Social and Behavioral Sciences Commons^™

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.

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 …

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 …

Roemer's "General" Theory Of Exploitation Is A Special Case: The Limits Of Walrasian Marxism, James Devine, Gary Dymski

Economics Faculty Works

In a series of recent writings, John Roemer (1982a, 1982b, 1985, 1988) has made a provocative claim: exploitation and class are merely second-order concepts within Marxian theory, because both phenomena derive directly from differential ownership of productive assets (DOPA); indeed, exploitation remains a consistent index of economic injustice only if a “property relations” conception of exploitation replaces the common “labor-value” view. In sum, property relations, not the labor exchange, the labor proces, labor values, or even capitalist accumlation should be the central concern of Marxian theory.

Adam Smith's Influence On Hegel's Philosophical Writings, James P. Henderson, John B. Davis

Economics Faculty Research and Publications

No abstract provided.

New Mexico Labor Market Review 09-30-1991, 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 August 1991.

Defense Cuts: What Might Connecticut Expect On The Manufacturing Employment Front?, Bruce D. Wundt

New England Journal of Public Policy

Connecticut has enjoyed considerable economic prosperity as a result of its reliance on the defense industry. However, as a consequence of reductions in federal spending on defense, this favorable trend of many years is reversing, unfortunately, while the region is also experiencing a general economic slowdown. Many Connecticut industries must prepare for a new era of reducing their dependence on defense contracts and diversify into new markets and products. State policymakers can help during these uncertain times by encouraging private and public retraining of labor resources and the expansion of industries that will promote economic stability.

Sales And Property Tax Contributions Of South Dakota Agriculture: 1990, Martin K. Beutler

Economics Commentator (1972- 2016)

No abstract provided.

Oilseed Outlook; Fed And Feeder Cattle Situation And Outlook, Richard Shane, Dillion M. Feuz

Economics Commentator (1972- 2016)

No abstract provided.

Update - September 1991, Loma Linda University Center For Christian Bioethics

Update

In this issue:

-- Business and Medicine: Are They Ethically Compatible?

-- [ A Standard Level of Health Care to All: A Moral Obligation? ]

-- Loma Linda University reorganizes the Center for Christian Bioethics

An Econometric Analysis Of The Nature And Causes Of Inflation In Nigeria, J. O. Asogu

Economic and Financial Review

In this econometric revisitation of inflation in Nigeria, an extensive review of the literature and evidence has been attempted culminating in a specification of the various alternative hypotheses on the causes of inflation. While not ruling out the validity of several theories of inflation in the Nigerian situation, empirical evidence indicates that increases in real domestic produce or supply situation, especially food, and law cost of production of consumables, tended to ameliorate inflation. On the other hand, increases in government expenditure, especially deficits, tend to increase the money supply and worsen depreciation of the exchange rate, which in turn intensify …

A Review Of The Federal Government Fertilizer Subsidy Scheme In Nigeria, Grace O. Evbuomwan

Economic and Financial Review

This paper reviews the fertilizer subsidy scheme in Nigeria. Using descriptive statistics and econometric methods, the study shows that farmers' access to fertilizer has improved since the commencement of the subsidy scheme in 1976 and the direct involvement of the Federal Government in the procurement and distribution of the input. This also coincided with the period when remarkable improvements were recorded in the yield of virtually all the major crops, especially staples. The econometric analysis confirms that a positive correlation exists between fertilizer supply/consumption and output, while the level of subsidy on the input influences its consumption (utilization) and tends …

Stephen A. Meyer: "The U.S. As A Debtor Country: Causes, Prospects And Policy Implications" Business Review, Federal Reserve Bank Of Philadelphia, November/December, 1989 (13pp), P. I. Nwaoba

Economic and Financial Review

The author's focus in this paper is the analysis of the implications of increased net debt claims on the United States. In his opinion, while net inflow of foreign investment is welcome, there is the fear that excessive net claims on a country like U.S.A. may constitute a problem in the long-run. The author's concern centres on the probable adverse consequences of the growing status of U.S.A. as a net debtor nation and the implication for future generations of Americans in terms of standard of living and debt service burden. It is the author's view that this might also lead …

Understanding Nigeria's Flow Of Funds Accounts, Odoko F. O.

Bullion

The describes the flow of funds system of accounts and also indicate its analytical uses including how a change in real activity has been financed, the forecasting of interest rates and the effects of economic policy changes. The major steps in the preparation of the accounts were outlined. ln particular, the author indicated that sectoring in FOF accounts is institutionally defined. Some of the basic data are available only after a considerable delay, e.g., national accounts figures, while others have to be estimated (households) leading to residual errors, Nevertheless, the flow of funds system serves as a useful instrument even …

Adjustment Issues In Nigeria: Problems And Prospects, J. K. A. Olekah

Bullion

This paper examines adjustment issues in Nigeria, with emphasis on identifying outstanding and emerging problems after SAP, ln achieving the above objective, the paper is divided into three ports as follows: Part I, discusses the main economic problems three years of Pre-SAP as well as analysing trends in major economic indicators and the factors underlying the trend, The main element and policy strategies of SAP are also examined in this part. Part ll analyses, three years of post-SAP with the view to highlighting outstanding and anticipated problems while Port lll is the prospects and concluding summary.

Government Industrial Policies In Respect Of Small And Medium Enterprises In Nigeria, K. M. Obitayo

Bullion

The paper examines various government policies and their effects on the survival and growth of SMEs. It examines the concept of small or medium scale enterprise, what factors militate against their survival, growth and proliferation for which government policies have been formulated to address. The paper is structured broadly into four sections The first section gives an overview of the definition of SMEs, their characteristics and roles as well as recognised problems. Section ll discusses government policies for promoting SMEs. It reviews the monetary and fiscal policy measures adopted in respect of SMEs in Nigeria. Section lll appraises the impacts …

Nigeria's Insurance Industry In 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

The growth in the number of insurance companies in Nigeria between 1988 and 1989 revealed the preference of the investors in the industry towards non-life underwriting business. In addition, only one out of the six new entrants into the industry was jointly owned. The unattractiveness of the industry to foreign investors was partly due to the perceived decreasing prosperity in the business as well as the unfavourable investment climate of the Nigerian economy. With many of the insurance companies now scheduled to be privatised, greater efficiency is expected in their operations, particularly among those previously controlled by the government. In …

Regling, Klaus P. "New Financing Approaches In The Debt Strategy" Finance And Development: March 1988, Vol. 25, No. 1, Pp.6 - 9, G. C. Onuoha

Economic and Financial Review

The review summarises the author's analysis of the various financing techniques. Apart from a few technical points, the write up is self-explanatory and interesting to read. Discussed in it are some of the advantages and constraints in the use of some of the financing techniques. While agreeing with the author on some of the advantages and shortcomings of the financing techniques, there is the need to point out issues which the author failed to take into consideration.

Critique Of Contingent Valuation And Travel Cost Methods For Valuing Natural Resources And Ecosystems, W. David Eberle, F. Gregory Hayden

Department of Economics: Faculty Publications

In July 1989 the U.S. District Court of Appeals in Washington, D.C. disallowed the method that had been established by the U.S. Department of Interior (DOI) for determining what a corporation would pay in the case of injury to an ecosystem from hazardous waste spills [Ohio v. Interior 1989]. The DOI method was based on neoclassical methodology and appraisal techniques. The Court ruled that "restoration is the proper remedy for injury to property where measurement of damages by some other method will fail to compensate fully for the injury," and that "natural resources have value that is not readily …

Technology And Economic Performance: A Different View Of The Federal Role, Murray L. Weidenbaum

Murray Weidenbaum Publications

This paper addresses the key issues in determining what government policy should be in the development and use of technology.

Technology And Economic Performance: A Rejoinder, Murray L. Weidenbaum

Murray Weidenbaum Publications

Government needs to create a more favorable economic climate in order for research and development to improve.

The Hidden Dimensions Of The Historical Settlement In Southwestern Africa (December 1988), Jehan Tharwat Rashed

Archived Theses and Dissertations

No abstract provided.

Economic Analysis Of Solid Waste Regs_Sep 1991, Anna Weniger Lamberson

BBER Publications

The report evaluates the economic impacts of proposed revisions to New Mexico's solid waste regulations. The report examines compliance costs for landfills, recycling and composting facilities, transformation facilities, and infectious waste generators, while also comparing preventive compliance costs with the potential costs of environmental remediation.

Economic Analysis Of Proposed Nm Solid _Sept 1991, Anna Weniger Lamberson

BBER Publications

This report evaluates the economic impacts of proposed New Mexico solid waste regulations, estimating compliance costs for landfills, recycling and composting facilities, transformation facilities, and infectious waste generators throughout the state. The report compares compliance costs with potential environmental remediation costs and assesses how regulatory requirements could affect communities of different sizes, particularly rural areas with small landfill operations.

An Historic And Theoretic Perspective On Credit Crunches, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Edited Oct. 14, 1991. Prepared for a Conference on “Credit Crunches - Causes and Cures," Wellington, New Zealand, Aug. 15-16, 1991.

An Implementation Of The Generalized Basis Reduction Algorithm For Integer Programming, William Cook, Thomas Rutherford, Herbert E. Scarf, David F. Shallcross

Cowles Foundation Discussion Papers

In recent years many advances have been made in solution techniques for specially structured 0–1 integer programming problems. In contrast, very little progress has been made on solving general (mixed integer) problems. This, of course, is not true when viewed from the theoretical side: Lenstra (1981) made a major breakthrough, obtaining a polynomial-time algorithm when the number of integer variables is fixed. We discuss a practical implementation of a Lenstra-like algorithm, based on the generalized basis reduction method of Lovasz and Scarf (1988). This method allows us to avoid the ellipsoidal approximations required in Lenstra’s algorithm. We report on the …

Congressional Testimony On The Effectiveness Of Trade Adjustment Assistance And Suggestions For Improving The Program, Louis S. Jacobson

Upjohn Institute Working Papers

In this testimony, I will sketch key findings from research that I conducted with others, bearing on the justification and effectiveness of trade adjustment assistance. Most economists agree that protecting workers from the negative consequences of the North American Free Trade Agreement is appropriate, since we believe that a measure is unambiguously good only when some benefit, but no one is hurt. Thus, my central policy conclusion is that the combination of UI and TAA does a good job in protecting the majority of trade impacted workers. But available funds would be better spent by helping dislocated workers find jobs, …

The New Wave Of Environmental Regulation: The Impacts On Business And Consumers, Murray L. Weidenbaum

Murray Weidenbaum Publications

Following the regulatory excesses of the 1970s and the reforms of the 1980s, the policy pendulum is swinging back again. On the surface, the government imposing socially desirable requirements on business seems to be a cheap way of achieving national objectives. But every time a government agency attempts to safeguard the environment or foster occupational health or promote product safety, it imposes a more expensive method of production on businesses. Consumers, meanwhile, suffer by paying for these hidden regulations.

The Dynamics Of Inflation And Exchange Rate Depreciation, Elamin Hamoda Mohamed Elbasha

Archived Theses and Dissertations

No abstract provided.

New Mexico Labor Market Review 07-31-1991, 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 1991.