Economics Commons^™

Simple Counterexample To The Bootstrap, Donald W.K. Andrews

Cowles Foundation Discussion Papers

The bootstrap of the maximum likelihood estimator of the mean of a sample of iid normal random variables with mean µ and variance one is not asymptotically correct to first order when the mean is restricted to be nonnegative. The problem occurs when the true value of the mean µ equals zero. This counterexample to the bootstrap generalizes to a wide variety of estimation problems in which the true parameter may be on the boundary of the parameter space. We provide some alternatives to the bootstrap that are asymptotically correct to first order. We consider two types of bootstrap percentile …

A Stochastic Infinite-Horizon Economy With Secured Lending, Or Unsecured Lending And Bankruptcy, Ioannis Karatzas, Martin Shubik, William D. Sudderth

Cowles Foundation Discussion Papers

Modeling problems for a monetary economy are discussed and some examples are presented in the context of an infinite-horizon economy with one or two types of traders, who use fiat money to buy a single perishable consumption good. Three instances are considered, all with transactions in fiat money. The first model has no borrowing or lending. The second model permits both borrowing and lending, but all loans are secured. The third model has borrowing and unsecured lending, and takes into account the presence of debtors who are unable to honor their debts and go bankrupt. Borrowing and depositing take place …

A Model Of A Predatory State, Boaz Moselle, Ben Polak

Cowles Foundation Discussion Papers

We provide a model of a primitive state whose rulers extort taxes for their own ends. This ‘predatory’ state can result in lower levels of both output and popular welfare than either organized banditry or anarchy. The predatory state may provide public goods, such as protection or irrigation, and hence may superficially resemble a contractual state. But, the ability to provide such goods can actually reduce popular welfare after allowing for tax changes. We compare the revenues raised by taxation with those from banditry to get an idea when primitive states are likely to emerge. We then consider interactions between …

The Outlook For Onondaga County's Finances: Baseline Scenario, William Duncombe, Bernard Jump Jr.

Center for Policy Research

This is the third of four reports to the Onondaga Lake Management Conference about the economic and fiscal implications for Onondaga County of court-mandated expenditures for sewer-related remediation of Onondaga Lake.

Monetary Policy Preferences Of Individual Fomc Members: A Content Analysis Of The Memoranda Of Discussion, Henry W. Chappell Jr., Thomas M. Havrilesky, Rob Roy Mcgregor

Faculty Publications

The Memoranda of Discussion provide detailed records of Federal Open Market Committee (FOMC) meeting deliberations. Procedures are developed for coding the textual data in the Memoranda and assessing the reliability of those codings. The codings are then used in the estimation of parameters of individual FOMC members' reaction functions. Data from the 1970 to 1976 period are employed in the estimation. In the future, similar methods could be used to analyze newly released transcripts of FOMC meetings held after 1976.

The Experiment In Applied Econometrics, James Tobin

Cowles Foundation Discussion Papers

No abstract provided.

How The Fruits Of Growth Were Distributed Among Working-Age Families In The United States And Germany In The 1980s, Richard V. Burkhauser, Amy D. Crews, Mary C. Daly

Center for Policy Research

We use cross-sectional and longitudinal data from Germany (Socio-Economic Panel) and the United States (Panel Study on Income Dynamics) to show how the income distribution changed over the 1980s business cycle in these two countries. Consistent with other researchers we find income inequality in the United States increased over the peak years of the 1980s business cycle and that the middle of the income distribution shrank. However, we also find that the great bulk of the disappearing middle shifted to the right— became richer— over the period. Hence, it was disproportionate gains from growth rather than the “immiseration” of the …

Expensive Children In Poor Families: Out-Of-Pocket Expenditures For The Care Of Disabled And Chronically Ill Children And Welfare Reform, Anna Lukemeyer, Marcia K. Meyers, Timothy M. Smeeding

Center for Policy Research

This study explores one aspect of the costs experienced by low-income families with one or more special needs children: direct, out-of-pocket expenses for items related to the child’s disability, such as special foods, transportation to medical clinics, or medical costs not covered by insurance. We find that almost half (46 percent) of a sample of California AFDC families with special needs children experienced some special expenses in the preceding month. About 20 percent of these low-income families experienced total costs exceeding $100. Families with severely disabled children were more likely to experience costs and tended to experience higher costs. While …

Placing A Lid On Marginal Tax Rates: A New Way To Simplify The Income Tax Structure, John Yinger

Center for Policy Research

Thanks to the phasing out of exemptions and excess itemized deductions and to the alternative minimum tax, the federal income tax rate schedule is difficult to draw, to understand, and to connect with any tax principle. Moreover, some taxpayers now face unreasonably high marginal tax rates. This paper proposes a new approach that simplifies the income tax system at its point of intersection with taxpayers; sets absolute upper and lower bounds on true marginal tax rates; and allows for the phasing out of any or all exemptions, deductions, or other tax preferences according to clear principles. This approach can achieve …

The Economic And Fiscal Impact Of Lake Remediation On Onondaga County, William Duncombe, Shannon Felt, James R. Follain, Bernard Jump Jr.

Center for Policy Research

This is the fourth and final report to the Onondaga Lake Management Conference about the economic and fiscal implications for Onondaga County of court-mandated expenditures for sewer-related remediation of Onondaga Lake. Exactly how much remediation will cost and what, precisely, will be the technical specifications of the plan that is finally approved by the court are both still to be decided. Yet, there is little doubt that an undertaking of the dollar magnitude contemplated for lake remediation has the potential to affect the fiscal condition of the county and the future health of the local economy.

Underdevelopment As Meta-Axiological Dilemma: The Socioeconomic Implications Of African Axiology For Rational Choice Determinants Of Microeconomic Agency, Sundiata Keita Ibn-Hyman

Dissertations

The intergenerational problems of indigence, poverty and social dysfunction that plague African societies are inextricably grounded in the broader issue of ethnocentrism in neoclassical microeconomics. Economic anthropology provides a methodological critique of the conceptual limitations of neoclassical micro-behavioral assumptions narrowly imposed on non-westem economic organization. While recognizing non-westem economic praxes, the sociological implications of strict neoclassical microeconomic agency for non-westem socioeconomic development is conspicuously ignored. The critique fails to specifically consider the impact of neoclassical ethnocentrism to non-westem sociocultural organization and improvement.

This research utilizes an African-centered, social psychological approach to examine the paradigmatic implications of rational choice criteria for …

A View Of Romania; Livestock Situation And Outlook, Ardelle Lundeen, Gene Murra

Economics Commentator (1972- 2016)

No abstract provided.

Theory And Practice In The Career Of Fernando Henrique Cardoso: Part Iii, Ibpp Editor

International Bulletin of Political Psychology

This is the third and final installment of an article which provides an analysis of an individual accomplished as a scholar of politics (through sociology) and a formal politician. The author is Dr. Ted Goertzel of Rutgers University. He can be reached at [email protected].

Cleavages Of Political Values Among Generations In Brazil, Ibpp Editor

International Bulletin of Political Psychology

This article was written by Professor of Psychology Fabián Echegaray, Professor of Sociology Paulo Krischke, and Director of Institutional Ethics Aluir Toso. All three researchers are at the Universidad Federal de Santa Cantarina. They posit and provide supporting theory and data that values which are postmaterialist (emphasizing psychological well-being and self-actualization) as opposed to materialist (emphasizing materialistic goods) are more likely to be displayed by younger than older Brazilians and by those with higher than lower social class. Thus older, lower class Brazilians will be most materialist and younger, higher class Brazilians will be most postmaterialist. The paper was presented …

Small Business Capital Access Study For The Cleveland Area: Summary Outline Of Findings, George A. Erickcek

Reports

No abstract provided.

Vocational Rehabilitation: Policy And Practice At The Wcb Of British Columbia: Final Report, H. Allan Hunt, Michael J. Leahy

Reports

No abstract provided.

South Dakota Agricultural Land Values And Rental Practices: 1997, Burton Pflueger, Larry Janssen

Economics Commentator (1972- 2016)

No abstract provided.

No. 03: International Migration, Immigrant Entrepreneurs And South Africa’S Small Enterprise Economy, Christian M. Rogerson

Southern African Migration Programme

Since 1990 there has been a growing movement of foreign migrants and refugees to South Africa. The migrants have come primarily from South Africa’s traditional supply areas, including many Southern African Development Community (SADC) countries. An increasing number, however, are from elsewhere in Africa and further afield. South Africa’s new migration regime has generated considerable controversy within the country. The policy debate focuses on the implications of migration for the national labour market and for the development of new national immigration policy.

The best-documented form of migration by temporary workers is from surrounding African countries in such sectors as mining …

Neoliberalism And Nafta: A Case Study Of The Coffee Commodity System And Huatusco, Veracruz, Mexico, Chad Gesser

Masters Theses & Specialist Projects

In the Western Hemisphere global capitalism and regional trading blocks have become more pronounced with the passing of the North American Free Trade Agreement (NAFTA). I examine the impacts of the neoliberal changes prior to and after the implementation of NAFTA in the community of Huatusco, Veracruz, Mexico. World-systems analysis is the theoretical outline. The global commodity chains approach is used to examine the coffee commodity system that links the United States and Mexico. This thesis includes qualitative and quantitative data that were developed from fieldwork research in Mexico and in the community. The qualitative data suggest that the impacts …

Introducing Students To The Competing Schools Of Thought In Intermediate Macroeconomics, Harlan M. Smith Ii

Economics Faculty Research

The article discusses how the intermediate macroeconomics instructor can introduce students to ways of old and new Keynesians and classical theorists addressed the question on why output and employment fluctuate. Keynesian macroeconomics characterizes a school of thought developed around two central prepositions. New Keynesians develop alternative ways of explaining short-run movements in output and employment in the early 1970's. All individuals maximize utility, firm maximizes profits. Recently, new classicals developed an alternative approach in explaining short-run fluctuation in employment and output by redefining the concept of the short run.

The Impact Of The Louisiana Lottery On Salaries In Education, Melissa Vicknair Melancon

Doctoral Dissertations

The study was undertaken to decide whether lottery revenues impacted teachers' salaries in Louisiana. Economic recession brought on by the collapse of the oil and gas industry, disgruntled taxpayers, and the lure of easy money prompted Louisiana legislators to pass a bill adopting a state lottery. Initially, all funds were earmarked for education. Subsequently, lottery revenues were deposited into the general fund. Yet many thought the lottery would be a significant source of money for education and teachers' salaries.

Logged annual salaries were used in models for university teachers and for elementary and secondary school teachers. Variables were incorporated to …

Model Selection In Partially Nonstationary Vector Autoregressive Processes With Reduced Rank Structure, John C. Chao, Peter C.B. Phillips

Cowles Foundation Discussion Papers

The current practice for determining the number of cointegrating vectors, or the cointegrating rank, in a vector autoregression (VAR) requires the investigator to perform a sequence of cointegration tests. However, as was shown in Johansen (1992), this type of sequential procedure does not lead to consistent estimation of the cointegrating rank. Moreover, these methods take as given the correct specification of the lag order of the VAR, though in actual applications the true lag length is rarely known, Simulation studies by Toda and Phillips (1994) and Chao (1993), on the other hand, have shown that test performance of these procedures …

The Cost Of Caring: Childhood Disability And Poor Families, Marcia K. Meyers, Anna Lukemeyer, Timothy M. Smeeding

Center for Policy Research

Children in poor families are at heightened risk for disabilities and chronic health problems, and care for these children can impose substantial costs on families and public programs. Although the prevalence and costs of disabilities among poor children have important policy implications, they have been largely overlooked in research on poverty and welfare and on the costs of childhood disabilities. This paper analyzes the prevalence of childhood disabilities and chronic illness among welfare recipient families in California and the probability families caring for these children experience higher out-of-pocket costs and material hardship then do other similar families.

Wages And The University Educated: A Paradox Resolved, Frederic L. Pryor, D. Schaffer

Economics Faculty Works

Analysis of a new data base to study occupations and employment reveals a surplus of university graduates and a movement of many of these individuals, especially those with lower functional literacy, into high-school-level jobs; only university graduates with literacy skills commensurate with their education have received rising wages.

Exchange Rate Theory, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes,

• Shaikh, A. (1997, July 13). The structure of exchange rate theory [Unpublished manuscript]. New York, NY: Unpublished.

Capitalizing And Depreciating Cyclical Aircraft Maintenance Costs: More-Trouble-Than-It's-Worth?, John W. Lee, Glenn Walberg, Darryl Whitesell

Faculty Publications

No abstract provided.

Historical Preservation Districts And Home Sale Prices: Evidence From The Sacramento Housing Market, David E. Clark, William E. Herrin

Economics Faculty Research and Publications

During the past two decades, cities have turned increasingly to historic preservation of residential and commercial property as a method to help revive declining metropolitan areas. Sacramento, California, established historical preservation districts in an attempt to protect and maintain older structures while simultaneously increasing their value. Historic preservation, however, imposes strict rules on property owners that make property improvement more expensive than it otherwise would be. This paper uses hedonic price theory on a sample of residential properties in Sacramento to test whether positive externalities resulting from an historic preservation designation outweigh the potential negative impact of a cumbersome set …

Trade, Xr, Peripheral Capitalism, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• The structure of exchange rate theory (1997-07-13, document addressed to Ajit Zacharias)

• Notes on Amin (Janet Shenk) (notes discussing unequal exchange)

• Notes on Marx-trade laws (handwritten notes)

• Handwritten notes discussing Ricardo, Emmanuel, Payer, Jalée, and Magdoff on trade theory

(Reviews) Economic Thought Before Adam Smith And Classical Economics, Spencer J. Pack

Economics Faculty Publications

Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Volume I. By Murray N. Rothbard. Brookfield. Vermont: Edward Elgar Publishing Limited, 1995. Pp. 556. $99.95.

Classical Economics: An Austrian Perspective on the History of Economic Thought, Volume II. By Murray N. Rothbard. Brookfield. Vermont: Edward Elgar Publishing Limited, 1995. Pp. 528. $99.95.

New Public - Private Sector Equation, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Economically successful developing countries have evolved a new pattern of mutually beneficial and socially productive partnership between the Government and the private sector. In Pakistan, on the other hand, we are still clinging to an outdated, obsolete and highly damaging (from the societal viewpoint) mode of public-private interactions. There is a growing skepticism that the economic packages announced in the last few months in good faith and sensible in their overall thrust will fail to bring about the desired results because of the apathy of the private sector. But it is the longer term effects of the current pattern ofthe …