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Articles 211 - 240 of 386
Full-Text Articles in Economics
From Quasi-Private To Quasi-Public: The Development Of Local Libraries In The United States, 1870-1930, Michael Kevane, William A. Sundstrom
From Quasi-Private To Quasi-Public: The Development Of Local Libraries In The United States, 1870-1930, Michael Kevane, William A. Sundstrom
Economics
The period 1870-1930 witnessed the emergence of the local public library as a widespread and enduring American institution. During these years, access to free community-based library services spread to a much larger share of the U.S. population, while the institutional structure of local libraries underwent a transition from largely quasi-private, voluntary associations to the tax-supported public institutions familiar today. In this paper we describe this transition, and document the expansion of public libraries and library services in the United States over these years, using data drawn from library surveys conducted by the federal Bureau of Education. We then review some …
Habitudes De Lecture Au Burkina Faso, Michael Kevane, Alain Joseph Sissao
Habitudes De Lecture Au Burkina Faso, Michael Kevane, Alain Joseph Sissao
Economics
Personne ne doute du fait que la pratique de la lecture tout au long du cursus scolaire soit un exercice très important pour le développement et la consolidation permanente de l’alphabétisation (1 ; 8 ; 2). Malgré ce consensus, il existe très peu d’études sur les habitudes de lecture des élèves en Afrique. La plupart des recherches se concentrent sur les problèmes des bibliothèques publiques (3 ; 13). Mais nous ne connaissons pas d’études qui analysent ou évaluent véritablement l’influence des bibliothèques sur les habitudes de lecture dans les pays africains. Ce qui est regrettable, car, pour évaluer l’impact des …
The Origins Of U.S. Total Factor Productivity Growth In The Golden Age, Alexander J. Field
The Origins Of U.S. Total Factor Productivity Growth In The Golden Age, Alexander J. Field
Economics
A consideration of TFP growth in the United States during the golden age (1948–1973) raises two related questions: on the one hand why was it so strong and on the other hand, why were TFP growth rates lower than they were during the Depression years (1929–1941)? A continuing downward trend in TFP growth within manufacturing, and its declining share after World War II, provide answers to the latter question. A persisting productivity windfall associated with the build out of the surface road infrastructure helps answer the former question. By adopting a longer historical perspective, we can move beyond understanding the …
What Can Industry Trade Orientation Tell Us About Trade-Related Employment Dynamics?, Roger White
What Can Industry Trade Orientation Tell Us About Trade-Related Employment Dynamics?, Roger White
Economics
We explore whether imports and exports affect industry employment differently based on the industry’s trade orientation. Effects of trade are examined for both production and non-production employment using data for 384 6-digit manufacturing industries, classified by the North American Industrial Classification System (NAICS), and 116 trading partners that span the years 1972 to 2001. Additionally, we consider potential employment effects stemming from shifts in import sources from high- to low-income nations. The findings confirm theory and provide a more detailed portrait of trade-related employment dynamics. As the United States further liberalizes trade, net job loss may be expected in more …
Import Competition And Job Displacement: Evidence From Us Manufacturing, 1981-1999, Roger White
Import Competition And Job Displacement: Evidence From Us Manufacturing, 1981-1999, Roger White
Economics
No abstract provided.
Empirical Tests Of Exchange Rate Theory, Eric O'N. Fisher
Empirical Tests Of Exchange Rate Theory, Eric O'N. Fisher
Economics
There have been very few direct applications of experimental techniques in macroeconomics for two main reasons. First, macroeconomics is about the interaction between markets, and it is not easy to design an elegant treatment that gets at the essence of how a national economy functions. Second, there is a vestigial prejudice that favors econometrics over putatively unorthodox empirical approaches. Still, the Nobel Prize-winning economist Edward Prescott is alleged to have said, “Don’t regress; progress!”
The Equipment Hypothesis And U.S. Economic Growth, Alexander J. Field
The Equipment Hypothesis And U.S. Economic Growth, Alexander J. Field
Economics
In several articles published in the 1990s, de Long and Summers argued that investment in producer durables had a high propensity to generate externalities in using industries, resulting in a systematic and substantial divergence between its social and private return. They maintained, moreover, that this was not the case for structures investment. Together, these claims constitute the equipment hypothesis. This paper explores the degree to which the history of US economic growth in the 20th century supports it.
The Anatomy Of An Oil Price Shock, Eric O'N. Fisher, Kathryn G. Marshall
The Anatomy Of An Oil Price Shock, Eric O'N. Fisher, Kathryn G. Marshall
Economics
Oil price shocks do not cause inflation, no matter how close the connection seems to be in our practical experience. But they can cause significant price increases throughout the economy. Tracing the way a sharp increase in the price of crude oil affects prices in various industrial sectors of the U.S. economy suggests how big these increases are. Fortunately, our economy seems better prepared now to weather such shocks than in the 1970s and 1980s.
Green Markets, Eco-Certification, And Equilibrium Fraud, Stephen F. Hamilton, David Zilberman
Green Markets, Eco-Certification, And Equilibrium Fraud, Stephen F. Hamilton, David Zilberman
Economics
Consumers voluntarily pay significant price premiums to acquire unobservable environmental attributes in green markets. This paper considers the performance of eco-certification policy under circumstances where consumers cannot discern environmental attributes in goods, but are able to form rational expectations regarding the extent of illicit activities in the green market. The main results are: (i) fraud is less prevalent in green markets when entry barriers limit the number of firms; (ii) conventional environmental policies on polluting techniques increase the incidence of fraud, and can even preclude the use of non-polluting techniques which would otherwise emerge in green markets; (iii) voluntary eco-certification …
Tobacco Control Programs And Tobacco Consumption, Michael L. Marlow
Tobacco Control Programs And Tobacco Consumption, Michael L. Marlow
Economics
The Centers for Disease Control and Prevention (CDC) believe that adequate funding of tobacco control programs by all 50 states would reduce the number of adults who smoke by promoting quitting, preventing young people from ever starting, reducing exposure to secondhand smoke, and eliminating disparities in tobacco use among population groups. CDC has established guidelines for comprehensive tobacco control programs, including recommended funding levels, in Best Practices for Comprehensive Tobacco Control Programs (CDC 1999; hereafter called Best Practices). Recommendations are based on best practices in nine program elements: community programs to reduce tobacco use, chronic disease programs to reduce the …
Import Competition And The Probability Of Job Displacement In Us Manufacturing, 1983-1999, Roger White
Import Competition And The Probability Of Job Displacement In Us Manufacturing, 1983-1999, Roger White
Economics
The trade-displacement relationship is examined using observations from the 1984- 2000 Displaced Worker Surveys and corresponding industry data. Increases in import penetration and decreases in import prices correlate with higher displacement rates. Considerable variation in the effects of import competition on displacement probabilities is found across worker types. For example, the estimated displacement probability for a minority female who is not a union member but who has completed some college coursework ranges from 6.44 to 7.13 percent. This is significantly higher than the range estimated (1.02 to 1.24 percent) for collegeeducated, white, male union members. Setting import competition values equal …
Official Representations Of The Nation: Comparing The Postage Stamps Of Sudan And Burkina Faso, Michael Kevane
Official Representations Of The Nation: Comparing The Postage Stamps Of Sudan And Burkina Faso, Michael Kevane
Economics
An analysis of the imagery on postage stamps suggests that regimes in Burkina Faso and Sudan have pursued very different strategies in representing the nation. Sudan's stamps focus on the political center and dominant elite (current regime, Khartoum politicians, and Arab and Islamic identity) while Burkina Faso's stamps focus on society (artists, multiple ethnic groups, and development). Sudan's stamps build an image of the nation as being about the northern-dominated regime in Khartoum (whether military or parliamentary); Burkina Faso's stamps project an image of the nation as multi-ethnic and development-oriented.
Rivalry In Price And Variety Among Supermarket Retailers, Timothy J. Richards, Stephen F. Hamilton
Rivalry In Price And Variety Among Supermarket Retailers, Timothy J. Richards, Stephen F. Hamilton
Economics
Recent theoretical models of retail competition suggest that product heterogeneity is critical to retail price and variety strategies. This article provides empirical evidence on supermarket retailers' price and variety strategies using a nested constant elasticity of substitution (NCES) modeling framework. The model is estimated using chain-level scanner data for four major grocery chains in a large, urban West Coast market. The results show that retailers compete for market share using both price and variety. While they all tend to follow moderately cooperative pricing strategies, the extent to which they follow cooperative strategies in variety is less homogeneous.
Priors That Do Not Rule Out Strategic Uncertainty Cannot Lead To Nash Equilibrium, Eduardo Zambrano
Priors That Do Not Rule Out Strategic Uncertainty Cannot Lead To Nash Equilibrium, Eduardo Zambrano
Economics
Consider a two player game that is to be played once. The players receive information that they use to help them predict the choices made by each other. A decision rule for each player captures how each player uses the information received in making their choices. Priors in this context are probability distributions over the information that may be received and over the decision rules that their opponents may use. I investigate the existence of prior beliefs for each player that satisfy the following properties: (R) they do not rule out their opponent using a rational decision rule, (K) they …
Women’S Access To Credit In Sub-Saharan Africa: Sudan, Michael Kevane, Endre Stiansen
Women’S Access To Credit In Sub-Saharan Africa: Sudan, Michael Kevane, Endre Stiansen
Economics
Women in Sudan have been largely excluded from formal financial institutions of the Anglo-Egyptian and independent Sudan, even as they have demonstrated the ability and desire to profit from financial transactions. The exclusion is not based on legal criteria, but rather on informal practices that control institutions of the formal sector. However, women –particularly in urban areas of northern Sudan – have access to informal financial institutions, and in recent years there have been some attempts by non-governmental organizations (NGOs) to offer financial services, especially loans at discounts, to women
Communications, Alexander J. Field
Communications, Alexander J. Field
Economics
The communications sector of an economy comprises a range of technologies, physical media, and institutions/rules that facilitate the storage of information through means other than a society's oral tradition and the transmission of that information over distances beyond the normal reach of human conversation. This chapter provides data on the historical evolution of a disparate range of industries and institutions contributing to the movement and storage of information in the United States over the past two centuries. These include the U.S. Postal Service, the newspaper industry, book publishing, the telegraph, wired and cellular telephone service, radio and television, and the …
Naked Slotting Fees For Vertical Control Of Multi-Product Retail Markets, Robert Innes, Stephen F. Hamilton
Naked Slotting Fees For Vertical Control Of Multi-Product Retail Markets, Robert Innes, Stephen F. Hamilton
Economics
Slotting fees are fixed charges paid by food manufacturers to retailers for access to the retail market. This note considers this practice in the context of multi-product markets with imperfectly competitive retailers, a monopoly supplier of one good, and competitive suppliers of other goods. We show how the monopolist and the retailers can use "naked" slotting fees–charges imposed on the suppliers of other goods–to obtain vertically integrated monopoly profits.
Technological Change And U.S. Productivity Growth In The Interwar Years, Alexander J. Field
Technological Change And U.S. Productivity Growth In The Interwar Years, Alexander J. Field
Economics
Manufacturing contributed almost all—83 percent—of the growth of total factor productivity in the U.S. private nonfarm economy between 1919 and 1929. During the depression manufacturing TFP growth was not as uniformly distributed, and only half as rapid, accounting for only 48 percent of PNE TFP growth. Yet the overall growth of the residual between 1929 and 1941 was the highest of any comparable period in the twentieth century. This resulted from the combination of a still potent manufacturing contribution with advances in transportation, public utilities, and distribution, fueled in part by investments in public infrastructure.
The Forward Premium In A Model With Heterogeneous Prior Beliefs, Eric O'N. Fisher
The Forward Premium In A Model With Heterogeneous Prior Beliefs, Eric O'N. Fisher
Economics
This paper explores a model of bond prices where agents have diverse prior beliefs about domestic and foreign inflation. In the long run, the foreign exchange forward premium reflects expected differences in inflation, but in the short run, it depends upon the diversity of prior beliefs. If some people have diffuse priors about a country's inflation process, then its currency commands a forward premium that is eventually dissipated. Using data on the dollar–mark premium from the 1980s, it shows that this kind of diversity really matters. Thus models with a single representative agent give an inadequate description of the data.
Technical Change And Us Economic Growth: The Interwar Period And The 1990s, Alexander J. Field
Technical Change And Us Economic Growth: The Interwar Period And The 1990s, Alexander J. Field
Economics
Multifactor productivity growth in the U.S. economy between 1919 and 1929 was almost entirely attributable to advance within manufacturing. Distributing steam power mechanically over shafts and belts required multistory buildings for economical operation. The widespread diffusion of electric power permitted a shift to single story layouts in which goods flow could be optimized around work stations powered by small electric motors. Within this framework, as well as opportunities to produce a variety of new products, economies of scale and learning by doing permitted rapid and across the board gains in manufacturing productivity. The sector contributed 83 percent of the 2.02 …
Dim Delobsom: French Colonialism And Local Response In Upper Volta, Michael Kevane
Dim Delobsom: French Colonialism And Local Response In Upper Volta, Michael Kevane
Economics
Dim Delobsom was one of the first indigenous colonial bureaucrats in the French administration of Upper Volta. Born in 1897, he rapidly rose through the ranks of colonial administration, becoming a high-level functionary. He also served as the resident anthropologist of the dominant Mossi tribe of Upper Volta, and published numerous books and articles on Mossi customs. Delobsom fell afoul of an important faction of the colonial apparatus, however, when he decided to assume the chieftaincy of his natal village upon his father's death. Colonial officials and French Catholic priests thought he would be compromised as a bureaucrat-chief, and sought …
On Some Subtle Implications Of The Choice Of Numeraire For Monetary Policy In Developing Countries, Eduardo Zambrano
On Some Subtle Implications Of The Choice Of Numeraire For Monetary Policy In Developing Countries, Eduardo Zambrano
Economics
Numeraire choice is often deemed a problem of purely analytical convenience. In this paper I show that there is more to numeraire selection than meets the eye for the formulation of monetary policy in countries with weak fiscal institutions. I show how (a) improper numeraire choice can dramatically overstate or understate Central Bank profits and (b) how this can threaten the ability of a Central Bank to keep inflation under control. I show point (a) in the context of Monte Carlo experiments calibrated for the Venezuelan economy and point (b) in an infinitely lived representative agent model that illustrates the …
Central Bank Independence In A (Very) Non-Neoclassical World, Eduardo Zambrano
Central Bank Independence In A (Very) Non-Neoclassical World, Eduardo Zambrano
Economics
What if it could be possible to convince a completely non-neoclassical economist of the importance of Central Bank independence? The profession currently favors arguments in favor of Central Bank independence that are based on the seminal work by Barro and Gordon (1983 a,b), a model with naturally strong neoclassical assumptions. As a consequence of this, the argument in favor of Central Bank independence routinely given by economists is often not bought by those who question the validity of the neoclassical assumptions. In this paper I argue that Central Bank independence can be beneficial for society even when the economy is …
Social Preferences In Small‐Scale Societies, Alexander J. Field
Social Preferences In Small‐Scale Societies, Alexander J. Field
Economics
This volume reports on a cross‐cultural investigation of social preferences in 15 small‐scale, non‐Western societies. Participants from all 15 groups played the ultimatum game with members of their own culture; subjects from a subset also played dictator and voluntary contribution to public goods games. The bulk of the book (Chapters 4 through 14) consists of reports by the field workers (mostly anthropologists). Each chapter includes ethnographic information, a description of how members of the group make their living, details on the experimental protocols and results, and some discussion. Although none of the results are consistent with the predictions of the …
Testable Implications Of Subjective Expected Utility Theory, Eduardo Zambrano
Testable Implications Of Subjective Expected Utility Theory, Eduardo Zambrano
Economics
I show that the predictive content of the hypothesis of subjective expected utility maximization critically depends on what the analyst knows about the details of the problem a particular decision maker faces. When the analyst does not know anything about the agent's payoffs or beliefs and can only observe the sequence of actions taken by the decision maker any arbitrary sequence of actions can be implemented as the choice of an agent that solves some intertemporal utility maximization problem under uncertainty.
Sunspots In The Laboratory, John Duffy, Eric O'N. Fisher
Sunspots In The Laboratory, John Duffy, Eric O'N. Fisher
Economics
We show that extrinsic or non-fundamental uncertainty influences markets in a controlled environment. This work provides the first direct evidence of sunspot equilibria. These equilibria require a common understanding of the semantics of the sunspot variable, and they appear to be sensitive to the flow of information. Extrinsic uncertainty matters when information flows slowly, as in a call market, but it need not matter when information flows quickly, as in a double auction where infra-marginal bids and offers are observable.
Public Economies And The Endogenous Choice Of Institutions, Eduardo Zambrano
Public Economies And The Endogenous Choice Of Institutions, Eduardo Zambrano
Economics
In this paper I provide a framework in which to formalize the seminal work of Elinor Ostrom on the study of public economies, a prominent theoretical construct aimed to provide answers to the following questions: (a) Why some societies are able to solve their collective action problems and others are not? and (b) Why societies choose the particular institutions they choose from a vast array of possible choices?
Nash Bargaining Without Convexity, Eduardo Zambrano
Nash Bargaining Without Convexity, Eduardo Zambrano
Economics
In this note I study Nash bargaining when the utility possibility set of the bargaining problem is non-convex. A simple variation of Nash's symmetry axiom is all that is necessary to establish a set valued version of Nash's solution in non-convex settings.
Freedom, Servitude And Voluntary Labor, Michael Kevane, Jonathon Conning
Freedom, Servitude And Voluntary Labor, Michael Kevane, Jonathon Conning
Economics
We present an economic framework to revisit and reframe some important debates over the nature of free versus unfree labor and the economic consequences of emancipation. We use a simple general equilibrium model in which labor can be either free or coerced and where land and labor will be exchanged on markets that can be competitive or manipulated or via other non-market collusive arrangements. By working with variants of the same basic model under different assumptions about initial economy-wide factor endowments and asset ownership we can compare equilibrium distributional outcomes under different institutional and contractual arrangements including markets with free …
Survival Analysis With Artificially Constructed Events, Sanjiv Jaggia, Satish Thosar
Survival Analysis With Artificially Constructed Events, Sanjiv Jaggia, Satish Thosar
Economics
One of the key elements of survival models is that they enable the researcher to determine whether the length of time an individual (or economic entity) spends in a particular state affects the probability of exiting that state. Natural applications in economics and finance include the analysis of unemployment spells, corporate bankruptcies and mortgage pre-payments. The distinguishing feature of most applications is the definitive event that marks the transition from the origin to the transition state. We believe that limiting the use of survival analysis to applications in which the event duration appears to be 'naturally' available is an unnecessary …