Social and Behavioral Sciences Commons^™

On The Stochastic Steady-State Behavior Of Optimal Asset Accumulation In The Presence Of Random Wage Fluctuations And Incomplete Markets, Richard H. Clarida

Cowles Foundation Discussion Papers

We establish rigorously the existence and properties of the stationary probability distribution which characterizes the accumulation of non-contingent financial claims by a risk averse individual who confronts random wage fluctuations and incomplete insurance markets. We show that there exists a unique, almost-everyhwere continuous stationary cumulative distribution function which characterizes the accumulation of non-contingent financial claims in a stochastic steady-state. This distribution is shown to possess a single mass point coinciding with the non-negative, finite borrowing limit faced by the individual. We establish that the stationary distribution which characterizes the asset accumulation of low time preference individuals is at least as …

Optimal Taxation Of Capital Income In Economies With Identical Private And Social Discount Rates, Christophe Chamley

Cowles Foundation Discussion Papers

The optimal capital income tax is analyzed in the framework of intertemporal efficient taxation. The relation between the zero tax in the long-run and the equality between private and social discount rates is emphasized. The properties of the dynamic second best path described for a specific example (convergence to a steady state and values of the capital income tax in the transition). The case where wealth is a specific utility argument is also considered.

Conditional Projection By Means Of Kalman Filtering, Richard H. Clarida, Diane Coyle

Cowles Foundation Discussion Papers

We establish that the recursive, state-space methods of Kalman filtering and smoothing can be used to implement the Doan, Litterman, and Sims (1983) approach to econometric forecast and policy evaluation. Compared with the methods outlined in Doan, Litterman, and Sims, the Kalman algorithms are more easily programmed and modified to incorporate different linear constraints, avoid cumbersome matrix inversions, and provide estimates of the full variance-covariance matrix of the constrained projection errors which can be used directly, under standard normality assumptions, to test statistically the likelihood and internal consistency of the forecast under study.

A Comparison Of The Michigan And Fair Models, Ray C. Fair, Lewis S. Alexander

Cowles Foundation Discussion Papers

No abstract provided.

The State Of Spencer, Arthur M. Diamond Jr.

Economics Faculty Publications

Before any words of title or content, the book begins with a photographic portrait of Spencer. He appears severe, smug, and slightly sad-as if he is about to chastise you for some distasteful breach of moral conduct. The portrait accurately forewarns the reader of the tone of the words that follow. Spencer’s essays read like secular sermons on the common theme that the road to hell on earth is paved with the good intentions of those who seek to expand the state.

Vol. 10 No. 2 (1987): 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 …

Princess Anne County: A Study In Material Wealth, Todd Grant Duncan

History Theses & Dissertations

This is a study of material culture in Princess Anne County, Virginia, from 1691 to 1823, based on court records. These documents allow the historian to determine the economic worth of a group of individuals, analyze the types of people comprising this group, categorize the types and quantities of possessions owned, and differentiate between economic groups according to possessions and currency listed. Trends of ownership for the whole period, the determination of individual occupations, and the occupational content of the people of the county at large are also discussed. Other areas focused on included the level of literacy, the role …

Profit Matrices, Anwar Shaikh Phd

Archives of Anwar Shaikh

• Econometric analyses on price-value deviations by Professor Shaikh

• BEA data dictionary

• Printout of computer code

• Handwritten equations (April 5, 1984)

• Handwritten notes titled "Bounds on Movement of Integrated Capital Output Ratios" (March 24, 1984)

• Handwritten notes on price-value deviations (March 21, 1984)

• Handwritten computer code titled "PMCBS"

• Handwritten econometrics titled "Prices program" (March 1984)

• Handwritten notes titled "Printed vs Stored Program Values" (March 1984)

• Printed computer code with annotations

• Handwritten notes on "matrix operations with scientific subroutines" (March 1984)

• Additional printed computer code

Projections Of Water Availability In The_April 1984, John C. Tysseling, Brian Mcdonald

BBER Publications

The report analyzes current and future water supply and demand conditions in eastern New Mexico’s Arkansas-White-Red (AWR) and Pecos River basins. Prepared by John C. Tysseling and Brian McDonald of the University of New Mexico Bureau of Business and Economic Research for the New Mexico Water Resources Research Institute, the study was designed to assist water resource planning by identifying areas where future economic and population growth could intensify water scarcity.

Policing The Global Economy: The Threat To Private Enterprise, Murray L. Weidenbaum, Mary A. Fejfar

Murray Weidenbaum Publications

International organizations are becoming increasingly involved in the regulation of private enterprise. Advocates of this type of regulation seem to have overlooked the shortcomings of existing regulation of business. Ultimately, it is the consumer who bears the burden that government imposes on business.

Alternative Macroeconomic Models, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper prepared for Eastern Economic Assoc. meetings, New York, NY, March17, 1984. This is a revised version of a paper first presented at the Midwest Economic Assoc. meetings in Chicago in 1982.

Understanding The Exchange Value Of The Dollar, Mark A. Edelman

Economics Commentator (1972- 2016)

No abstract provided.

A Ranking Of New Mexicos Publicly Owned _03-05-1984, John Temple, Shirley Wozniak

BBER Publications

A Ranking of New Mexico’s Publicly Owned Water Supply Systems is a research report prepared by John Temple and Shirley Wozniak of the Bureau of Business and Economic Research (BBER), University of New Mexico, for the Water Supply Section of the New Mexico Environmental Improvement Division (EID). Published on March 5, 1984, the study evaluates and ranks publicly owned water supply systems throughout New Mexico according to their relative need for repair, improvement, or further technical investigation.

A Ranking Of New Mexicos Pubicly Owned_03-05-1984, John Temple, Shirley Wozniak

BBER Publications

A Ranking of New Mexico’s Publicly Owned Water Supply Systems is a research report prepared by John Temple and Shirley Wozniak of the Bureau of Business and Economic Research (BBER), University of New Mexico, for the Water Supply Section of the New Mexico Environmental Improvement Division (EID). Published on March 5, 1984, the study evaluates and ranks publicly owned water supply systems throughout New Mexico according to their relative need for repair, improvement, or further technical investigation.

A Ranking Of New Mexicos Publicy Owned_03-05-1984, John Temple, Shirley Wozniak

BBER Publications

A Ranking of New Mexico’s Publicly Owned Water Supply Systems is a research report prepared by John Temple and Shirley Wozniak of the Bureau of Business and Economic Research (BBER), University of New Mexico, for the Water Supply Section of the New Mexico Environmental Improvement Division (EID). Published on March 5, 1984, the study evaluates and ranks publicly owned water supply systems throughout New Mexico according to their relative need for repair, improvement, or further technical investigation.

The Behavior Of U.S. Short-Term Interest Rates Since October 1979, Richard H. Clarida, Benjamin M. Friedman

Cowles Foundation Discussion Papers

Short-term interest rates in the United States have been “too high” since October 1979 in the sense that both unconditional and conditional forecasts, based on an estimated vector autoregression model summarizing the prior experience, underpredict short-term interest rates during this period. Although a non-structural model cannot directly answer the question of why this has been so, comparisons of alternative conditional forecasts point to the post-October 1979 relationship between the growth of real income and the growth of real money balances as closely connected to the level and pattern of short-term interest rates. This finding is consistent with the authors’ macroeconomic …

A Zero-One Result For The Least Squares Estimator, Donald W.K. Andrews

Cowles Foundation Discussion Papers

The least squares estimator for the linear regression model is shown to converge to the true parameter vector either with probability one or with probability zero under weak conditions on the dependent random variable and regressor variables. No additional conditions are placed on the errors. The dependent and regressor variables are assumed to be weakly dependent — in particular, to be strong mixing. The regressors may be fixed or random and must exhibit a certain degree of independent variability. No further assumptions are needed. The model considered allows the number of regressors to increase without bound as the sample size …

Current Account, Exchange Rate, And Monetary Dynamics In A Stochastic Equilibrium Model, Richard H. Clarida

Cowles Foundation Discussion Papers

We construct a simple stochastic open-economy macro-economic model from the decision rules of rational optimizing agents, solving explicitly for the relationship between the model’s deep parameters, and the variance-covariance matrix of equilibrium returns on domestic and foreign assets. We use the model to study the dynamic relationship between exchange rate changes and current account flows in response to domestic monetary shocks, to establish the conditions under which exchange rate depreciations accompany current account deficits, and to investigate the link between time preference, risk aversion, and the dynamic exchange rate and current account response to monetary disturbances. The model generates current …

A Note On Biology, Time And The Golden Rule, Martin Shubik

Cowles Foundation Discussion Papers

No abstract provided.

Robust Estimation Of Location In A Gaussian Parametric Model: Ii, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper extends the results of Andrews (1984) which considers the problem of robust estimation of location in a model with stationary strong mixing Gaussian parametric distributions. Three neighbourhood systems are considered, each of which contains the Hellinger neighbourhoods used in Andrews (1984). Optimal robust estimators for this dependent random variable model are found to be bounded influence estimators with optimal psi functions which are very nearly of Huber shape. These estimators are quite robust against different “amounts” of dependence, and against lack of dependence. To generate the optimal estimators a minimax asymptotic risk criterion is used, where minimaxing is …

Developments In The International ( London) Commodities' Market During The First Quarter,1984, Central Bank Of Nigeria Cbn

Economic and Financial Review

A report on the developments in the International (London) commodities' market during the first quarter,1984. The notable commodities includes coffee, cotton, palm-kernel and rubber. A number of factors accounted for the general improvement in commodity prices. Firstly, there was a decline in the supply of most of the commodities. The second factor was the uncertainty regarding production prospects in the immediate future . Finally, there was a general increase in the demand for most of the commodities.

Price Value Deviations, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Handwritten notes titled Std price-value deviations program (March 12, 1984)

• Handwritten econometric results

Asset Exchanges And The Transactions Demand For Money, 1919-1929, Alexander J. Field

Economics

This paper addresses a general theoretical question—the appropriate specification of the transactions demand for money—as well as a particular historical question: what triggered the Great Depression? Theoretically, fluctuations in the volume and value of asset exchanges in secondary asset markets can influence the transactions demand for money independently of real output and interest rates, and ought to be integrated into the analysis of those forces perturbing the demand for money and shifting LM curves in the absence of monetary intervention. Empirically, I demonstrate that, over the years 1919-29, monthly fluctuations in the volume and value of trading on the New …

A Systems Paradigm For Community Development, Salvatore Imbrogno

The Journal of Sociology & Social Welfare

The study of and practice in communities requires a theoretic construct of an overarching conceptualization that can "sweep-in" existing paradigms; variant epistemological foundations and methodological directives for complex community development. The purpose of this paper is to identify and define the existing epistemological and methodological approaches to communities with the objective of coalescing them into a unified system of inquiry. The intent is to first raise the level of abstraction in and about a community that goes beyond the confines of any (or combined) paradigm. In so doing, one can converge a polarity of opposing positions to the study and …

New Mexico Energy Mgmt Info System_March 1984, Brian Mcdonald

BBER Publications

The report documents the development, implementation, and outcomes of the New Mexico Energy Management Information System (EMIS), a statewide energy information and forecasting system established to provide policymakers, researchers, industry representatives, and the public with reliable and accessible data concerning New Mexico’s energy resources. Prepared by Brian McDonald and contributors from the University of New Mexico Bureau of Business and Economic Research and associated research units, the report describes the evolution of the EMIS from its inception in 1979 through 1983 under joint support from the New Mexico Energy and Minerals Department and the U.S. Department of Energy. The report …

New Mexico Economic Review And Outlook For 1984, University Of New Mexico Bureau Of Business And Economic Research, Brian Mcdonald

BBER Publications

A report for the purpose of reviewing and projecting the New Mexico economy from 1983-1984. Two issues within the state emerged in the report: a growing economic disparity between urban and rural areas in the state and the New Mexico economy lagging behind the nation's recovery.

Population Household Size Employment_02-21-1984, Brian Mcdonald, John Temple, Lynn Wombold

BBER Publications

The report compiles historical data for 1966–1983 and develops low-, medium-, and high-growth scenarios for Albuquerque, Bernalillo, Belen, Deming, Las Vegas, Santa Fe, and Gallup. Variables analyzed include population, average household size, nonagricultural employment, and real per-capita income.

Changing Times In South Dakota Agriculture: Implications For Our Citizens, Larry Janssen

Economics Staff Paper Series (1969 - 2017)

We are living in times of rapid change in agriculture and in rural America. Hog and beef confinement systems, automated feeding systems, pesticides, four-wheel drive tractors and personal computers are innovations that did not exist or were seldom seen on farms 25 years ago. Interstate highways, factories in small cities, subterminal elevators and consolidated schools are examples of the changing landscape in rural America. In times of rapid change, many people are concerned about the future of agriculture, family farms and rural communities. In this paper, recent trends in South Dakota agriculture are presented and analyzed. Major implications of these …

Agricultural Commodity Commodity Options: A New Marketing Alternative, Brian H. Schmiesing

Economics Commentator (1972- 2016)

No abstract provided.

Electric - Privately Owned_02-13-1984, New Mexico Employment Security Department

Historic Publications

Private Electric Companies.