Economics Commons^™

Can Monetary Policy Stabilize The Economy, Lester G. Telser

Lester G Telser

. No individual bank can expand without cost when most banks are contracting. Likewise no bank can contract without cost when most banks are expanding. The cause lies in the nature of clearing debts and credits among banks. The result places a heavy burden on the Fed that wants to stabilize the economy by inducing banks to reverse course. To understand the reason for this requires analysis of clearing houses in organized futures markets and in banking.

Notes On Poverty Traps And Appalachia, Steven Durlauf

University of Kentucky Center for Poverty Research Discussion Paper Series

In these notes, I provide some general ideas on how to conceptualize poverty traps and speculate on their applicability to understanding Appalachian poverty. My goal is to stimulate thinking on Appalachia that exploits contemporary perspectives in economics on the sources of persistent poverty and inequality. To do this, I focus on both the theory of poverty traps as well as issues in the econometric assessment of their empirical salience.

Intergovernmental Fiscal Relations In The Czech Republic: A Survey Of Municipality Expenditure Patterns, Phillip J. Bryson, Scott M. Smith, Gary C. Cornia

Faculty Publications

A survey of Czech local officials probes perceptions of intergovernmental relations. Perceived autonomy and municipality size are tested as autonomy indicators. The impact of the city size on municipal expenditures from different funding sources is evaluated. Cross-tabulations of city size identify revenue sources for various expenditures and activities. For all expenditures, use of funds is more effectively explained by city size than by the fiscal choices of high- and low-autonomy groups. A graphic analysis of relationships between expenditures and revenue sources complements the statistical analysis. Radar charts reveal sources for small versus large and low- versus high-autonomy cities.

Aprender De Chile, Guillermo Arosemena

Guillermo Arosemena

No abstract provided.

Why Do Judges Read Statutes?, Alexander Volokh

Alexander Volokh

The standard view that "statutory interpretation matters" -- that different methods can "lead to" different results -- is hard to square with the standard rational-choice account of judicial decisionmaking. Indeed, under the standard model, it is not obvious why a judge should bother to even read the statute.

I show, within the rational-choice account, how the judge can benefit from reading the statute when the preferences of legislators are uncertain. Doing so shows the judge what policy the legislators agreed to in the past, which gives him clues as to legislators' preferences today. Moreover, different assumptions about how the legislature …

The Next Las Vegas Boom, Robert E. Lang

Brookings Scholar Lecture Series

The Great Recession—Where are We Now?

- U.S. Employment

- U.S. GDP by Type

- U.S. Household Net Worth

- U.S Retail Sales

La Riqueza No Es Fija, Guillermo Arosemena

Guillermo Arosemena

No abstract provided.

Responding To Stakeholders’ Critical Needs- The Integrative Model Of Stakeholders’ Management (Imsm), Grace S. Thomson

Dr. Grace S. Thomson

Organizations are increasingly required to enhance their accountability to diverse internal and external stakeholders (Burrows, 1999). Knowing and understanding stakeholders’ expectations increases the ability of an organization to effectively respond to those expectations. Stakeholder relationship management is critical for corporate sustainability (Perrini & Tencati, 2006) or “capacity of a firm to continue operating over a long period of time” (p. 296). Organizations may benefit from developing collaborative interactions with their stakeholders, integrating their values and views into the formulation and implementation of organizational goals and objectives (Merrick, Parnell, Barnett & Garcia, 2005; Susniene & Vanagas, 2006).

This document contains a …

Assessing The Impact Of A Modernized Application Process On Florida’S Food Stamp Caseload, Colleen Heflin, Peter Mueser

University of Kentucky Center for Poverty Research Discussion Paper Series

In 2005, Florida implemented an internet-based service delivery system for eligibility determination in public assistance programs, including the Food Stamp, Temporary Assistance for Needy Families (TANF), and the Medicaid programs. At the same time, Florida switched from a caseworker model to a technology-driven model and decreased staffing levels of employees involved in social service delivery. We conduct an evaluative case study of the effects of these policy changes on the Food Stamp caseload. In particular, we consider the impact on applications and the flows onto and off of the program. To answer these questions, we use administrative data from the …

Ek Nishabd Kranti, Durgesh Chandra Pathak

Durgesh Chandra Pathak

This writing is a brief description of Rajiv Gandhi Mahila Viaks Pariyojana and its success stories in Amethi (Uttar Pradesh)

Tyranny And Economic Greed: The Disintegration Of The Sudanese Nation, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The present paper is part of unpublished book divided into three interrelated manuscripts that analyze the collapse of the Sudan. The current paper conclude that the decision of the International Criminal Court to arrest President Bashir triggered a process for the disintegration of an unprecedented tyrannical regime that embezzled the Sudanese nation under the pretext of imposing Islamic Sharia Laws. However, there is a pronounced prominent conflict manifested here which is the question whether it was a real Islamic laws, or was it only a powerful tool to control the country. The dogma imposed hegemonic regime that extracted all economic …

The Winter Of Their Discontent: Pyongyang Attacks The Market, Marcus Noland

Marcus Noland

This paper examines North Korea’s recent confiscatory currency conversion and the subsequent prohibition on the use of foreign currency. The regime has made no attempt to veil its motivations: strengthening the socialist economy by directly attacking the market and the independence from state control that it represents. These policies, coming at an inopportune time when the country is facing economic stagnation, spiraling prices, and a resurgence of food shortages will surely reduce economic welfare. The open question is whether they have sown such discord that these moves will ultimately destabilize the country politically as well.

Gains From Diversification On Convex Combinations: A Majorization And Stochastic Dominance Approach, Martin Egozcue, Wing Keung Wong

Martin Egozcue

By incorporating both majorization theory and stochastic dominance theory, this paper presents a gen- eral theory and a unifying framework for determining the diversification preferences of risk-averse inves- tors and conditions under which they would unanimously judge a particular asset to be superior. In particular, we develop a theory for comparing the preferences of different convex combinations of assets that characterize a portfolio to give higher expected utility by second-order stochastic dominance. Our findings also provide an additional methodology for determining the second-order stochastic dominance efficient set.

An End To Too Big To Let Fail? The Dodd–Frank Act’S Orderly Liquidation Authority, Thomas J. Fitzpatrick Iv, James B. Thomson

James Thomson

One of the changes introduced by the sweeping new fi nancial market legislation of the Dodd–Frank Act is the provision of a formal process for liquidating large fi nancial fi rms—something that would have been useful in 2008, when troubles at Lehman Brothers, AIG, and Merrill Lynch threatened to damage the entire U.S. fi nancial system. While it may not be the end of the too-big-to-fail problem, the orderly liquidation authority is an important new tool in the regulatory toolkit. It will enable regulators to safely close and wind up the affairs of those distressed fi nancial fi rms whose …

Hechos Lamentables, Guillermo Arosemena

Guillermo Arosemena

No abstract provided.

Are Speculators Foolish In Keynes' Greater Fool Model, Lester G. Telser

Lester G Telser

Keynes' Model of speculation in his General Theory 1936 describes a speculator who buys an object at a price he believes is too high because he hopes to find a greater fool who will buy it from him at an even higher price. This need not be foolish as Keynes shows in words and I show herein with algebra.

2010-4 Harvard, The Chicago Tradition And The Quantity Theory: A Reply To James Ahiakpor, David Laidler, Roger Sandilands

Department of Economics Research Reports

No abstract provided.

2010-2 A Property Of Solutions To Linear Monopoly Problems, Gregory Pavlov

Department of Economics Research Reports

No abstract provided.

The Prebisch-Singer Hypothesis: Four Centuries Of Evidence, David I. Harvey, Neil M. Kellard, Jakob B. Madsen, Mark E. Wohar

Economics Faculty Publications

We employ a unique dataset and new time series techniques to re-examine the existence of trends in relative primary commodity prices. The dataset comprises 25 commodities and provides a new historical perspective, spanning the 17th to the 21st centuries. New tests for the trend function, robust to the order of integration of the series, are applied to the data. Results show that eleven price series present a significant and downward trend over all or some fraction of the sample period. In the very long run a secular, deteriorating trend is a relevant phenomena for a significant proportion of primary commodities.

Essays On Human Capital, Health Capital, And The Labor Market, Charles Hokayem

University of Kentucky Doctoral Dissertations

This dissertation consists of three essays concerning the effects of human capital and health capital on the labor market. Chapter 1 presents a structural model that incorporates a health capital stock to the traditional learning-by-doing model. The model allows health to affect future wages by interrupting current labor supply and on-the-job human capital accumulation. Using data on sick time from the Panel Study Income of Dynamics the model is estimated using a nonlinear Generalized Method of Moments estimator. The results show human capital production exhibits diminishing returns. Health capital production increases with the current stock of health capital, or better …