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  • Author: Jon Faust
  • Publication Date: 12-1996
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: Textbook approaches to forming asymptotically justified confidence intervals for the spectrum under very general assumptions were developed by the mid-1970s. This paper shows that under the textbook assumptions, the true confidence level for these intervals does not converge to the asymptotic level, and instead is fixed at zero in all sample sizes. The paper explores necessary conditions for solving this problem, most notably showing that under weak conditions, forming valid confidence intervals requires that one limit consideration to a finite-dimensional time series model.
  • Topic: Conflict Resolution, Economics, Education
  • Author: Jon Faust, John S. Irons
  • Publication Date: 11-1996
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: While macroeconometricians continue to dispute the size, timing, and even the existence of effects of monetary policy, political economists often find large effects of political variables and often attribute the effects to manipulation of the Fed. Since the political econometricians often use smaller information sets and less elaborate approaches to identification than do macroeconometricians, their striking results could be the result of simultaneity and omitted variable biases. Alternatively, political whims may provide the instrument for exogenous policy changes that has been the Grail of the policy identification literature. In this paper, we lay out and apply a framework for distinguishing these possibilities. We find almost no support for the hypothesis that political effects on the macroeconomy operate through monetary policy and only weak evidence that political effects are significant at all.
  • Topic: Economics, Government, Political Economy, Politics
  • Author: Ann L. Owen, Murat F. Iyigun
  • Publication Date: 05-1996
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: We show how the ability o accumulate human capital through formal education and through a learning-by-doing process that occurs on the job affects the dynamic behavior of the human capital stock under a liquidity constrained and a non-constrained case. When there are alternatives to formal schooling in the accumulation of human capital, investing resources in increasing school enrollment rates in low-income countries may not be the most efficient means of increasing the human capital stock. In addition, removal of the liquidity constraints may not be sufficient to escape a development trap.
  • Topic: International Relations, Economics, Education, International Trade and Finance
  • Author: Neil R. Ericsson, Kari H. Eika, Ragnar Nymoen
  • Publication Date: 10-1996
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: Some recent studies have suggested constructing a Monetary Conditions Index (or MCI) to serve as an indicator of monetary policy stance. The central banks of Canada, Sweden, and Norway all construct an MCI and (to varying degrees) use it in conducting monetary policy. Empirically, an MCI is calculated as the weighted sum of changes in a short-term interest rate and the exchange rate relative to values in a baseline year. The weights aim to reflect these variables' effects on longer-term focuses of policy — economic activity and inflation. This paper derives analytical and empirical properties of MCIs in an attempt to ascertain their usefulness in monetary policy.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Europe, North America
  • Author: Chan Huh
  • Publication Date: 01-1996
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: This paper examines the dynamic relationship between changes in the finds rate and nonborrowed reserves within a reduced form framework that allows the relationship to have WO distinct patterns over time. A regime switching model a la Hamilton (1989) is estimated. On average, CPI inflation has been significantly higher in the regime and volatile changes in funds rate. Innovations in money growth are characterized by large associated with a strong anticipated inflation effect in this high inflation regime, and a moderate liquidity effect in the low inflation regime. Furthermore, an identical money innovation generates a much bigger increase in the interest rate during a transition period from the low to high inflation regime than during a steady high inflation period. This accords well with economic intuition since the transition period is when the anticipated inflation effect initially gets incorporated into the interest rate. The converse also holds. That is, the liquidity effect becomes stronger when the economy leaves a high inflation regime period and enters a low inflation regime period.
  • Topic: International Relations, Development, Economics, International Trade and Finance
  • Author: Neil R. Ericsson, Sunil Sharma
  • Publication Date: 07-1996
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: This paper develops a constant, data-coherent, error correction model for broad money demand (M3) in Greece. This model contributes to a better understanding of the effects of monetary policy in Greece, and of the portfolio consequences of financial innovation in general. The broad monetary aggregate M3 was targeted until recently, and current monetary policy still uses such aggregates as guidelines, yet analysis of this aggregate has been dormant for over a decade.
  • Topic: Economics, Government, International Trade and Finance
  • Political Geography: Europe
  • Publication Date: 04-1995
  • Content Type: Working Paper
  • Institution: The Carter Center
  • Abstract: With the first peaceful transfer of power from one political party to another in Nicaraguan history in 1990, Nicaraguans ended a decade-long civil war and began a process of reconciliation. Within the space of a year, the army was shrunk from 96,000 to less than 15,000 troops, the Nicaraguan Resistance was demobilized, and new forms of dialogue between previously hostile groups emerged. Nevertheless, economic recovery remained elusive in the face of hyperinflation, high expectations and competing demands among organized groups, and a lack of confidence among investors and producers. Disputes over property have played a significant role in Nicaragua's recent political and economic experience, and are a fundamental factor in its future economic recovery and political reconciliation.
  • Topic: Conflict Resolution, Economics, International Law, Politics
  • Political Geography: Latin America, Central America
  • Author: Thomas Chronopoulos
  • Publication Date: 12-1995
  • Content Type: Working Paper
  • Institution: Center for Studies of Social Change
  • Abstract: In the period between 1758 and 1834 repertoires of contention in Britain changed from parochial, particular, and bifurcated to cosmopolitan, modular, and autonomous. In other words, eighteenth century actions "that included a good deal of ceremonial, street theater, deployment of strong visual symbols, and destruction of symbolically charged objects" through the course of time lost their relative predominance and instead "demonstrations, strikes, rallies, public meetings, and similar forms of public interaction came to prevail during the nineteenth century." These new routines for the eighteenth century contentious events are the ones that ordinary people in the United States and Western Europe still to this date principally employ to make claims. This conclusion merges from a systematic study of more than 8,000 contentious gatherings, in Southern England (1758-1820) and Great Britain as a whole (1828-1834).
  • Topic: Conflict Resolution, Security, Economics, Politics
  • Political Geography: Britain, United States, United Kingdom, Europe, England
  • Publication Date: 12-1994
  • Content Type: Working Paper
  • Institution: Center for Defense Information
  • Abstract: The end of the Cold War has had a major impact on global trade in conventional armaments, just as it has on most facets of national security and defense. The nature of global demand for arms has shifted from the context of rivalry between superpowers and their associated client states to providing for national defense within the context of regional security needs. While these changes have led to a decline in total global demand for arms, countries continue to seek to acquire substantial amounts of increasingly sophisticated weapons. Ironically, in many respects, the post-Cold War world is more unstable than the Cold War era, and is characterized by increased violence, by increased proliferation of military technology, and by the potential for these trends to continue. In this context, while the nature of the political-military issues that the U.S. and friendly nations now confront has changed, arms exports will continue to be a means of advancing U.S. national security and foreign policy objectives.
  • Topic: Security, Foreign Policy, NATO, Arms Control and Proliferation, Economics
  • Political Geography: United States
  • Author: Jimmy Carter
  • Publication Date: 12-1992
  • Content Type: Working Paper
  • Institution: The Carter Center
  • Abstract: The Conference for Global Development Cooperation, convened by former President Jimmy Carter and United Nations Secretary-General Boutros Boutros-Ghali, was held at The Carter Center in Atlanta, Georgia on December 4 and 5, 1992.
  • Topic: Economics, Government, International Cooperation, International Political Economy, Third World
  • Political Geography: United Nations, Georgia