CSSRR-Economics is a weekly email report produced by the Data and Information Services Center at the University of Wisconsin-Madison. It seeks to help social science researchers keep up to date with the latest developments in the field. This report will contain selected listings of new: reports, articles, bibliographies, working papers, tables of contents, conferences, data, and websites. For more information, including an archive of back issues and subscription information see:
CSSRR-Economics is compiled and edited by Jack Solock and Charlie Fiss.
To CSSRR-Soc #35
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Index to this issue:
CENTRAL GOVERNMENT AND NGO STATISTICAL PUBLICATIONS
NGO AND OTHER COUNTRIES
OTHER REPORTS, ARTICLES, ETC.
TABLES OF CONTENTS
CENTRAL GOVERNMENT STATISTICAL AND NGO PUBLICATIONS
1. Bureau of Labor Statistics Report: "Highlights of Women’s Earnings in 2006," (Report 1000, October 2007, .pdf format, 40p.).
2. Bureau of Transportation Statistics Report: "Trends in Personal Income and Passenger Vehicle Miles," by Jeffery Memmott (BTS Special Report SR-006, October 2007, HTML and .pdf format, 4p., with tables in HTML, Microsoft Excel and comma separated value [.csv] format.
3. Energy Information Administration Country Analysis Briefs:
A. "Venezuela" (October 2007, HTML and .pdf format, 12p.).
B. "Yemen" (October 2007, HTML and .pdf format, 8p.).
4. Small Business Administration Report: "Income and Wealth of Veteran Business Owners, 1989-2004," by George W. Haynes (Small Business Research Summary No. 310, October 2007, .pdf format, 44p.).
5. Department of Health and Human Services Assistant Secretary for Planning and Evaluation Report: "Assessing Asset Data on Low-Income Households: Current Availability and Options for Improvement," by Caroline Ratcliffe, Henry Chen, Trina R. Williams Shanks, Yunju Nam, Mark Schreiner, Min Zhan, and Michael Sherraden (September 2007, .pdf format, 94p.).
6. US Government Economic Releases from the National Bureau of Economic Research: Links to releases for Oct. 9-16, 2007 are available at the site.
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Center for Business and Economic Research Report: "Alabama Gross Domestic Product: Gross Domestic Product (millions of current dollars), 1997-2005, and Gross Domestic Product (millions of 2000 chained dollars), 1997-2005" (October 2007, Microsoft Excel format).
State Data Center Report: "Tracking Residential Growth Priority Funding Areas (PFAs)and Residential Single-Family Development in Maryland, 1990-2005" (October 2007, HTML, .pdf, or Microsoft Excel format).
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NGOs and Other Countries:
United Nations Economic and Social Commission for Asia and the Pacific Report: "The Millennium Development Goals: Progress in Asia and the Pacific 2007," (October 2007, .pdf format, 56p.).
Eurostat Periodical: Statistics in Focus. The latest issue (07/115 .pdf format) is now available at the SIF website:
International Monetary Fund:
The latest Country Reports span the time period from Oct. 2-16, 2007 (No. 07/341-07/350).
Statistics Finland News Release: "Research and development expenditure nearly EUR 5.8 billion" (Oct. 12, 2007).
Netherlands Antilles Reports:
A. "Curaçao Foreign Trade Statistics Annual Report 2006" (October 2007, Microsoft Excel format).
B. "Bonaire Foreign Trade Statistics Annual Report 2006" (October 2007, Microsoft Excel format).
C. "First results Labour Force Survey Sint Maarten 2007" (October 2007, .pdf format, 15p.).
Statistics Netherlands Web Magazine Article: "Majority of Dutch population would like to see income gaps narrowed," by Marion van den Brakel, Ferdy Otten and Hans Schmeets (Oct. 11, 2007).
Statistics Norway News Releases:
A. "Foreign direct investment 1998-2005, stocks" (Oct. 9, 2007). The news release links to three topical tables.
B. "International investment position, 2006" (Oct. 11, 2007). The news release links to one topical table.
National Statistics Office News Release: "Change in Spending Pattern Among Filipino Families Seen in 2006: 2006 Family Income and Expenditure Survey (Preliminary Results)" (Oct. 9, 2007). The news release links to four topical tables.
Central Statistical Office Compendium" Yearbook of Foreign Trade Statistics: 2007 (selected tables) (October 2007, .pdf format, 189p.).
National Institute of Statistics Periodicals:
A. Monthly Statistical Bulletin (No. 8, October 2007, data through August 2007, .pdf format, 194p.).
B. Prices Statistical Bulletin (No. 8, October 2007, data through August 2007, .pdf format, 49p.).
And click on title.
Note: this is a temporary address. When the next Bulletins are released the previous 2007 bulletins will be available at:
Statistical Office News Release: "Business services, Slovenia, 2005" (Oct. 4, 2007).
Department of Census and Statistics Report: "Household Income and Expenditure Survey-2006/07: Preliminary Report" (October 2007, .pdf format).
Click on table of content listings for links to report.
National Statistics Office News Release: "About 3 billion pounds (6.114 billion US dollars) growth in bonuses in 2006-07" (Oct. 15, 2007, .pdf format, 2p.).
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OTHER REPORTS, ARTICLES, ETC.
Urban Institute Report: "Innovation Shift" to the Emerging Economies: Cases From IT and Heavy Industries," by Leonard Lynn and Harold Salzman (October 2007, .pdf format, 21p.).
National Institute on Money in State Politics Report: "Voters Give Workers A Raise," by Linda Casey (October 2007, .pdf format, 20p.). The report is linked to from a NIMSP news release: "2006 Minimum Wage Measures Gathered Votes and Out-Of-State Checks" (Oct. 11, 2007).
Click on title in news release for link to full text.
More information on NIMSP:
Tax Foundation Background Paper: "2008 State Business Tax Climate Index," by Curtis Dubay and Chris Atkins (No. 57, October 2007, .pdf format, 64p.).
Link to full text is at the bottom of the page.
More information about TF:
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Federal Reserve Banks:
Federal Reserve Board: "Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances," by Brahima Coulibaly and Geng Li (Working Paper No. 2007-50, October 2007, .pdf format, 18p.). Links to an abstract and full text are available at:
Federal Reserve Bank of Atlanta [Georgia]:
A. "Asymmetric Expectation Effects of Regime Shifts and the Great Moderation," by Zheng Liu, Daniel F. Waggoner, and Tao Zha (Working Paper 2007-23, October 2007, .pdf format, 47p.). Links to an abstract and full text are available at:
B. "A Discrete Choice Model of Dividend Reinvestment Plans: Classification and Prediction," by Thomas P. Boehm and Ramon P. DeGennaro (Working Paper 2007-22, October 2007, .pdf format, 28p.). Links to an abstract and full text are available at:
Federal Reserve Bank of Boston [Massachusetts]:
A. "Space and Time in Macroeconomic Panel Data: Young Workers and State-Level Unemployment Revisited," by Christopher L. Foote (Working Paper 07-10, October 2007, .pdf format, 23p.). Links to an abstract and full text are available at:
B. "How Much is a Friend Worth? Directed Altruism and Enforced Reciprocity in Social Networks," by Stephen Leider, Markus M. Möbius, Tanya Rosenblat, and Quoc-Anh Do (Working Paper 07-11, October 2007, .pdf format, 53p.). Links to an abstract and full text are available at:
Federal Reserve Bank of Cleveland [Ohio]:
A. "Money and Capital," by S. Boragan Aruoba, Christopher J. Waller, and Randall Wright (WP07-14, October 2007, .pdf format, 56p.).
We revisit classic questions concerning the effects of money on investment in a new framework: a two-sector model where some trade occurs in centralized and some in decentralized markets, as in recent monetary theory, but extended to include capital. This allows us to incorporate novel elements from the microfoundations literature on trading with frictions, including stochastic exchange opportunities, alternative pricing mechanisms, etc. We calibrate models with bargaining and with price taking in the decentralized market. With bargaining, inflation has little impact on investment, but a sizable impact on welfare: going from 10 percent inflation to the Friedman rule e.g. barely affects capital, but is worth 3 percent of consumption. With price taking, this policy increases capital between 3 percent and 5 percent, and is worth 1.5 percent of consumption across steady states or 1 percent with transition. Fiscal distortions are also big. So is the impact of holdup problems from bargaining, even if the decentralized market accounts for only 5 percent of output. Many of these numbers are quite different from previous studies. Our two-sector specification is a key to the results.
B. "Private Takings," by Ed Nosal (WP07-13, October 2007, .pdf format, 21p.).
This paper considers the implications associated with a recent Supreme Court ruling that can be interpreted as supporting the use of eminent domain in transferring the property rights of one private agent-a landowner-to another private agent-a developer. Compared to voluntary exchange, when property rights are transferred via eminent domain, landowners’ investments in their properties become more inefficient and, as a result, any benefit associated with mitigating the holdout problem between landowners and the developer is reduced. Social welfare can only increase if the holdout problem is significant; otherwise, social welfare will fall when property rights are transferred via eminent domain.
C. "The Dynamics of Market Structure and Market Size in Two Health Services Industries," by Timothy Dunne, Shawn D. Klimek, Mark J. Roberts and Yi Xu (WP07-12, October 2007, .pdf format, 26p.).
The relationship between the size of a market and the competitiveness of the market has been of long-standing interest to IO economists. Empirical studies have used the relationship between the size of the geographic market and both the number of firms in the market and the average sales of the firms to draw inferences about the degree of competition in the market. This paper extends this framework to incorporate the analysis of entry and exit flows. A key implication of recent entry and exit models is that current market structure will likely depend upon the history of past participation. The paper explores these issues empirically by examining producer dynamics for two health service industries, dentistry and chiropractic services. We find that the number of potential entrants and past number of incumbent firms are correlated with current market structure. The empirical results also show that as market size increases the number of firms rises less than proportionately, firm size increases, and average productivity increases. However, the magnitude of the correlations are sensitive to the inclusion of the market history variables.
D. "A Model of Money and Credit, with Application to the Credit Card Debt Puzzle," by Irina A. Telyukova and Randall Wright (WP07-11, October 2007, .pdf format, 35p.).
Many individuals simultaneously have significant credit card debt and money in the bank. The credit card debt puzzle is: given high interest rates on credit cards and low rates on bank accounts, why not pay down debt? While some economists go to elaborate lengths to explain this, we argue it is a special case of the rate-of-return-dominance puzzle from monetary economics. We extend standard monetary theory to incorporate consumer debt, which is interesting in its own right since developing models where money and credit coexist is a long-standing challenge. Our model is quite tractable-e.g., it readily yields nice existence and characterization results-and helps puts into context recent discussions of consumer debt.
E. "Inflation-Output Gap Trade-off with a Dominant Oil Supplier," by Anton Nakov and Andrea Pescatori (WP07-10, October 2007, .pdf format, 51p.).
An exogenous oil price shock raises inflation and contracts output, similar to a negative productivity shock. In the standard New Keynesian model, however, this does not generate any trade-off between inflation and output gap volatility: under a strict inflation-targeting policy, the output decline is exactly equal to the efficient output contraction in response to the shock. Modeling the oil sector from optimizing first principles rather than assuming an exogenous oil price, we show that the presence of a dominant oil supplier (OPEC) leads to inefficient fluctuations in the oil price markup. The latter reflects a dynamic distortion of the production process, and as a result, stabilizing inflation does not automatically stabilize the distance of output from first-best. Our model is a step away from discussing the effects of exogenous oil price changes and toward analyzing the implications of the underlying shocks that cause the oil price to change in the first place.
F. "Incomplete Markets and Households’ Exposure to Interest Rate and Inflation Risk: Implications for the Monetary Policy Maker," by Andrea Pescatori (WP07-09, October 2007, .pdf format, 60p.).
The present paper studies optimal monetary policy when the representative agent assumption is abandoned and financial wealth heterogeneity across households is introduced. Incomplete markets make households incapable of perfectly insuring against interest rate and inflation risk, creating a trade-off between price level and debt-servicing stabilization. We derive a welfare-based loss function for the policymaker, which includes an additional target related to the cross-sectional distribution of household debt. The extent of the deviation from price stability depends on the initial level of debt dispersion. Using U.S. microdata to calibrate the model, we find an optimal inflation volatility equal to almost 20 percent of the actual volatility of the last 15 years. Finally, the paper studies the design of optimal simple implementable rules. Superinertial rules, which imply a hump-shaped interest rate response to shocks, significantly outperform standard rules.
Federal Reserve Bank of Philadelphia [Pennsylvania]: "A Dynamic Model of the Payment System," by Thorsten Koeppl, Cyril Monnet, and Ted Temzelides (Working Paper No. 07-22, October 2007, .pdf format, 37p.).
The authors study the design of efficient intertemporal payment arrangements when the ability of agents to perform certain welfare-improving transactions is subject to random and unobservable shocks. Efficiency is achieved via a payment system that assigns balances to participants, adjusts them based on the histories of transactions, and periodically resets them through settlement. Their analysis addresses two key issues in the design of actual payment systems. First, efficient use of information requires that agents participating in transactions that do not involve monitoring frictions subsidize those that are subject to such frictions. Second, the payment system should explore the trade-off between higher liquidity costs from settlement and the need to provide intertemporal incentives. In order to counter a higher exposure to default, an increase in settlement costs implies that the volume of transactions must decrease, but also that the frequency of settlement must increase.
Federal Reserve Bank of St. Louis [Missouri]: "Inter-temporal Differences in the Income Elasticity of Demand for Lottery Tickets," by Thomas A. Garrett, and Cletus C. Coughlin (Working Paper 2007-042A, October 2007, .pdf format, 36p.). Links to an abstract and full text are available at:
University of Wisconsin Center for Demography and Ecology: "Expectations and Realization of Joint Retirement among Dual-Worker Couples," by JeongHwa Ho and James M. Raymo (Working Paper No. 2007-16, October 2007, .pdf format, 23p.).
National Bureau of Economic Research: NBER has released the following working papers for the week of Sep. 24-Oct. 1, 2007:
New papers are: 13477-13487
Asian Development Bank: "Could Imports be Beneficial for Economic Growth? Some Evidence from Republic of Korea," by Sangho Kim, Hyunjoon Lim, and Donghyun Park (October 2007, .pdf format, 22p.).
The Republic of Korea is widely seen as a classical example of East Asia’s export-driven economic growth. The focus in the literature on exports in the economy’s growth has led to an almost complete neglect of the role of imports. This study investigates the relationship between exports, imports, and economic growth using quarterly data from 1980 to 2003. Results indicate that imports have a significant positive effect on productivity growth but exports do not. Furthermore, the evidence reveals that the productivity-enhancing impact of imports is due to competitive pressures arising from consumer good imports and technological transfers embodied in capital good imports from developed countries. Most of the study’s results still hold using gross domestic product growth rather than productivity growth as the measure of economic growth. The evidence implies that under certain circumstances, import liberalization can make a positive and significant contribution to growth and development.
International Monetary Fund: IMF has recently added new working papers. The papers are Nos. 231-237.
World Bank Development Programme: WDP has recently released several new working papers. See the list at:
New Papers are: 4375-4377
and click on "More" for the rest.
Institute for the Study of Labor (IZA) [University of Bonn, Germany]: IZA has recently released several new working papers.
The new working papers are: 3101-3120
Center for Economic Studies/Ifo Institute for Economic Research (CESifo) [Munich, Bavaria, Germany]: CESifo has recently released several new working papers:
and "Browse Working Paper List" for 2007.
The new papers are numbered 2110-2120
New Economic Papers (NEP)-ALL. The latest list of New Economic Papers (Oct. 6, 2007) is available at:
AgEcon Search: This week's new working papers from AgEcon Search at the University of Minnesota are available at:
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JOURNAL TABLES OF CONTENTS (check your library for availability):
Canadian Journal of Economics/Revue canadienne d'économique (Vol. 40, No. 3, August 2007). Note: Full electronic text of this journal is available in the ProQuest Research Library. Check your library for the availability of this database and this issue.
Games and Economic Behavior (Vol. 61, No. 2, November 2007).
Industrial Relations Journal (Vol. 38, No. 5, September 2007).
International Economic Review (Vol. 48, No. 3, August 2007).
Management Science (Vol. 53, No. 10, October 2007).
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Luxembourg Income Study: LIS announced revisions to the Belgium 2000 (Wave 5.2 datasets) data file.
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