A Common Economic Space For The West African Monetary Zone (Wamz): Imperatives For Financial Systems Development,
2011
Central Bank of Nigeria
A Common Economic Space For The West African Monetary Zone (Wamz): Imperatives For Financial Systems Development, A. O. Adenuga, K. K. Ogunjuiba, M. E. Obiechina
Bullion
The international financial turmoil of the 21 century has provoked much reflection and analysis within the international community on ways to strengthen the international financial architecture. It left behind important lessons, while exposing the limitations of individual country policy frameworks for preventing a systemic crisis. However, the issue of whether a common economic space is feasible within the West African Monetary Zone is still doubtful, given current efforts towards monetary union in Sub-Saharan Africa. This paper adopts an empirical review approach, identifying benefits and key constraints to a common economic space in the WAMZ vis-à-vis macroeconomic development in the WAMZ, …
Nigerian Sovereign Wealth Fund (Swf): Lessons From Existing Swf,
2011
Central Bank of Nigeria
Nigerian Sovereign Wealth Fund (Swf): Lessons From Existing Swf, M. U. Yakub
Bullion
This paper examines the merits and demerits of some existing SWFs with the view of drawing some lessons of experience for Nigeria to establish its own SWF. Following this introduction, the paper in section two outlines the objective of SWF, section three discusses the merits and demerits of SWF, while section four examines countries experiences and section five dwells on the institutional framework for the fund and section six provides policy recommendation.
Identification- And Singularity-Robust Inference For Moment Condition Models,
2011
Yale University
Identification- And Singularity-Robust Inference For Moment Condition Models, Donald W.K. Andrews, Patrik Guggenberger
Cowles Foundation Discussion Papers
This paper introduces two new identification- and singularity-robust conditional quasi-likelihood ratio (SR-CQLR) tests and a new identification- and singularity-robust Anderson and Rubin (1949) (SR-AR) test for linear and nonlinear moment condition models. The paper shows that the tests have correct asymptotic size and are asymptotically similar (in a uniform sense) under very weak conditions. For two of the three tests, all that is required is that the moment functions and their derivatives have 2 + γ bounded moments for some γ > 0 in i.i.d. scenarios. In stationary strong mixing time series cases, the same condition suffices, but the magnitude of …
Identification- And Singularity-Robust Inference For Moment Condition Models,
2011
Yale University
Identification- And Singularity-Robust Inference For Moment Condition Models, Donald W.K. Andrews, Patrik Guggenberger
Cowles Foundation Discussion Papers
This paper introduces a new identification- and singularity-robust conditional quasi-likelihood ratio (SR-CQLR) test and a new identification- and singularity-robust Anderson and Rubin (1949) (SR-AR) test for linear and nonlinear moment condition models. Both tests are very fast to compute. The paper shows that the tests have correct asymptotic size and are asymptotically similar (in a uniform sense) under very weak conditions. For example, in i.i.d. scenarios, all that is required is that the moment functions and their derivatives have 2+γ bounded moments for some γ>0. No conditions are placed on the expected Jacobian of the moment functions, on the …
Cost Innovation: Schumpeter And Equilibrium. Part 1. Robinson Crusoe,
2011
Yale University
Cost Innovation: Schumpeter And Equilibrium. Part 1. Robinson Crusoe, Martin Shubik, William D. Sudderth
Cowles Foundation Discussion Papers
Modifying a parallel dynamic programming approach to a simple deterministic economy, we consider the effect of an innovation in the means of production. The success of the innovation is assumed to depend on the availability of financing, locus of financial control, the amount of resources invested, and on a random event. The relationship between money and physical assets is critical. In this first part stress is laid on the innovation behavior of Robinson Crusoe in a premonetary economy, then on his actions in a monetary economy in partial equilibrium. Part 2 considers the closed monetary economy with several differentiated agents.
Identification In A Class Of Nonparametric Simultaneous Equations Models,
2011
Yale University
Identification In A Class Of Nonparametric Simultaneous Equations Models, Steven T. Berry, Philip A. Haile
Cowles Foundation Discussion Papers
We consider identification in a class of nonseparable nonparametric simultaneous equations models introduced by Matzkin (2008). These models combine standard exclusion restrictions with a requirement that each structural error enter through a “residual index” function. We provide constructive proofs of identification under several sets of conditions, demonstrating some of the available tradeoffs between conditions on the support of the instruments, restrictions on the joint distribution of the structural errors, and restrictions on the form of the residual index function.
Economists As Worldly Philosophers,
2011
Yale University
Economists As Worldly Philosophers, Robert J. Shiller, Virginia M. Shiller
Cowles Foundation Discussion Papers
While leading figures in the early history of economics conceived of it as inseparable from philosophy and other humanities, there has been movement, especially in recent decades, towards its becoming an essentially technical field with narrowly specialized areas of inquiry. Certainly, specialization has allowed for great progress in economic science. However, recent events surrounding the financial crisis support the arguments of some that economics needs to develop forums for interdisciplinary interaction and to aspire to broader vision.
Identification In A Class Of Nonparametric Simultaneous Equations Models,
2011
Yale University
Identification In A Class Of Nonparametric Simultaneous Equations Models, Steven T. Berry, Philip A. Haile
Cowles Foundation Discussion Papers
We consider identification in a class of nonseparable nonparametric simultaneous equations models introduced by Matzkin (2008). These models combine standard exclusion restrictions with a requirement that each structural error enter through a “residual index” function. We provide constructive proofs of identification under several sets of conditions, demonstrating tradeoffs between restrictions on the support of the instruments, restrictions on the joint distribution of the structural errors, and restrictions on the form of the residual index function.
A Simple Test For Identification In Gmm Under Conditional Moment Restrictions,
2011
Yale University
A Simple Test For Identification In Gmm Under Conditional Moment Restrictions, Francesco Bravo, Juan Carlos Escanciano, Taisuke Otsu
Cowles Foundation Discussion Papers
This paper proposes a simple, fairly general, test for global identification of unconditional moment restrictions implied from point-identified conditional moment restrictions. The test is based on the Hausdorff distance between an estimator that is consistent even under global identification failure of the unconditional moment restrictions, and an estimator of the identified set of the unconditional moment restrictions. The proposed test has a chi-squared limiting distribution and is also able to detect weak identification alternatives. Some Monte Carlo experiments show that the proposed test has competitive finite sample properties already for moderate sample sizes.
Identification In A Class Of Nonparametric Simultaneous Equations Models,
2011
Yale University
Identification In A Class Of Nonparametric Simultaneous Equations Models, Steven T. Berry, Philip A. Haile
Cowles Foundation Discussion Papers
We consider identification in a class of nonparametric simultaneous equations models introduced by Matzkin (2008). These models combine standard exclusion restrictions with a requirement that each structural error enter through a “residual index” function. We provide constructive proofs of identification under several sets of conditions, demonstrating tradeoffs between restrictions on the support of the instruments, shape restrictions on the joint distribution of the structural errors, and restrictions on the form of the residual index function.
Liquidity Forecasting: Nigeria's Experience,
2011
Central Bank of Nigeria
Liquidity Forecasting: Nigeria's Experience, Abdulrasheed Zubair
Bullion
This paper discusses the experience of the Central Bank of Nigeria (CBN) in liquidity forecasting by examining the key components of the Central Bank balance sheet. The paper is divided into four sections; following this, is section two which discusses the conceptual framework. Section three covers Nigerian experience in liquidity forecasting and techniques employed while section four contains the challenges of liquidity forecasting in Nigeria and the way forward and lastly, section five concludes the paper.
Inward Fdi, Remittances, And Out-Migration,
2011
Marquette University
Inward Fdi, Remittances, And Out-Migration, Miao Grace Wang, M. C. Sunny Wong
Economics Faculty Research and Publications
In this study, we look at the relationship between remittances received at home, inward Foreign Direct Investment (FDI) and out-migration of individuals with different levels of education. Using the bilateral international migration data in 1990 and 2000, we find that inward FDI tends to deter the out-migration of individuals with secondary and tertiary education, but has no significant impact on the out-migration of individuals with primary education. In addition, remittances received at home induce the out-migration of individuals with primary education, but not the out-migration of individuals with secondary and tertiary education. The stock of existing migrants in a foreign …
Strategy For Economic Development In South Korea: Lessons For Nigeria,
2011
Central Bank of Nigeria
Strategy For Economic Development In South Korea: Lessons For Nigeria, B. N. Yaaba
Bullion
The paper is organized into six sections; introduction, section two presents on overview of Korea's economic development, section three looks of the success factors. Section four examines the emerging challenges while section five draws some lesson for Nigeria from the Korean experience and section six concludes the paper.
The Recent Financial Crisis And The Special Financing Interventions By The Central Bank Of Nigeria: Implications For The Real Sector Of The Nigerian Economy,
2011
Central Bank of Nigeria
The Recent Financial Crisis And The Special Financing Interventions By The Central Bank Of Nigeria: Implications For The Real Sector Of The Nigerian Economy, O. O. Mbutor, D. J. Yilkudi
Bullion
This paper reviews the impacts of the crisis on the real sector of the Nigerian economy and highlights the various special financing intervention schemes, which the Central Bank of Nigeria (CBN) has wielded in a bid to reverse the down turn in the sector.
Building Dynamic Stochastic General Equilibrium Models For Monetary Policy Analysis,
2011
Central Bank of Nigeria
Building Dynamic Stochastic General Equilibrium Models For Monetary Policy Analysis, Charles N. O. Mordi, Michael A. Adebiyi
Economic and Financial Review
Dynamic Stochastic General Equilibrium (DSGE) models are powerful tools that provide a coherent framework for policy discussion and analysis. In principle, they can help to identify sources of fluctuations, answer questions about structural changes, help to forecast and predict the effect of policy changes, and perform counterfactual experiments. Against this background, this paper aims at providing an insightful discussion on DSGE models by developing a simplified version of the models to explain the behavior of key macroeconomic variables in Nigeria namely: the growth rate of gross domestic product (GDP), headline inflation, exchange rate and the monetary policy rate. The estimated …
Medical Technology And The Production Of Health Care,
2011
Syracuse University
Medical Technology And The Production Of Health Care, Badi H. Baltagi, Francesco Moscone, Elisa Tosetti
Center for Policy Research
This paper investigates the factors that determine differences across OECD countries in health outcomes, using data on life expectancy at age 65, over the period 1960 to 2007. We estimate a production function where life expectancy depends on health and social spending, lifestyle variables, and medical innovation. Our first set of regressions includes a set of observed medical technologies by country. Our second set of regressions proxy technology using a spatial process. The paper also tests whether in the long-run countries tend to achieve similar levels of health outcomes. Our results show that health spending has a significant and mild …
Long-Term Economic Direction And Consistency Of Economic Policies,
2011
Institute of Business Administration
Long-Term Economic Direction And Consistency Of Economic Policies, Ishrat Husain Dr.
Faculty Research - Talks, Speeches, & Discourse
China, India and Brazil are three emerging countries in different parts of the globe with differences in culture, history and politics but have done extremely well in terms of economic development in the recent years. Pakistan on the other hand with similar culture, institutions and history as India but different political evolution has not done so well on a comparable basis. Pakistan and India have shared the same history, culture and politics for many centuries. Politicians in both these countries behave in not too different ways and are known for their penchant for self aggrandizement and their own interest maximization. …
Employer-Provided Health Insurance And Labor Supply Of Married Women,
2011
University of Massachusetts Dartmouth and W.E. Upjohn Institute for Employment Research
Employer-Provided Health Insurance And Labor Supply Of Married Women, Merve Cebi
Upjohn Institute Working Papers
This work presents new evidence on the effect of husbands’ health insurance on wives’ labor supply. Previous cross-sectional studies have estimated a significant negative effect of spousal coverage on wives’ labor supply. However, these estimates potentially suffer from bias due to the simultaneity of wives’ labor supply and the health insurance status of their husbands. This paper attempts to obtain consistent estimates by using several panel data methods. In particular, the likely correlation between unobserved personal characteristics of husbands and wives—such as preferences for work—and potential joint job choice decisions can be controlled by using panel data on intact marriages. …
Cross Border Business Cycle Impacts On El Paso Real Estate: 1970-2003,
2011
Harvey Economics
Cross Border Business Cycle Impacts On El Paso Real Estate: 1970-2003, Gokce Kincal, Thomas M. Fullerton Jr., James H. Holcomb, Martha Patricia Barraza De Anda
Border Region Modeling Project
There is comparatively little empirical evidence regarding the impacts of cross border business cycle fluctuations on metropolitan housing markets located near international boundaries. This study examines the impacts of economic conditions in Mexico on sales of existing single-family houses in El Paso, Texas. Anecdotal evidence suggests that these impacts are fairly notable. Annual frequency data from The University of Texas at El Paso Border Region Modeling Project are used to test this possibility. Results indicate that solid empirical evidence of such a linkage is elusive and additional analysis is warranted.
Mountain Monitor-4th Quarter 2010,
2011
Brookings Institution
Mountain Monitor-4th Quarter 2010, Kenan Fikri, Jonathan Rothwell
Mountain Monitor Quarterly
The metros of the Intermountain West largely fell into two categories by the close of the fourth quarter of 2010 in December: those consolidating their gains from previous quarters on the way to recovery and those still struggling to turn around appreciably and reposition themselves for the next economy. Along those lines, three Intermountain West metros ranked in the top quintile of performers and three in the bottom at year’s end on a measure of overall performance that takes into account changes in employment levels, the unemployment rate, output (gross metropolitan product or GMP), and housing prices since the beginning …
