Social and Behavioral Sciences Commons^™

World Income Components: Measuring And Exploiting International Risk Sharing Opportunities, Robert J. Shiller, Stefano G. Athanasoulis

Cowles Foundation Discussion Papers

We provide a method for decomposing the variance of world national income (present values) into components in such a way as to indicate the most important risk-sharing opportunities among nations of the world. We identify risk-sharing opportunities in terms of eigenvectors of a variance matrix of deviations of the present value of country incomes from their respective shares (adjusted for population and risk aversion) of world income. The method is applied to data on national incomes of six large countries 1870-1992 (Maddison [1995]): Canada, France, Germany, Italy, United Kingdom and United States. The method reveals that, assuming symmetric risk aversions, …

A Strategic Market Game With Secured Lending, Ioannis Karatzas, Martin Shubik, William D. Sudderth

Cowles Foundation Discussion Papers

We study stationary Markov equilibria for strategic, competitive games, in a market-economy model with one non-durable commodity, fiat money, borrowing/lending through a central bank or a money market, and a continuum of agents. These use fiat money in order to offset random fluctuations in their endowments of the commodity, are not allowed to borrow more than they can pay back (secured lending), and maximize expected discounted utility from consumption of the commodity. Their aggregate optimal actions determine dynamically prices and/or interest rates for borrowing and lending, in each period of play. In equilibrium, random fluctuations in endowment- and wealth-levels offset …

The Effect Of Nations' Economic Linkages On The Co-Movement Of Their Stock Markets, Niveditha Hasthak '95

Honors Projects

The flow of international investments has been rapidly increasing in recent years. One of the foremost reasons for international investing is that it provides diversification which can be explained in sinple terms as selecting securities that do not move together. The main benefit of diversification is that it reduces risk (Markowitz 1952). The amount of diversification provided by investing in international equity markets is dependent on the extent of co-movement of equity markets across the globe.

Labor Earnings And Household Income Mobility In Reunified Germany: A Comparison Of The Eastern And Western States, Richard Hauser, Holger Fabig

Center for Policy Research

Using data from the German Socio-Economic Panel (GSOEP) we compare the economic mobility of persons living in the eastern and western states of Germany between 1990 and 1995. We find that gross individual labor income mobility was initially much higher in the east than in the west following reunification, but by 1995 the gap had been greatly reduced. We find similar results when we change our measures to more accurately reflect economic well-being. Gross equivalent labor income and net equivalent income mobility were initially higher in the eastern states than in the western states but there has been convergence over …

From Marx To Markets: Reform Of The University Economics Curriculum In Russia, Stanley L. Brue, Craig Macphee

Department of Economics: Faculty Publications

In June 1992, we taught a three-week seminar at Moscow State University that coincided with the beginning of a historic curriculum reform in Russia. The reform had two parts: (I) the replacement of the Marxist-Leninist three-year sequence of courses in political economy with a sequence on market economics and (2) substantial revision of other course requirements for the economics degree. br>
The occasion of our Russian visit was an invitation from Moscow State University to present a seminar on the principles of market economics. The seminar demonstrated the typical content and teaching techniques used in the American micro-macro principles course. …

Measuring Nonuse Values For Wilderness Designation In Utah-By Contingent Valuation Method, Van R. Johnson

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Since 1964, when Congress wrote the Wilderness Act, there has been an increasing amount of controversy between opponents and advocates of wilderness. Wilderness areas in Utah are not immune to this controversy. Public policy makers and land managers are in the middle of this debate. They have the responsibility to assess the resource and estimate the benefits and costs associated with creating policy.

This thesis focusses on helping policy makers and land managers recognize a benefit currently not being assessed. Nonuse values are values other than in situ use, where individuals have a value for existence of wilderness or a …

The Nunn-Domenici Usa Tax: Analysis And Comparisons, Murray L. Weidenbaum

Murray Weidenbaum Publications

A comparison showing the pros and cons of different tax plans: the USA Tax Plan, a Flat Tax, Value-Added Tax, and Retail Sales Tax.

Division Of Labor And The Economic Determinants Of Divorce, Virginia (Ginny) Shull '95

Honors Projects

The theme of the 1992 National Republican Convention rang out with such phrases as the "traditional family" and "family values," and many conservatives asserted that a return to these molds of the established institutions of marriage and family would be the solution to the societal ills America now faces. As the number of single parent households skyrocketed in the 1980's and more single-headed household incomes began to fall at or below the poverty line, America as a whole began to feel the economic burden of a booming population of families economically dependent on federal and state social programs.

How Should We Measure Sustainable Income?, William D. Nordhaus

Cowles Foundation Discussion Papers

Growing concerns about long-run economic growth have led to calls for measures of “sustainable income.” Traditional analyses rely on Hicksian income, which is consumption plus net investment. The present paper shows that Hicksian income corresponds to sustainable income only under implausibly limited circumstances. We define sustainable income and estimate its magnitude for the United States. The analysis and empirical estimates indicate, first, that consumption has historically been far below sustainable income; second, that conventional Hicksian measures of national income are poor proxies for sustainable income; and, third, that the true savings rate has declined significantly in the last two decades.

New Mexico Labor Market Review 04-30-1995, 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 March 1995.

Risk And College Majors, Dan Scholz '96

Honors Projects

When students choose a certain field of study in college, some opportunities are instantly forgone. Since different types of educations have varying degrees of forgone opportunities, risk is associated with educational choices. The extent to which these educational choices impose a risk on the individual is studied here. It is hypothesized that more technically oriented and job-specific type educations will have a higher risk than less restrictive liberal arts type educations. Using a large sample drawn from the National Longitudinal Survey of Labor Market Experience of Youth, this paper examines the presence and nature of risk across the different areas …

Seasonal Cattle And Hog Prices: Sioux Falls, S.D. 1980-1994; Hog And Cattle Comments, Dillion M. Feuz, Gene Murra

Economics Commentator (1972- 2016)

No abstract provided.

Is The Transition Of The National Currencies Into A Single European Currency Under The Conditions Of The Maastricht Treaty Realistic?, Delphine Contoz

Graduate Student Dissertations, Theses, Capstones, and Portfolios

-

Financial Factors In The Economics Of Capitalism, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Journal of Financial Services Research, Vol 9, No. 3-4, 197-208.

Quantile Regression Model With Unknown Censoring Point, Moshe Buchinsky, Jinyong Hahn

Cowles Foundation Discussion Papers

The paper introduces an estimator for the linear censored quantile regression model when the censoring point is an unknown function of a set of regressors. The objective function minimized is convex and the minimization problem is a linear programming problem, for which there is a global minimum. The suggested procedure applies also to the special case of a fixed known censoring point. Under fairly weak conditions the estimator is shown to have n -convergence rate and is asymptotically normal. In the special case of a fixed censoring point it is asymptotically equivalent to the estimator suggested by Powell (1984, 1986a). …

Transitions Between Child Care Arrangements For German Pre-Schoolers, Jan Ondrich, C. Katharina Spiess

Center for Policy Research

This study uses a descriptive statistical approach to analyze the dynamics of child care for German pre-schoolers of all ages. Age-specific and duration-specific hazard rates for leaving informal care and for leaving formal care are calculated for various risk groups. Differences in the hazard rates across risk groups indicate the presence of important factors affecting transitions. The factors that we examine relate to household characteristics, the employment status of the mother, and regional supply. We find strong support for the hypotheses that households with fewer pre-schoolers and working mothers have greater demand for pre-school formal care. This demand also appears …

Local Politics In The Time Of Turabi's Revolution: Gender, Class And Ethnicity In Western Sudan, Michael Kevane, Leslie C. Gray

Economics

In one small village in western Sudan local political struggles over power and resources are enmeshed in discursive struggles over representations of gender, ethnicity, class and community. Analysis of two specific conflicts illustrates this point. In one conflict over control of a village grain co-operative some villagers sought to exclude women, West African immigrants and the poor from participating in political decision-making. In a second conflict over a roadside market these same villagers, empowered by the divisive rhetoric and policies of the National Islamic Front regime, again mobilised dominant representations of class, gender and ethnicity in an attempt to prevent …

Optimal Unemployment Insurance, Carl Davidson, Stephen A. Woodbury

Upjohn Institute Working Papers

We investigate the design of an optimal Unemployment Insurance program using an equilibrium search and matching model calibrated using data from the reemployment bonus experiments and secondary sources. We examine (a) the optimal potential duration of UI benefits, (b) the optimal UI replacement rate when the potential duration of benefits is optimal, and (c) the optimal UI replacement rate when the potential duration of benefits is sub-optimal. There are three main conclusions. First, insurance considerations suggest that the potential duration of UI benefits would be unlimited under an optimal program. Hence, existing UI programs in the U.S. provide benefits for …

Economic Development Incentive Wars, Timothy J. Bartik

Employment Research Newsletter

No abstract provided.

Moonlighting In The United States, Jean Kimmel

Employment Research Newsletter

No abstract provided.

Government Policy And Small Business Financing, Murray L. Weidenbaum

Murray Weidenbaum Publications

Small businesses are hurt by government policy and regulation.

Monetary Policies In Interdependent Economies: An Open Economy Explanation For Base Drift And Price-Level Non-Trend-Stationarities, Joseph P. Daniels, David D. Vanhoose

Economics Faculty Research and Publications

Most nations have experienced 'base drift' of their money stocks and associated price-level non-trend-stationarities. Recent explanations for this fact have emphasized tensions among various possible objectives of central banks in closed-economy or small-open-economy frameworks. In contrast, this paper explores structural and policy interdependence among economies as an explanation for price-level non-trend-stationarities. It demonstrates that such interdependence can induce central banks to follow non-trend-stationary policies even if they desire only to smooth prices in their home economies.

New Mexico Labor Market Review 03-31-1995, 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 February 1995.

Economic Analysis Of Two Cost-Share Programs To Improve Ground Water Quality; Fencing: A Marketing Alternative, Burton Pflueger, Lon Henning, Thomas Dobbs, Richard Shane

Economics Commentator (1972- 2016)

No abstract provided.

Sources Of Financial Fragility: Financial Factors In The Economics Of Capitalism, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Originally, paper prepared for the conference, "Coping with Financial Fragility: A Global Perspective," 7-9 September 1994, Maasdricht. (sic)

Also included are handwritten and word processed pages showing original drafts of the paper.

Industrial Change, Immigration, And Community Development: An Overview Of Europeans And Latinos, Ramón F. Borges-Méndez

New England Journal of Public Policy

The industrial forces and conditions of Massachusetts that awaited and attracted European immigrants were vastly different from those encountered by the more recent wave of Latino immigrants. This study seeks to compare and clarify what those forces and conditions were at three different times, especially in the small mill towns of Lowell, Lawrence, and Holyoke. The objective is to delineate a historical backdrop to allow an understanding of the present situation of Latinos in those cities and, to some extent, within the commonwealth of Massachusetts.

Compatriots Or Competitors? Job Competition Between Foreign- And U.S.-Born Angelenos, Abel Valenzuela Jr.

New England Journal of Public Policy

The debate concerning job competition between immigrant and nonimmigrant groups has intensified owing to the large increase in the 1970s and 1980s in immigration and the simultaneous growth in urban poverty rates for African-American and other minority groups. It focuses on the possible wage and displacement effects an increase in immigration would cause for the U.S.-born population. Using 1970 and 1980 industrial and occupational census data and shift-share methodology for Los Angeles, the author shows that immigrants do not simply function as either competitive or complementary sources of labor. Instead, he argues, job competition between groups of workers depends in …

Persistence Of Poverty Across Generations: A Comparison Of Anglos, Blacks, And Latinos, Anna M. Santiago, Yolanda C. Padilla

New England Journal of Public Policy

Utilizing data from the National Longitudinal Survey of Youth, this study examines the impact of children's growing up in poverty on the probability of their remaining in poverty during young adulthood. The primary goals of the research are to examine racial, ethnic, and gender differences in patterns of persistent poverty and to identify predictors of poverty status in young adulthood. The results suggest that both women, regardless of their race, ethnicity, or adolescent poverty status, and black men who grew up in poverty are more likely to be poor as young adults than Anglo men. Logistic regression analyses reveal that …

Latinos And Labor: Challenges And Opportunities, Andrés Torres

New England Journal of Public Policy

The growing presence of Latino workers in the Massachusetts labor force presents opportunities as well as challenges for the labor movement. An overview of occupational, industrial, and unionization patterns helps to describe the potential for Hispanic contribution to renewed union strength in the region. But revitalizing the house of labor in the twenty-first century requires an innovative interplay of workplace and community strategies. As labor comes to terms with its multiracial/multicultural constituency, the relationship between class and race/ethnicity is being revisited, as is the very definition of "labor movement."

Social Networks And Employment For Latinos, Blacks, And Whites, Luis M. Falcón

New England Journal of Public Policy

Despite the immigrant character of Latino groups in the United States, little attention has been given to the role of social networks in the job-search process and in labor market outcomes for Latinos. The literature on social networks describes their use as important in providing access to jobs but neutral as to affecting earnings or attainment of prestige. This study uses data from a 1988-1989 Boston survey to examine the effect of finding employment through social networks on the income attainment of white, black, and Latino workers. Job seekers in all groups rely on such networks, but Latinos exhibit the …