Social and Behavioral Sciences Commons^™

New Mexico Labor Market Review 06-30-1995, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers May 1995.

The Employment System, Social Security And Structure Of Household Savings, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.

Central Bank Of Nigeria Statistical Bulletin, June 1995, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from balance sheets and financial statistics, which are designed for various logistical and administrative requirements rather than economic analysis. Final data compilation involves aggregating the financial system's accounts to discern macroeconomic tendencies. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, using the monthly return of Assets and Liabilities (BANKOS 324) as a benchmark and the summary trial balance (BANKOS 302) as a source for detailed information. The Financial Statistics Office consolidates the accounts of monetary authorities and deposit money banks, producing monetary survey accounts. Deposit money banks are …

An Overview Of Foreign Investment In Nigeria: 1960 - 1995, V.A Odozi

CBN Occasional Papers

This paper examines the crucial role of direct foreign investment in Nigeria's economic development, with particular emphasis on transfer of technology, support for balance of payments and the facilitation of the structural adjustment programme. The paper then evaluates the country's efforts at promoting foreign investment and highlights important lessons to be learnt over the years. On the basis of available data, the paper believes foreign investment out-turn in Nigeria was generally unsatisfactory. Between 1970 and 1976, investment inflow through existing enterprises in Nigeria rose in nominal terms from N251.0 million to N757.4 million. Thereafter, it fluctuated freely, rising to N2,193.4 …

Instrumentalist Policymaking: Policy Criteria In A Transactional Context, F. Gregory Hayden

Department of Economics: Faculty Publications

As an extension of my recent policymaking chapter, Institutionalist Policymaking [Hayden 1993, 283-331], this paper deals with policy criteria in an instrumentalist or pragmatist framework. The works of Charles Peirce and Thorstein Veblen emphasized criteria-Peirce with explicit discussion of their character and Veblen with active application in his evaluations of various economies and institutions. Few scholars have continued in their tradition; Seymour Melman [1983], with his excellent Veblenian application of criteria in industrial policy studies, is a notable exception. Interest in the subject of criteria, except by individualist philosophers, has been scarce in the twentieth century until recently. Thirty years …

“The New Hebridean Is Everywhere”: The Oceanian Labor Trade To New Caledonia, 1865-1930, Dorothy Shineberg

Pacific Studies

No abstract provided.

Terminating Trusteeship For The Federated States Of Micronesia And The Republic Of The Marshall Islands: Independence And Self-Sufficiency In The Post-Cold War Pacific, Ellen Boneparth, M. James Wilkinson

Pacific Studies

No abstract provided.

Rethinking Pacific Islands Studies, Terence Wesley-Smith

Pacific Studies

No abstract provided.

Unit Root Tests, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Classical and Bayesian unit root test procedures are reviewed, with an emphasis on testing principles and recent developments. A numerical illustration and annotated references and bibliography are provided.

Impulse Response And Forecast Error Variance Asymptotics In Nonstationary Var's, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Impulse response and forecast error variance matrix asymptotics are developed for VAR models with some roots at or near unity and some cointegration. For such models, it is shown that impulse responses that are estimated from an unrestricted VAR are inconsistent at long horizons and tend to random variables rather than the true impulse responses in the limit. The asymmetric distribution of the limit variates helps to explain the asymmetry of the finite sample distributions of the estimated impulse responses that is often found in simulations. VAR regressions also give inconsistent estimates of the forecast error variance of the optimal …

Automated Forecasts Of Asia-Pacific Economic Activity, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper reports quarterly ex ante forecasts of macroeconomic activity for the U.S.A., Japan and Australia for the period 1995-1997. The forecasts are based on automated time series models of vector autoregressions (VAR’s), reduced rank regressions (RRR’s), error correction models (ECM’s) and Bayesian vector autoregressions (BVAR’s). The models are automated by using an asymptotic predictive form of the model selection criterion PIC to determine autoregressive lag order, cointegrating rank and trend degree in the VAR’s, RRR’s, and ECM’s. The same criterion is used to find optimal values of the hyperparameters in the BVAR’s. The forecasts are graphed and tabulated. In …

Adaptive Testing In Arch Models, Oliver B. Linton, Douglas G. Steigerwald

Cowles Foundation Discussion Papers

Existing specification tests for conditional heteroskedasticity are derived under the assumption that the density of the innovation, or standardized error, is Gaussian, despite the fact that many recent empirical studies provide evidence that this density is not Gaussian. We obtain specification tests for conditional heteroskedasticity under the assumption that the innovation density is a member of a general family of densities. Our test statistics maximize asymptotic local power and weighted average power criteria for the general family of densities. We establish both first order and second order theory for our procedures. Monte Carlo simulations indicate that asymptotic power gains are …

Putting The Minimum Wage Debate In A Historical Context: Card And Krueger Meet George Stigler, Richard V. Burkhauser, Kenneth A. Couch, David Wittenburg

Center for Policy Research

Half a century ago George Stigler stated that evaluation of minimum wage policy should revolve around two questions: Does such legislation diminish poverty? Are there efficient alternatives? We argue that historically these were and continue to be appropriate questions to ask with respect to this policy. We then replicate and evaluate the analysis in Chapter 9 of Myth and Measurement: The New Economics of the Minimum Wage with regards to these questions. Given the evolution of the Earned Income Tax Credit we conclude that, aside from nostalgia, it is hard to explain the continued support for increasing the minimum wage …

Monetary Policy And The Performance Of Commercial Banks In Nigeria, Okorie A. Uchendu

Economic and Financial Review

The purpose of this study is primarily to investigate the impact of monetary policy on the performance of the commercial banking industry in Nigeria. An analysis of the industry data showed a strong relationship between monetary policy instruments and commercial bank profitability measures, suggesting that appropriate monetary and banking policies are important factors to the continued stability and profitability of the commercial banking industry. More importantly, the evidence of oligopolistic competition in the commercial banking industry involving the three big commercial banks raises questions on their influence on effective transmission of monetary policy in Nigeria, role as financial intermediaries and …

Intersectoral Financing In Nigeria, 1989 - 1992, Central Bank Of Nigeria Cbn

Economic and Financial Review

Policy changes following the Structural Adjustment Programme (SAP) have had remarkable effects on the movement of funds between major sectors of the economy. The behaviour of economic aggregates over the period 1989 - 1992 showed that large transactions occurred in government debt instruments, the domestic loans and advances market and currency and deposits of financial system. Fund flowed from the households sector to the Federal Government and business sectors. The financial sector re/arms, including the interest rates deregulation, resulted in domestic savings exceeding capital formation, and contributed to the expansion in money supply. Lending activity of the banking system showed …

Protecting Women's Jobs: Unions And Deindustrialization, Marietta Morrissey

The Journal of Sociology & Social Welfare

This paper explores the impact of union membership on a group of unskilled women workers at a public university in a midwestern city. Although the region has experienced high levels of unemployment in recent years, women subjects have been relatively insulated from job loss. Consistent with other research findings on the consequences of unionization, interviews with 18 women indicate that their job tenure is long, tendency to exit jobs low, and wages and benefits relatively good. African-American and white women have slightly different employment histories, however, reflecting patterns of discrimination and occupational segregation in the work place. Regional economic change …

The Challenges For Economic Management In Nigeria, M. O. Ojo

Economic and Financial Review

The paper undertakes a critical evaluation of economic management strategies and associated programmes in Nigeria in the last twenty-five years in the context of its overall goals of increased prosperity for the populace, equitable distribution of achieved prosperity and sustaining the levels of living standards. The findings indicate negative outcomes in respect of these basic objectives. The paper then identifies some critical areas of economic management that have constrained full commitment to the pursuit of the primary goals as a result of which some policy recommendations are proposed. These include the need for macroeconomic stability, reduction and rationalisation of public …

Structural Adjustment Programmes And External Trade In Developing Countries: Lessons For Nigeria, E. E. Inang

Economic and Financial Review

The failure of trade liberalization in developing countries is attributed to the economic dependency relationships initiated during the colonization period when the developed countries exploited their colonies as a source of cheap raw materials. After independence, and especially in the 1970s and 1980s, most sub-Saharan African countries experienced stagnation and decline in their share of world trade. The introduction of the structural adjustment programmes with its attendant trade liberalization prescriptions has further worsened the terms of trade in developing countries. Neither complete trade liberalization nor complete protectionism can be of benefit to developing countries. These countries need to reduce the …

Trends In Nigeria's Balance Of Payments (1980 - 1994), E. U. Olisadebe

Economic and Financial Review

This paper examines trends in Nigeria's balance of payments. Factors which have contributed to the continuous weakness of Nigeria's balance of payments include the poor performance of non-oil exports, fluctuations in crude oil prices, payments for the provision of international services, e.g., shipping, insurance, tourism, the low level of income from direct Nigerian investments abroad and high debt service payments. More fandamental problems underlie these factors.' a hostile international environment; a deterioration in terms of trade; a huge external debt servicing; slippages in fiscal and monetary policies and inappropriate exchange and interest rate policies. The failure of policy reforms to …

Nipa Book, Anwar Shaikh Phd

Archives of Anwar Shaikh

• Handwritten notes titled “Calculating Sectoral Total Purchasers’ Prices” (4/16/96)

• Letter from Scott (possibly Martin Scott Carter) to Professor Shaikh regarding progress on a project (4/25/96)

• “Appendix on DataBase Construction (Shaikh & Tonak 1994)” (4/1996)

• “Comparison of S/V Estimates of MFG with Aggregate, Becke Kalmans’ Data” (4/15/96)

• Email from Seongjin Jeong to Professor Shaikh, subject: “Measuring the Wealth of Nations,” requesting help locating an article

• Book reviews from the Journal of Economic Literature of Anwar Shaikh and E. Ahmet Tonak’s Measuring the Wealth of Nations (3/1995)

New Mexico Labor Market Review 05-31-1995, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers April 1995.

Grain Marketing Alternatives, Richard Shane

Economics Commentator (1972- 2016)

No abstract provided.

Cumulative Voting And Single Member Districts In Industrial Organization, Joshua Yount '95

Honors Projects

In 1993 Bill Clinton nominated Lani Guinier to head the civil rights division of the Department of Justice. Soon after, Guinier's nomination became embroiled in controversy when the media and conservative legislators began to examine her writings on electoral remedies to Voting Rights Act violations. Almost immediately, Lani Guinier became known as the "quota queen" and her writings were derided as undemocratic and racially preferential. Still smarting from "nanny-gate," President Clinton quickly moved to avoid further attacks and withdrew Guinier's nomination. Foremost among the charges raised against Guinier was that her advocation of cumulative voting as an alternative to districting …

The Effects Of High School Mathematics And Science Classes On Wages, Kara Joy Rocheleau '95

Honors Projects

The popular press is filled with claims that the world is becoming a more technological place, and that mathematical and scientific knowledge is becoming a necessity. Carol Wynn, chairwoman of a chamber of commerce education group, projects by the year 2000 almost all new jobs will be technical in nature (Louka 1993, p. 1). According to Barbara Behrendt (1993, p. 1), education is also moving in that direction; many people feel pursuing more math or science oriented classes will payoff financially.

The Stock Market As A Leading Economic Indicator: An Application Of Granger Causality, Brad Comincioli '95

Honors Projects

The stock market has traditionally been viewed as an indicator or "predictor" of the economy. Many believe that large decreases in stock prices are reflective of a future recession, whereas large increases in stock prices suggest future economic growth.

Ua68/2 Intercambio Internacional, Vol. Xiii, No. 2, Wku Latin American Studies

WKU Administration Documents

Newsletter created by WKU Latin American Studies program regarding science, politics and economic advances in Latin America as well as cooperative projects between WKU and universities across Latin America. The newsletter is written in both English and Spanish.

An Economic Study Of The Relative Profitability Of Alfalfa Production And Marketing Practices, David Claycomb

Masters Theses & Specialist Projects

The seasonality of the price of alfalfa hay in Kentucky was studied as well as the potential cost or profitability of storage of this hay. Economic comparison of alfalfa hay production to other farm enterprises was carried out. In addition, an estimate of the value of two qualities of alfalfa hay was calculated based on 1991 prices. The analysis of 41 years of marketing data demonstrated significant differences (P<.01) in price with seasonal lows in June/July and a steady increase in price to a high in March. In general (based on $100 per ton hay and 12% interest) the alfalfa hay producer could lose from $5 to $10 storing hay and selling at a later date. There were some specific conditions where he might have realized a return to storage of $0.16 to $1.48 per ton. A further evaluation of average (KY Feeder) and good (KY Pride) quality hays indicated that current prices of $70-$75 and $100 per ton respectively were the prices where a dairyman would be able to include this hay in the cow's total diet. Even with problems of quality and quantity of alfalfa hay, the economic returns to the production of alfalfa hay were favorable when compared to other crops in Kentucky with the additional benefit of alfalfa being a crop that can result in reduced soil erosion from sloping land. Returns above variable costs can be from $120 to $400 per acre depending upon yield and sale price. However, an understanding of seasonality of price as well as storage costs need to be considered by alfalfa hay producers to assure realizing the above returns.

Time Series Analysis Of Macroeconomic Conditions In Open Economies, Gover Barja

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Three macroeconomic issues are examined in separate self-contained studies. The first study tests the business cycle theory with application of an enhanced Augmented Dickey-Fuller test on the U.S. time series of real gross national product. Unlike previous studies, the null hypothesis of a unit root is rejected. The second study tests for IS-LM conditions in the U.S. during the post-Bretton Woods era by combining the Johansen's approach to cointegration with bootstrap algorithms. The estimated model produces a dynamic version of the IS-LM that permits short-term evaluations of fiscal and monetary policies. The third study seeks to explain the observed persistence …

Mortgage Default Risk And Real Estate Prices: The Use Of Index-Based Futures And Options In Real Estate, Robert J. Shiller, Karl E. Case, Allan N. Weiss

Cowles Foundation Discussion Papers

Evidence is shown, using US foreclosure data by state 1975-93, that periods of high default rates on home mortgages strongly tend to follow real estate price declines or interruptions in real estate price increase. The relation between price decline and foreclosure rates is modelled using a distributed lag. Using this model, holders of residential mortgage portfolios could hedge some of the risk of default by taking positions in futures or options markets for residential real estate prices, were such markets to be established.

Banks Versus Bonds: A Simple Theory Of Comparative Financial Institutions, Sandeep Baliga, Ben Polak

Cowles Foundation Discussion Papers

We use a simple, graphical moral hazard model to compare monitored bank lending versus non-monitored bond issues as sources of external funds for industry. We contrast the conditions that theoretically favor each system, such as the size and number of firms, with conditions prevailing when these financial systems were developed during the British and German Industrial Revolutions. Then, to address the question why different systems have persisted, we embed the model in an entry game in which firm size and number are endogenous. We show that multiple equilibria can exist if financiers take the industrial structure as given and vice …