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Articles 1 - 30 of 247
Full-Text Articles in Social and Behavioral Sciences
Calculating Cost Of Production; Livestock: 1991 Revisisted And 1992 Forecast, John Cole, Burton Pflueger, Gene Murra
Calculating Cost Of Production; Livestock: 1991 Revisisted And 1992 Forecast, John Cole, Burton Pflueger, Gene Murra
Economics Commentator
No abstract provided.
An Economic Analysis Of The 1990-1991 South Dakota Retained Ownership Demonstration; Soviet Republics And Grain Prices, Dillon Feuz, John Wagner, Richard Shane
An Economic Analysis Of The 1990-1991 South Dakota Retained Ownership Demonstration; Soviet Republics And Grain Prices, Dillon Feuz, John Wagner, Richard Shane
Economics Commentator
No abstract provided.
Instrumental Valuation Indicators For Natural Resources And Ecosystems, F. Gregory Hayden
Instrumental Valuation Indicators For Natural Resources And Ecosystems, F. Gregory Hayden
Department of Economics: Faculty Publications
Beldon Daniels, in the early draft of his latest book, which has a working title of Rediscovering America, 1992, has written that there have been four major eras in human history. The fourth, into which we are now evolving, according to Daniels, is the age of intelligence. Although the intelligence activity of the modern age both uses and directs the development of large quantities of data, information, and knowledge; a measurement concept, or unit for valuation has yet to be developed. The industrial age from which we are evolving, consistent with the technology of that era, has used industrial …
The Choice Of A Mixing Distribution In Duration Models, Sanjiv Jaggia
The Choice Of A Mixing Distribution In Duration Models, Sanjiv Jaggia
Economics
The Hougaard mixing distribution is considered for a Weibull duration model. This distribution is flexible and also encompasses the gamma and the inverse Gaussian distributions making it useful in discriminating between alternate distributions.
Exchange Rate And Income Effects On South Korean Exports: The Us Case, Heather M. O'Neill, William Ross
Exchange Rate And Income Effects On South Korean Exports: The Us Case, Heather M. O'Neill, William Ross
Business and Economics Faculty Publications
This paper analyzes econometrically the effects of direct and cross exchange rates as well as US income and Korean supply developments on the volume of Korean exports to the US. The results suggest that US demand has been the most important factor in the growth of Korean exports to the US in recent years. However, direct exchange rate effects are also important; the estimates suggest that for 1989-90, a yearly 10% real appreciation of the won against the dollar would have lowered export volume by about 10% per year relative to a baseline case. Cross exchange rate effects run counter …
An Analysis Of Pooled Evidence From The Pennsylvania And Washington Reemployment Bonus Demonstrations, Paul T. Decker, Christopher J. O'Leary
An Analysis Of Pooled Evidence From The Pennsylvania And Washington Reemployment Bonus Demonstrations, Paul T. Decker, Christopher J. O'Leary
External Papers and Reports
No abstract provided.
Keeping The Pols Honest With Regionalization, Chester Smolski
Keeping The Pols Honest With Regionalization, Chester Smolski
Smolski Texts
"The New England Governor's Conference will hold a meeting in Hartford on December 6 to address regional economic issues that are common to the six states located in the northeast corner of the country. During that same week, the towns of Warren and Bristol in Rhode Island will hold public sentiment for the sharing of schools in the two towns. As disparate as these two meetings appear to be, there is a commonality of purpose that marks both: regionalism."
Brochure For Attendees Of The Conference, "Restructuring The Financial Structure For Economic Growth", Levy Institute
Brochure For Attendees Of The Conference, "Restructuring The Financial Structure For Economic Growth", Levy Institute
Archives of the Levy Economics Institute
Information packet given to attendees of the Conference.
Agenda And Registration For "Restructuring The Financial Structure For Economic Growth", Levy Institute
Agenda And Registration For "Restructuring The Financial Structure For Economic Growth", Levy Institute
Archives of the Levy Economics Institute
Registration form and agenda for conference held 21-23 November 1991.
Testing Purchasing Power Parity Under The Null Hypothesis Of Co-Integration, Eric O'N. Fisher, Yoon Y. Park
Testing Purchasing Power Parity Under The Null Hypothesis Of Co-Integration, Eric O'N. Fisher, Yoon Y. Park
Economics
No abstract provided.
Comparative Advantage And The Equilibrium Rate Of Unemployment, Hian Teck Hoon
Comparative Advantage And The Equilibrium Rate Of Unemployment, Hian Teck Hoon
Research Collection School Of Economics
This paper develops a two-country Heckscher-Ohlin model with endogenous equilibrium involuntary unemployment to examine the question: What is the effect of free trade on the equilibrium rates of unemployment in the labor abundant and labor-scarce countries? It is shown that free trade leads to a decline in the equilibrium rate of unemployment in the labor-abundant country but to a rise in unemployment in the labor-scarce country.
An Agenda For A Good Financial Economy - Audio, Hyman P. Minsky Ph.D.
An Agenda For A Good Financial Economy - Audio, Hyman P. Minsky Ph.D.
Hyman P. Minsky Archive
A talk given by Hyman Minsky at a Levy Economics Institute Symposium titled ""Restructuring the Financial Structure for Economic Growth."
Workers' Compensation In British Columbia: An Administrative Inventory At A Time Of Transition, H. Allan Hunt, Peter S. Barth, Michael J. Leahy
Workers' Compensation In British Columbia: An Administrative Inventory At A Time Of Transition, H. Allan Hunt, Peter S. Barth, Michael J. Leahy
Reports
No abstract provided.
Public Policy Forum, "Moving To A Market Economy: Economic Reform In Eastern Europe And The Soviet Union", Levy Institute
Public Policy Forum, "Moving To A Market Economy: Economic Reform In Eastern Europe And The Soviet Union", Levy Institute
Archives of the Levy Economics Institute
Public Policy Forum based on Conference.
Brochure For Registrants To Conference, "Moving To A Market Economy: Economic Reform In Eastern Europe And The Soviet Union", Levy Institute
Brochure For Registrants To Conference, "Moving To A Market Economy: Economic Reform In Eastern Europe And The Soviet Union", Levy Institute
Archives of the Levy Economics Institute
Brochure given to those who registered for Conference.
Conference Schedule And Registration For "Moving To A Market Economy: Economic Reform In Eastern Europe And The Soviet Union", Levy Institute
Conference Schedule And Registration For "Moving To A Market Economy: Economic Reform In Eastern Europe And The Soviet Union", Levy Institute
Archives of the Levy Economics Institute
Agenda and Registration form for Conference held on 25-26 October 1991.
Metropolitan Report - October 21, 1991, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans
Metropolitan Report - October 21, 1991, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans
UNO Metropolitan Report
No abstract provided.
Smuggling And Parallel Markets For Exports, Scott Fausti
Smuggling And Parallel Markets For Exports, Scott Fausti
Economics Staff Paper Series
This paper proposes a model of smuggling consistent with the coexistence of firms involved in strictly legal trade with firms involved in smuggling. A framework is presented in which a firm's degree of risk aversion and the level of government enforcement are the determining factors in the decision of the firm to smuggle or not to smuggle. The model demonstrates that smuggling must be welfare enhancing or all smuggling activity will end. This paper also provides a theoretical analysis of the effect enforcement has on smuggling and welfare. Increased enforcement is shown to have a negative effect on welfare. Government …
Centralization And Government Competition, David Joulfaian, Michael L. Marlow
Centralization And Government Competition, David Joulfaian, Michael L. Marlow
Economics
This paper examines the relationship between government size and fiscal centralization with specific focus on the separate influences of centralism and fragmentation on the size of public sector in the United States. The empirical findings at the national level provide support to the hypothesis that fiscal decentralization leads to a smaller government. The findings at the state and local levels, however, show no empirical relationship between government size and the degree of centralization.
English Translation, Yale University Press, James Tobin
English Translation, Yale University Press, James Tobin
Cowles Foundation Discussion Papers
Eduard Marz’s book was first published in German in 1983. I have read only his English translation, which he had completed with preliminary revisions, though not alas with final polishing, before his death in 1987. The book illuminates for us who knew him in America the intellectual and personal background of this fascinating immigrant. And not just for us, of course. World events and intellectual developments over the past two decades have heightened interest in Schumpeter not only among economists, but also among our social scientists and political philosophers. Indeed many people of all ages and all walks of life …
The Tail Behavior Of Maximum Likelihood Estimates Of Cointegrating Coefficients In Error Correction Models, Peter C.B. Phillips
The Tail Behavior Of Maximum Likelihood Estimates Of Cointegrating Coefficients In Error Correction Models, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper derives exact finite sample distributions of maximum likelihood estimators of the cointegrating coefficients in error correction models. The distributions are derived for the leading case where the variables in the system are independent random walks. But important aspects of the theory, in particular the tail behavior of the distributions, continue to apply when the system is cointegrated. The reduced rank regression estimator is shown to have a distribution with Cauchy-like tails and no finite moments of integer order. The maximum likelihood estimator of the coefficients in the triangular system representation has matrix t -distribution tails with finite integer …
Classification Of Two-Person Ordinal Bimatrix Games, Imre Bárány, Jon Lee, Martin Shubik
Classification Of Two-Person Ordinal Bimatrix Games, Imre Bárány, Jon Lee, Martin Shubik
Cowles Foundation Discussion Papers
The set of possible outcomes of a strongly ordinal bimatrix game is studied by imbedding each pair of possible payoffs as a point on the standard two-dimensional integral lattice. In particular, we count the number of different Pareto optimal sets of each cardinality; we establish asymptotic bounds for the number of different convex hulls of the point sets, for the average shape of the set of points dominated by the Pareto optimal set, and for the average shape of the convex hull of the point set. We also indicate the effect of individual rationality considerations on our results. As most …
The Long-Run Australian Consumption Function Reexamined: An Empirical Exercise In Bayesian Influence, Peter C.B. Phillips
The Long-Run Australian Consumption Function Reexamined: An Empirical Exercise In Bayesian Influence, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper reports an empirical application of new Baynesian methodology to Australian data on consumption, income, liquid assets and inflation. The methods involve the use of objective model based reference priors and objective posterior odds test criteria. The paper provides an overview of this methodology, which is based on recent work by the author (1991) and joint work with Werner Ploberger (1991) and Eric Zivot (1991). The empirical application involves tests of nonstationarity and cointegration in the data and various long-run model specifications are studied in detail. Bayesian empirical results are presented alongside well-known classical tests and are shown to …
Vector Autoregression And Causality: A Theoretical Overview And Simulation Study, Hiro Y. Toda, Peter C.B. Phillips
Vector Autoregression And Causality: A Theoretical Overview And Simulation Study, Hiro Y. Toda, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper provides a theoretical overview of Wald tests for Granger causality in levels vector autoregressions (VAR’s) and Johansen-type error correction models (ECM’s). for VAR models the results for inference are not encouraging. The limit theory typically involves nonstandard distributions and nuisance parameters, and there is no sound statistical basis for testing causality in such a framework. Granger causality tests in ECM’s also suffer from nuisance parameter dependencies asymptotically and nonstandard limit theory. But, in spite of these difficulties Johansen-type ECM’s do offer a sound basis for empirical testing of the rank of the cointegration space and the rank of …
A Bayesian Analysis Of Trend Determination In Economic Time Series, Eric Zivot, Peter C.B. Phillips
A Bayesian Analysis Of Trend Determination In Economic Time Series, Eric Zivot, Peter C.B. Phillips
Cowles Foundation Discussion Papers
In this paper we provide a comprehensive Bayesian posterior analysis of trend determination in general autoregressive models. Multiple lag autoregressive models with fitted drifts and time trends as well as models that allow for certain types of structural change in the deterministic components are considered. We utilize a modified information matrix-based prior that accommodates stochastic nonstationarity, takes into account the interactions between long-run and short-run dynamics and controls the degree of stochastic nonstationarity permitted. We derive analytic posterior densities for all of the trend determining parameters via the Laplace approximation to multivariate integrals. We also address the sampling properties of …
A Reexamination Of The Consumption Function Using Frequency Domain Regressors, Dean Corbae, Sam Ouliaris, Peter C.B. Phillips
A Reexamination Of The Consumption Function Using Frequency Domain Regressors, Dean Corbae, Sam Ouliaris, Peter C.B. Phillips
Cowles Foundation Discussion Papers
This paper reexamines the permanent income hypothesis (PIH) in the frequency domain. Using a simple model, we demonstrate that the PIH implies the marginal propensity to consume (MPC) out of zero frequency income is unity. The PIH also implies that the MPC out of transitory (or high frequency) income is smaller than the long-run MPC. The paper employs a systems spectral regression procedure to test the PIH that accommodates stochastic trends in the consumption and income series as well as the joint dependence in these series. Monte Carlo simulations suggest that single equation techniques can produce inefficient tests of the …
Commentary On Irving Fisher, James Tobin
Commentary On Irving Fisher, James Tobin
Cowles Foundation Discussion Papers
Schumpeter regarded “The Nature of Capital and Income” as one of the three of Fisher’s contributions to general theory generally recognized, at the time Schumpeter was writing, as “of first-class importance and originality.” The other two were Fisher’s “Mathematical Investigations” (1982) and his statistical method for measuring the marginal utility of income (1972). Nature is the bridge, both in sequence and in logic, between the other two great works, the timeless general equilibrium theory of the 1892 dissertation and the extension of that theory to intertemporal choices in production and consumption in the theory of interest.
Price Flexibility And Output Stability: An Old Keynesian View, James Tobin
Price Flexibility And Output Stability: An Old Keynesian View, James Tobin
Cowles Foundation Discussion Papers
The central macroeconomic issue is the same as ever. How reliable are automatic market adjustments in maintaining full employment equilibrium in the face of aggregate demand shocks? Many modern theorists assume that nominal prices, including wages, jump instantaneously to keep supply and demand equal in all markets. No excess supply, no involuntary unemployment, can ever arise. However, since actual price adjustments take real time, greater flexibility can be destabilizing. “Real balance” effects are overrated, and the demand effects of nominal price changes are perverse. Activist macro policies are necessary, as Keynes argued, even though nominal prices are far from rigid.
On The Internationalization Of Portfolios, William C. Brainard, James Tobin
On The Internationalization Of Portfolios, William C. Brainard, James Tobin
Cowles Foundation Discussion Papers
Portfolio theory has been an important component of open economy macroeconomic models. In those models, it is essential to distinguish among several categories of assets, both foreign and domestic, and to specify the demands and supplies. This framework has become increasingly relevant. Movements of capital across regional and national boundaries, and across currencies, have exploded in volume, thanks to the dismantling of currency and exchange controls and other financial regulations and to revolutionary economies in technologies of communication and transactions. The globalization of financial markets was stimulated by the floating exchange rate regime established in 1973.
International Currency Regimes, Capital Mobility, And Macroeconomic Policy, James Tobin
International Currency Regimes, Capital Mobility, And Macroeconomic Policy, James Tobin
Cowles Foundation Discussion Papers
The structure of the international monetary system is once again a topic of great interest and controversy — among economists, business managers, financiers, and government leaders. Many members of all these groups are acutely dissatisfied with the floating exchange rate regime that succeeded the Bretton Woods system two decades ago. Within the European Community, the Exchange Rate Mechanism has re-established a regime of “adjustable pets.” After 1992 financial markets and institutions will cover the entire Community. The further step of issuing a common European currency is under serious consideration, and beyond that the more drastic step of replacing national currencies …