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Articles 331 - 360 of 386
Full-Text Articles in Economics
For Whom Is The Rural Economy Resilient? Initial Effects Of Drought In Western Sudan, Leslie C. Gray, Michael Kevane
For Whom Is The Rural Economy Resilient? Initial Effects Of Drought In Western Sudan, Leslie C. Gray, Michael Kevane
Economics
This discussion piece addresses two recent debates: entitlement theory and the resilience of rural systems. The authors find that in western Sudan entitlement theory provides a specific and useful framework for understanding the nature of the crisis confronting the society. Arguments about the resilience of rural systems, however, need to be more closely examined and will depend on site-specific factors. The rural economy and society of western Sudan were not found to be resilient.
Intergovernmental Competition, Voice And Exit Options And The Design Of Fiscal Structure, Michael L. Marlow
Intergovernmental Competition, Voice And Exit Options And The Design Of Fiscal Structure, Michael L. Marlow
Economics
Taxpayers may reveal their assessment of policy through exercise of available voice and exit options within the fiscal constitution. The voice option is utilized when taxpayers remain within political boundaries and attempt to communicate their assessments regarding the institutionalstatus quo to policymakers. Exercise of the exit option occurs when taxpayers signal discontent with thestatus quo by purchasing from another government supplier. This paper discusses and contrasts theconventional andconstitutional economics views toward fiscal design and argues that a major difference exists regarding the issue of who should be awarded primary responsibility in the policy process: taxpayers or policymakers? Because voice and …
Sustained Growth In The Model Of Overlapping Generations, Eric O'N. Fisher
Sustained Growth In The Model Of Overlapping Generations, Eric O'N. Fisher
Economics
This paper analyzes endogenous economic growth in the model of overlapping generations. There is no bequest motive, nor are there any externalities. If the technology is convex, per capita growth can occur only if the economy has at least two sectors. This paper shows that the limiting marginal efficiency of investment determines the potential for growth and that the rate of growth depends upon the share of the capital stock devoted to investment. Sustained consumption growth can occur only under a fairly restrictive set of assumptions. There is an equilibrium with growth only if the marginal propensity to save is …
The International Effects Of U.S. Farm Subsidies, Eric O'N. Fisher, Harry De Gorter
The International Effects Of U.S. Farm Subsidies, Eric O'N. Fisher, Harry De Gorter
Economics
Using dynamic programming, this paper examines effects of farm subsidies on U.S. exports of corn, cotton, rice, and wheat. The six policy simulations described here explore alternative proposals in the current round of the General Agreement on Tariffs and Trade. The analysis leads to two conclusions. First, abolishing domestic subsidies lowers world prices of these crops. Second, imposing tighter supply controls may not actually decrease exports in the short run.
Empirical Models Of Debt-Rescheduling With Sovereign Immunity, Robert B. Avery, Eric O'N. Fisher
Empirical Models Of Debt-Rescheduling With Sovereign Immunity, Robert B. Avery, Eric O'N. Fisher
Economics
The purpose of this chapter is to review the literature on empirical models of debt-rescheduling in international financial markets. The discussion focuses primarily on the statistical techniques that have been developed. These fall into two areas: discriminant-analysis and probabilistic-choice models. We also present other methods that might prove useful in future empirical research in this area. In particular, we discuss debt-rescheduling from the point of view of an explicitly dynamic economic analysis. This chapter is divided into three sections. In the first section, we review the applied literature on international debt-rescheduling. We focus primarily on empirical studies and give only …
The Choice Of A Mixing Distribution In Duration Models, Sanjiv Jaggia
The Choice Of A Mixing Distribution In Duration Models, Sanjiv Jaggia
Economics
The Hougaard mixing distribution is considered for a Weibull duration model. This distribution is flexible and also encompasses the gamma and the inverse Gaussian distributions making it useful in discriminating between alternate distributions.
Testing Purchasing Power Parity Under The Null Hypothesis Of Co-Integration, Eric O'N. Fisher, Yoon Y. Park
Testing Purchasing Power Parity Under The Null Hypothesis Of Co-Integration, Eric O'N. Fisher, Yoon Y. Park
Economics
No abstract provided.
Centralization And Government Competition, David Joulfaian, Michael L. Marlow
Centralization And Government Competition, David Joulfaian, Michael L. Marlow
Economics
This paper examines the relationship between government size and fiscal centralization with specific focus on the separate influences of centralism and fragmentation on the size of public sector in the United States. The empirical findings at the national level provide support to the hypothesis that fiscal decentralization leads to a smaller government. The findings at the state and local levels, however, show no empirical relationship between government size and the degree of centralization.
Specification Tests Based On The Heterogeneous Generalized Gamma Model Of Duration: With An Application To Kennan's Strike Data, Sanjiv Jaggia
Specification Tests Based On The Heterogeneous Generalized Gamma Model Of Duration: With An Application To Kennan's Strike Data, Sanjiv Jaggia
Economics
In this paper, tests for neglected heterogeneity and functional form misspeciftcation of some commonly used parametric distributions are derived within a heterogeneous generalized gamma model. It is argued that the conventional test of heterogeneity may not be valid when the underlying hazard function is misspecified. Hence, if the estimated hazard function is deemed restrictive, tests for functional form misspecification should accompany any test of heterogeneity. An empirical illustration based on Kennan's (1985) model of strikes is used to show that incorrect inferences may be drawn, as in a number of previous analyses, if the relevant restrictions are not tested jointly.
Incentives And Political Contributions, Michael L. Marlow, David Joulfaian
Incentives And Political Contributions, Michael L. Marlow, David Joulfaian
Economics
No Abstract
Central Bank Credibility And Forecasting, Michael L. Marlow
The Relationship Between On-Budget And Off-Budget Government, David Joulfaian, Michael L. Marlow
The Relationship Between On-Budget And Off-Budget Government, David Joulfaian, Michael L. Marlow
Economics
This paper studies the hypothesis that controls on on-budget government spending leads to greater off-budget activity. Existence of a substitution effect suggests that our ability to control and measure the size of government is more difficult than previously thought.
Privatization And Government Size, Michael L. Marlow
Goals And Constraints Of The Federal Reserve System: A Study Of Its 'Profits' Policy, Michael L. Marlow
Goals And Constraints Of The Federal Reserve System: A Study Of Its 'Profits' Policy, Michael L. Marlow
Economics
This paper models the Federal Reserve's pursuit of goals within the constraining forces of Congress, the President, financial firms and the public. Two hypotheses are empirically examined. Hypothesis 1 is that the federal budget deficit is a determinant of Federal Reserve "profits," or U. S . Treasury deposits from the Federal Reserve. Hypothesis 2 is that government spending is significantly influenced by U. S. Treasury deposits from the Federal Reserve. Empirical support of these hypotheses suggests that the Federal Reserve is partially responsible for changes in the federal budget deficit and government spending.
Sustainable Balance Of Trade Deficits, Eric O'N. Fisher
Sustainable Balance Of Trade Deficits, Eric O'N. Fisher
Economics
This paper analyzes a model of overlapping generations in which there are two currencies. There are two agents born in each period, and these agents have completely heterogeneous preferences and endowments. The paper shows that there are monetary equilibria in which one country can sustain a trade deficit whose present value is arbitrarily close to that of its trading partner's entire stream of resources. Hence, there may be no limit to the present value of a country's trade deficit, even if the equilibrium for the world economy satisfies an intertemporal efficiency criterion.
The Causal Relationship Between Social Security And The Federal Budget, Mark W. Crain, Michael L. Marlow
The Causal Relationship Between Social Security And The Federal Budget, Mark W. Crain, Michael L. Marlow
Economics
No Abstract
The Determinants Of Off-Budget Activity Of State And Local Governments, Michael L. Marlow, David Joulfaian
The Determinants Of Off-Budget Activity Of State And Local Governments, Michael L. Marlow, David Joulfaian
Economics
No Abstract
The Empirical Reliability Of Monetary Aggregates As Indicators, Michael R. Darby, Angelo R. Mascaro, Michael L. Marlow
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).
A Model Of Exchange Rate Pass-Through, Eric O'N. Fisher
A Model Of Exchange Rate Pass-Through, Eric O'N. Fisher
Economics
Exchange rate pass-through is the phenomenon whereby changes in the value of foreign exchange are reflected in changes in import prices. This paper presents a model in which firms are price setters who anticipate exchange rate changes. In equilibrium, firms' strategies incorporate expectations about the exchange rate consistently and are best responses to the strategies of all others in the world market. It is shown that exchange rate changes give rise to import price changes, but the degree of exchange rate pass-through depends upon domestic and foreign market structures and the exchange rate regime. In general, exchange rate pass-through is …
Exchange Rate Pass-Through And The Relative Concentration Of German And Japanese Manufacturing Industries, Eric O'N. Fisher
Exchange Rate Pass-Through And The Relative Concentration Of German And Japanese Manufacturing Industries, Eric O'N. Fisher
Economics
This note examines the rank correlation of export price markups and industrial concentration in German and Japanese manufactures in 1984 and 1986. It gives the most current measures of Japanese manufacturing concentration available in English.
Expenditures And Receipts In State And Local Government Finances: Reply, Michael L. Marlow, Neela Manage
Expenditures And Receipts In State And Local Government Finances: Reply, Michael L. Marlow, Neela Manage
Economics
Chowdhury (1988) adopts an alternative technique to test for causality between expenditures and receipts of state and loyal governments and claims that he obtains results that are different from those reported in our 1987 paper (Marlow and Manage, 1987). We disagree with many of his criticisms. In this reply, we argue that he misinterprets our results and policy implications and that his results are really not much different from ours; in fact, sometimes his results provide stronger support of our hypothesis.
Private Sector Shrinkage And The Growth Of Industrialized Economies: Reply, Michael L. Marlow
Private Sector Shrinkage And The Growth Of Industrialized Economies: Reply, Michael L. Marlow
Economics
No abstract provided.
Controlling Leviathan Through Tax Reduction, Michael L. Marlow, William Orzechowski
Controlling Leviathan Through Tax Reduction, Michael L. Marlow, William Orzechowski
Economics
No Abstract
Fiscal Decentralization And Government Size, Michael L. Marlow
Fiscal Decentralization And Government Size, Michael L. Marlow
Economics
Numerous studies have attempted to model the possible factors contributing to universal growth in public sectors. This paper analyzes one device that appears capable of controlling some of that growth: fiscal decentralization. The results reported here also support the use of monopoly government assumptions in models of public policy. The author gratefully acknowledges the comments of Angelo R. Mascaro, Gordon Tullock and an anonymous referee. Views expressed here are of the author alone and do not necessarily represent those of the U.S. Department of Treasury.
Measuring Market Power As Competition Over Time, Michael L. Marlow, George E. Wright
Measuring Market Power As Competition Over Time, Michael L. Marlow, George E. Wright
Economics
This paper suggests that the empirical measurement of market structure, particularly the reliance on concentration indexes as an indicator of noncompetitive market power, does not adequately reflect recent advances in theory. This paper integrates the literature of the interaction between market structure and firm behavior with dynamic measures of structure. Our estimation for the savings and loan industry suggests that continued application of traditional static measures in market structure-performance studies are apt to be misleading. We call for more investigation into measures of dynamic structure.
Expenditures And Receipts: Testing For Causality In State And Local Government Finances, Michael L. Marlow, Neela Manage
Expenditures And Receipts: Testing For Causality In State And Local Government Finances, Michael L. Marlow, Neela Manage
Economics
No Abstract
Private Sector Shrinkage And The Growth Of Industrialized Economies, Michael L. Marlow
Private Sector Shrinkage And The Growth Of Industrialized Economies, Michael L. Marlow
Economics
Industrialized nations have experienced growing public sectors over this century. Measured as a share of total product, growing absorptions of resources by governments have altered the private-public sector mixes of industrialized economies. As displayed in Table 1, the average level of the public sector's share of gross domestic product (GDP) has risen from .32 to .40 over 1960 to 1980, respectively. Much of public sector growth stems from a rapid acceleration in public outlays on social expenditure: The average ratio of social expenditure to GDP has risen from .14 to .24 over the same period.
Federal Budget Cuts: Bureaucrats Trim The Meat, Not The Fat: Comment, Michael L. Marlow
Federal Budget Cuts: Bureaucrats Trim The Meat, Not The Fat: Comment, Michael L. Marlow
Economics
No abstract provided.
Market Structure And Rivalry: New Evidence With A Non-Linear Model, Michael L. Marlow, John P. Link, Robert P. Trost
Market Structure And Rivalry: New Evidence With A Non-Linear Model, Michael L. Marlow, John P. Link, Robert P. Trost
Economics
It is argued that the estimation techniques used by previous researchers to study rivalry in financial markets are inappropriate. The assumptions of both ordinary least-squares and Tobi analysis are violated when these techniques are used to analyze mobility and turnover data. To overcome the difficulties in the previous studies, we suggest a non-linear model (which is closely related to the Poisson model). This model is designed for describing frequency data and is not subject to the criticisms to which ordinary least-square and Tobut are subject.
Microeconomics, Norms, And Rationality, Alexander J. Field
Microeconomics, Norms, And Rationality, Alexander J. Field
Economics
A divergence of views among microeconomists in general and game theorists in particular regarding the explanatory objectives of microeconomic theory has become apparent in recent years. This divergence concerns, most fundamentally, the question whether institutions, legal or customary rules, or social norms are to be classified among the endogenous as opposed to the exogenous variables in the framework of microeconomic analysis. 1 The majority of economists are probably agnostic or ambivalent on this question, not having confronted, or not having had to confront, the issue in their own work. Many have sidestepped it by treating institutions as immutable or by …