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Full-Text Articles in Social and Behavioral Sciences

Fully Modified Iv, Give And Gmm Estimation With Possibly Non-Stationary Regressions And Instruments, Yuichi Kitamura, Peter C.B. Phillips Sep 1994

Fully Modified Iv, Give And Gmm Estimation With Possibly Non-Stationary Regressions And Instruments, Yuichi Kitamura, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper develops a general theory of instrumental variables (IV) estimation that allows for both I(1) and I(0) regressors and instruments. The estimation techniques involve an extension of the fully modified (FM) regression procedure that was introduced in earlier work by Phillips-Hansen (1990). FM versions of the generalized instrumental variable estimation (GIVE) method and the generalized method of moments (GMM) estimator are developed. In models with both stationary and nonstationary components, the FM-GIVE and FM-GMM techniques provide efficiency gains over FM-IV in the estimation of the stationary components of a model that has both stationary and nonstationary regressors. The paper …

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Robust Tests Of Forward Exchange Market Efficiency With Empirical Evidence From The 1920’S, Peter C.B. Phillips, James W. Mcfarland, Patrick C. Mcmahon Sep 1994

Robust Tests Of Forward Exchange Market Efficiency With Empirical Evidence From The 1920’S, Peter C.B. Phillips, James W. Mcfarland, Patrick C. Mcmahon

Cowles Foundation Discussion Papers

This paper provides a robust statistical approach to testing the unbiasedness hypothesis in forward exchange market efficiency studies. The methods we use allow us to work explicitly with levels rather than differenced data. They are statistically robust to data distributions with heavy tails, and they can be applied to data sets where the frequency of observation and the futures maturity do not coincide. In addition, our methods allow for stochastic trend nonstationarity and general forms of serial dependence. The methods are applied to daily data of spot exchange rates and forward exchange rates during the 1920’s, which marked the first …

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Do Real Output And Real Wage Measures Capture Reality? The History Of Lighting Suggests Not, William D. Nordhaus Sep 1994

Do Real Output And Real Wage Measures Capture Reality? The History Of Lighting Suggests Not, William D. Nordhaus

Cowles Foundation Discussion Papers

Historical studies of the growth in real wages and output depend upon the accurate measure of the price trends of goods and services. Over long periods of time, the consumption bundle has changed profoundly, and most of today’s consumption includes items that were not produced, and in some cases not even conceived, at the beginning of the nineteenth century. This paper tackles the issue of the quantitative significance of the qualitative change in consumption by choosing a single service — lighting — for which the service characteristic — illumination — is invariant. We estimate changes in lighting efficiency and construct …

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Vol. 17 No. 3 (1994): Pacific Studies Front Matter, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Sep 1994

Vol. 17 No. 3 (1994): Pacific Studies Front Matter, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Pacific Studies is published two times a year by The Jonathan Nāpela Center for Hawaiian and Pacific Studies, Brigham Young University Hawai‘i #1979, 55–220 Kulanui Street, Lāʻie, Hawai‘i 96762, but responsibility for opinions expressed in the articles rests with the authors alone. Subscription rate is US$40.00 yearly, payable to The Jonathan Nāpela Center for Hawaiian and Pacific Studies. The Jonathan Nāpela Center for Hawaiian and Pacific Studies (formerly The Pacific Institute) is an organization funded by Brigham Young University Hawai‘i. The Center assists the University in meeting its cultural and educational goals by undertaking a program of teaching, research, and …

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Colin Newbury's Review Of Brij V. Lal, Doug Munro, And Edward D. Beechert's Plantation Workers: Resistance And Accommodation, Colin Newbury Sep 1994

Colin Newbury's Review Of Brij V. Lal, Doug Munro, And Edward D. Beechert's Plantation Workers: Resistance And Accommodation, Colin Newbury

Pacific Studies

No abstract provided.

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A Case Study Of The Base-Closure Community Initial Redevelopment Process, Stephen R. Cliatt, Gregory A. Stanley Sep 1994

A Case Study Of The Base-Closure Community Initial Redevelopment Process, Stephen R. Cliatt, Gregory A. Stanley

Theses and Dissertations

In 1990, Public Law 101-510 created the independent, five-year Defense Base Realignment and Closure Commission BRAC. This law provided for the Commission to meet in 1991, 1993, and 1995. The 1993 Commission recommended transfer of the Defense Electronic Supply Center DESC, a Defense Logistics Agency inventory control point, to Columbus, Ohio. This action resulted in an Air Force decision to close Gentile AFS, Kettering, Ohio. A case study of the closure and initial redevelopment of Gentile AFS was undertaken to construct a framework to be used by future redevelopment policy makers affected by a defense base closure. This framework covers …

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The Role Of The Federal Government In The Civilian Conversion Of Military Installations: A Case Study Of Gentile Air Force Station, Jodie L. Eshbach, Calvin S. Hall Sep 1994

The Role Of The Federal Government In The Civilian Conversion Of Military Installations: A Case Study Of Gentile Air Force Station, Jodie L. Eshbach, Calvin S. Hall

Theses and Dissertations

In 1988, the Department of Defense DOD began a massive series of military base closures. Communities affected by these closures must contend with regulations of numerous agencies which impact the closure process. Since 1961, DODs Office of Economic Adjustment OEA has assisted communities in their attempts to recover from effects of base closures. In the 1980s and 1990s, the governments level of involvement increased it added the Air Force Base Conversion Agency AFBCA and the Base Transition Office BTO to assist communities recovery efforts. Through a review of historical data, a case study of the conversion activities at Gentile Air …

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Vol. 17 No. 3 (1994): Pacific Studies Full Issue, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Sep 1994

Vol. 17 No. 3 (1994): Pacific Studies Full Issue, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Pacific Studies is published two times a year by The Jonathan Nāpela Center for Hawaiian and Pacific Studies, Brigham Young University Hawai‘i #1979, 55–220 Kulanui Street, Lāʻie, Hawai‘i 96762, but responsibility for opinions expressed in the articles rests with the authors alone. Subscription rate is US$40.00 yearly, payable to The Jonathan Nāpela Center for Hawaiian and Pacific Studies. The Jonathan Nāpela Center for Hawaiian and Pacific Studies (formerly The Pacific Institute) is an organization funded by Brigham Young University Hawai‘i. The Center assists the University in meeting its cultural and educational goals by undertaking a program of teaching, research, and …

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Contributors: Vol 17 No. 3, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Sep 1994

Contributors: Vol 17 No. 3, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Contributors list of Vol. 17 (1994): Pacific Studies Full Issue 3

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Changing Patterns Of Commitment To Island Homelands: A Case Study Of Western Samoa, Cluny Macpherson Sep 1994

Changing Patterns Of Commitment To Island Homelands: A Case Study Of Western Samoa, Cluny Macpherson

Pacific Studies

No abstract provided.

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From Sea And Garden To School And Town: Changing Gender And Household Patterns Among Pollap Atoll Migrants, Juliana Flinn Sep 1994

From Sea And Garden To School And Town: Changing Gender And Household Patterns Among Pollap Atoll Migrants, Juliana Flinn

Pacific Studies

No abstract provided.

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Books Received And Book Notices, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Sep 1994

Books Received And Book Notices, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Book Listing for the Vol 17, No 3 Edition of the Pacific Studies Journal

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How Domestic Regulation Handicaps U.S. Global Business, Murray L. Weidenbaum Sep 1994

How Domestic Regulation Handicaps U.S. Global Business, Murray L. Weidenbaum

Murray Weidenbaum Publications

Regulatory reform would benefit private industry. Some suggestions include: benefit-cost analysis, risk assessment, and emphasizing objectives to be achieved rather than precise methods to be used in complying with regulation.

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Testing For Serial Correlation Against An Arma(1,1) Process, Donald W.K. Andrews, Werner Ploberger Sep 1994

Testing For Serial Correlation Against An Arma(1,1) Process, Donald W.K. Andrews, Werner Ploberger

Cowles Foundation Discussion Papers

This paper is concerned with tests for serial correlation in time series and in the errors of regression models. In particular, the nonstandard problem of testing for white noise against ARMA(1,1) alternatives is considered. Sup Lagrange multiplier (LM) and exponential average LM tests are introduced and are shown to be asymptotically admissible for ARMA(1,1) alternatives. In addition, they are shown to be consistent against all (weakly stationary strong mixing) non-white noise alternatives. Simulation results compare the tests to several tests in the literature. These results show that the Exp-LM infinity test has very good all-around power.

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New Mexico Labor Market Review 08-31-1994, New Mexico Department Of Labor Aug 1994

New Mexico Labor Market Review 08-31-1994, 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 July 1994.

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An Appraisal Of Electricity Supply In Nigeria And The Privatisation Option, E. I. K. Sule, C. M. Anyanwu Aug 1994

An Appraisal Of Electricity Supply In Nigeria And The Privatisation Option, E. I. K. Sule, C. M. Anyanwu

CBN Occasional Papers

Incessant electric power cuts in most parts of the country has become a normal feature of electricity supply throughout Nigeria. The power outages cause much inconvenience and economic losses to all and sundry. This study has shown that the most critical factor behind the incessant power failure is the problem of inadequate funding of the industry at a time it was forced to accommodate rapid expansion. Other factors include lack of autonomy, inefficiency, poor organization as well as lack of skilled manpower. The paper has examined these problems on the basis of which suggestions are made on how the worrisome …

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Financial Institutions, Economic Policy And The Dynamic Behavior Of The Economy, Domenico Delli Gatti, Mauro Gallegati, Hyman P. Minsky Ph.D. Aug 1994

Financial Institutions, Economic Policy And The Dynamic Behavior Of The Economy, Domenico Delli Gatti, Mauro Gallegati, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Papaer prepared for the J. A. Schumpeter Society Fifth Conference, Munster, Germany, August 17-20, 1994.

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The Public Demand For Smoking Bans, William J. Boyes, Michael L. Marlow Aug 1994

The Public Demand For Smoking Bans, William J. Boyes, Michael L. Marlow

Economics

Smoking bans are gaining widespread support in the United States and other countries. While supporters argue that bans are necessary to resolve market failures associated with negative externalities, the Coase Theorem predicts that, under various conditions, private markets internalize negative externalities. We examine the smoking issue within the framework of the Coase Theorem and hypothesize that smoking bans misallocate air space resources shared by smokers and nonsmokers. Because smoking bans shift ownership of scarce resources, they are also hypothesized to transfer income from one party (smokers) to another party (nonsmokers). Supporting evidence for these hypotheses is provided by an examination …

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An Analysis Of The Behavior Of The Risk Premium In The German Deutschemark Forward Market: A Comparison Of Pre- And Post-German Reunification Of 1990 Exchange Rates, Paul Newton Aug 1994

An Analysis Of The Behavior Of The Risk Premium In The German Deutschemark Forward Market: A Comparison Of Pre- And Post-German Reunification Of 1990 Exchange Rates, Paul Newton

Masters Theses & Specialist Projects

The German reunification of 1990 and the methods of economic integration exerted considerable pressure on both the German economy and the deutschemark. This thesis addresses the issue that the reunification undermined the stability of the deutschemark, detectable through a change in the implied risk premium. Emphasis is placed on the forward deutschemark in the context of interest rate parity in order to detect a change in the implied risk premium. By using three month U.S. and German bank Certificate of Deposit rates as the basis for the IRP calculations, a considerable shift in this implied risk premium was detected and …

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Profiles In Enterprise: Delbert R. Belden, Entrepreneur, Don P. Diffine Ph.D. Aug 1994

Profiles In Enterprise: Delbert R. Belden, Entrepreneur, Don P. Diffine Ph.D.

Belden Center Books

From an early age, Del Belden developed an intense desire to succeed. He polished his tremendous powers of concentration. That, combined with unrelenting drive and experience along the way, helped him to capitalize on opportunities to prosper the lives of people whom he touched. The story of Del Belden and the family company, Lomanco, is really an examination of two sides of the same coin. Mr. Belden will always be a symbol, an exemplar of American energy and initiative.

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Local Nonlinear Least Squares Estimation: Using Parametric Information Nonparametrically, Pedro Gozalo, Oliver B. Linton Aug 1994

Local Nonlinear Least Squares Estimation: Using Parametric Information Nonparametrically, Pedro Gozalo, Oliver B. Linton

Cowles Foundation Discussion Papers

We introduce a new kernel smoother for nonparametric regression that uses prior information on regression shape in the form of a parametric model. In effect, we nonparametrically encompass the parametric model. We derive pointwise and uniform consistency and the asymptotic distribution of our procedure. It has superior performance to the usual kernel estimators at or near the parametric model. It is particularly well motivated for binary data using the probit or logit parametric model as a base. We include an application to the Horowitz (1993) transport choice dataset.

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Insurance Market Games: Scale Effects And Public Policy, Michael R. Powers, Martin Shubik, Shuntian Yao Aug 1994

Insurance Market Games: Scale Effects And Public Policy, Michael R. Powers, Martin Shubik, Shuntian Yao

Cowles Foundation Discussion Papers

We propose a game-theoretic model to study various effects of scale in an insurance market. After reviewing a simple static model, we present a one-period game in which both the buyers and sellers of insurance make strategic bids, and show that, under reasonably broad conditions, market equilibrium exists. For a special case, we then consider how both the price and quantity of insurance, as well as other quantities of interest to public policy decision makers, are affected by the number of insurance firms, the number of customers, and the total amount of capital provided by investors.

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Population Profiles Of Cities In Nm_Aug 1994, University Of New Mexico Bureau Of Business And Economic Research, Adelamar N. Alcantara Aug 1994

Population Profiles Of Cities In Nm_Aug 1994, University Of New Mexico Bureau Of Business And Economic Research, Adelamar N. Alcantara

BBER Publications

This study attempts to profile the population of each incorporated place and city in New Mexico.

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Population Profiles Of Places And Cities In New Mexico 1910-2015, University Of New Mexico Bureau Of Business And Economic Research Aug 1994

Population Profiles Of Places And Cities In New Mexico 1910-2015, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

A report that aims to profile every incorporated city and place in New Mexico using historical data to make population projections.

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Population Profiles Of Cities In Nm_Aug 1994 (2), University Of New Mexico Bureau Of Business And Economic Research, Adelamar N. Alcantara Aug 1994

Population Profiles Of Cities In Nm_Aug 1994 (2), University Of New Mexico Bureau Of Business And Economic Research, Adelamar N. Alcantara

BBER Publications

This study attempts to profile the population of each incorporated place and city in New Mexico.

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New Mexico Labor Market Review 07-29-1994, New Mexico Department Of Labor Jul 1994

New Mexico Labor Market Review 07-29-1994, 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 June 1994.

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1994 Mid-Year Economic Forecast, University Of New Mexico Bureau Of Business And Economic Research Jul 1994

1994 Mid-Year Economic Forecast, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

An economic forecast for New Mexico in 1994; providing a review and outlook on economic activity and employment.

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Mid-Year Economic Forecast_07-27-1994 (3), University Of New Mexico Bureau Of Business And Economic Research, Brian Mcdonald, David W. Berson Jul 1994

Mid-Year Economic Forecast_07-27-1994 (3), University Of New Mexico Bureau Of Business And Economic Research, Brian Mcdonald, David W. Berson

BBER Publications

Review and outlook of the New Mexico economy.

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Mid-Year Economic Forecast_07-27-1994 (2), University Of New Mexico Bureau Of Business And Economic Research, Brian Mcdonald, David W. Berson Jul 1994

Mid-Year Economic Forecast_07-27-1994 (2), University Of New Mexico Bureau Of Business And Economic Research, Brian Mcdonald, David W. Berson

BBER Publications

Review and outlook of the New Mexico economy.

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Mid-Year Economic Forecast_07-27-1994, University Of New Mexico Bureau Of Business And Economic Research, Brian Mcdonald, David W. Berson Jul 1994

Mid-Year Economic Forecast_07-27-1994, University Of New Mexico Bureau Of Business And Economic Research, Brian Mcdonald, David W. Berson

BBER Publications

Review and outlook of the New Mexico economy.

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