Economics Commons^™

Sufficiency Of An Outside Bank And A Default Penalty To Support The Value Of Fiat Money: Experimental Evidence, Juergen Huber, Martin Shubik, Shyam Sunder

Cowles Foundation Discussion Papers

We present a model in which an outside bank and a default penalty support the value of fiat money, and experimental evidence that the theoretical predictions about the behavior of such economies, based on the Fisher-condition, work reasonably well in a laboratory setting. The import of this finding for the theory of money is to show that the presence of a societal bank and default laws provide sufficient structure to support the use of fiat money and use of the bank rate to influence inflation or deflation, although other institutions could provide alternatives.

Consolidated Supervision Of Banks: Concept And Practices, U. Kama

Bullion

The paper has considered two basic issues in financial supervision. These are the separation of financial supervision from central banking and the rationale and challenges of establishing an integrated supervision structure in Nigeria. lt identified three basic functions of financial supervision as micro prudential, macro prudential and conduct-of-business supervision, which address systemic stability, financial soundness of individual institutions and consumer protection respectively . The paper is divided into six sections. Following this introduction is section ll which examines the conceptual and theoretical issues in consolidated supervision. Section lll reviews the experience of other jurisdictions in the practice of consolidated supervision. …

Integrated Financial Supervision For Nigeria: Emerging Issues And Challenges., Anachi Arua

Bullion

In the supervisory architecture of financial institutions have been of interest to policymakers and the academic. It began to be discussed in the late eighties when the Scandinavian countries were establishing a single supervisory authority in their country. The discussion heated up in the late nineties when the United Kingdom created the Financial Services Authority (FSA) and continued in this decade as many developed and developing countries consider the adoption of more integrated supervision structures. The paper considers the issues of separation of financial supervision from central banking and the rationale and challenges of establishing on integrated supervision structure in …

Consumer Protection And Financial Stability In Malaysia Lessons For Nigeria, Ngozi Egbuna

Bullion

The paper highlights the Bank Negara Malaysia (BNM)'s approach to consumer protection and financial stability in Malaysia with the aim of drawing lessons for Nigeria. The paper proposes an action for the establishment of a financial mediation bureau in Nigeria, to be set up by the Central Bank of Nigeria (CBN). To achieve this, the paper is structured in six sections. Following th is July - Sept. 2008 introduction is section 2 which examined the conceptual issues while Section 3 dealt with an overview of the consumer protection infrastructure in Nigeria. Section 4 focused on the Malaysian experience giving a …

Innovation And Equilibrium?, Martin Shubik

Cowles Foundation Discussion Papers

A discussion is given of the problems involved in the formal modeling of the innovation process. The link between innovation and finance is stressed. The nature of how the circular flow of funds is broken and the role of finance in evaluation and control is discussed.

Sufficiency Of An Outside Bank And A Default Penalty To Support The Value Of Fiat Money: Experimental Evidence, Juergen Huber, Martin Shubik, Shyam Sunder

Cowles Foundation Discussion Papers

We present a model in which an outside bank and a default penalty support the value of fiat money, and experimental evidence that the theoretical predictions about the behavior of such economies, based on the Fisher-condition, work reasonably well in a laboratory setting. The import of this finding for the theory of money is to show that the presence of a societal bank and default laws provide sufficient structure to support the use of fiat money and use of the bank rate to influence inflation or deflation, although other institutions could provide alternatives.

Inference For Parameters Defined By Moment Inequalities: A Recommended Moment Selection Procedure, Donald W.K. Andrews, Panle Jai Barwick

Cowles Foundation Discussion Papers

This paper is concerned with tests and confidence intervals for parameters that are not necessarily identified and are defined by moment inequalities. In the literature, different test statistics, critical value methods, and implementation methods (i.e., the asymptotic distribution versus the bootstrap) have been proposed. In this paper, we compare these methods. We provide a recommended test statistic, moment selection critical value method, and implementation method. We provide data-dependent procedures for choosing the key moment selection tuning parameter kappa and a size-correction factor eta.

Managing Private College Finances In An Environment In Which Spending And Revenues Grow At Different Rates, Roger T. Kaufman, Geoffrey Woglom

Economics: Faculty Publications

Recently, spending and fees at colleges and universities have been rising faster than family incomes. If this trend persists, increasing emphasis will be placed on endowments as a source of finance. This paper examines financial planning when growth rates for the sources and uses of funds differ. First, we examine concepts of "intergenerational equity" in such an environment (i.e., what is an equitable growth in comprehensive fees?) and then we show how the different concepts relate to the long-run sustainability of the institution. With differences in growth rates, long-run sustainability is a dynamic programming problem where rules of thumb such …

Measuring Tax Incidence: A Natural Experiment In The Hybrid Vehicle Market, Melissa Boyle, Victor Matheson

Economics Department Working Papers

This study measures the economic incidence of the hybrid vehicle tax credit implemented in the Energy Policy Act of 2005. By comparing hybrids to gasoline-powered counterparts as the credit is phased out and expires, we are able to isolate the impact of the credit on the market price of hybrid vehicles. We conclude that hybrid prices increase by $0.75 on average for every additional dollar of credit. Thus, the majority of the subsidy accrues to manufacturers, potentially encouraging producers to increase the variety and availability of hybrid models on the market.

Estimating The Speed Of Convergence In The Neoclassical Growth Model: An Mle Estimation Of Structural Parameters Using The Stochastic Neoclassical Growth Model, Time-Series Data, And The Kalman Filter, Daniel G. Swaine

Economics Department Working Papers

An important question is whether underdeveloped countries will converge to the per-capita income level of developed countries. Economists have used the disequilibrium adjustment property of growth models to justify the view that convergence should occur. Unfortunately, the empirical literature does not obey the "Lucas" admonition of estimating the structural parameters of a growth model that has the conditional convergence property and then computing the speed of convergence implied by the estimated structural parameters. In this paper, we use U.S. time-series data to estimate the structural parameters of a stochastic neoclassical growth model and compute the speed of conditional convergence in …

Is Nigeria Ready For Inflation Targeting, Mbutor O. Mbutor

Bullion

Inflation Targeting as a framework for monetary policy implementation simply describes a policy framework in which central banks accept and announce the realization of certain forecast targets of inflation, over a given time period, as the measure policy anchor and are accountable for deviations from actual inflation from the said target. The primary goal of the paper was to expose the prospects and challenges facing the implementation of inflation targeting in Nigeria. To put the subject in proper perspective, common terminologies often used in discussing lT were defined. The preconditions for effective lT were also highlighted. The paper has argued …

Understanding Nominal Anchor: A Case Study Of Central Bank Of Nigeria, A. Bamidele

Bullion

As a country's monetary authority, a central bank is responsible for the conduct of monetary policy. This onerous process begins with developing a plan of action of employing interest rates or controlling the money stock to influence the economy. The focus of monetary policy is to safeguard the value of the domestic currency in terms of what it can purchase as a basis of providing a framework for the achievement of wider government economic objectives of non-inflationary economic growth, employment, stable exchange rate, favourable balance of payments and more generally a stable financial environment for the economy. In view of …

Stages Of The Ongoing Global Financial Crisis: Is There A Wandering Asset Bubble?, Lucjan Orlowski

WCBT Faculty Publications

This study argues that the severity of the current global financial crisis is strongly influenced by changeable allocations of the global savings. This process is named a “wandering asset bubble”. Since its original outbreak induced by the demise of the subprime mortgage market and the mortgage-backed securities in the U.S., this crisis has reverberated across other credit areas, structured financial products and global financial institutions. Four distinctive stages of the crisis are identified: the meltdown of the subprime mortgage market, spillovers into broader credit market, the liquidity crisis epitomized by the fallout of Bear Sterns with some contagion effects on …

Regional Dashboard Of Economic Indicators 2008: Comparative Performance Of Midwest And Northeast Ohio Metropolitan Areas, Ziona Austrian, Afia Yamoah, Iryna Lendel

All Maxine Goodman Levin School of Urban Affairs Publications

This report describes the findings from the third study of Dashboard indicators using the framework that was developed in the previous two studies. The framework resulted in a set of indicators that explains the dynamics of regional economic growth for large and mid-sized metropolitan areas in the United States. The objective of this study is to continue monitoring the performance of Northeast Ohio metropolitan areas over time and in comparison to other metropolitan areas across the United States.

The Nasa Glenn Research Center: An Economic Impact Study Fiscal Year 2007, Iryna Lendel

All Maxine Goodman Levin School of Urban Affairs Publications

This report describes the economic impact of the National Aeronautics and Space Administration’s (NASA) Glenn Research Center (Glenn) on the eight-county Northeast Ohio region and the state of Ohio during FY 2007.1 The report also provides some background information related to NASA Glenn’s R&D activities and an overview of Glenn. The analysis was conducted by the Center for Economic Development at Cleveland State University’s Maxine Goodman Levin College of Urban Affairs.

Northeast Ohio Entrepreneurship Confidence Survey: Third-Year Findings, Survey Analysis, David O. Kasdan

All Maxine Goodman Levin School of Urban Affairs Publications

The objective of the entrepreneurship Confidence Survey is to assess the entrepreneurial climate and entrepreneurs’ confidence in their ability to start and sustain a business in Northeast Ohio. This is the third year that the survey has been conducted, and the intention is to continue conducting the survey annually for the next several years to identify trends that might emerge. The survey has been constructed to measure respondents’ perceptions regarding several issues, including access to capital, workforce supply, information provided by educational institutions and business support organizations, networking opportunities, government responsiveness, attitudes toward entrepreneurs, adequacy of infrastructure, quality of life, …

Is American Health Care Uniquely Inefficient?, Alan M. Garber, Jonathan Skinner

Dartmouth Scholarship

No abstract provided.

Front Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Svc Winners Go A Step Further, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

(Wp 2009-01) Trust In Others: Does Religion Matter?, Joseph P. Daniels, Marc Von Der Ruhr

Economics Working Papers

Though the recent literature offers intuitively appealing bases for, and evidence of a linkage among religious beliefs, religious participation and economic outcomes, evidence on a relationship between religion and trust is mixed. By allowing for an attendance effect, disaggregating Protestant denominations, and using a more extensive data set, probit models of the General Social Survey (GSS), 1975 through 2000, show that Black Protestants, Pentecostals, fundamentalist Protestants, and Catholics, trust others less than individuals who do not claim a preference for a particular denomination. For conservative denominations the effect of religion is though affiliation not attendance. In contrast, liberal Protestants trust …

Dualistic Development In Uae And Gcc, Suleiman I. Cohen

Topics in Middle Eastern and North African Economies

No abstract provided.

Stock Prices, Exchange Rates, And Oil: Evidences From Middle East Oil-Exporting Countries, Mohamed Abdelaziz, Georgios Chortareas, Andrea Cipollini

Topics in Middle Eastern and North African Economies

No abstract provided.

How Has Specialization In Turkish Exports Evolved Over Time? A Study Based On Galtonian Regressions, Guzin Erlat, Haluk Erlat

Topics in Middle Eastern and North African Economies

No abstract provided.

South Valley Incorp Feasibility Study_September 2008, University Of New Mexico Bureau Of Business And Economic Research

Historic Publications

SOUTH VALLEY INCORPORATION FEASIBILITY STUDY.

Improving Semiparametric Estimation By Using Surrogate Data, Song Xi Chen, Leung, Denis H. Y., Jin Qin

Research Collection School Of Economics

The paper considers estimating a parameter beta that defines an estimating function U(y, x, beta) for an outcome variable y and its covariate x when the outcome is missing in some of the observations. We assume that, in addition to the outcome and the covariate, a surrogate outcome is available in every observation. The efficiency of existing estimators for beta depends critically on correctly specifying the conditional expectation of U given the surrogate and the covariate. When the conditional expectation is not correctly specified, which is the most likely scenario in practice, the efficiency of estimation can be severely compromised …

Harrod Paper Final, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Economic Policy in a Growth Context: A Classical Synthesis of Keynes and Harrod, including figures and tables (2008-08-29)

• Blackwell Publishing exclusive licence form for Economic Policy in a Growth Context: A Synthesis of Keynes and Harrod to be published in Metroeconomica (2008-08-27)

• Email from Neri Salvadori, Editor-in-Chief of Metroeconomica, accepting Economic Policy in a Growth Context: A Synthesis of Keynes and Harrod for publication (2008)

• Referee report on Economic Policy in a Growth Context: A Synthesis of Keynes and Harrod (2008)

Older And Out Of Work: Jobs And Social Insurance For A Changing Economy, Randall W. Eberts Editor, Richard A. Hobbie Editor

Upjohn Press

The chapters in this volume, originally presented at a conference organized by the National Academy of Social Insurance, come from a group of policy experts who advance our understanding of the labor market experiences of older workers while pointing out that current workforce programs often leave this growing population underserved.

Research On Application On 3pl In Air Conditioners Industry, Yifei Li

World Maritime University Dissertations

No abstract provided.

Approach To Model On The Fourth Generation Port Competitiveness : An Application For Pda, Yiwen Cao

World Maritime University Dissertations

No abstract provided.

Research On Union Mode Of E-Waste Reverse Logistics In China, Hewei Kong

World Maritime University Dissertations

No abstract provided.