Macroeconomics Commons^™

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2008., Central Bank Of Nigeria

CBN Annual Report

The Central Bank of Nigeria (CBN)'s 2008 report evaluates macroeconomic policies and outcomes, focusing on corporate operations and the economy's performance against domestic and external economic and financial developments. The CBN's monetary policy stance and banking and financial measures were deployed to ensure price stability and financial sector soundness. Despite the global economic downturn, the financial system remained relatively stable and overall macroeconomic performance was satisfactory. The formal financial system at end-December 2008 comprised the CBN, the Nigeria Deposit Insurance Corporation, the Securities and Exchange Commission, the National Insurance Commission, the National Pension Commission, and various banks. The banking sector …

Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson

Faculty Publications

No abstract provided.

Can A Representative Agent Model Represent A Heterogeneous Agent Economy?, Sungbae An, Yongsung Chang, Sun-Bin Kim

Research Collection School Of Economics

Accounting for observed fluctuations in aggregate employment, consumption, and real wage using the optimality conditions of a representative household requires preferences that are incompatible with economic priors. In order to reconcile theory with data, we construct a model with heterogeneous agents whose decisions are difficult to aggregate because of incomplete capital markets and the indivisible nature of labor supply. If we were to explain the model-generated aggregate time series using decisions of a stand-in household, such a household must have a nonconcave or unstable utility as is often found with the aggregate US data.

Boom And Gloom, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The popular discourse on the economy of Pakistan has swung all of a sudden from one extreme to the other. The previous discourse was set in a tone of self-congratulation and loud pronouncements that everything was honky and dory while the discussion these days is marked by a sense of alarm, blame game, doubts about the veracity of the statistics and an accusatory tone. Both these approaches are highly flawed and leave most Pakistanis in a state of daze, confusion and anger. They do not know as to what the real state of the economy is, what the factual position …

Toward A Libertarian Reconstruction Of Neoclassical Welfare Theory, Jeffrey Rogers Hummel

Faculty Publications

Many libertarians, especially those inclined toward the Austrian school of economics, counter the market-failure justification for government intervention by denying any legitimacy whatsoever to the neoclassical concept of efficiency. But properly interpreted, neoclassical efficiency, rather than providing an open-ended justification for all sorts of government intervention, provides one of the most powerful and comprehensive objections to government coercion in general.

An Empirical Analysis Of Macroeconomic And Political Determinants Of Private Investment In Sub-Saharan Africa, Ralph Cann-Tamakloe

School of Public Service Theses & Dissertations

The general macroeconomic and political difficulties experienced by many Sub-Saharan African countries in the late 1980s has led to economic and political reforms to improve private investment performance. It has been estimated that Sub-Saharan African countries needed to boost private investment in gross domestic product some 25% in the 1990s to achieve sustainable growth and development (Pfefferman and Madarassy, 1989). However, private investment performance has fallen short of the estimated 25%, and remained stagnant between 12.4% and 14.1% per annum from 1993 to 2002.

The purpose of this study therefore is to examine the influence of macroeconomic factors and democracy, …

Far-Flung Europe: What Is The Economic Impact Of Geography?, John Luke Gallup

Economics Faculty Publications and Presentations

Several Western European countries have integral territory thousands of miles from continental Europe. The economic performance in these "outermost" regions tests the impact of geographical isolation in a high income, institutionally uniform setting quite different from the geographical challenges of poor, agriculturally dependent developing countries. The European regional data used have different starting years by country. This required the derivation of a new non-linear estimation model for cross-regional growth. The outermost regions converge to national income levels of continental Europe at least as fast as other poor continental regions, showing no special impact of geography on economic growth. Looking at …

Why Brazil Has Not Grown: A Comparative Analysis Of Brazilian, Indian, And Chinese Economic Management, Fernando Ferrari-Filho, Anthony Petros Spanakos

Department of Political Science and Law Faculty Scholarship and Creative Works

This paper does not aim to dispute that Brazil would benefit from reforms in any or all of these areas. Rather, the paper offers a skeptical perspective on reform menus and proposes an alternative explanation for the faster growth of Brazil’s peers India and China2. The paper begins by introducing (section 1) the idea of the BRICs countries, to establish the basis for comparisons of most similar cases. It then surveys the results of a generation of Washington Consensus era growth (section 2). Although there is a considerable amount of divergence over what causes growth, it seems that something approaching …

The Consequences Of Information Revealed In Auctions, Brett E. Katzman, Matthew Rhodes-Kropf

Faculty Articles

This paper considers the ramifications of post-auction competition on bidding behavior under different bid announcement policies. In equilibrium, the auctioneer’s announcement policy has two distinct effects. First, announcement entices players to signal information to their post-auction competitors through their bids. Second, announcement can lead to greater bidder participation in certain instances while limiting participation in others. Specifically, the participation effect works against the signalling effect, thus reducing the impact of signalling found in other papers. Revenue, efficiency, and surplus implications of various announcement policies are examined.

Target Saving In An Overlapping Generations Model, Brishti Guha, Ashok S. Guha

Research Collection School Of Economics

We examine a model in which the utility function has been engineered so that it is optimal for consumers to aim for a fixed target level of retirement resources. In this case, consumption displays excess sensitivity to current income as well as perfect old age insurance. In an overlapping generations model, this leads naturally to multiple and unstable equilibria. Under static expectations, it also leads to a well-defined dynamics, including possible historical traps, implosions involving ever-diminishing capital stock and ever-increasing interest rates, and the feasibility of optimal one-time interventions.

The Gettysburg Economic Review, Volume 2, Spring 2008

Gettysburg Economic Review

No abstract provided.

A Current Microeconometric Assessment Of The Racial Wage Gap In The United States, David H. Krisch

Gettysburg Economic Review

Minority groups in the United States promoted affirmative action legislation in the 1960s during the civil rights movement to help ease the inequalities suffered in their economic history. Many labor economists have sought since this time to study the effects of race, gender, and the effect of income – how it has changed and if the gap has closed. Existing literature uses many different econometric models to show how the effects of race, gender, age, occupation, educational attainment, and geographic location on an individual comparative basis. This paper will examine the effects of all of these variables jointly using an …

Notes On Goodwin's Model Of Growth With A Reserve Army Of Labor, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (1988, November 1). Notes on Goodwin’s model of growth with a reserve army of labor [Unpublished typed manuscript].

• Shaikh, A. (1986, October). Goodwin wage-employment cycle model: “Goodwin” in TUTSIM [Unpublished handwritten manuscript].

• Shaikh, A. (2008, April 23). Neoliberalism, globalization & financial capital [Unpublished handwritten manuscript].

Capital Stock, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (n.d.). Capital stock [Handwritten notes with formulas for gross and net stock]. Unpublished manuscript.

• Tsoulfidis, L. (1999, May 27). Capacity utilization measures [Email to Anwar Shaikh]. Unpublished correspondence.

• Shaikh, A. (n.d.). Capacity utilization [Notes addressed to Anwar Shaikh]. Unpublished manuscript.

• U.S. Bureau of the Census. (1999, May 4). Plant capacity utilization [Data table]. U.S. Department of Commerce.

• Shaikh, A. (n.d.). Depreciation and geometric decay [Handwritten notes with equations]. Unpublished manuscript.

• Wasshausen, D. (2008, January 8). Census book value measures versus BEA measures [Email exchange with Anwar Shaikh]. Unpublished correspondence. …

Eco108 World Political Eco Lecture I&Ii, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection contains:

• Intermediate economics: growth, unemployment and inflation [Sample exam questions]. (2008, Spring).

• Keynesian model with government [Manuscript]. (2008, March 11).

• Shaikh, A. (1998, February 19). Unemployment [Handwritten notes for LANG 6061]. Anwar Shaikh, PhD.

• Shaikh, A. (2005, January). Outline [Handwritten notes for LANG 6061]. Anwar Shaikh, PhD.

• Shaikh, A. (1985, October 2). Productive/unproductive labor [Handwritten notes]. Anwar Shaikh, PhD.

• Shaikh, A. (2005, February). Finish long waves [Handwritten notes for economics, international economics]. Anwar Shaikh, PhD.

• Shaikh, A. (2001, April 17). Growth [Handwritten notes for ECO 105]. Anwar Shaikh, PhD.

• Shaikh, …

Stock Markets And Household Wealth: Can A Stock Market Crash Cause A Recession In The U.S. Economy?, Ishan Singh

Honors Theses

Stock market wealth effects on the level of consumption in the United States economy have been constantly debated; there is evidence for arguments for and against its prominence and its symmetry. This paper seeks to investigate the strength of its negative effect by creating models to analyze unexpected shocks to the Standard and Poor's 500 index. First, a transmission mechanism between the stock market and GDP is established through the use of second-order vector autoregressive models. Following which, theory from the life cycle model and adaptations of previous researchers' models are used to create a structural model. This paper finds …

The Effect Of Devaluation On Output In The Egyptian Economy: A Vector Autoregression Analysis, Sahar M. Abdel-Haleim, Hala El-Ramly

Business Administration

The objective of this paper is to analyze the relationship between exchange rate changes and output in the Egyptian economy. This is the first such study that we know of for Egypt. Employing a Vector Autoregression model, the paper conducts the study using annual data for Egypt over the period 1982-2004. The results of the study indicate that devaluations have an initial contractionary effect on output in Egypt. This contractionary effect lasts for a period of as long as four years before the expected positive effect of the devaluation starts to materialize. Moreover, the study clarifies that real exchange rate …

Application Of The Fractal Market Hypothesis For Modelling Macroeconomic Time Series, Jonathan Blackledge

Articles

This paper explores the conceptual background to financial time series analysis and financial signal processing in terms of the Efficient Market Hypothesis. By revisiting the principal conventional approaches to market analysis and the reasoning associated with them, we develop a Fractal Market Hypothesis that is based on the application of non-stationary fractional dynamics using an operator of the type
∂² / ∂x² − σ^q(t) * ∂ ^q(t)/ ∂t^q(t)

where σ⁻¹ is the fractional diffusivity and q is the Fourier dimension which, for the topology considered, (i.e. the one-dimensional case) is related to the Fractal …

The State Of New England: Economic Slowdown And Recovery After The Dotcom Bust, Arindam Bandopadhyaya, College Of Management, University Of Massachusetts Boston

Financial Services Forum Publications

What follows is an analysis of the key macroeconomic trends in the six New England states. Using data publicly available in 2007, we examine trends in GDP growth, population, personal income and unemployment rate in each state. We provide a breakdown of each state by GDP category and provide an overall weighting by super sectors.

Cultural Advantages In China: Tale Of Six Cities, Florentin Smarandache, Fu Yuhua, Victor Christianto

Branch Mathematics and Statistics Faculty and Staff Publications

Nowadays, plenty of factories from Europe and other developed countries have been relocated to this country, considering its tremendous economic scale and rapid growth rate during the past three decades. But most of what happens inside the China nowadays is deeply hidden from the outside world (“the foreigners” as China people would call). This fact is partly because most reports on China were written by the so‐called fly‐high experts who are busy completing their reports despite a busy schedule. Very few books or reports were written by people inside, or at least “foreigners” who spent a few years in China. …

Ral, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2008, November 18). RAL (Eco 104) [Unpublished handwritten manuscript].

• Shaikh, A. (n.d.). Labor process transformation (RAL) [Unpublished handwritten manuscript].

• Shaikh, A. (1998, March 12). Inflation and unemployment (Lang 6061) [Unpublished handwritten manuscript].

• Shaikh, A. (n.d.). Causes of unemployment [Unpublished handwritten manuscript].

• Shaikh, A. (n.d.). RAL: Eco 105 [Unpublished handwritten manuscript].

K Stock Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• K stock notes. Unpublished manuscript notes. Author: Anwar Shaikh, PhD.
  • Contents include:
    • Notes on capital stock measurement and the construction of capital stock series.
    • Notes on the perpetual inventory method (PIM) and related capital stock calculations.
    • Notes on deflators, price indexes, and the relationship between nominal and real capital measures.
    • Notes on chain-weighted capital stock measurement and aggregation problems.
    • Notes on quality adjustment and the measurement of real capital stock.
    • Mathematical derivations and equations concerning capital accumulation, depreciation, investment, and capital-output relationships.
    • Typed and handwritten annotations concerning theoretical and empirical approaches to capital measurement.
    • Handwritten notes …

Lang Courses, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection contains:

• Intermediate economics: growth, unemployment and inflation [Midterm exam]. (2008, March 25).

• Shaikh, A., PhD. (2011, October 19). LECO Eatwell’s lecture [Handwritten notes].

• Hour money coupons with quotes from Adam Smith [Coupons]. (n.d.).

• Donadio, R. (2011, October 1). Battered by economic crisis, Greeks turn to barter networks. The New York Times.

• Shaikh, A. (2011, October 5). A. Shaikh EADC book chapter 2: Materials and figures on GDP, productivity, unemployment, and business cycles [Working materials].

• Economic patterns in capitalism [Title slide]. (2011, Fall).

• Shaikh, A., PhD. (2011, September 19). Background and …

Cointegration + Capital Stock, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2003, March; 2004, May 19). Cointegration and capital stock [Handwritten notes].

• Liang, G., & Shaikh, A. (2004, July 7). State space coefficient restrictions in EViews [Email printout].

• Moudud, J. K. (2005, April 4). Microfit 4.0 tutorial lessons [Software tutorial printouts with handwritten annotations].

• Shaikh, A. (2005, April 8). Hicksian adjustment [Handwritten notes].

• Shaikh, A. (2005, May 6). Pesaran bounds testing procedure [Handwritten notes].

• Shaikh, A. (2008, May 25). Basic model, error correction mechanism, and Cochrane–Orcutt [Handwritten notes].

• Shaikh, A. (n.d.). Tutorial lessons: Lessons in cointegration analysis [Printouts with …

Banking, Credit, Anwar Shaikh Phd

Archives of Anwar Shaikh

4:27 PM    

Claude responded: This collection includes:

This collection includes:

• Shaikh, A. (n.d.). [Handwritten folder label identifying contents as "Banking, credit"]. Unpublished manuscript note. New School for Social Research.
• Shaikh, A. (n.d.). [Handwritten working notes on banking and credit theory: three-scenario framework for banks and real economy, bonds, and combined case; system of equations for deposit rate i_D, loan rate i_L, profit rate r, and real wage wr; analysis of arbitrage conditions; derivation showing all three cases collapse to the same structure when savings deposits equal zero-coupon bonds; reference to Garegnani; notation regarding base rate as f(money market) …

Eco 108 World Political Economy Lectures Iv & V, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2008). Eco108: World pol eco lecture iv: Inflation 1 lecture v: Inflation 2 [Unpublished manuscript].
• Shaikh, A. (2002). World political economy (GECO 5108) [Course syllabus].
• Sahr, R. (2006). US CPI, 1665–2007, in 1995-$ [Data set]. Oregon State University.
• Shaikh, A. (2005). Inflation vs total bank credit growth [Unpublished manuscript].
• Harberger, A. C. (1988). World inflation revisited. In E. Helpman, A. Razin, & E. Sadka (Eds.), Economic effects of the government budget (pp. 217-237). MIT Press.
• The Economist. (2005). Monetary conundrums: America's monetary policy is off target. The Economist, 374(8415), 12.
• Harberger, A. C. …

The Measurement Of Capital, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Unpublished manuscript, The measurement of capital, by Anwar Shaikh
• Unpublished manuscript, The measurement of capital, by Anwar Shaikh

Miscellaneous, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Bowley, G. (2008, February 21). That ’70s look: Stagflation. The New York Times.

• Shaikh, A., PhD. (2007, August 27). Cost of funds raised through equity [Unpublished handwritten notes].

• Cohen, M. A. (2008, January 18). Email to Anwar Shaikh regarding an invitation to the University of Buenos Aires [Email correspondence].

• Jesus College, Cambridge. (2007, October 17). Letter to Anwar Shaikh [Handwritten letter].

• Ali, M. (n.d.). Econ 380: The U.S. trade deficit [Syllabus and reading list].

• [Author unknown]. (2008, February 20). Paradoxes in Lucas’s 1988 model with increasing returns [Annotated paper].

• …

Target Saving In An Overlapping Generations Model, Ashok S. Guha, Brishti Guha

Research Collection School Of Economics

We examine a model in which the utility function has been engineered so that it is optimal for consumers to aim for a fixed target level of retirement resources. In this case consumption displays excess sensitivity to current income as well as perfect old age insurance. In an overlapping generations model, this leads naturally to multiple and unstable equilibria. Under static expectations, it also leads to a well-defined dynamics, including possible historical traps, implosions involving ever-diminishing capital stock and ever-increasing interest rates, and the feasibility of optimal one-time interventions.