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The Optimal Distribution Of Income Revisited, Ray C. Fair Mar 2016

The Optimal Distribution Of Income Revisited, Ray C. Fair

Cowles Foundation Discussion Papers

This paper revisits the optimal distribution of income model in Fair (1971). This model is the same as in Mirrlees (1971) except that education is also a decision variable and tax rates are restricted to lie on a tax function. In the current paper the tax-rate restriction is relaxed. As in Fair (1971), a numerical method is used. The current method uses the DFP algorithm with numeric derivatives. Because no analytic derivatives have to be taken,it is easy to change assumptions and functional forms and run alternative experiments. Gini coefficients are computed, which provides a metric for comparing the redistributive …


Methods For Nonparametric And Semiparametric Regressions With Endogeneity: A Gentle Guide, Xiaohong Chen, Yin Jia Qiu Mar 2016

Methods For Nonparametric And Semiparametric Regressions With Endogeneity: A Gentle Guide, Xiaohong Chen, Yin Jia Qiu

Cowles Foundation Discussion Papers

This paper reviews recent advances in estimation and inference for nonparametric and semiparametric models with endogeneity. It first describes methods of sieves and penalization for estimating unknown functions identified via conditional moment restrictions. Examples include nonparametric instrumental variables regression (NPIV), nonparametric quantile IV regression and many more semi-nonparametric structural models. Asymptotic properties of the sieve estimators and the sieve Wald, quasi-likelihood ratio (QLR) hypothesis tests of functionals with nonparametric endogeneity are presented. For sieve NPIV estimation, the rate-adaptive data-driven choices of sieve regularization parameters and the sieve score bootstrap uniform confidence bands are described. Finally, simple sieve variance estimation and …


Simple Nonparametric Estimators For The Bid-Ask Spread In The Roll Model, Xiaohong Chen, Oliver B. Linton, Stefan Schneeberger Mar 2016

Simple Nonparametric Estimators For The Bid-Ask Spread In The Roll Model, Xiaohong Chen, Oliver B. Linton, Stefan Schneeberger

Cowles Foundation Discussion Papers

We propose new methods for estimating the bid-ask spread from observed transaction prices alone. Our methods are based on the empirical characteristic function instead of the sample autocovariance function like the method of Roll (1984). As in Roll (1984), we have a closed form expression for the spread, but this is only based on a limited amount of the model-implied identification restrictions. We also provide methods that take account of more identification information. We compare our methods theoretically and numerically with the Roll method as well as with its best known competitor, the Hasbrouck (2004) method, which uses a Bayesian …


Dynamic Equality Of Opportunity, John E. Roemer, Burak Unveren Mar 2016

Dynamic Equality Of Opportunity, John E. Roemer, Burak Unveren

Cowles Foundation Discussion Papers

What are the long-term effects of policies intended to equalize opportunities among different social classes of children? To find out, we study the stationary states of an intergenerational model where adults are either White or Blue collar employees. Both adults and the state invest in their children’s education. Our analysis indicates that the major obstacle to equalizing opportunities in the long-run is private educational investment. Next we examine economies where only the state invests in education, motivated by the Nordic experience. In a majority of these economies, no child lags behind regarding future prospects, a theoretical result confirmed by simulations.


Annual Report Public Debt Management 2015, Cyprus Ministry Of Finance Mar 2016

Annual Report Public Debt Management 2015, Cyprus Ministry Of Finance

Documents

No abstract provided.


Canada Development Investment Corporation Annual Report 2015, Canada Development Investment Corporation (Cdev) Mar 2016

Canada Development Investment Corporation Annual Report 2015, Canada Development Investment Corporation (Cdev)

Documents

No abstract provided.


The Spanish Financial Crisis: Lessons For The European Banking Union, Miguel Otero-Iglesias, Sebasti¡N Royo, Federico Steinberg Mar 2016

The Spanish Financial Crisis: Lessons For The European Banking Union, Miguel Otero-Iglesias, Sebasti¡N Royo, Federico Steinberg

Documents

No abstract provided.


Canadian Repo Market Ecology, Corey Garriott, Kyle Gray Mar 2016

Canadian Repo Market Ecology, Corey Garriott, Kyle Gray

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No abstract provided.


Statement/Notice Of Termination Of Old Carco Liquidation Trust Filed By Corinne Ball On Behalf Of Old Carco Liquidation Trust (Docket 8460), Corinne Ball, Jeffrey B. Ellman, Chrysler Group, Llc. Mar 2016

Statement/Notice Of Termination Of Old Carco Liquidation Trust Filed By Corinne Ball On Behalf Of Old Carco Liquidation Trust (Docket 8460), Corinne Ball, Jeffrey B. Ellman, Chrysler Group, Llc.

Documents

No abstract provided.


Adequacy Of The Global Financial Safety Net, International Monetary Fund (Imf) Mar 2016

Adequacy Of The Global Financial Safety Net, International Monetary Fund (Imf)

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No abstract provided.


Macroprudential Bulletin, European Central Bank Mar 2016

Macroprudential Bulletin, European Central Bank

Documents

No abstract provided.


The Effectiveness Of The Ecb's Asset Purchase Programs Of 2009 To 2012, Heather Gibson, Stephen G. Hall, George S. Tavlas Mar 2016

The Effectiveness Of The Ecb's Asset Purchase Programs Of 2009 To 2012, Heather Gibson, Stephen G. Hall, George S. Tavlas

Documents

No abstract provided.


Republic Of Moldova: Financial System Stability Assessment, International Monetary Fund (Imf) Feb 2016

Republic Of Moldova: Financial System Stability Assessment, International Monetary Fund (Imf)

Documents

No abstract provided.


Statistical Agencies And Responses To Financial Crises: Eurostat, Bad Banks, And The Esm, Christopher Gandrud, Mark Hallerberg Feb 2016

Statistical Agencies And Responses To Financial Crises: Eurostat, Bad Banks, And The Esm, Christopher Gandrud, Mark Hallerberg

Documents

No abstract provided.


Country Report Austria 2016, European Union: European Commission Feb 2016

Country Report Austria 2016, European Union: European Commission

Documents

Commission Staff Working DocumentIncluding an In-Depth Review on the prevention and correction of macroeconomic imbalances


As Citadele Banka: Annual Report For The Year Ended 31 December 2015, Citadele Feb 2016

As Citadele Banka: Annual Report For The Year Ended 31 December 2015, Citadele

Documents

No abstract provided.


Jsc Reverta: Unaudited Condensed Financial Report For The Year Ended 31 December 2015, Reverta Feb 2016

Jsc Reverta: Unaudited Condensed Financial Report For The Year Ended 31 December 2015, Reverta

Documents

No abstract provided.


Guarantee Fund And Protection Fund, Belgium: Federal Public Service Finances Feb 2016

Guarantee Fund And Protection Fund, Belgium: Federal Public Service Finances

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No abstract provided.


Minister Asks For Explanation In Dispute About Cooperative Fund, Mads Sixhã¸J Feb 2016

Minister Asks For Explanation In Dispute About Cooperative Fund, Mads Sixhã¸J

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No abstract provided.


Two Years In Prison For The Former President Of Caja Castilla La Mancha, Íñigo De Barrón Feb 2016

Two Years In Prison For The Former President Of Caja Castilla La Mancha, Íñigo De Barrón

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No abstract provided.


Rbi Announces The Extension Of Saarc Swap Arrangement, Reserve Bank Of India Feb 2016

Rbi Announces The Extension Of Saarc Swap Arrangement, Reserve Bank Of India

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No abstract provided.


Bsi Sale Allows Btg To Pre-Pay Emergency Fund, Bnamericas Feb 2016

Bsi Sale Allows Btg To Pre-Pay Emergency Fund, Bnamericas

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No abstract provided.


Management Report/Performance Comments, Banco Btg Pactual Sa Feb 2016

Management Report/Performance Comments, Banco Btg Pactual Sa

Documents

No abstract provided.


Hsh Nordbank V Commission: Action For Annulment By Minority Shareholders Against State Aid Decisions Approving Aid In The Form Of A Capital Increase, Philipp Werner Feb 2016

Hsh Nordbank V Commission: Action For Annulment By Minority Shareholders Against State Aid Decisions Approving Aid In The Form Of A Capital Increase, Philipp Werner

Documents

No abstract provided.


Divulgação De Resultados Quarto Trimestre De 2015, Banco Btg Pactual S.A. Feb 2016

Divulgação De Resultados Quarto Trimestre De 2015, Banco Btg Pactual S.A.

Documents

No abstract provided.


Btg Pactual – Earnings Release, Banco Btg Pactual S.A. Feb 2016

Btg Pactual – Earnings Release, Banco Btg Pactual S.A.

Documents

No abstract provided.


»Pas På Ikke At Ende Som Karsten Ree, Sagde De«, Mads Sixhøj Feb 2016

»Pas På Ikke At Ende Som Karsten Ree, Sagde De«, Mads Sixhøj

Documents

No abstract provided.


Merger Of Factor Banka And Probanka To Bamc Confirmed By The Government Of The Republic Of Slovenia, Bank Assets Management Company (Bamc)/Družba Za Upravljanje Terjatev Bank, D.D. (Dutb) Feb 2016

Merger Of Factor Banka And Probanka To Bamc Confirmed By The Government Of The Republic Of Slovenia, Bank Assets Management Company (Bamc)/Družba Za Upravljanje Terjatev Bank, D.D. (Dutb)

Documents

No abstract provided.


Fact Sheet (Chrysler Capital), Banco Santander, Chrysler-Fiat Alliance, Chrysler Capital Feb 2016

Fact Sheet (Chrysler Capital), Banco Santander, Chrysler-Fiat Alliance, Chrysler Capital

Documents

No abstract provided.


A Comparative Study Of User Experience Between Physical Objects And Their Digital Surrogates, Anastasia S. Varnalis-Weigle Feb 2016

A Comparative Study Of User Experience Between Physical Objects And Their Digital Surrogates, Anastasia S. Varnalis-Weigle

Journal of Contemporary Archival Studies

Librarians and archivists have embraced innovative technologies in providing users a way to engage with collections. This engagement is increased through various forms of social media “sharing,” which broadens cultural institutions' visibility to new or remote users. While we make strides in designing new ways to access digital collections, the question remains: what are users losing in sensory (sight, touch, sound, smell) and emotional experience at the digital level? A phenomenological approach consisting of observation and semi-structured interviews was used to investigate user experience with physical objects and their digital surrogates. Students, faculty, and staff from a large academic institution …