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Articles 181 - 208 of 208
Full-Text Articles in Social and Behavioral Sciences
Specification Tests Based On The Heterogeneous Generalized Gamma Model Of Duration: With An Application To Kennan's Strike Data, Sanjiv Jaggia
Specification Tests Based On The Heterogeneous Generalized Gamma Model Of Duration: With An Application To Kennan's Strike Data, Sanjiv Jaggia
Economics
In this paper, tests for neglected heterogeneity and functional form misspeciftcation of some commonly used parametric distributions are derived within a heterogeneous generalized gamma model. It is argued that the conventional test of heterogeneity may not be valid when the underlying hazard function is misspecified. Hence, if the estimated hazard function is deemed restrictive, tests for functional form misspecification should accompany any test of heterogeneity. An empirical illustration based on Kennan's (1985) model of strikes is used to show that incorrect inferences may be drawn, as in a number of previous analyses, if the relevant restrictions are not tested jointly.
Incentives And Political Contributions, Michael L. Marlow, David Joulfaian
Incentives And Political Contributions, Michael L. Marlow, David Joulfaian
Economics
No Abstract
Central Bank Credibility And Forecasting, Michael L. Marlow
The Relationship Between On-Budget And Off-Budget Government, David Joulfaian, Michael L. Marlow
The Relationship Between On-Budget And Off-Budget Government, David Joulfaian, Michael L. Marlow
Economics
This paper studies the hypothesis that controls on on-budget government spending leads to greater off-budget activity. Existence of a substitution effect suggests that our ability to control and measure the size of government is more difficult than previously thought.
Privatization And Government Size, Michael L. Marlow
Goals And Constraints Of The Federal Reserve System: A Study Of Its 'Profits' Policy, Michael L. Marlow
Goals And Constraints Of The Federal Reserve System: A Study Of Its 'Profits' Policy, Michael L. Marlow
Economics
This paper models the Federal Reserve's pursuit of goals within the constraining forces of Congress, the President, financial firms and the public. Two hypotheses are empirically examined. Hypothesis 1 is that the federal budget deficit is a determinant of Federal Reserve "profits," or U. S . Treasury deposits from the Federal Reserve. Hypothesis 2 is that government spending is significantly influenced by U. S. Treasury deposits from the Federal Reserve. Empirical support of these hypotheses suggests that the Federal Reserve is partially responsible for changes in the federal budget deficit and government spending.
Sustainable Balance Of Trade Deficits, Eric O'N. Fisher
Sustainable Balance Of Trade Deficits, Eric O'N. Fisher
Economics
This paper analyzes a model of overlapping generations in which there are two currencies. There are two agents born in each period, and these agents have completely heterogeneous preferences and endowments. The paper shows that there are monetary equilibria in which one country can sustain a trade deficit whose present value is arbitrarily close to that of its trading partner's entire stream of resources. Hence, there may be no limit to the present value of a country's trade deficit, even if the equilibrium for the world economy satisfies an intertemporal efficiency criterion.
The Causal Relationship Between Social Security And The Federal Budget, Mark W. Crain, Michael L. Marlow
The Causal Relationship Between Social Security And The Federal Budget, Mark W. Crain, Michael L. Marlow
Economics
No Abstract
The Determinants Of Off-Budget Activity Of State And Local Governments, Michael L. Marlow, David Joulfaian
The Determinants Of Off-Budget Activity Of State And Local Governments, Michael L. Marlow, David Joulfaian
Economics
No Abstract
The Empirical Reliability Of Monetary Aggregates As Indicators, Michael R. Darby, Angelo R. Mascaro, Michael L. Marlow
The Empirical Reliability Of Monetary Aggregates As Indicators, Michael R. Darby, Angelo R. Mascaro, Michael L. Marlow
Economics
It is widely believed that monetary aggregates have failed to predict economic performance over 1983-87. This paper observes that the traditional definition of money (M1 lessother checkable deposits, or M1A) shows no evidence of structural change, and yields lower prediction errors for both real GNP and inflation over 1983-87Q2 than the errors obtained using M1 or M2. If there is a mystery, it is not why MIA has done so well, but why economists abandoned it for M1 or what was once called M1B (currency, demand deposits, and other checkable deposits).
A Model Of Exchange Rate Pass-Through, Eric O'N. Fisher
A Model Of Exchange Rate Pass-Through, Eric O'N. Fisher
Economics
Exchange rate pass-through is the phenomenon whereby changes in the value of foreign exchange are reflected in changes in import prices. This paper presents a model in which firms are price setters who anticipate exchange rate changes. In equilibrium, firms' strategies incorporate expectations about the exchange rate consistently and are best responses to the strategies of all others in the world market. It is shown that exchange rate changes give rise to import price changes, but the degree of exchange rate pass-through depends upon domestic and foreign market structures and the exchange rate regime. In general, exchange rate pass-through is …
Exchange Rate Pass-Through And The Relative Concentration Of German And Japanese Manufacturing Industries, Eric O'N. Fisher
Exchange Rate Pass-Through And The Relative Concentration Of German And Japanese Manufacturing Industries, Eric O'N. Fisher
Economics
This note examines the rank correlation of export price markups and industrial concentration in German and Japanese manufactures in 1984 and 1986. It gives the most current measures of Japanese manufacturing concentration available in English.
Expenditures And Receipts In State And Local Government Finances: Reply, Michael L. Marlow, Neela Manage
Expenditures And Receipts In State And Local Government Finances: Reply, Michael L. Marlow, Neela Manage
Economics
Chowdhury (1988) adopts an alternative technique to test for causality between expenditures and receipts of state and loyal governments and claims that he obtains results that are different from those reported in our 1987 paper (Marlow and Manage, 1987). We disagree with many of his criticisms. In this reply, we argue that he misinterprets our results and policy implications and that his results are really not much different from ours; in fact, sometimes his results provide stronger support of our hypothesis.
Controlling Leviathan Through Tax Reduction, Michael L. Marlow, William Orzechowski
Controlling Leviathan Through Tax Reduction, Michael L. Marlow, William Orzechowski
Economics
No Abstract
Private Sector Shrinkage And The Growth Of Industrialized Economies: Reply, Michael L. Marlow
Private Sector Shrinkage And The Growth Of Industrialized Economies: Reply, Michael L. Marlow
Economics
No abstract provided.
Fiscal Decentralization And Government Size, Michael L. Marlow
Fiscal Decentralization And Government Size, Michael L. Marlow
Economics
Numerous studies have attempted to model the possible factors contributing to universal growth in public sectors. This paper analyzes one device that appears capable of controlling some of that growth: fiscal decentralization. The results reported here also support the use of monopoly government assumptions in models of public policy. The author gratefully acknowledges the comments of Angelo R. Mascaro, Gordon Tullock and an anonymous referee. Views expressed here are of the author alone and do not necessarily represent those of the U.S. Department of Treasury.
Expenditures And Receipts: Testing For Causality In State And Local Government Finances, Michael L. Marlow, Neela Manage
Expenditures And Receipts: Testing For Causality In State And Local Government Finances, Michael L. Marlow, Neela Manage
Economics
No Abstract
Measuring Market Power As Competition Over Time, Michael L. Marlow, George E. Wright
Measuring Market Power As Competition Over Time, Michael L. Marlow, George E. Wright
Economics
This paper suggests that the empirical measurement of market structure, particularly the reliance on concentration indexes as an indicator of noncompetitive market power, does not adequately reflect recent advances in theory. This paper integrates the literature of the interaction between market structure and firm behavior with dynamic measures of structure. Our estimation for the savings and loan industry suggests that continued application of traditional static measures in market structure-performance studies are apt to be misleading. We call for more investigation into measures of dynamic structure.
Private Sector Shrinkage And The Growth Of Industrialized Economies, Michael L. Marlow
Private Sector Shrinkage And The Growth Of Industrialized Economies, Michael L. Marlow
Economics
Industrialized nations have experienced growing public sectors over this century. Measured as a share of total product, growing absorptions of resources by governments have altered the private-public sector mixes of industrialized economies. As displayed in Table 1, the average level of the public sector's share of gross domestic product (GDP) has risen from .32 to .40 over 1960 to 1980, respectively. Much of public sector growth stems from a rapid acceleration in public outlays on social expenditure: The average ratio of social expenditure to GDP has risen from .14 to .24 over the same period.
Federal Budget Cuts: Bureaucrats Trim The Meat, Not The Fat: Comment, Michael L. Marlow
Federal Budget Cuts: Bureaucrats Trim The Meat, Not The Fat: Comment, Michael L. Marlow
Economics
No abstract provided.
Market Structure And Rivalry: New Evidence With A Non-Linear Model, Michael L. Marlow, John P. Link, Robert P. Trost
Market Structure And Rivalry: New Evidence With A Non-Linear Model, Michael L. Marlow, John P. Link, Robert P. Trost
Economics
It is argued that the estimation techniques used by previous researchers to study rivalry in financial markets are inappropriate. The assumptions of both ordinary least-squares and Tobi analysis are violated when these techniques are used to analyze mobility and turnover data. To overcome the difficulties in the previous studies, we suggest a non-linear model (which is closely related to the Poisson model). This model is designed for describing frequency data and is not subject to the criticisms to which ordinary least-square and Tobut are subject.
Bank Structure And Mortgage Rates: Reply, Michael L. Marlow
Bank Structure And Mortgage Rates: Reply, Michael L. Marlow
Economics
No abstract provided.
A Canonical Correlation Analysis Of Savings And Loan Association Performance., Michael L. Marlow
A Canonical Correlation Analysis Of Savings And Loan Association Performance., Michael L. Marlow
Economics
No abstract provided.
Entry And Performance In Financial Markets, Michael L. Marlow
Entry And Performance In Financial Markets, Michael L. Marlow
Economics
One determinant of market performance is the ability of new firms to enter markets. It is generally argued that the fewer the restrictions on entry, ceteris paribus, the more competitive a market will tend to be. Entry in the commercial banking market is restricted on at least two levels. One is that new entrants are required to obtain charters from either the Comptoller of the Currency or the state banking authority. The other is that the ability of a bank to branch is constrained by the branching laws of the state. Before one may recommend solutions to problems of …
The Economics Of Enforcement: The Case Of Osha, Michael L. Marlow
The Economics Of Enforcement: The Case Of Osha, Michael L. Marlow
Economics
A model of enforcement is developed that determines the impacts of OSHA actions on regulated parties. This model analyzes the effect of decision procedures developed by OSHA to enforce the law and their effect on resource allocation within the firm. It is concluded that the impacts from both the initial inspection and reinspection programs on the resource allocations of firms have likely been insignificantly different from zero. If OSHA is to increase the allocation of injury control resources of firms through its enforcement program, it must increase the costs of noncompliance that it imposes on firms.
The Impact Of Different Government Units In The Regulation Of The Workplace Environment, Michael L. Marlow
The Impact Of Different Government Units In The Regulation Of The Workplace Environment, Michael L. Marlow
Economics
This study examines the issue of whether or not state and federal job safety agencies provide the same levels of public output. Tests are conducted on the hypothesis that state takeover of regulation from the federal program serves to reduce the costs of firms. These costs are comprised of two components: the penalties for noncompliance and the uncertainty costs of regulation. The public policy implication that is drawn from these tests is that it matters to firms which government unit regulates them.
A Test For Threshold Effects In Bank Entry, Michael L. Marlow
A Test For Threshold Effects In Bank Entry, Michael L. Marlow
Economics
No abstract provided.
Bank Structure And Mortgage Rates: Implications For Interstate Banking, Michael L. Marlow
Bank Structure And Mortgage Rates: Implications For Interstate Banking, Michael L. Marlow
Economics
Competition in financial markets has been the subject of many studies in the area of market structure and performance. This paper analyzes the differences in mortgage rates between unit banking and branch banking states to consider the likely outcome of interstate banking on competition. A model of interest rate determination is developed which suggests that, at least in the mortgage market, interstate banking will, ceteris paribus, decrease competition if it lowers the number of competing firms and increases deposit concentration levels. Support is provided for the argument that only those states under statewide branching laws may receive more competitive …