Social and Behavioral Sciences Commons^™

May Day 1986, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.

Survey Evidence On Diffusion Of Interest Among Institutional Investors, Robert J. Shiller, John Pound

Cowles Foundation Discussion Papers

Contagion or epidemic models of financial markets are proposed in which interest in or attention to individual stocks is spread by word of mouth. The models give alternative interpretations of the random walk character of stock prices. A questionnaire survey of institutional investors was undertaken to ascertain the relevance of such models. Questions elicited what fraction of these investors were unsystematic and allowed themselves to be influenced by word-of-mouth communications or other salient stimuli. Rough indications of the infection rate and removal rate were produced. Investors in stocks whose price had recently increased dramatically to a high P/E ratio were …

Resources, Technology, And Development: Will The Table Be Bare When Poor Countries Get There?, William D. Nordhaus

Cowles Foundation Discussion Papers

This paper discusses the net effect of these two economic forces on developing countries: Is the drag to economic advance from dwindling resources outweighed by the accompanying technological advances? Or will the potential scarcity of resources during the next century on balance weigh down the pace of economic progress?

Union-Nonunion Earnings Differentials And The Decline Of Private-Sector Unionism, Richard Edwards, Paul Swaim

Department of Economics: Faculty Publications

Recent years have been difficult ones for the American labor movement. Especially during the past half-decade, the economic and political environment for unions has become increasingly hostile-dominated by a growing anti-union sentiment in manage ment; the adverse effects of industrial restructuring, import competition, deregulation, and high unemployment; and the tightening constraints of a labor law and NLRB enforcement mechanism that have become markedly less supportive of unions. These and other external changes, as well as some continuing internal weaknesses, have thrust unions into a period of declining union membership, eroding bargaining strength, repeated contract concessions, and what at least some …

Inflation And Tax Evasion: An Empirical Analysis, Steven E. Crane, Farrokh Nourzad

Economics Faculty Research and Publications

This paper contains an analysis of the effect of inflation on aggregate tax evasion in the United States over the period 1947-81. It is found that tax evasion in both absolute and relative terms is positively related to the inflation rate. Further, the results indicate that aggregate evasion has risen in both absolute and relative terms with increases in the marginal tax rate, but has fallen with increases in the detection probability, the penalty rate, and the wage share of income. Finally, evasion has risen in absolute terms but has fallen in relative terms when real true income has risen.

Trade Liberalization: The Impact On Utah's Dairy And Meat Industries, Tyler J. Bowles

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Trade liberalization in dairy and meat products is of significant interest for Utah since 75 percent of Utah farm cash receipts are from these two products and both product groups are net U.S. imports. This thesis analyzes the impact that trade liberalization in dairy and meat products would have on Utah's dairy and meat industries and Utah's general economy.

A model based upon the current level of imports and exports, the price elasticity of import demand, and the tariff equivalent of import restrictions is used to estimate the production changes in Utah's dairy and meat industries that would result from …

Contingent Valuation Of Early Intervention Programs For Handicapped Children, Colette M. Escobar

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Early intervention programs for handicapped preschool children may have long-term implications for the children and their families. Economic evaluations of these programs have been conducted to measure costs and benefits, but parental willingness-to-pay has been overlooked in these analyses. Parental willingness-to-pay, as a measure of consumer surplus, could complete the measure of benefits and provide both policymakers and practitioners with useful information for decision-making. In this study, the implications of eliciting willingness-to-pay responses for an early intervention program for handicapped preschoolers are discussed. A survey technique, known as the contingent valuation method (CVM), is applied to program to empirically estimate …

The Relevance Of Kalecki, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper prepared for a Conference at the University of Perugia, Perugia, Italy, April 22-24, 1986.

Socialist Scholars Conference, Anwar Shaikh Phd, Robert Paul Wolff Phd

Archives of Anwar Shaikh

This collection includes the text of a speech given by Robert Paul Wolff, PhD, at the Radical Philosophy Association, Socialist Scholars Conference (April 18–20, 1986).

Planning For Tomorrow - Today Program Description, Burton Pflueger

Economics Commentator (1972- 2016)

No abstract provided.

Socioeconomic Databases Plains Electric_04-11-1986, Brian Mcdonald, Lynn Bodin Wombold

BBER Publications

This report compiles historical socioeconomic data (1965-1985) and projections (1986-2005) for 18 New Mexico counties and two Arizona counties served by Plains Electric Generation and Transmission Cooperative. Prepared by the University of New Mexico’s Bureau of Business and Economic Research, it provides county-level estimates and forecasts for population, household size, employment, per capita income, and energy-related price deflators to support planning and utility forecasting.

Keynes E I Socialisti, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Pages. 50-52, in Mondoperaio. Rivista Mensile Del Partito Socialista Italiano, Numero 4, Aprile 1986.

The notes for this article handwritten in English are posted separately in this archive as "Keynesian Socialism."

Ua68/2 Intercambio Internacional, Vol. X, No. 1, 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.

Defense Economics And Economic Warfare Revisited, J. Hoult Verkerke, Martin Shubik

Cowles Foundation Discussion Papers

In this paper we paint with a broad brush. Our purpose is to present an overview, a status report, and by implication, an indication of what needs to be done at this time. We first provide a survey of topics in the economics of defense and in economic warfare, then we comment on some naval aspects of these topics.

Toward A Theory Of Discounted Repeated Games With Imperfect Monitoring, Dilip Abreu, David G. Pearce, Ennio Stacchetti

Cowles Foundation Discussion Papers

This paper investigates pure strategy sequential equilibria of repeated games with imperfect monitoring. The approach emphasizes the equilibrium value set and the static optimization problems embedded in external equilibria. We characterize these equilibria, and provide computational and comparative statics results. The “self-generation” and “bang-bang” propositions which were at the core of our analysis of optimal cartel equilibria [2], are generalized to asymmetric games and infinite action spaces. New results on optimal implicit reward functions include the necessity (as opposed to sufficiency) of bang-bang functions, and the nature of optimal punishment regions.

Issues Arising In Management And Control Of Naval Forces, Paul Bracken, Martin Shubik

Cowles Foundation Discussion Papers

This paper takes the context of political and military command as given and considers the fundamental question of how a modern navy fits in with the usual conception of nuclear deterrence between the United States and the Soviet Union. We here summarize the major issues, questions, and conclusions from this research as they serve to provide the context for our observations on the relevance of and potential for operations research and decision sciences contributions to providing understanding and analysis for these critical and highly qualitative problems.

Trends Versus Random Walks In Time Series Analysis, Steven N. Durlauf, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper studies the effects of spurious detrending in regression. The asymptotic behavior of traditional least squares estimators and tests are examined in the context of models where the generating mechanism is systematically misspecified by the presence of deterministic time trends. Most previous work on the subject has relied upon Monte Carlo studies to understand the issues involved in detrending data that is generated by integrated processes and our analytical results help to shed light on many of the simulation findings. Standard F tests and Hausman tests are shown to inadequately discriminate between the competing hypotheses. Durbin-Watson statistics, on the …

Consistency In Nonlinear Econometric Models: A Generic Uniform Law Of Large Numbers, Donald W.K. Andrews

Cowles Foundation Discussion Papers

A basic tool of modern econometrics is a uniform law of large numbers (LLN). It is a primary ingredient used in proving consistency and asymptotic normality of parametric and nonparametric estimators in nonlinear econometric models. Thus, in a well-known review article, Burguete, Gallant, and Sousa [8, p. 162] introduce a uniform LLN with the statement: “The following theorem is the result upon which the asymptotic theory of nonlinear econometrics rests.” So pervasive is the use of uniform LLNs, that numerous authors appeal to an unspecified generic uniform LLN. Others appeal to some specific result. The purpose of this paper is …

Two Misspecification Tests For The Simple Switching Regressions Disequilibrium Model, Vassilis A. Hajivassiliou

Cowles Foundation Discussion Papers

Two specification tests for switching regimes disequilibrium models are developed. The first is an asymptotically locally optimal Lagrange multiplier test of endogeneity of a set of regressors, which takes the convenient form of a LM significance-test of certain regression residuals. The second is a Hausman specification test of the accuracy of regime classification information.

The Effect Of Commercial Practice Restrictions: The Case Of Optometry, Deborah Haas-Wilson

Economics: Faculty Publications

No abstract provided.

The Last Word: Put The C'S Back In Economics, Stanley Antoniotti

Bridgewater Review

No abstract provided.

Learning To Compete: Feedback Effects Of The Non-Linear Economy, Murray L. Weidenbaum, Richard Burr, Richard Cook

Murray Weidenbaum Publications

There are three key forces that make a period of sustained prosperity likely during the 1990s. First, actions that reduce the cost of producing goods and services in the United States. Second, a new awareness of personal responsibility for the quality of American goods. Finally, a rapid growth in research and development investments.

A Comment On Salvatore Biasco's, "Exchange Rate Cycles And The International Economy", Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.

Pre-Orators: Export Drive And Countertrade: The Microeconomic Perspective, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

I would like to congratulate the Eko Hotels Ltd. and particularly Mr. Randle in organising this Export Expo and this special lecture on "Export Drive". The recent policy emphasis on increasing non-oil exports in Nigeria is quite sound. The specific steps as to how this objective can be achieved have not been spelt out and the discussions and forums such as today's lecture can provide ideas and inputs. It is in this spirit that I am addressing this issue today. I would like to point out that these are my personal views and not those of the World Bank

Livestock Producers Should Not Ignore The Food Security Act Of 1985, Brian H. Schmiesing

Economics Commentator (1972- 2016)

No abstract provided.

Doug Munro's Review Of Peter Sack And Dymphna Clark's Edition Of South Sea Merchant: The Memoirs Of German-Born Eduard Hernsheim, Doug Munro

Pacific Studies

No abstract provided.

New Russian Books On The Pacific, 1982-1983, Patricia Polansky

Pacific Studies

No abstract provided.

Best Median Unbiased Estimation In Linear Regression With Bounded Asymmetric Loss Functions, Ray C. Fair

Cowles Foundation Discussion Papers

We first show that the Generalized Least Squares estimator is the best median unbiased estimator of the regression parameters for quite general loss functions, when the parameter space is unrestricted. Of note is the fact that this result holds without moment restrictions. Thus, the errors may have multivariate Cauchy distribution. Next, we show that a restricted GLS estimator is best median unbiased for a linear combination of the regression parameters, when that linear combination is restricted to lie in an interval. Certain other linear combinations of the parameter vector may be subject to arbitrary additional restrictions. The paper then presents …

Edgeworth Equilibria In Production Economies, Charalambos D. Aliprantis, Donald J. Brown, Owen Burkinshaw

Cowles Foundation Discussion Papers

An Edgeworth equilibrium is an allocation that belongs to the core of every n -fold replica of the economy. In [2] we studied in the setting of Riesz spaces the properties of Edgeworth equilibria for pure exchange economies with infinite dimensional commodity spaces. In this work, we study the same problem for economies with production. Under some relatively mild conditions we establish (among other things) that: 1. Edgeworth equilibria exist; 2. Every Edgeworth equilibrium is a quasiequilibrium; and 3. An allocation is an Edgeworth equilibrium if and only if it can be “decentralized” by a price system.

Cointegration And Tests Of Present Value Models, John Y. Campbell, Robert J. Shiller

Cowles Foundation Discussion Papers

In a model where a variable Y is proportional to the present value, with constant discount rate, of expected future values of a variable y , the “spread” S – Y – qy will be stationary for some q whether or not y must be differenced to induce stationarity. Thus, Y and y are cointegrated. The model implies that S is proportional to the optimal forecast of S *, the present value of future changes in y. We use vector autoregressive methods, and recent literature on cointegrated processes, to test the model. When Y is the long-term interest rate and …