Social and Behavioral Sciences Commons^™

International Diversification Of Social And Private Risk: The Us And Japan, Stephen S. Golub

Cowles Foundation Discussion Papers

This paper concerns the gains from international trade in risky assets, with an application to the United States and Japan. I examine the role of international financial markets in diversifying the risks associated with the aggregate consumption opportunities of a nation (social risk) and the risks related to individual agents’ consumption opportunities (private risk). The main empirical result is that international portfolio diversification between the United States and Japan leads to small reductions in social risk but large reductions in some private risks, especially for corporate profits.

Interstate Differences In Employer Tax Costs And Worker Benefits Of Unemployment Insurance: A Micro-Simulation Approach, Timothy L. Hunt, Christopher J. O'Leary, Wei-Jang Huang

Reports

This study compares employer unemployment insurance (UI) tax costs and worker UI benefits across the 28 largest industrial states for 1988. The comparison is done using a detailed computerized micro-simulation model which computes the worker UI benefits and employer UI taxes for each state. Assumed characteristics of employers and employees are held constant across the states so that differences in UI costs and benefits among the states can be attributed entirely to differences in UI statutes. The principal findings of this study are: (1) the UI system can be modeled fruitfully at the firm level, (2) there are significant UI …

Maximum Score Estimates Of The Determinants Of Residential Mobility: Implications For The Value Of Residential Attachment And Neighborhood Amenities, Timothy J. Bartik, J. S. Butler, Jin-Tan Liu

Upjohn Institute Working Papers

This paper examines the determinants of the decision of low-income renters to move out of their current dwelling. Maximum score estimation is shown to be superior to ordinary discrete choice estimation techniques (probit, logit) for this problem, and for similar discrete choices that require revering a previously optimal decision. The estimation reveals psychological costs from moving for typical low income renters of at least 8% of their income ; these costs are even higher for older, longer tenure, or minority households. Policies that displace low income renters will have large social costs. In addition, the estimation results are used to …

How To Trim The Deficit Without Raising Taxes, Murray L. Weidenbaum

Murray Weidenbaum Publications

This article argues that raising taxes to reduce the budget deficit ignores an effective alternative: trimming unnecessary government spending.

1990 Albuquerque Convention And Visitors Bureau Survey Findings, University Of New Mexico Bureau Of Business And Economic Research

BBER Publications

This research report details the findings of a 1990 tourism survey conducted among households that requested information from the Albuquerque Convention and Visitors Bureau (ACVB) during 1989. The analysis reveals that 71.9% of surveyed patrons visited Albuquerque within the preceding year, with 40% identifying the city as their primary destination, generating an estimated local spending impact of $12.46 million to $22.85 million.

Population Household Size Employment_Aug 1990, Adelamar Alcantara, Brian Mcdonald, John Temple

BBER Publications

The report provides historical socioeconomic data and long-range projections for major PNM utility service areas, including Albuquerque, Bernalillo, Belen, Deming (Luna County), Santa Fe, Las Vegas (San Miguel County), Gallup, and Clayton. The study analyzes population, household size, employment, and income trends from 1966–1989 and develops low, medium, and high forecasts through 2010.

1990 Albequerque Convention And Visitors_Aug 1990, John Temple

BBER Publications

The report evaluates the travel behavior, spending patterns, demographics, and economic impacts of households that requested Albuquerque tourism information during 1989. The study is based on a random mail survey of ACVB inquiries, with 342 responses from a population of roughly 29,300 households. The survey was designed to measure visitor characteristics, estimate conversion rates from information requests to actual visits, and assess the effectiveness of ACVB promotional materials.

Evaluation Criteria And Planning Guidelines For Employment Fund Programs In The Republic Of Hungary, Christopher J. O'Leary, W.E. Upjohn Institute For Employment Research

Reports

No abstract provided.

Macroeconomic Aspect Of Islamic Banking And Finance, Khidir Mohamed Ali Hassan

All-Inclusive List of Electronic Theses and Dissertations

The Islamic economy is the subject of this thesis, which reviews the basic foundations of this system. The main idea under discussion is the implication of monetary and fiscal policy in an Islamic economy framework. This analysis shows how the positively sloped IS and LM curves can be achieved. These two curves are used to determine the value of national income and expected profit rate. The stability of the system is ensured and the policy effectiveness is studied. This study shows the following results: (1) IS-LM framework can be used to analyze the macroeconomic aspect of Islamic economy. (2) The …

New Mexico Labor Market Review 07-31-1990, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review was prepared by the New Mexico Department of Labor in cooperation with U.S. Bureau of Labor Statistics for June of 1990. It is a report on the state's employment and economic activity.

Survey Of New Mexico Tourism_07-27-1990 (2), John L. Temple

BBER Publications

The study surveyed people who requested a New Mexico Vacation Guide between July 1988 and July 1989 to determine whether they subsequently visited New Mexico, their travel characteristics, spending patterns, and opinions of the state's tourism materials.

Survey Of New Mexico Tourism_07-27-1990, John L. Temple

BBER Publications

The study surveyed people who requested a New Mexico Vacation Guide between July 1988 and July 1989 to determine whether they subsequently visited New Mexico, their travel characteristics, spending patterns, and opinions of the state's tourism materials.

The Transition To A Market Economy: Financial Options, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

This paper was first prepared for a conference at Castle Szirak, Hungary, Aug. 30-31, 1990. It was edited and retyped a number of times. Given here is the final draft prepared in August 1991 apparently. The original paper is the first alternate version given. The intermediate re-edits are given following that.

The Question Of Financial Reform, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

There are two version of the paper in the Archives. Both are given here.

Debt And Business Cycles, Hyman P. Minsky Ph.D., Mark D. Vaughan Ph.D.

Hyman P. Minsky Archive

No abstract provided.

Vol. 13 No. 3 (1990): 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 …

Testing Covariance Stationarity Under Moment Condition Failure With An Application To Common Stock Returns, Peter C.B. Phillips, Mico Loretan

Cowles Foundation Discussion Papers

This paper studies tests for covariance stationarity under conditions which permit failure in the existence of fourth order moments. The problem is important because many econometric diagnostics such as tests for parameter constancy, constant variance and ARCH and GARCH effects routinely rely on fourth moment conditions. Moreover, such tests have recently been extensively employed with financial and commodity market data, where fourth moment conditions may well be quite tenuous and are usually untested. This paper considers several tests for covariance stationarity including sample split prediction tests, cusum of squares tests and modified scaled range tests. When fourth moment conditions fail …

Operational Algebra And Regression T-Tests, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Data reduction involves a physical transition from sample data to econometric estimator and test statistic. This transition induces a mapping on the probability law of the sample, whose image is the distribution of the statistic of interest. At a general level, the mapping can often be captured by means of an operational algebra. Some methods than employ nonlinear functions of differential operators are suggested which can perform this task. The methods are related to pseudodifferential operator techniques that are used in abstract mathematics to solve systems of partial differential equations. They also generalize the fractional calculus methods developed by the …

A Shortcut To Lad Estimator Asymptotics, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Using generalized functions of random variables and generalized Taylor series expansions, we provide almost trivial demonstrations of the asymptotic theory for the LAD estimator in a regression model setting. The approach is justified by the smoothing that is delivered in the limit by the asymptotics, whereby the generalized functions are forced to appear as linear functionals wherein they become real valued. Models with fixed and random regressors, autoregressions and autoregressions with infinite variance errors are studied. Some new analytic results are obtained including an asymptotic expansion of the distribution of the LAD estimator and the results of some earlier simulation …

To Criticize The Critics: An Objective Bayesian Analysis Of Stochastic Trends, Peter C.B. Phillips

Cowles Foundation Discussion Papers

In two recent articles, Sims (1988) and Sims and Uhlig (1988) question the value of much of the ongoing literature on unit roots and stochastic trends. They characterize the seeds of this literature as “sterile ideas,” the application of nonstationary limit theory as “wrongheaded and unenlightening” and the use of classical methods of inference as “unreasonable” and “logically unsound.” They advocate in place of classical methods an explicit Bayesian approach to inference that utilizes a flat prior on the autoregressive coefficient. DeJong and Whiteman adopt a related Bayesian approach in a group of papers (1989a,b,c) that seek to reevaluate the …

The Impact Of The Caribbean Basin Economic Recovery Act On Caribbean Nations Exports And Development: A Comment, W. Charles Sawyer, Richard L. Sprinkle

Faculty Publications

No abstract provided.

Vol. 13 No. 3 (1990): 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 …

Contributors: Vol 13 No. 3, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Contributors list of Vol. 13 (1990): Pacific Studies Full Issue 3

Industrial Policy In An Export-Propelled Economy: Lessons From South Korea's Experience, Larry E. Westphal

Economics Faculty Works

Korea provides an illuminating case of state intervention to promote economic development. Like many other third world governments, Korea's government has selectively intervened to affect the allocation of resources among industrial activities. It has used taxes and subsidies, credit rationing, various kinds of licensing, and the creation of public enterprises, for example. But these policies have been applied in the context of a radically different development strategy, one of export-led industrialization. Moreover, Korea's economy has experienced exceptionally rapid development with relatively equitable distribution of the gains. This paper argues that the government's selective industrial policies have contributed importantly to Korea's …

The Displacement Effect Of Reemployment Bonus Programs, Carl Davidson, Stephen A. Woodbury

Upjohn Institute Working Papers

This paper explores whether reemployment bonuses--cash payments made to insured unemployed workers who find reemployment quickly--have the unintended consequence of displacing workers who are not covered by the bonus program. We develop two partial equilibrium matching models of the labor market, patterned after the work of Diamond (1982), Mortensen (1982), and Pissarides (1984). In the first model, wages are assumed exogenous, in the second endogenous. In both, we find that the direct substitution of covered for uncovered workers (which constitutes displacement) is countered by two offsetting effects : a gross job creation effect, which results from the increased search effort …

Review Of Perestroika And The Economy: New Thinking On Soviet Economics By Anthony Jones And William Moskoff, Abdur Chowdhury

Economics Faculty Research and Publications

No abstract provided.

Threats And Opportunities In The International Economy, Murray L. Weidenbaum, Mark Jenson

Murray Weidenbaum Publications

The United States remains a military and an economic superpower. But in order to compete in the international economy, Americans need to be a well-educated citizenry.

Mathews County Shipbuilding Patterns, 1780-1860, Peter Jennings Wrike

History Theses & Dissertations

This thesis examines the volume and characteristics of a Chesapeake Bay county's shipbuilding activity to assess its impact on American waterborne commerce. The thesis proposes that this county built a significant number of fast sailing vessels in the late eighteenth and early nineteenth centuries. Previous works on American shipbuilding as well as regional histories have overlooked this county and concentrated on nearby large ports such as Norfolk and Baltimore. This thesis suggests these ports acted more as vessel brokers to the maritime industry than manufacturers and that this county was, among other small bay counties, a major contributor to that …

New Mexico Labor Market Review 06-30-1990, New Mexico Department Of Labor

Historic Publications

The New Mexico Labor Market Review was prepared by the New Mexico Department of Labor in cooperation with U.S. Bureau of Labor Statistics for May of 1990. It is a report on the state's employment and economic activity.

Job Search Outcomes For The Employed And Unemployed, David M. Blau, Philip K. Robins

Economics Articles and Papers



This paper examines how four components of the job search process--the choice of search methods, the choice of how many firms to contact, the rate at which offers are received, and the acceptance or rejection of an offer--influence the job-finding rate. A reduced-form model of job search is estimated that takes account of the fact that users of a particular method of job search are not a random subset of all searchers. The empirical analysis focuses on differences in search behavior between the employed and unemployed. A key finding of the analysis is that the offer rate per contact …