Economics Commons^™

Death And Taxes, Including Inflation: The Public Versus Economists, Jeffrey Rogers Hummel

Faculty Publications

Inflation worries the general public much more than it does the economics profession, and economists remain perplexed as to exactly why. The costs that concern economists are inflation’s deadweight loss. But that is only a part of the losses that concern the public, because inflation simultaneously transfers some of people’s income into the hands of government. The fact that the seigniorage tax may pay for programs they favor is a separate issue. Moreover, unlike income and other taxes, which people in democratic countries may think they have some control over through voting, seigniorage appears utterly arbitrary. In fact, people can …

Collection Of Emails, Journals, And Articles, Anwar Shaikh Phd

Archives of Anwar Shaikh

his collection includes:

• Levy Economics Institute of Bard College. (2008, Winter). Summary, Vol. 17, No. 1 [Institute newsletter covering research programs, publications, conferences, and policy analysis].
• Moudud, J. K. (2007, September 28). ARDL method [Email to Anwar Shaikh explaining an autoregressive distributed lag modeling procedure].
• Herbst, B. (2008, January 16). Academic year 2008/9 [Email to Anwar Shaikh concerning the coming academic year's schedule].
• Thornton, J. L. (2008, January-February). Long time coming: The prospects for democracy in China [Annotated fragment from a Foreign Affairs article examining China's political development and prospects for democratization].
• India China Institute. (2008, January 10). Prosperity and …

Stock Market Theory, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2003, August). Stock mkt theory 8/03 (Unpublished manuscript).
• Dittmar, A. K., & Dittmar, R. F. (2004, February). Stock repurchase waves: An explanation of the trends in aggregate corporate payout policy (Unpublished manuscript).
• Carlson, J. B. (2001, April 1). Why is the dividend yield so low? Federal Reserve Bank of Cleveland Economic Commentary. Federal Reserve Bank of Cleveland.
• University of Michigan News Service. (2004, December 15). Stock repurchases are replacing dividends. University of Michigan News Service.
• Farrell, C. (1998, May 11). Commentary: Does the dividend yield even matter? BusinessWeek. The McGraw-Hill Companies, Inc. …

Savings Rate Of Classical Accum, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Savings rate & classical accumulation [Folder cover]. (2007, January).

• Shaikh, A. (2007, March 2). Harrod’s cyclical adjustment [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (2007, February 7). Classical accumulation with government [Handwritten notes]. Unpublished manuscript.

• Shaikh, A. (2007, January 12). Stability conditions of the post-Keynesian accumulation function [Handwritten notes]. Unpublished manuscript.

• Tullock, G. (n.d.). Government spending. In D. R. Henderson (Ed.), The concise encyclopedia of economics (Econlib edition). Liberty Fund, Inc. (Printed February 11, 2007).

• Fig06.jpg [Printed graph from JPEG image]. (2007, February 11).

• Government final consumption expenditure as a percentage …

Endogenous Savings Propensity, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Pugno, M. (1998). Harrod's economic dynamics as a persistent and regime-changing adjustment process. In G. Rampa, L. Stella, & A. P. Thirlwall (Eds.), Economic dynamics, trade and growth: Essays on Harrodian themes (pp. 152–178). Macmillan Press.
• Shaikh, A. (2007). Debutsar macro themes (Unpublished manuscript note) (p. 2).
• Robinson, J. (1965). A reconsideration of the theory of value. In J. Robinson, Collected economic papers (Vol. 3, pp. 173–181). Basil Blackwell.
• Shaikh, A. (n.d.). Endogenous variable saving propensity (Unpublished manuscript notes) (p. 1).

Monetary And Fiscal Policy In Poland During The Eu Accession, Lucjan Orlowski

WCBT Faculty Publications

The main objective of this chapter is to review the fiscal and monetary policies of Poland for EU accession and to extract their guiding precepts. Only the most essential aspects of fiscal and monetary convergence are examined, with some attention to institutional convergence. An in-depth analysis of institutional convergence falls beyond the boundaries of this study, as its main focus is on the systemic foundations of macroeconomic stabilization policies during the economic transition and in the course of preparations for EU accession. The chapter also examines policy options for the post-accession macroeconomic policy strategy which will focus on preparations for …

Net Injectors Of Purchasing Power, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Credit and inflation template [Annotated spreadsheet packet compiling IFS banking data, domestic credit, GDP, trade, inflation, unemployment, and related analytical charts]. (2007, December 19).
• International Monetary Fund. (2000). Monetary and financial statistics manual [Annotated excerpt from Chapters VI-VII on money, credit, debt, and the framework for monetary statistics].
• Kucera, J., & Shaikh, A. (2007, December 9-17). Re: IFS categories [Annotated email thread on banking surveys, credit flows, high-powered money, and trade credit].
• Summary of IFS data [Handwritten working notes on banking-survey categories and domestic-credit calculations]. (ca. 2005, December 18).
• International Monetary Fund. (1995). International financial statistics yearbook: …

Demand-Led Policies For Growth, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Taylor, L. (2007, April 13). Demand-led policies for growth: What theory tells us [Paper].

• Shaikh, A. (2007, February 12). A synthesis of Keynesian and Harrodian growth [Paper].

• Lavoie, M. (1998). The neo-Pasinetti theorem in Cambridge and Kaleckian models of growth and distribution. Eastern Economic Journal, 24(4), 417–434.

• Lavoie, M. (1998). The neo-Pasinetti theorem in Cambridge and Kaleckian models of growth and distribution [Highlighted reprint]. Eastern Economic Journal, 24(4), 417–434.

• Shaikh, A., PhD. (2007, March 1). Debate on normal capacity utilization [Handwritten notes].

Cse1, Cse2, Fredholm, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Laski, K. (1981, December). Review of Essays on the theory of joint production [Highlighted Journal of Economic Literature review of Luigi L. Pasinetti's edited volume].
• JSTOR. (2007, August 17). Review of Essays on the theory of joint production: Repository information page [Access, use, and preservation information for the Laski review].
• Newton, A. (2007, July 9). Referee invitation for The weakness of the empirical labour theory of value: Evidence from the supply and use tables of the Greek economy [Cambridge Journal of Economics letter inviting Shaikh to referee manuscript 2475].
• Cambridge Journal of Economics. Referee's report: Manuscript 2475 …

Inflation, Theory And Data, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Capacity utilization and output gap measures in inflation theory by Anwar Shaikh
• Inflation theory empirical test US by Anwar Shaikh
• Definitions of domestic credit and depository corporations survey by an anonymous interlocutor
• My inflation model by Anwar Shaikh
• Theories of demand-led inflation by Anwar Shaikh
• Credit and GDP patterns by Anwar Shaikh
• Stock-flow accounts and turbulent macrodynamics by Anwar Shaikh

Stock Flow, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2001, February 4). Ex ante SAM [Handwritten course notes for Eco 205]. Unpublished manuscript.

• Shaikh, A. (2001, February 5). Ex ante and ex post stock-flow accounts [Course paper for Eco 205new]. Unpublished manuscript.

• Duncan. (n.d.). Conference outline [Unpublished outline]. Unpublished manuscript.

• Shaikh, A. (2007, March 13). Ch. 11 stock flow accounts [Book chapter manuscript]. Unpublished manuscript.

• Shaikh, A. (2007, March 22). Classical accounting and national income accounts [Unpublished paper]. Unpublished manuscript.

• Shaikh, A. (2007, February 21). Ch. 11 stock flow accounts [Book chapter manuscript]. Unpublished manuscript.

• Shaikh, A. …

Macro, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Godley, W., & Lavoie, M. (2007). Monetary economics: An integrated approach to credit, money, income, production and wealth [Annotated excerpts from Chapter 11, pp. 384-393, with title page]. Palgrave Macmillan.
• Shaikh, A. (2007, February 9). PK version of classical accumulation (saving rate = fixed) [Annotated chart printout].
• Godley, W., & Lavoie, M. (2007). Monetary economics: An integrated approach to credit, money, income, production and wealth [Annotated excerpts from Chapter 11, pp. 412-413, with title page]. Palgrave Macmillan.
• Shaikh, A. (2007, February 13). Investment & effective DD and ROP [Handwritten notes by Anwar Shaikh, PhD].
• Shaikh, A. (2007, …

Part Ii Turbulent Macrodynamics, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (n.d.). Part II: Turbulent macrodynamics [Folder cover].

• Shaikh, A., PhD. (2007, February 17). Part III: Turbulent macrodynamics [Outline, pp. 7–8, with handwritten notes].

• Shaikh, A., PhD. (2004, October; 2007, February 17). Outline: The economic analysis of the developed world [Outline].

Currency Restructuring: The Role Of The Media., Festus O. Odoko

Bullion

One of the mandates of the Central Bank of Nigeria (CBN) as provided in the CBN Act of 1991 (as amended) is the issuance of legal tender currency. This paper examines the rationale for currency restructuring so as to elicit the buy-in and support of the media and in that way enhance the acceptability of the currency in economic transactions in Nigeria. The rest of the paper is organized as follows: Section 2 outlines the major elements of currency restructuring, while section 3 discusses the critical success factors. In section 4 the role of the media is enunciated while section …

Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun

Bullion

Pension schemes exit to provide post-retirement I benefits to employees. Pension scheme was introduced into Nigeria during the Colonial era to provide old age income and security to British citizens working in the country upon retirement. This paper discussed the conceptual framework of Pension Reform Act 2004, the dynamics of Pension Reform Act of 2004, the implications and challenges of Pension Act of 2004 as well as feasible options for future developments. The study concluded that, The roles and functions of PFAs and PFCs are Pivotal to the success of the new defined contributory scheme. It behoves on them therefore, …

Overview Of Exchange Rate Management In Nigeria., Mike I. Obadan

Bullion

The exchange rate is a key macroeconomic variable in the context of general economic policy making, and of economic reform programmes, in particular. It is a very important price which governments take very active interest in. However, two concepts of exchange rate are commonly distinguished: nominal exchange rate and real exchange rate. - The nominal exchange rate (NER) is a monetary concept which measures the relative price of two moneys or currencies, e.g., Naira in relation to the U. S dollar. - But the real exchange rate (RER), as the name implies, is a real concept that measures the relative …

Economics Of Exchange Rate Management, Ayodele Odusola

Bullion

Exchange rate policy plays an important role in national economic development management. If well managed, it could facilitate the achievement of macroeconomic objectives of rapid economic growth, low rate of inflation, high employment generation, buoyant balance of payment condition, and progressive income distribution. Of all economic policies, it is the most suitable policy for ensuring internal and external balances. This paper examine the economics of exchange rate management; the conceptual issues in exchange rate management in view of attaining the macroeconomic objectives for rapid economic growth and development. One of the critical issues in the management of foreign exchange is …

Recent Reforms In The Nigerian Banking Industry: Issues And Challenges., U. Kama

Bullion

The banking industry around the world has witnessed remarkable changes in recent decades, given t h e i n c r e a s i n g w a v e o f globalization, structural and technological changes, and integration of financial markets. As McKinnon and Shaw (1973) observed in their seminar work on the key roles of banks as propel lands of growth and development in developing economies, a feeble banking system is repressive, distortionary and dis-connect the intermediation process thereby precipitating macroeconomic instability. The paper reviews the various reforms in Nigerian banking industry since 1986 particularly the complementary …

Overview Of Currency Management In Nigeria., K. S. Adeyemi

Bullion

This paper seeks to highlight the issues in currency management, identify the challenges of currency management in Nigeria, and situate the currency management reforms of the Central Bank of Nigeria in proper context. The paper is structured into six sections. Following the introduction, the key dimensions of the currency management function is highlighted in section 2. Section 3 reviews the major currency episodes in Nigeria while section 4 examines the shortcomings of the existing currency arrangements. Nigeria's reform effort in currency management is discussed in Section 5 and the paper is concluded in section 6 by observing that: as inflation …

Promoting The Use Of Coins In Nigeria., A O. Ikuseedun

Bullion

The main purpose of currency in any nation is to facilitate transactions and serves as a store of value. Currency is made up of banknotes and coins. While banknotes are expected to be used for relatively large value payments, coins are for low value ones. The paper examines the factors responsible for low usage of coins in Nigeria and suggest possible remedial measures. The paper observes that there had been a general low use of coins for retail transactions in Nigeria. This was reflected in the relative value of coins in circulation as against the value of currency which was …

Financial Liberalization And Savings Mobilisation In Nigeria., Emmanuel A. Onwoduokit

Bullion

Financial liberation involves the elimination of credit, controls, deregulation of interest rates, easing of entry into the financial services industry, development of capital markets, increased prudential regulation and supervision, and liberalization of international capital flows. This paper assess the impact of financial sector reforms in Nigeria, especially on the development of the financial sector. Accordingly, the paper dwells on theoretical issues and brief review of literature and presented a brief analysis of financial sector reforms in Nigeria. Attempt is also made to assess the impact of the reforms. Furthermore, the paper analyzes the roles of the indicators that are studied …

Exchange Rate Stability And Poverty Reduction In Nigeria, Greg Nzekwu

Bullion

The paper discusses the role of macroeconomic policy in achieving social as well as macroeconomic objectives in attaining poverty reduction in Nigeria. Nigeria's economy is growing at an impressive rate compared to the historical. This reflects in part increased investor confidence due t o the improvement in macroeconomic management and positive dividends of the new found economic direction and general political stability. However, the renewed optimism is unlikely to be sustained if appreciable progress is not made to advance growth, general macroeconomic stability and poverty reduction. The reveals that, In order for growth to be poverty reducing, the link between …

Challenges Of Exchange Rate Volatility In Economic Management In Nigeria., Charles N.O Mordi

Bullion

The motive behind initiating an exchange rate policy, an integral element of monetary policy, is to preserve the value of the domestic currency, maintain favorable external reserves and ensure the realization of price stability in the domestic economy. The pursuance of these goals is to ensure external balance without compromising the need for internal balance and macroeconomic stability. It is important that the monetary authority, in its bid to designing an appropriate and sustainable exchange rate policy framework, addresses issues that are fundamental to the introduction of the policy itself. This paper discussed the challenges of exchange rate volatility management …

The Achievement Of Convergence In The Nigeria Foreign Exchange Market, O. O. Akanji

Bullion

The fact that Naira is floating is not a panacea for effective monetary policy management learning from the Argentina experience. Also with volatile capital flows, there are associated over - and undershooting of exchange rates that the economy would encounter. This paper discuss the achievement of convergence in the Nigerian foreign exchange market and monetary policy, the liberalization of the foreign exchange market and the process of foreign exchange convergence. It was observed that there were supply shortage and so the supply side of resource allocation was deployed. It was also observed that the harmony between the money market and …

Effective Reserve Management In Nigeria: Issues, Challenges And Prospects., M. Nda

Bullion

Effective management of foreign exchange reserves is one of the major macroeconomic objectives of countries like Nigeria. This is against the background of rapid rise and accumulated challenges currently facing many emerging economies especially oil producing countries. In Nigeria, the reserves has risen from USD4.99 billion in May 1999 to USD38.07 billion as at July 31, 2006 (see table 1). The paper examines the key issues, challenges and prospects of effective management of external reserves in Nigeria and how the Central Bank of Nigeria has fared in coping with these challenges. The recent accumulation of foreign reserves is not peculiar …

Promoting The Use Of Non-Cash Payment Alternatives In Nigeria., Aigboje Aig-Imoukhuede

Bullion

The payments and settlement system represents the plat-form upon which financial resources is exchanged for goods and services. This paper discussed the different alternatives of non-cash payment methods as well as the advantages, modes of payments and challenges. The study concluded that, there is need not only to further the laudable reforms of the Federal Government of Nigeria, but also to ensure that business and non-business financial transactions are accessible and convenient for the average Nigerian. These reforms in the payment system can only fast track the integration of Nigeria into the international financial system with attendant benefits for the …

The Legal Framework For Currency Management In Nigeria., Anthony Olatujoye

Bullion

This paper reviews the adequacy of the existing legal framework for Currency Management in Nigeria. The paper is structured into three parts. Part I is an introduction to the paper. The legal provisions governing currency management in Nigeria and some of the legal challenges for the CBN are highlighted and examined in part II. Part III concludes the paper: that a major legal challenge facing the CBN is the absence of specific provisions of the law criminalizing such acts as tampering, deliberate mutilation, spraying and marching of currency.

Consumer Confidence Surveys: Can They Help Us Forecast Consumer Spending In Real Time?, Dean D. Croushore

Economics Faculty Publications

In 1993, the Philadelphia Fed undertook a project to develop a real-time data set for macroeconomists, who can use these data in many ways — for example, when analyzing indexes of consumer confidence. existing research indicates that consumer-confidence measures, though highly correlated with future spending, do not improve forecasts of future spending. but these studies used revised data that were not available to forecasters at the time they made their forecasts. In this article, Dean Croushore uses the real-time data set to investigate an important question: Does using data available to forecasters at the time — that is, real-time data …

Contributory Pension Scheme: The Case Of Brazil., Mbatomon R. Ako

Bullion

The reform of the pension industry in Nigeria was necessitated by many problems confronting both the public and private sectors pension schemes. The public sector operated largely the Defined Benefit - Pay As You Go (PAYG) scheme, which depended on budgetary provisions from various tiers of governments for funding. This paper discuss the conceptual issues of Contributory pension scheme in Brazil, the structure of the pension system and the features of the pension scheme as well as some other pension reforms in Brazil. The study concluded that. the pension systems were introduced into the country by the colonial administrators. The …

Financial Sector Outcomes In Nigeria: A Quantitative Evaluation., Abeng M. Okoi

Bullion

Prior to the adoption of the economic reforms measures of the 1980's, most African economies were predominantly characterised by extensive public ownership, management and control of productive and social infrastructures and institutions. This paper discuss the trend of investments and pension schemes with its risks and challenges in Nigeria. The study however confirmed the non applicability of the financial reform theory hypothesized by McKinnon and Shaw in Nigeria 'This Paper quantitatively examine the outcomes of financial sector reforms in Nigeria with a view to validating the applicability of the Mckinnon Shaw hypothesis of financial liberalization. The impact of reforms on …