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Jacksonian Monetary Policy Specie Flows and the Panic of 1837
(Vanderbilt University, 2000)
The Panic of 1837 stands among the most severe banking crises in U.S. history, marking the start of a business downturn from which the nation would not recover for six years. Given the serious consequences of the panic for ...
Determining the Optimal Sample Size for Contingent Valuation Surveys
(Vanderbilt University, 2000)
Fundamentally, this paper is about the value of information. Whenever a cost-benefit analysis has to be undertaken using benefits that are estimated from household survey data the size of the survey sample must be specified. ...
Social Approval and Occupational Choice
(Vanderbilt University, 2000)
We examine the impact of a desire for social approval on education and occupation choice and model the endogenous determination of perceptions that influence such approval. In a two-sector overlapping generations framework, ...
International Trends in Economics Degrees During the 1990s.
(Vanderbilt University, 2000)
Australia, Canada, Germany, and the United States experienced a substantial decline in undergraduate degrees in economics from 1992 through 1996, followed immediately by a modest recovery. This cycle does not conform to ...
Productivity in Manufacturing and the Length of the Working Day: Evidence from the 1880 Census of Manufactures
(Vanderbilt University, 2000)
We use data from the manuscript census of manufacturing to estimate the effects of the length of the working day on output and wages. We find that the elasticity of output with respect to daily hours was positive but less ...
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Using unpublished manuscript census data for 1869/70 and 1879/80, we estimate that manufacturing establishments in the mid/late nineteenth century averaged about 10 months of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 ...