosen? No previous solution concepts or theories in the literature provide satisfactory answers to both questions; answers are especially lacking for the first one. In this paper we introduce the refined bargaining set, which is the first solution concept in cooperative game theory that simultaneously provides answers to both of the fundamental questions.

Press Release A1820, Argentina: Banco De La Repºblica

Documents

No abstract provided.

A Boon For Borrowers: New Rules Permit Borrowers To Use Frozen Funds For Loans, Neil Downing

Documents

No abstract provided.

Carved In Sand: A Report On The Collapse Of The Rhode Island Share And Deposit Indemnity Corporation, Vartan Gregorian

Documents

No abstract provided.

Act On The Structural Improvement Of The Financial Industry, National Assembly Of The Republic Of Korea

Documents

No abstract provided.