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Now showing items 21-30 of 58
Democracy and Visibility
(Vanderbilt University, 2000)
We examine the role of visibility in influencing government resource allocation across multiple public goods. In an electoral framework, outcomes are defined to be less visible in tasks if it is harder to assess government ...
A Simple Cointegrating Rank Test Without Vector Autoregression
(Vanderbilt University, 2000)
This paper proposes a fully nonparametric test for cointegrating rank which does not require estimation of a vector autoregressive model. The test exploits the fact that the degeneracy in the moment matrix of the variables ...
Downtime in American Manufacturing Industry: 1870 and 1880.
(Vanderbilt University, 2000)
Using unpublished manuscript census data for 1869/70 and 1879/80, we estimate that manufacturing establishments in the mid/late nineteenth century averaged about 10 months of fulltime operation per year; somewhat longer ...
Technology and the Stock Market: 1885-1998
(Vanderbilt University, 2000)
Using 114 years of U.S. stock market data we try to relate movements in stock prices to changes in technology. We find Measures of technological progress explain 37% of the 3.9% annual growth in the stock market over the ...
Using Taylor Rules as Efficiency Benchmarks
(Vanderbilt University, 2000)
In this article, benchmark Taylor rules are obtained as the solution to a dynamic programming problem in which interest rates are chosen to minimize the discounted sum of observed inflation and output variations. The ...
Credit Market Imperfections Financial Activity and Economic Growth
(Vanderbilt University, 2000)
This paper develops a dynamic general-equilibrium model with production to examine the inter-relationships between the real and the financial sectors with and without credit market imperfections. Due to the moral hazard ...
Business-to-Business Electronic Commerce
(Vanderbilt University, 2000)
This paper, prepared for the Journal of Economic Perspectives, provides an overview of the economic issues arising in business-to-business (B2B) online commerce. Just as the industrial revolution mechanized firms' manufacturing ...
Social Choice with Analytic Preferences
(Vanderbilt University, 2000)
Arrow's axioms for social welfare functions are shown to be inconsistent when the set of alternatives is the nonnegative orthant in a multidimensional Euclidean space and preferences are assumed to be either the set of ...
Nicholas Georgescu-Roegen and the Filiation of Economic Ideas
(Vanderbilt University, 2000)
This article examines the intellectual influences that economists exerted on Nicholas Georgescu Roegen in his formative and mature years. While these include Malthus, Marshall, Pareto and Schumpeter, attention is focused ...
Schumpeter's 'Vision' as Filter for his Evaluation of other Economists' Visions
(Vanderbilt University, 2000)
In his History of Economic Analysis, Schumpeter stated that although the subject of his book is a history of economic analysis, "analytic effort is of necessity preceded by a preanalytic cognitive act that supplies the raw ...