Economics Commons^™

Faulty Communication, Stephen Morris

Cowles Foundation Discussion Papers

The electronic mail game of Rubinstein (1989) showed that a lack of common knowledge generated by faulty communication can make coordinated action impossible. This paper shows how this conclusion is robust to having a more realistic timing structure of messages, more than two players who meet publicly but not as a plenary group, and strategic decisions about whether to communicate.

Does One Soros Make A Difference? A Theory Of Currency Crises With Large And Small Traders, Giancarlo Corsetti, Partha Dasgupta, Stephen Morris, Hyun Song Shin

Cowles Foundation Discussion Papers

Do large investors increase the vulnerability of a country to speculative attacks in the foreign exchange markets? To address this issue, we build a model of currency crises where a single large investor and a continuum of small investors independently decide whether to attack a currency based on their private information about fundamentals. Even abstracting from signalling, the presence of the large investor does make all other traders more aggressive in their selling. Relative to the case in which there is no large investors, small investors attack the currency when fundamentals are stronger. Yet, the difference can be small, or …

Gmm Estimation Of Autoregressive Roots Near Unity With Panel Data, Hyungsik Roger Moon, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper investigates a generalized method of moments (GMM) approach to the estimation of autoregressive roots near unity with panel data. The two moment conditions studied are obtained by constructing bias corrections to the score functions under OLS and GLS detrending, respectively. It is shown that the moment condition under GLS detrending corresponds to taking the projected score on the Bhattacharya basis, linking the approach to recent work on projected score methods for models with infinite numbers of nuisance parameters (Waterman and Lindsay, 1998). Assuming that the localizing parameter makes a nonpositive value, we establish consistency of the GMM estimator …

How To Compute Equilibrium Prices In 1891, William C. Brainard, Herbert E. Scarf

Cowles Foundation Discussion Papers

Irving Fisher’s Ph.D. thesis, submitted to Yale University in 1891, contains a fully articulated general equilibrium model presented with the broad scope and formal mathematical clarity associated with Walras and his successors. In addition, Fisher presents a remarkable hydraulic apparatus for calculating equilibrium prices and the resulting distribution of society’s endowments among the agents in the economy. In this paper we provide an analytical description of Fisher’s apparatus, and report the results of simulating the mechanical/hydraulic “machine,” illustrating the ability of the apparatus to “compute” equilibrium prices and also to find multiple equilibria.

Optimal Inventory Policies When Sales Are Discretionary, Herbert E. Scarf

Cowles Foundation Discussion Papers

Inventory models customarily assume that demand is fully satisfied if sufficient stock is available. We analyze the form of the optimal inventory policy if the inventory manager can choose to meet a fraction of the demand. Under classical conditions we show that the optimal policy is again of the ( S,s ) form. The analysis makes use of a novel property of K-concave functions.

A Dynamic Approach To Inflation Targeting In Transition Economies, Lucjan T. Orlowski

WCBT Faculty Publications

This study views inflation targeting as a viable monetary regime for more advanced transition economies. A dynamic approach to the trajectory of disinflation and to the flexibility of direct inflation targeting is presented in the context of achieving monetary convergence to the EU/AMU. The candidate countries are advised to begin from strict inflation targeting and to follow with a more flexible inflation targeting regime before they establish a necessary ‘foundational credibility’ and monetary stability. These steps, ultimately followed by a euro-peg, are necessary in preparing for accession to the eurozone. The early experiences of the Czech Republic and Poland with …

Assessment Of Kalamazoo County's Education For Employment (Efe) Programs Using 2000 Survey Data, Kevin Hollenbeck, Noyna Debburman

Reports

No abstract provided.

The Role Of Public Policy In Skills Development Of Black Workers In The 21st Century, Timothy J. Bartik, Kevin Hollenbeck

Upjohn Institute Working Papers

This paper discusses the role of public policy in the skills development system of the U.S. It further examines the implications of that policy for the skill development and career progression of black workers. The paper describes the current "system" for skills development in the United States as a two- tiered system: The "first-chance" or conventional system allows individuals to proceed through an extensive public elementary, secondary, and postsecondary educational sector that is supplemented by private educational institutions and is followed by employer-provided job training and work experience. The "second-chance" system is designed for individuals who do not successfully traverse …

Prognostic Impact Of P53 Status In Ewing Sarcoma, E. De Alava, C. Antonescu, A. Panizo, Denis H. Y. Leung, P. Meyers, A. Huvos, F. J. Pardo-Mindan, J. Healey, M. Ladanyi

Research Collection School Of Economics

Disease stage at the time of diagnosis and response to therapy are the main prognostic factors for patients with Ewing sarcoma or peripheral neuroectodermal tumor (ES/PNET). The primary genetic alteration in ES/PNET, the fusion of the EWS gene with FLI1 or ERG, is diagnostically highly specific for these tumors, and molecular variation in the structure of the EWS-FLI1 fusion gene also is of prognostic significance. In contrast, secondary genetic alterations, such as P53 alterations, are relatively uncommon in ES/PNET, and their prognostic impact has not been extensively studied. METHODS: Prechemotherapy, paraffin embedded, nondecalcified, primary tumor material in a well-characterized series …

Denied Claims Accuracy Pilot Project: Follow-Up Report, Stephen A. Woodbury, Wayne Vroman

Reports

No abstract provided.

Sacred Politics: Is Heaven Closed To The Wretched Of The Earth?, Ibpp Editor

International Bulletin of Political Psychology

This article explores the political and religious implications of a decision by the leaders of a religious institution for many of its followers and the appeal of the religion itself.

Could The Microsoft Breakup Raise Software Prices?; Grain Outlook -- Summer 2000, Jason Zimmerman, Alan May

Economics Commentator (1972- 2016)

No abstract provided.

Could The Microsoft Breakup Raise Software Prices?; Grain Outlook -- Summer 2000, Jason Zimmerman, Alan May

Economics Commentator (1972- 2016)

No abstract provided.

The Economic Impact Of Health Services On Muskegon County, George A. Erickcek

Reports

No abstract provided.

Trends. The Attack On Mbeki: Praising Through Damning, Ibpp Editor

International Bulletin of Political Psychology

This article discusses the controversial contention by President Thabo Mbeki of the Republic of South Africa that poverty and lack of health infrastructures are the causes of AIDS and HIV in Africa instead of limiting his analysis to the biological line of virus inducing disease.

The Public Psychologies Of Terrorism: An Example From France, Ibpp Editor

International Bulletin of Political Psychology

This article describes several hypothetical intrapsychic phenomena that may be activated to engender terrorist behavior after the publicization of a terrorist event.

Trends. Licit And Illicit Human Trafficking: The Ultimate Violation Of Human Rights, Ibpp Editor

International Bulletin of Political Psychology

This article discusses human trafficking for economic reasons and its context.

Excerpt From (Same) Sex Tourism, Jasbir Puar

Center for LGBTQ Studies (CLAGS)

The impetus behind this project stems from an incident in February 1998 when several "gay" cruises originating from Europe and the U.S. were refused docking privileges in various parts of the Caribbean, invoking responses from British Prime Minister Tony Blair and U.S. officials, both insisting on the egregious violation of human rights. The on-going dilemma over the docking of gay cruise ships led me to ask questions about the constructions of community created through and against such encounters and the production of a global gay identity that is contested by postcolonial situations. Ironically, the U.S. and British states advocate protection …

Estimating The Economic Value Of The Ocean In A National Income Accounting Framework, Charles S. Colgan

Publications

A key part of the effort to estimate the economic value of the ocean is to develop estimates of the appropriate values of the goods and services traded in the market economy. Such estimates should include the output of industries associated with the ocean, as well as other measures of economic activity, including income generated, employment, the number of firms, etc. Providing the information that permits seeing the economy of the ocean within the context of other economic activity requires preparing estimates that are consistent with the National Income and Product

Accounts (NIPA). The key component is Gross Product Originating …

Smoking Laws And Their Differential Effects On Restaurants, Bars, And Taverns, John Dunham, Michael L. Marlow

Economics

This article examines the effect of restrictive smoking laws on restaurants, bars, and taverns. Supporters of these laws often argue that they do not harm firms and may even raise profits. Opponents argue that owners cater to customer smoking preferences, and laws mandating specific policies will negatively impact profits. This article provides a framework for examining the distribution of effects that smoking laws exert on businesses, and demonstrates that changes in total sales or tax revenues do not provide a meaningful understanding of the economic implications because smoking laws exert different effects on different firms. The distribution of these effects …

A Simple Test Of The Law Of Demand For The United States, Eduardo Zambrano, Timothy J. Vogelsang

Economics

No abstract provided.

Trade Liberalization And International Migration: The Philippine Case, Fernando T. Aldaba

Economics Department Faculty Publications

The paper examines the determinants of international migration in the Philippines. Specifically, it looks at the relationship of trade and migration. It proposes an eclectic migration model and shows by regression analysis that goods and labor mobility are substitutes in the medium and long terms. In the short run, as economies expand due to market reforms, migration may still continue. Other determinants of international migration include the economic growth of the country and specific factors related to the destination countries like wage rates and the existence of networks. Political stability in the Philippines did not turn out to be significant. …

Industrial Resources: Ohio County, Kentucky Library Research Collections

Ohio County

"Resources for Economic Development: Ohio County, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research, Frankfort, Kentucky, July 2000. 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.

Industrial Resources: Union County, Kentucky Library Research Collections

Union County

"Resources for Economic Development: Union County, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Union County Economic Development Foundation, Inc., Morganfield, Kentucky, July 2000. 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

Industrial Resources - Gallatin County, Kentucky Library Research Collections

Gallatin County

"Resources for Economic Development: Gallatin County, Kentucky” prepared by the Kentucky Cabinet for Economic Development, Division of Research, and the Gallatin County Chamber of Commerce, 2000. 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.

Industrial Resources: Graves County - Mayfield, Kentucky Library Research Collections

Graves County

"Resources for Economic Development: Mayfield, Kentucky” prepared by the Kentucky Cabinet for Economic Development, Division of Research, and the Mayfield – Graves County Local Development Corporation, 2000. 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.

Industrial Resources: Logan County, Kentucky Library Research Collection

Logan County

"Resources for Economic Development: Logan County, Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Logan County Economic Development Commission, Russellville, Kentucky, July 2000. 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.

Industrial Resources: Crittenden County - Marion, Kentucky Library Research Collections

Crittenden County

"Resources for Economic Development: Marion (Crittenden County), Kentucky" prepared by the Kentucky Cabinet for Economic Development, Division of Research, and the Crittenden County Economic Development Corporation, 2000. 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.

Industrial Resources: Webster County, Kentucky Library Research Collections

Webster County

"Resources for Economic Development: Webster County, [Kentucky]" prepared by the kentucky Department of Economic Development, Division of Research in cooperation with the Webster County Economic Corporation, Dixon Kentucky, July 2000. 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.

Industrial Resources: Webster County, Kentucky Library Research Collections

Webster County

"Resources for Economic Development: Webster County, [Kentucky]" prepared by the Kentucky Cabinet for Economic Development, Division of Research in cooperation with the Webster County Economic Development Corporation, Dixon, Kentucky, July 2000. The report includes, but is not limited to, information about: labor markets, 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.