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1999

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Articles 121 - 150 of 431

Full-Text Articles in Economics

Consistent Model And Moment Selection Criteria For Gmm Estimation With Application To Dynamic Panel Data Models, Donald W.K. Andrews, Biao Lu Aug 1999

Consistent Model And Moment Selection Criteria For Gmm Estimation With Application To Dynamic Panel Data Models, Donald W.K. Andrews, Biao Lu

Cowles Foundation Discussion Papers

This paper develops consistent model and moment selection criteria for GMM estimation. The criteria select the correct model specification and all correct moment conditions asymptotically. The selection criteria resemble the widely used likelihood-based selection criteria BIC, HQIC, and AIC. (The latter is not consistent.) The GMM selection criteria are based on the J statistic for testing over-identifying restrictions. Bonus terms reward the use of fewer parameters for a given number of moment conditions and the use of more moment conditions for a given number of parameters. The paper applies the model and moment selection criteria to dynamic panel data models …

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Farmland Value Relationships Across South Dakota, Larry L. Janssen Jul 1999

Farmland Value Relationships Across South Dakota, Larry L. Janssen

Economics Commentator (1972- 2016)

No abstract provided.

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South Dakota Agricultural Land Values And Rental Practices: 1999, Burton Pflueger, Larry Janssen Jul 1999

South Dakota Agricultural Land Values And Rental Practices: 1999, Burton Pflueger, Larry Janssen

Economics Commentator (1972- 2016)

No abstract provided.

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Strategic Flexibility In Information Technology Alliances: The Influence Of Transaction Cost Economics And Social Exchange Theory, Candace Ybarra, Margarethe Wiersema Jul 1999

Strategic Flexibility In Information Technology Alliances: The Influence Of Transaction Cost Economics And Social Exchange Theory, Candace Ybarra, Margarethe Wiersema

Business Faculty Articles and Research

Utilizing a model drawn from both transaction cost economics and social exchange theory, we analyze determinants of strategic flexibility in a sample of strategic alliances involved in joint development agreements or joint research pacts. Findings indicate that, in general, determinants suggested by transaction cost economics provided flexibility in modification and inflexibility in exit. From social exchange theory, trust was found to be positively related to both types of flexibility while another component of social exchange theory, dependence, was found to be negatively related to the strategic flexibility of the alliance. Results also found that factors suggested by both transaction cost …

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Industrial Resources: Hancock County, Kentucky Library Research Collections Jul 1999

Industrial Resources: Hancock County, Kentucky Library Research Collections

Hancock County

"Resources for Economic Development: Hancock County, Kentucky" prepared by the Kentucky Cabinet for Economic Development, Division of Research, and the Hancock County Industrial Foundation, Inc., 1999. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Industrial Resources - Floyd County - Prestonsburg, Kentucky Library Research Collections Jul 1999

Industrial Resources - Floyd County - Prestonsburg, Kentucky Library Research Collections

Floyd County

"Resources for Economic Development: Prestonsburg (Floyd County), Kentucky" prepared by the Kentucky Cabinet for Economic Development, Division of Research, and the Floyd County Chamber of Commerce, 1999. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Industrial Resources: Morgan County - West Liberty, Kentucky Library Research Collections Jul 1999

Industrial Resources: Morgan County - West Liberty, Kentucky Library Research Collections

Morgan County

"Resources for Economic Development: West Liberty, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Tri-County Industrial Foundation, West Liberty, Kentucky, July 1999. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Industrial Resources: Simpson County - Franklin, Kentucky Library Research Collections Jul 1999

Industrial Resources: Simpson County - Franklin, Kentucky Library Research Collections

Simpson County

"Resources for Economic Development: Franklin, [Kentucky]" prepared by the Kentucky Development Cabinet for Economic Development, Division of Research in cooperation with the Franklin-Simpson County Industrial Board, Franklin, Kentucky, July 1999. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Industrial Resources: Hopkins County - Dawson Springs, Kentucky Library Research Collections Jul 1999

Industrial Resources: Hopkins County - Dawson Springs, Kentucky Library Research Collections

Hopkins County

"Resources for Economic Development: Dawson Springs, Kentucky" prepared by the Kentucky Cabinet for Economic Development Division of Research in cooperation with West Hopkins Industries Dawson Spring, Kentucky, July 1999. The report includes, but is not limited to, information about: population, market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local, government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Industrial Resources: Muhlenberg County, Kentucky Library Research Collections Jul 1999

Industrial Resources: Muhlenberg County, Kentucky Library Research Collections

Muhlenberg County

"Resources for Economic Development: Muhlenberg County, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development. Division of Research in cooperation with the Muhlenberg Economic Enterprises, July 1998. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Industrial Resources: Warren County - Bowling Green, Kentucky Library Research Collections Jul 1999

Industrial Resources: Warren County - Bowling Green, Kentucky Library Research Collections

Warren County

"Resources for Economic Development: Bowling Green, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Bowling Green Area Economic Development Authority, Bowling Green, Kentucky, July 1999. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Level Adjusted Exponential Smoothing: A Method For Judgmentally Adjusting Exponential Smoothing Models For Planned Discontinuities, Dan Williams, Don Miller Jul 1999

Level Adjusted Exponential Smoothing: A Method For Judgmentally Adjusting Exponential Smoothing Models For Planned Discontinuities, Dan Williams, Don Miller

Publications and Research

Forecasters often make judgmental adjustments to exponential smoothing forecasts to account for the effects of a future planned change. While this approach may produce sound initial forecasts, it can result in diminished accuracy for forecast updates. A proposed technique lets the forecaster include policy change adjustments within an exponential smoothing model. For 20 real data series representing Virginia Medicaid expenses, initial forecasts and forecast updates are developed using the proposed technique and several alternatives, and they are updated through various simulated level shifts. The proposed technique was more accurate than the alternatives in updating forecasts when a shift in level …

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The Fundamental And Non-Fundamental Components Of Stock Prices: The Role Of Time-Varying Expected Inflation, Maosen Zhong Jul 1999

The Fundamental And Non-Fundamental Components Of Stock Prices: The Role Of Time-Varying Expected Inflation, Maosen Zhong

Doctoral Dissertations

I derive testable implications of fundamental and non-fundamental components of stock prices. In order to control for the role of time-varying expected inflation and to be able to perform reasonable empirical tests, I use a nominal (rather than a real) interpretation of the present-value model (PVM), whereby nominal interest rates approximate expected inflation. I conjecture that the fundamental and non-fundamental components represent the permanent and temporary components of stock prices, respectively. A series of cointegration analysis over the annual period 1871–1997 confirms my conjecture for the model with time-varying expected inflation. Various fundamental and non-fundamental exclusion tests indicate that both …

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Regulation: Benefit Or Bane, Murray L. Weidenbaum Jul 1999

Regulation: Benefit Or Bane, Murray L. Weidenbaum

Murray Weidenbaum Publications

Murray Weidenbaum and Carol Tucker Foreman debate what are the best ways to improve government regulation.

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Vertical Integration, Networks, And Markets], Rachel E. Kranton, Deborah F. Minehart Jul 1999

Vertical Integration, Networks, And Markets], Rachel E. Kranton, Deborah F. Minehart

Cowles Foundation Discussion Papers

The organization of supply relations varies across industries. This paper builds a theoretical framework to compare three alternative supply structures: vertical integration, networks, and markets. The analysis considers the relationship between uncertainty in demand for specific inputs, investment costs, and industrial structure. It shows that network structures are more likely when productive assets are expensive and firms experience large idiosyncratic shocks in demand. The analysis is supported by existing evidence and provides empirical predictions as to the shape of different industries.

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Testing When A Parameter Is On The Boundary Of The Maintained Hypothesis, Donald W.K. Andrews Jul 1999

Testing When A Parameter Is On The Boundary Of The Maintained Hypothesis, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper considers testing problems where several of the standard regularity conditions fail to hold. We consider the case where (i) parameter vectors in the null hypothesis may lie on the boundary of the maintained hypothesis and (ii) there may be a nuisance parameter that appears under the alternative hypothesis, but not under the null. The paper establishes the asymptotic null and local alternative distributions of quasi-likelihood ratio, rescaled quasi-likelihood ratio, Wald, and score tests in this case. The results apply to tests based on a wide variety of extremum estimators and apply to a wide variety of models. Examples …

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Higher-Order Improvements Of A Computationally Attractive K-Step Bootstrap For Extremum Estimators, Donald W.K. Andrews Jul 1999

Higher-Order Improvements Of A Computationally Attractive K-Step Bootstrap For Extremum Estimators, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper establishes the higher-order equivalence of the k -step bootstrap, introduced recently by Davidson and MacKinnon (1999a), and the standard bootstrap. The k -step bootstrap is a very attractive alternative computationally to the standard bootstrap for statistics based on nonlinear extremum estimators, such as generalized method of moment and maximum likelihood estimators. The paper also extends results of Hall and Horowitz (1996) to provide new results regarding the higher-order improvements of the standard bootstrap and the k -step bootstrap for extremum estimators (compared to procedures based on first-order asymptotics). The results of the paper apply to Newton-Raphson (NR), default …

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Vertical Integration, Networks, And Markets, Rachel E. Kranton, Deborah F. Minehart Jul 1999

Vertical Integration, Networks, And Markets, Rachel E. Kranton, Deborah F. Minehart

Cowles Foundation Discussion Papers

The organization of supply relations varies across industries. This paper builds a theoretical framework to compare three alternative supply structures: vertical integration, networks, and markets. The analysis considers the relationship between uncertainty in demand for specific inputs, investment costs, and industrial structure. It shows that network structures are more likely when productive assets are expensive and firms experience large idiosyncratic shocks in demand. The analysis is supported by existing evidence and provides empirical predictions as to the shape of different industries.

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Economic Currents: The State Of The State Economy, Alan Clayton-Matthews Jul 1999

Economic Currents: The State Of The State Economy, Alan Clayton-Matthews

Public Policy and Public Affairs Faculty Publication Series

Nascent signs of imbalance are appearing in the Massachusetts economy. Wage rates and housing prices are beginning to rise at an unsustainable pace as a result of labor shortages and strong consumer demand. At the same time, the manufacturing sector continues to suffer from the economic crisis in Asia.

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Governance And Growth In Sub-Saharan Africa, B. J. Ndulu, Stephen A. O'Connell Jul 1999

Governance And Growth In Sub-Saharan Africa, B. J. Ndulu, Stephen A. O'Connell

Economics Faculty Works

No abstract provided.

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Higher-Order Improvements Of A Computationally Attractive K-Step Bootstrap For Extremum Estimators, Donald W.K. Andrews Jul 1999

Higher-Order Improvements Of A Computationally Attractive K-Step Bootstrap For Extremum Estimators, Donald W.K. Andrews

Cowles Foundation Discussion Papers

This paper establishes the higher-order equivalence of the k -step bootstrap, introduced recently by Davidson and MacKinnon (1999a), and the standard bootstrap. The k -step bootstrap is a very attractive alternative computationally to the standard bootstrap for statistics based on nonlinear extremum estimators, such as generalized method of moment and maximum likelihood estimators. The paper also extends results of Hall and Horowitz (1996) to provide new results regarding the higher-order improvements of the standard bootstrap and the k -step bootstrap for extremum estimators (compared to procedures based on first-order asymptotics). The results of the paper apply to Newton-Raphson (NR), default …

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Aggregate Effects In Local Labor Markets Of Supply And Demand Shocks, Timothy J. Bartik Jul 1999

Aggregate Effects In Local Labor Markets Of Supply And Demand Shocks, Timothy J. Bartik

Upjohn Institute Working Papers

Anti-poverty policy in the U.S. has emphasized labor supply policies, such as welfare reform or job training. Anti-poverty policy in the U.S. has not emphasized policies to increase labor demand for the poor, such as public employment or subsidizing private employers to hire the poor. What are the aggregate effects of such policies on wages and unemployment of different groups? This paper estimates and simulates a model with several types of labor, using data from the Current Population Survey on state labor markets. The simulations suggest that forcing more disadvantaged persons into the labor market can displace many other persons …

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Livable Communities And Citizen Perceptions: A Report To The Las Vegas Environmental Monitoring For Public Access And Community Tracking (Empact) Program, Dennis L. Soden, Fred Cady Jun 1999

Livable Communities And Citizen Perceptions: A Report To The Las Vegas Environmental Monitoring For Public Access And Community Tracking (Empact) Program, Dennis L. Soden, Fred Cady

IPED Technical Reports

No abstract provided.

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Analysis Of Intersectoral Linkages Between Agriculture And Industry In Nigeria, M I. Abudu Jun 1999

Analysis Of Intersectoral Linkages Between Agriculture And Industry In Nigeria, M I. Abudu

CBN Occasional Papers

This paper uses time series data to analyse the relationship between agricultural growth and industrial performance for the three-decade period 1966 - 1995. Agricultural growth influences industry in many ways. It provides the raw materials needed by industry; it creates direct demand for the output of consumption goods of industries and indirect demand for the output of basic and capital goods industries. Analysing the input-output coefficients, the paper found that most primary and secondary commodity groups have weak backward and forward linkages, while the quantitative relationships between agricultural growth and industrial performance were non-significant, even when lagged. However, the link …

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Testing For A Nonlinear Relationship Among Fundamentals And Exchange Rates In The Erm, Yue Ma, Angelos Kanas Jun 1999

Testing For A Nonlinear Relationship Among Fundamentals And Exchange Rates In The Erm, Yue Ma, Angelos Kanas

CAPS Working Paper Series

We employ two nonparametric nonlinear testing methodologies, namely a nonparametric nonlinear cointegration approach and nonlinear Granger causality approach, to test for a nonlinear relationship between macroeconomic fundamentals and exchange rates for two country-pairs, namely the Netherlands-Germany and France-Germany. The result suggest that there is nonlinear cointegration among money, output and exchange rates for Netherlands-Germany, which can be interpreted as evidence of a long-run nonlinear relationship. For France-Germany, we fail to find evidence of nonlinear cointegration, but we find nonlinear Granger causality from French money to the FFr/DM exchange rate. These findings may be interpreted as evidence of a dynamic nonlinear …

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Industrial Resources: Russell County, Kentucky Library Research Collections Jun 1999

Industrial Resources: Russell County, Kentucky Library Research Collections

Russell County

"Resources for Economic Development: Russell County, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Russell County Chamber of Commerce, Russell Springs, Kentucky, June 1999. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Industrial Resources - Estill County, Kentucky Library Research Collections Jun 1999

Industrial Resources - Estill County, Kentucky Library Research Collections

Estill County

"Resources for Economic Development: Estill County, Kentucky" prepared by the Kentucky Cabinet for Economic Development, Division of Research, the Estill County Industrial Development Authority, and the Estill County Development Alliance, 1999. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Industrial Resources: Butler County - Morgantown, Kentucky Library Research Collections Jun 1999

Industrial Resources: Butler County - Morgantown, Kentucky Library Research Collections

Butler County

"Resources for Economic Development: Morgantown, Kentucky" prepared by the Kentucky Cabinet for Economic Development, Division of Research, and the City of Morgantown, 1999. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial sites, local government and services, taxes, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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Some Intranational Evidence On Output-Inflation Trade-Offs, Gregory Hess, Kwanho Shin Jun 1999

Some Intranational Evidence On Output-Inflation Trade-Offs, Gregory Hess, Kwanho Shin

CMC Faculty Publications and Research

In a seminal paper, Robert E. Lucas, Jr. provided the theoretical relationship between aggregate demand and real output based on relative price confusion at the individual market level. Subsequently, an alternative New Keynesian aggregate supply relationship was derived and it was demonstrated that the two theories can be distinguished on the basis of how both the rate of inflation and the volatility of relative prices affect its slope. By emphasizing the first implication of New Keynesian theory, strong evidence was obtained supporting this model using international data. We also concentrate on the second difference between the two theories. We derive …

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Vol. 3, No. 2: Spot The Alien, Vincent Williams, Jonathan Crush Jun 1999

Vol. 3, No. 2: Spot The Alien, Vincent Williams, Jonathan Crush

Southern African Migration Programme

No abstract provided.

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