Social and Behavioral Sciences Commons^™

Comment On ‘Economic Inequality At The Close Of The Twentieth Century’, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Comment by Hyman P. Minsky on ‘Economic Inequality at the Close of the Twentieth Century’, a research proposal submitted to the Jerome Levy Economics Institute by Edward N. Wolff.

An Economic Impact Analysis Of The Proposed Yakima/Klickitat Fishery Enhancement Project; Preliminary Design Report, Appendix D., Richard S. Mack, Donald J. Cocheba, Daniel Green, David W. Hedrick

Economics Faculty Scholarship

The objective of this study is to estimate the economic impact of the proposed Yakima/Klickitat Production Project on the local economies of the Yakima and Klickitat subbasins. The project, when operating at planned maximum production, will augment the total number of salmon and steelhead returning to the subbasins by 77,600 and will increase the sustainable terminal harvest by 55,160. These estimates do not include fish harvested in the ocean or in the mainstem Columbia. In addition to evaluating the impacts of the construction, operations and maintenance, experimentation and monitoring, and harvest activities described in the Draft Environmental Assessment (Bonneville Power …

Metropolitan Report - December 21, 1989, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans

UNO Metropolitan Report

No abstract provided.

Public Pension Power For Socioeconomic Investments, F. Gregory Hayden

Department of Economics: Faculty Publications

We are at a turning point in the United States with regard to state and local public pension funds. First there is a movement to use these pension funds to support new kinds of investment activities, and second, the current economic analysis being provided by economists of the neoclassical ideology is inconsistent with the community intent for the pensions. These pensions were established by the community for what Thorstein Veblen defined as parental purposes, meaning societal activity structured to provide for the common good and the welfare of others [Veblen 1937, pp. 25-38]. Parental institutions function to elevate the broad …

Noise Trader Risk In Financial Markets, J. Bradford Delong

J. Bradford DeLong

No abstract provided.

Defense Spending And The American Economy: How Much Change Is In The Offing?, Murray L. Weidenbaum

Murray Weidenbaum Publications

With the end of the Cold War looming, this essay argues that military spending has been decreasing for years and that any future reductions to the defense budget are likely to only have a modest impact on the economy.

On The Theory Of Macroeconomic Policy, James Tobin

Cowles Foundation Discussion Papers

Jan Tinbergen was and is of course a scientist, full of curiosity about how the world works. But his motivation has always been more than curiosity. He wants to know how the world works so that he can make it work better. Knowledge is the foundation of policy. It was natural for Tinbergen to set forth a formal theory of policy nearly fifty years ago and it was equally natural from him to relate the theory to practical problems of policy in the Netherlands and else where and to implement it and illustrate it with the help of theoretical and …

Export Growth And Economic Performance In Developing Countries: Further Evidence From Africa, John M. Mbaku

Faculty and Research Publications

Several studies have established that a significant positive relationship exists between export expansion and economic growth. In this study we examine the effect of export growth on factor productivity in Africa. It is seen that export expansion significantly enhances economic growth in Africa.

The Determinants Of Off-Budget Activity Of State And Local Governments, Michael L. Marlow, David Joulfaian

Economics

No Abstract

A "Thriving State"? Reading A Private College Budget, Robinson G. Hollister

Economics Faculty Works

No abstract provided.

Mathematical Programming And Economic Theory, Herbert E. Scarf

Cowles Foundation Discussion Papers

The paper discusses the analogy between economic institutions and algorithms for the solution of mathematical programming problems. The simplex method for solving linear programs can be interpreted as a search for market prices that equilibrate the demand for factors of production with their supply. An interpretation in terms of the internal organization of the large firm is offered for Lenstra’s integer programming algorithm.

Spruce Up The Plan Reports To Gain Some Notice, Chester Smolski

Smolski Texts

"It was just a decade ago that the comprehensive plan for the city of Springfield, Mass. was published, and almost immediately, the national news media picked it up and publicized it throughout the country. What was it about this plan for the future of a middle-sized city that would generate this type of attention? After all, most cities produce similar plans, but these usually go unnoticed and unread, even in the communities for which these plans are made.

The imaginative approach used in the Springfield plan was to publish it in the Time magazine format, even to a title that …

The Financial Instability Hypothesis: A Clarification, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Remarks prepared for "Conference on Reducing the Risks of Economic Crisis," National Bureau of Economic Research, Inc. (NBER), Cambridge, Mass.

The Problems Of Rural Reindustrialization: A Case Study Of Monroe, Massachusetts, John R. Mullin, Jeanne H. Armstrong

Landscape Architecture & Regional Planning Faculty Publication Series

Owing to the departure of the mill industry from rural New England, many small towns have suffered erosion of their economic base. These towns and villages face a declining population, vacant mills, and an aging work force. Monroe, Massachusetts, is an example of the problems of rural reindustrialization. This article concludes that state intervention is required for the restoration of productivity.

Palestinian Labor In A Dependent Economy: Women Workers In The West Bank Clothing Industry, Randa George Siniora

Faculty Books

No abstract provided.

The Concept Of The Rules Of Public Order In The Political Thought Of Hizb Al-Tahrir, SaʻĪD Al- Hasan

Archived Theses and Dissertations

No abstract provided.

The Empirical Reliability Of Monetary Aggregates As Indicators, Michael R. Darby, Angelo R. Mascaro, Michael L. Marlow

Economics

It is widely believed that monetary aggregates have failed to predict economic performance over 1983-87. This paper observes that the traditional definition of money (M1 lessother checkable deposits, or M1A) shows no evidence of structural change, and yields lower prediction errors for both real GNP and inflation over 1983-87Q2 than the errors obtained using M1 or M2. If there is a mystery, it is not why MIA has done so well, but why economists abandoned it for M1 or what was once called M1B (currency, demand deposits, and other checkable deposits).

Minnesota Housing Report [1989 4th Quarter], George R. Karvel Dr.

Minnesota Housing Reports

The Minnesota Housing Report is compiled on the basis of monthly housing reports furnished to the Minnesota Real Estate Research Center at St. Cloud State University. Funding to permit preparation of the Minnesota Housing Report is provided by the Educational Foundation of the Minnesota Association of REALTORS and St. Cloud State University.

The reports are supplied by fourteen cooperating local real estate boards representing 80 percent of Minnesota' s population. The boards represent various areas of the state and thus provide a picture of housing diversity between regions as well as housing trends within regions.

Information presented for the state …

Structural Change And Employment Decline In Oregon's Wood Products Industry, James G. Strathman, Anthony M. Rufolo, Lois M. Bronfman

Center for Urban Studies Publications and Reports

Employment in the wood products industry in Oregon has declined over the past decade despite a recent resurgence in demand for the industry's products. Reviewing employment and productivity data over the last decade, it is apparent that wood products employment in the state has been reduced as a result of productivity increases. Thus the industry processed more timber in 1986 than in 1979, but with about fifteen percent fewer workers. Continued reductions in wood products employment pose potentially serious adjustment problems because much of rural Oregon remains heavily dependent economically on the industry. There are also indications that timber supply …

Labor Productivity In Wood Products: Using Interviews To Supplement Statistical Estimates, Anthony M. Rufolo, Lois M. Bronfman, James G. Strathman

Center for Urban Studies Publications and Reports

In 1986 the wood products industry in Oregon was producing more output than in 1979 but with about fifteen percent fewer workers. The employment decline in the wood products industry in Oregon can be traced to a variety of causes, including reductions in timber harvest and changes in output mix between the more labor-intensive plywood production and the less labor-intensive lumber production; but increasing labor productivity in the industry was a major factor. Despite substantial amounts of research regarding such productivity increases, there is still ample room for debate about the specific causes of the observed productivity improvement.

In section …

Solving Systems Of Simultaneous Equations In Economics, John Geanakoplos, Wayne Shafer

Cowles Foundation Discussion Papers

We show that there is a broad range of systems of simultaneous equations that arise in economics as descriptions of equilibrium that can be solved in elementary fashion via degree theory. Some of these systems are not susceptible to analysis by standard Brouwer fixed point methods. Two of our applications are to general equilibrium with incomplete markets, and to nonconvex production with noncompetitive pricing rules.

Alternative Approaches To The Political Business Cycle, William D. Nordhaus

Cowles Foundation Discussion Papers

This paper reviews the theory and evidence concerning Political Business Cycles (PBC), which are based on the obvious facts of democratic life that voters care about the economy while politicians care about power. The first section provides an overview of different approaches to political cycles, describing five models that have been used in different contexts. The next two sections review major theoretical issues, with attention to the “microfoundations” of politico-economic systems, an exploration of the implications of ideological parties for political equilibria, and a formal analysis of a number of different PBC models. The empirical sections begin with an analysis …

Testing For A Unit Root In The Presence Of Deterministic Trends, Peter C.B. Phillips, Peter Schmidt

Cowles Foundation Discussion Papers

This paper provides a new unit root test based on an alternative parameterization which has previously been considered by Bhargava (1986). This parameterization allows for trend under both the null and the alternative, without introducing any parameters that are irrelevant under either. This is not so in the Dickey-Fuller parameterizations. The new test is extracted from the score or LM principle under the assumption that the errors are iid N(0, sigma squared (epsilon)), but our asymptotics hold under more general assumptions about the errors. Two forms of the test (a coefficient test and at t-test) are derived.

Estimating Long Run Economic Equilibria, Peter C.B. Phillips, Mico Loretan

Cowles Foundation Discussion Papers

Our subject is econometric estimation and inference concerning long-run economic equilibria in models with stochastic trends. Our interest is focused on single equation specifications such as those employed in the Error Correction Model (ECM) methodology of David Hendry (1987, 1989 inter alia) and the semiparametric modified least squares method of Phillips and Hansen (1989). We start by reviewing the prescriptions for empirical time series research that are presently available. We argue that the diversity of choices is confusing to practitioners and obscures the fact that statistical theory is clear about optimal inference procedures. Part of the difficulty arises from the …

Asymptotics For Linear Processes, Peter C.B. Phillips, Victor Solo

Cowles Foundation Discussion Papers

A method of deriving asymptotics for linear processes is introduced which uses an explicit algebraic decomposition of the linear filter. The method leads to substantial simplifications in the asymptotics and offers a unified approach to strong laws and central limit theory for linear processes. Sample means and sample covariances are covered. The results also accommodate both homogeneous and heterogeneous innovations as well as innovations with undefined means and variances.

Observability And Optimality, John Geanakoplos, Heracles M. Polemarchakis

Cowles Foundation Discussion Papers

Observability of an individual’s excess demand function for assets and commodities as all prices and revenue vary suffices in order to recover his von Neumann-Morgenstern utility function. This is generically the case, even when the asset market is incomplete and the cardinal utility indices state dependent, as long as there are at least two commodities traded in spot markets at each state of nature. On the contrary, if the response of individuals’ excess demand for assets as prices in spot commodity markets vary is not observable, recoverability fails when the asset market is incomplete. In particular, it is not possible …

Asymptotic And Finite Sample Distribution Theory For Iv Estimators And Tests In Partially Identified Structural Equations, In Choi, Peter C.B. Phillips

Cowles Foundation Discussion Papers

General formula for the finite sample and asymptotic distributions of the instrumental variable estimators and the Wald statistics in a simultaneous equation model are derived. It is assumed that the coefficient vectors of both endogenous and exogenous variables are only partially identified, even though the order condition for identification is satisfied. This work extends previous results in Phillips (1989) where the coefficient vector of the exogenous variables is partially identified and that of the endogenous variables is totally unidentified. The effect of partial identification on the finite sample and asymptotic distributions of the estimators and the Wald statistics is analyzed …

An Economic Approach To The Determination Of Injury Under United States Antidumping And Countervailing Duty Law, Michael S. Knoll

All Faculty Scholarship

No abstract provided.

Welfare Implications Of Hdb Policy On The Public Housing Price Gradient, Sock Yong Phang

Research Collection School Of Economics

In Singapore, extensive government intervention in the housing market has resulted in much deviation from assumptions made in the simple neoclassical urban models. The monocentric model of urban structure is extended to incorporate a subsidized public housing market in which the government-determined price gradient is flatter than the private housing price gradients. The propositionthat the utility of public housing households varies inversely with residential location distance from the CBD is empirically tested by estimating net returns to public housing using resale market data. It was found that net returns decreased with distance from the CBD.

A Fresh Look At The Rotten Kid Theorem, Ted Bergstrom

Ted C Bergstrom

Gary Becker's ``Rotten Kid Theorem'' asserts that if all family members receive gifts of money income from a benevolent household member, then even if the household head does not precommit to an incentive plan for family members, it will be in the interest of selfish family members to maximize total family income. We show by examples that the Rotten Kid theorem is not true without assuming transferable utility. We find a simple condition on utility functions that is necessary and sufficient for there to be the kind of transferable utility needed for a Rotten Kid Theorem. While restrictive, these conditions …