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Articles 211 - 231 of 231

Full-Text Articles in Macroeconomics

Amenities And Fringe Benefits: Omitted Variable Bias, Philip E. Graves, Robert L. Sexton, Michelle M. Arthur Dec 1998

Amenities And Fringe Benefits: Omitted Variable Bias, Philip E. Graves, Robert L. Sexton, Michelle M. Arthur

Robert L Sexton

If labor is fairly mobile, as it is in the United States, one would expect that households would move from less desirable areas toward more desirable areas until all areas are equally desirable. The way that areas become equally desirable is through the impact of movers on wages and rents (and possibly "endogenous" disamenities, such as congestion or pollution). That is, as people move to desirable areas, they will increase the demand for land (raising rents) and increase the supply of labor (lowering wages); in equilibrium, the wage and rent "compensation" for the niceness of an area reveals, in dollar ...


Low Inflation: The Surprise Of The 1990s, Dean D. Croushore Jul 1998

Low Inflation: The Surprise Of The 1990s, Dean D. Croushore

Economics Faculty Publications

For most of the 1990s, forecasters have been predicting an upturn in inflation. Yet, over that same period, the United States has experienced stable or declining inflation. Why have forecasts been at odds with reality? And why does it matter? In this article, Dean Croushore considers some answers to these questions and explains why inflation is the economic surprise of the decade.


Un Modelo De Equilibrio General Dinámico Del Impuesto Al Activo, Rodrigo Garcia-Verdu Jul 1996

Un Modelo De Equilibrio General Dinámico Del Impuesto Al Activo, Rodrigo Garcia-Verdu

Rodrigo Garcia-Verdu

Tesis que para obtener el título de Licenciado en Economía presentó Claudio Rodrigo García Verdú en el Instituto Tecnológico Autónomo de México en Agosto de 1996


Inflation Forecasts: How Good Are They?, Dean D. Croushore May 1996

Inflation Forecasts: How Good Are They?, Dean D. Croushore

Economics Faculty Publications

Forecasts of inflation affect decision-making in many segments of the economy. But in the early 1980s, economists found that forecasts in surveys taken over the past 20 years systematically underpredicted inflation. As a result, many economists stopped paying attention to forecasts. However, they may have abandoned them too quickly. In this article, Dean Croushore takes a closer look at survey forecasts and, after considering some relevant factors, concludes that inflation forecasts may not be as bad as you think.


Un Modelo De Equilibrio General Dinámico Del Impuesto Al Activo, Rodrigo Garcia-Verdu Dec 1995

Un Modelo De Equilibrio General Dinámico Del Impuesto Al Activo, Rodrigo Garcia-Verdu

Rodrigo Garcia-Verdu

Este trabajo extiende el modelo neoclásico de crecimiento para incluir un impuesto al activo como instrumento adicional de política fiscal, analizándose los efectos sobre la formación de capital. Por otra parte, son establecidas las condiciones bajo las cuales el impuesto al activo es equivalente al impuesto al ingreso generado por los activos de una economía. Además las conclusiones alcanzadas son comparadas con las de un modelo existente en la literatura. Finalmente, las implicaciones de los resultados del trabajo son desarrolladas para el caso de México.


The Balanced Budget Amendment: A Time Bomb To Subvert American Prosperity, Hyman P. Minsky Ph.D. Feb 1995

The Balanced Budget Amendment: A Time Bomb To Subvert American Prosperity, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Paper dated Feb. 13, 1995.

Summary of a Report: ’A Time Bomb to Subvert American Prosperity’.


Introducing: The Survey Of Professional Forecasters, Dean D. Croushore Nov 1993

Introducing: The Survey Of Professional Forecasters, Dean D. Croushore

Economics Faculty Publications

Forecasts play a crucial role in the economy. Businesses won't hire workers as readily if they think the economy may go into a recession soon. Long-term interest rates will rise if people in the financial markets expect inflation to increase. And firms are less likely to borrow money for new investment spending today if they think interest rates will soon decline.

Forecasts are important for many decisions, but not many people have the knowledge and experience to forecast economic variables well. It makes sense, therefore, for people to rely on the forecasts of experts. One easy way to get ...


Reconstituting The Financial Structure: The United States, Hyman P. Minsky Ph.D. May 1992

Reconstituting The Financial Structure: The United States, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

This is a paper originally prepared for a Conference on "‘Issues on Banking Structure and Competition in a Changing World,"held at the Hotel Ramada Renaissance, Antalya Turkey, Sept. 18-20, 1991.

The main download here is the revision dated 13 May 1992.

Also included here are:

The paper with handwritten notes;

A Preliminary version of the paper;

A handwritten copy;

Comments on the paper prepared by Deniz Gökçe;

A schedule for the Conference;

A second copy of the May revision that was on a separate computer disk in Minsky's papers.


What Are The Costs Of Disinflation?, Dean D. Croushore May 1992

What Are The Costs Of Disinflation?, Dean D. Croushore

Economics Faculty Publications

The Federal Reserve can use monetary policy to reduce the inflation rate, a process known as disinflation. Are the benefits of disinflation worth the costs? Proponents of disinflation argue that the long-run benefits of price stability, including lower interest rates, increased economic efficiency, and perhaps faster economic growth, greatly exceed the short-run costs. Opponents, of course, claim the opposite, usually arguing that the short-run costs in terms of higher unemployment and lost output would be immense.


How Big Is Your Share Of Government Debt?, Dean D. Croushore Nov 1990

How Big Is Your Share Of Government Debt?, Dean D. Croushore

Economics Faculty Publications

In evaluating the government's financial position, taxpayers need to account not only for its debt, but also for its ownership of tangible assets. Each taxpayer has a share of the government's net worth that is positive; however, the share was larger 10 years ago. While the real net debt tripled, this huge rise in government indebtedness generated no similar gain in government assets. Taxpayers will be paying interest on this debt with little hope of higher future returns from government assets to help pay it off. It is recommended that the government adopt a capital-budgeting system. This system ...


The Robustness Of Hedonic Price Estimation, Philip E. Graves, James C. Murdoch, Mark A. Thayer, Donald M. Waldman Jan 1988

The Robustness Of Hedonic Price Estimation, Philip E. Graves, James C. Murdoch, Mark A. Thayer, Donald M. Waldman

PHILIP E GRAVES

There is no abstract for this article; it begins with the Introduction.


Limitations Of Monetary (And Fiscal) Policy In An Age Of Financial Instability, Hyman P. Minsky Ph.D. Sep 1984

Limitations Of Monetary (And Fiscal) Policy In An Age Of Financial Instability, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

Prepared for the Conference on Streams of Economic Thought, held in Trieste, Udine, Italy, 1-3 September, 1984. The main paper is the published work, the second paper here is the original with Minsky's extensive editorial rewritings.


Economics Departmental Rankings: Research Incentives, Constraints, And Efficiency, Philip E. Graves, James R. Marchand, Randall Thompson Jan 1982

Economics Departmental Rankings: Research Incentives, Constraints, And Efficiency, Philip E. Graves, James R. Marchand, Randall Thompson

PHILIP E GRAVES

There is no abstract for this article; it begins with the Introduction.


Morbidity And Pollution, Ronald J. Krumm, Philip E. Graves Jan 1982

Morbidity And Pollution, Ronald J. Krumm, Philip E. Graves

PHILIP E GRAVES

Time-series analysis of effects of pollutants on emergency hospital admissions indicates important synergistic interactions among pollutants and to a lesser degree nonlinearities in effects of single pollutants. Comparisons of alternative econometric specifications are made to determine the appropriateness of incorporating nonuniform pollution impacts. The data substantially support the existence of synergisms among pollutants with high levels of sulfur dioxide, SO, (particulates), increasing the impact of particulates (SO,) on emergency hospital admissions. Marginal effects of either pollutant are, however, small at current ambient air quality levels. These results indicate that damage estimates were likely to be understated during the 1960’s ...


Rural To Urban Migration: Population Distribution Patterns 19, Philip E. Graves Jan 1981

Rural To Urban Migration: Population Distribution Patterns 19, Philip E. Graves

PHILIP E GRAVES

The abstract would be exactly the same as the introduction to the paper, and need not be repeated here.


The Velocity Of Money: Evidence For The U.K. 1911-1966, Philip E. Graves Jan 1980

The Velocity Of Money: Evidence For The U.K. 1911-1966, Philip E. Graves

PHILIP E GRAVES

This paper presents secular evidence on the income velocity of money, exploring the issue of the superiority of money balances. Under a variety of specifications and statistical techniques, employed on both traditional and non-traditional variables, the Friedman assertion that money is a superior good is found to lack empirical support. Indeed, income elasticities of demand for M2 balances of .3 to .45 are observed, elasticities much smaller than previously thought.


New Evidence On Income And The Velocity Of Money, Philip E. Graves Jan 1978

New Evidence On Income And The Velocity Of Money, Philip E. Graves

PHILIP E GRAVES

Time series and cross-country empirical results suggest that cash holding as a proportion of income rises, or equivalently that velocity falls, as income increases. Numerous cross-sectional findings at many points in time, in several countries, conclude oppositely. It is argued here that the former studies suffer from omitted variable bias by ignoring socio-demographic variables affecting the demand for cash balances. When one incorporates such demand shifters into the analysis the time series and cross-country findings are seen as consistent with the critically reexamined cross-sectional result that velocity increases with income.


The Roots Of Current Economic Problems, Hyman P. Minsky Ph.D. Dec 1977

The Roots Of Current Economic Problems, Hyman P. Minsky Ph.D.

Hyman P. Minsky Archive

No abstract provided.


Wealth And Cash Asset Proportions, Philip E. Graves Jan 1976

Wealth And Cash Asset Proportions, Philip E. Graves

PHILIP E GRAVES

This paper has no abstract.


External Diseconomies In Competitive Supply: Comment, George A. Hay, John J. Mcgowan Sep 1973

External Diseconomies In Competitive Supply: Comment, George A. Hay, John J. Mcgowan

Cornell Law Faculty Publications

In a recent article in this Review, Charles Goetz and James Buchanan (G-B) assert that " . . . the standard description of misallocation in the presence of external production diseconomies is misleading . . . " because these externalities produce a ". . . combination of exchange-inefficiency with production-inefficiency [which ] renders the construction of correction devices much more difficult" (p. 889). Stated otherwise their contention is that with external diseconomies that are internal to an industry, i.e., those that each firm in an industry inflicts on other firms in the same industry, a competitive regime in the presence of a per unit tax on output designed to eliminate the ...


Import Controls On Foreign Oil: Tariff Or Quota?, George A. Hay Sep 1971

Import Controls On Foreign Oil: Tariff Or Quota?, George A. Hay

Cornell Law Faculty Publications

During the recent deliberation of the Cabinet Task Force on Oil Import Controls, considerable attention was devoted to the question whether, regardless of the level of imports which should be allowed, the control should take the form of a quota or a tariff. Occasionally reference was made to a well-known equivalence theorem which holds that when there is perfect competition in the product market a tariff will generate a volume of imports which, if alternatively set as a quota, produces an identical discrepancy between foreign and domestic prices. Therefore, other than the transfer of revenues from quota holders to the ...