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1999

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Articles 31 - 60 of 431

Full-Text Articles in Economics

Nonlinear Econometric Models With Cointegrated And Deterministically Trending Regressors, Yoosoon Chang, Joon Y. Park, Peter C.B. Phillips Dec 1999

Nonlinear Econometric Models With Cointegrated And Deterministically Trending Regressors, Yoosoon Chang, Joon Y. Park, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper develops an asymptotic theory for a general class of nonlinear nonstationary regressions, extending earlier work by Phillips and Hansen (1990) on linear cointegrating regressions. The model considered accommodates a linear time trend and stationary regressors, as well as multiple I(1) regressors. We establish consistency and derive the limit distribution of the nonlinear least squares estimator. The estimator is consistent under fairly general conditions but the convergence rate and the limiting distribution are critically dependent upon the type of the regression function. For integrable regression functions, the parameter estimates converge at a reduced n 1 /4 rate and have …

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Maximum Likelihood Estimation In Panels With Incidental Trends, Hyungsik Roger Moon, Peter C.B. Phillips Dec 1999

Maximum Likelihood Estimation In Panels With Incidental Trends, Hyungsik Roger Moon, Peter C.B. Phillips

Cowles Foundation Discussion Papers

It is shown that the maximum likelihood estimator of a local to unity parameter can be consistently estimated with panel data when the cross section observations are independent. Consistency applies when there are no deterministic trends or when there is a homogeneous deterministic trend in the panel model. When there are heterogeneous deterministic trends the panel MLE of the local to unity parameter is inconsistent. This outcome provides a new instance of inconsistent ML estimation in dynamic panels, and, unlike earlier results of this type, applies when both T approaches infinity and N approaches infinity.

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Discrete Fourier Transforms Of Fractional Processes, Peter C.B. Phillips Dec 1999

Discrete Fourier Transforms Of Fractional Processes, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Discrete Fourier transforms (dft’s) of fractional processes are studied and an exact representation of the dft is given in terms of the component data. The new representation gives the frequency domain form of the model for a fractional process, and is particularly useful in analyzing the asymptotic behavior of the dft and periodogram in the nonstationary case when the memory parameter d > 1/2. Various asymptotic approximations are suggested. It is shown that smoothed periodogram spectral estimates remain consistent for frequencies away from the origin in the nonstationary case provided the memory parameter d < 1. When d = 1, the spectral estimates are inconsistent and converge weakly to random variates. Applications of the theory to log periodogram regression and local Whittle estimation of the memory parameter are discussed and some modified versions of these procedures are suggested.

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Introduction: Defining And Understanding Sustainability In Small Island States, Charles J. Stevens Dec 1999

Introduction: Defining And Understanding Sustainability In Small Island States, Charles J. Stevens

Pacific Studies

No abstract provided.

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Development, Sustainability, And The Deforestation Of Samoa, Paul Shankman Dec 1999

Development, Sustainability, And The Deforestation Of Samoa, Paul Shankman

Pacific Studies

The forests of Samoa (formerly Western Samoa) are rapidly disappearing. This article reviews the history of Samoan deforestation, particularly during the last four decades, in the context of ideas about development and sustainability. It also examines the role of village agriculturalists in the process of deforestation. Recent economic, technological, and organizational changes have increased village agricultural expansion and, consequently, deforestation.

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Contributors: Vol 22 No. 3-4, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies Dec 1999

Contributors: Vol 22 No. 3-4, The Jonathan Nāpela Center For Hawaiian And Pacific Islands Studies

Pacific Studies

Contributors list of Vol. 22 (1999): Pacific Studies Full Issue 3-4

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Accounting For Change: Bringing Interdependence Into Defining Sustainability, Karen L. Nero Dec 1999

Accounting For Change: Bringing Interdependence Into Defining Sustainability, Karen L. Nero

Pacific Studies

“Sustainability,” the key word of international development bodies currently intervening in the restructuring of the Marshall Islands economy, is defined within Western economic conceptualizations. I argue that such characterizations are incomplete: they fail to capture the full nature of the ongoing Marshallese economy by focusing too narrowly on transfers related to the Compact of Free Association and by their partial understanding of Marshallese food systems and easy dichotomies between imported and local foods. The segregation of external interventions by sector further distorts their possible impact. Structural imbalances within the Marshallese and other Pacific nations’ economies have been exacerbated by the …

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Artisanal Coral Reef Fisheries And Sustainable Development: The Arno Atoll Fisheries Association, Jim Hess Dec 1999

Artisanal Coral Reef Fisheries And Sustainable Development: The Arno Atoll Fisheries Association, Jim Hess

Pacific Studies

The concept of sustainable development is inexact, requiring additional specification in application. How the subject of analysis is bounded will have consequences for understanding what is being sustained as well as for determining whether something is sustained. Here I examine a fisheries development project in the Marshall Islands. Shifting boundaries, I create three accounts of the project. In the first account, which focuses on resources and monetary cost and benefits, the project is clearly unsustainable. In the second account, focusing on international relations, the project sustains the relations of power and dependency. In the third account, I suggest that evaluation …

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Is Tonga's Mirab Economy Sustainable? A View From The Village And A View Without It, Mike Evans Dec 1999

Is Tonga's Mirab Economy Sustainable? A View From The Village And A View Without It, Mike Evans

Pacific Studies

The development implications of the now-classic MIRAB economic pattern for South Pacific microstates (with economies dominated by overseas remittances and foreign aid) have attracted considerable attention. Some scholars argue the MIRAB pattern is well entrenched and can be sustained with a minimum of undesirable social and economic outcomes. Others decry the acceptance of the dependency of South Pacific nations and argue for renewed effort toward the development of self-sustaining economies. I argue that the debate must directly address the underlying social relations that facilitate and shape migration and remittances. In Tonga, the movement of people from rural areas has wide-ranging …

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Shrinking Kin Networks In Italy Due To Sustained Low Fertility, Cecilia Tomassini, Douglas A. Wolf Dec 1999

Shrinking Kin Networks In Italy Due To Sustained Low Fertility, Cecilia Tomassini, Douglas A. Wolf

Center for Policy Research

Among the closely watched demographic trends of the late 20th Century is a pronounced drop in fertility rates throughout much of the world. Italy presents a particularly interesting case for study: in 1960, Italy’s total fertility rate (TFR) was 2.41; by 1995 it had fallen to 1.17. According to United Nations projections, by 2050 Italy will be the second oldest country in the world, with 3.4 persons aged 60 or older for each person under age 15. Besides overall population aging, another implication of sustained low fertility is smaller families and kin groups. We investigate the consequences of projected changes …

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Is Trade Liberalization An Important Cause Of Increasing U.S. Wage Inequality? The Interaction Of Theory And Policy, John B. Davis Dec 1999

Is Trade Liberalization An Important Cause Of Increasing U.S. Wage Inequality? The Interaction Of Theory And Policy, John B. Davis

Economics Faculty Research and Publications

The majority of mainstream economists believe that globalization and trade liberalization have had a minor role in increasing U.S. wage inequality. A minority argues that capital mobility and outsourcing indicate a larger effect. This paper first surveys these views, and then argues that how we understand the policy consequences of trade liberalization helps determine the character of our analysis of the issue itself. Thus, a shift in policy perspective, to consider the "equity costs" of trade liberalization in terms of eroded U.S. labor market institutions, produces a larger framework for analyzing the consequences of globalization and trade liberalization than is …

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Prospects For Organic Agriculture In The Upper Midwest, Thomas L. Dobbs, Richard C. Shane, Dillon M. Fuez Nov 1999

Prospects For Organic Agriculture In The Upper Midwest, Thomas L. Dobbs, Richard C. Shane, Dillon M. Fuez

Economics Commentator (1972- 2016)

No abstract provided.

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Prospects For Organic Agriculture In The Upper Midwest, Thomas L. Dobbs, Richard C. Shane, Dillon M. Fuez Nov 1999

Prospects For Organic Agriculture In The Upper Midwest, Thomas L. Dobbs, Richard C. Shane, Dillon M. Fuez

Economics Commentator (1972- 2016)

No abstract provided.

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International Trade, Monetary Policy, And The Yellow Brick Road, Joseph Santos Nov 1999

International Trade, Monetary Policy, And The Yellow Brick Road, Joseph Santos

Economics Commentator (1972- 2016)

No abstract provided.

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International Trade, Monetary Policy, And The Yellow Brick Road, Joseph Santos Nov 1999

International Trade, Monetary Policy, And The Yellow Brick Road, Joseph Santos

Economics Commentator (1972- 2016)

No abstract provided.

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Industrial Resources: Lyon County, Kentucky Library Research Collections Nov 1999

Industrial Resources: Lyon County, Kentucky Library Research Collections

Lyon County

"Resources for Economic Development: Lyon County, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division or Research in cooperation with the Lyon County Chamber of Commerce, Eddyville, Kentucky, November, 1999. The report includes, but is not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, 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: Marshall County, Kentucky Library Research Collections Nov 1999

Industrial Resources: Marshall County, Kentucky Library Research Collections

Marshall County

"Resources for Economic Development: Marshal County, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Marshall County Government, Gilbertsville, Kentucky, November 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: Barren County - Cave City, Kentucky Library Research Collections Nov 1999

Industrial Resources: Barren County - Cave City, Kentucky Library Research Collections

Barren County

"Resources For Economic Development: Cave City (Barren County)" prepared by the Kentucky Cabinet for Economic Development, Division of Research, November, 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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Volatility Of Central Europe Exchange Rates: Reaction To Financial Contagion, And Policy Recommendations For European Union Accession, Lucjan T. Orlowski, Thomas D. Corrigan Nov 1999

Volatility Of Central Europe Exchange Rates: Reaction To Financial Contagion, And Policy Recommendations For European Union Accession, Lucjan T. Orlowski, Thomas D. Corrigan

WCBT Faculty Publications

Examines the volatility of the exchange rates in Central Europe. Role of capital account liberalization and financial market integration in exchange rate stability; Remedies employed to financial problems of each countries; Impact of Asian and Russian financial crises on currencies of Central European countries; Recommendations for European Union accession.

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The Changing Economic Role Of Defense, Murray L. Weidenbaum Nov 1999

The Changing Economic Role Of Defense, Murray L. Weidenbaum

Murray Weidenbaum Publications

How much of the federal budget should be spent on national defense is discussed in this paper.

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Biotechnology And The Environment: Issues And Linkages, Sandra S. Batie, David E. Ervin Nov 1999

Biotechnology And The Environment: Issues And Linkages, Sandra S. Batie, David E. Ervin

Economics Faculty Publications and Presentations

The rapidity of change has left scant opportunity for investigation of the consequences of biotechnology adoption on long-term ecosystem or economic system functioning. Economic theory suggests that, if the "Biotechnology Revolution" is left to market forces alone, there will be neglected public goods. Theory and limited empirical evidence suggests that there are significant incentives for private firms to discount and neglect negative environmental impacts and to develop products that meet only the needs of those able and willing to pay. Negative distributional impacts on rural societies and economies will not normally enter the private calculus nor will the long-term problems …

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The Regional Economic Impact Of Cleveland's Maritime Operation: An Update, Ziona Austrian, Charles Post, Adina Swirski Wolf Nov 1999

The Regional Economic Impact Of Cleveland's Maritime Operation: An Update, Ziona Austrian, Charles Post, Adina Swirski Wolf

All Maxine Goodman Levin School of Urban Affairs Publications

No abstract provided.

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Multivariate Density Forecast Evaluation And Calibration In Financial Risk Management: High-Frequency Returns On Foreign Exchange, Francis X. Diebold, Jinyong Hahn, Anthony S. Tay Nov 1999

Multivariate Density Forecast Evaluation And Calibration In Financial Risk Management: High-Frequency Returns On Foreign Exchange, Francis X. Diebold, Jinyong Hahn, Anthony S. Tay

Research Collection School Of Economics

We provide a framework for evaluating and improving multivariate density forecasts. Among other things, the multivariate framework lets us evaluate the adequacy of density forecasts involving cross-variable interactions, such as time-varying conditional correlations. We also provide conditions under which a technique of density forecast calibration can be used to improve deficient density forecasts, and we show how the calibration method can be used to generate good density forecasts from econometric models, even when the conditional density is unknown. Finally, motivated by recent advances in financial risk management, we provide a detailed application to multivariate high-frequency exchange rate density forecasts. © …

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Marketing Loan Looks Better Than Alternatives In 1999; Grain Storage Considerations For 1999-2000, Donald Peterson, Alan May Oct 1999

Marketing Loan Looks Better Than Alternatives In 1999; Grain Storage Considerations For 1999-2000, Donald Peterson, Alan May

Economics Commentator (1972- 2016)

No abstract provided.

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The Challenge Of Administration By Regulation: Preliminary Findings Regarding The U.S. Government's Venture Capital Funds, Jonathan G.S. Koppell Oct 1999

The Challenge Of Administration By Regulation: Preliminary Findings Regarding The U.S. Government's Venture Capital Funds, Jonathan G.S. Koppell

Publications from President Jonathan G.S. Koppell

This article assesses the ability of elected officials to control public policy as implemented by public/private hybrid organizations, specifically, government venture capital funds. The study reveals greater control over OPIC investment funds than Enterprise Funds despite the existence of more traditional administrative tools of control for Enterprise Funds. This finding suggests that the regulatory infrastructure for hybrid organizations is more determinative of control than the existence (or lack) of traditional administrative control tools. Thus the challenge of hybrid government centers on the development of regulation as a substitute for administration.

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Industrial Resources: Mccracken County - Paducah, Kentucky Library Research Collections Oct 1999

Industrial Resources: Mccracken County - Paducah, Kentucky Library Research Collections

McCracken County

"Resources for Economic Development: Paducah, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Greater Paducah Economic Development Council, Paducah, Kentucky, October 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: Henry County, Kentucky Library Research Collection Oct 1999

Industrial Resources: Henry County, Kentucky Library Research Collection

Henry County

"Resources for Economic Development: Henry County, Kentucky" prepared by the Kentucky Cabinet for Economic Development Division of Research in cooperation with the Henry Count Industrial Foundation Eminence, Kentucky and the Henry County Chamber of Commerce New Castle, Kentucky, October, 1999. The report includes, but not limited to, information about: population, labor market, local manufacturing, transportation, utilities, fuel, water, sewage, industrial site, local government and service, educational and health facilities, housing, communication, recreation, natural resources, markets, and climate.

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The Global Economic Outlook: Threats And Opportunities For The U.S. Mining Industry, Murray L. Weidenbaum Oct 1999

The Global Economic Outlook: Threats And Opportunities For The U.S. Mining Industry, Murray L. Weidenbaum

Murray Weidenbaum Publications

The United States has built a unique service sector which is based on a unique industrial sector which is based on a unique mining sector. Harm any one of these three vital parts of our nation and you jeopardize the standard of living and future prospects of all our citizens. Now, the world economy is in the midst of a substantial and widespread upswing. In light of this positive outlook, the U.S. mining industry faces two primary threats: increased competition with international, overseas counterparts and the U.S. government's tendency to handicap American business via taxation, regulation, and intervention.

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Strategic Buyers And Privately Observed Prices, Dirk Bergemann, Juuso Välimäki Oct 1999

Strategic Buyers And Privately Observed Prices, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

A model of repeated price competition with large buyers is analyzed. The sellers are allowed to offer different prices to different buyers and the buyers act strategically. The set of subgame perfect Equilibria is investigated under public and private monitoring. With public monitoring the equilibrium set with large buyers expands relative to the standard model where each buyer is small and behaves myopically. With private monitoring, where prices are not observable to the competing sellers, the set of equilibrium payoffs shrinks . In the finitely repeated game with private monitoring, all sales are made by the efficient seller. In the …

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Repeated Games With Almost-Public Monitoring, George J. Mailath, Stephen Morris Oct 1999

Repeated Games With Almost-Public Monitoring, George J. Mailath, Stephen Morris

Cowles Foundation Discussion Papers

In repeated games with imperfect public monitoring, players can use public signals to coordinate their behavior perfectly, and thus support cooperative outcomes with the threat of punishments. But with even a small amount of private monitoring, players’ private histories may lead them to have sufficiently different views of the world that such coordination on punishments is no longer possible (we describe a simple strategy profile that is a perfect public equilibrium of a repeated prisoner’s dilemma with imperfect public monitoring, and yet is not an equilibrium for arbitrarily close games with private monitoring). If a perfect public equilibrium has players’ …

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