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57731. Symposium on UN Global Conferences

Author:
Benjamin Rivlin, Boutros Boutros-Ghali, Arthur M. Schlesinger, Mehr Kahn, Jyoti Shankar Singh, Elissavet Stamatopoulou, Nitin Desai, John Mathiason, Waly N-Dow, and Paul M. Kennedy
Publication Date:
02-1996
Content Type:
Working Paper
Institution:
Ralph Bunche Institute for International Studies, City University of New York
Abstract:
When the record of the United Nations during its first half-century of existence is remembered in history, the continuum of UN-sponsored global conferences from the "Children's Summit in 1990 to the City Summit in 1996" will emerge as perhaps the most important contribution of the organized world community to the furtherance of human well-being. Neither mentioned nor foreseen in the Charter of the United Nations, these global conferences represent a notable example of innovation that is possible within the framework of the Charter to meet the challenges posed by changing conditions and circumstances in the world.
Topic:
International Relations, Diplomacy, International Cooperation, and United Nations

57732. Theoretical Confidence Level Problems with Confidence Intervals for the Spectrum of a Time Series

Author:
Jon Faust
Publication Date:
12-1996
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
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, and Education

57733. Money, Politics, and the Post-War Business Cycle

Author:
Jon Faust and John S. Irons
Publication Date:
11-1996
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
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, and Politics

57734. The Accumulation of Human Capital: Alternative Methods and Why They Matter

Author:
Ann L. Owen and Murat F. Iyigun
Publication Date:
05-1996
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
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, and International Trade and Finance

57735. Hazards in Implementing a Monetary Conditions Index

Author:
Neil R. Ericsson, Kari H. Eika, and Ragnar Nymoen
Publication Date:
10-1996
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
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 and International Trade and Finance
Political Geography:
Europe and North America

57736. Regime Switching in the Dynamic Relationship between the Federal Funds Rate and Innovations in Nonborrowed Reserves

Author:
Chan Huh
Publication Date:
01-1996
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
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, and International Trade and Finance

57737. Broad Money Demand and Financial Liberalization in Greece

Author:
Neil R. Ericsson and Sunil Sharma
Publication Date:
07-1996
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
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, and International Trade and Finance
Political Geography:
Europe

57738. American-Ukrainian Nuclear Relations

Author:
Roman Popadiuk
Publication Date:
10-1996
Content Type:
Working Paper
Abstract:
On June 1, 1996, the last strategic missiles were shipped from Ukraine to Russia, bringing to an end a contentious issue that had marred the early stages of U.S.-Ukraine relations. In welcoming this development, President Clinton stated, “I applaud the Ukrainian government for its historic contribution in reducing the nuclear threat .... We remain committed to supporting Ukraine through its ambitious and far-sighted reforms and to working with Ukraine and our European partners to promote Ukraine's integration into the European community.”
Topic:
Security, Defense Policy, and International Law
Political Geography:
Europe and Johannesburg

57739. Caribbean Security on the Eve of the 21st Century

Author:
Ivelaw L. Griffith
Publication Date:
10-1996
Content Type:
Working Paper
Abstract:
This study assesses the Caribbean security landscape on the eve of the fast-approaching new century with a view to considering what the future portends in the security arena. Engaging in even guarded prospection during this period of history is particularly difficult, but also exciting, partly because of dramatic changes that the world began undergoing during the 1980s. These changes make scholars and statesmen approach the new century with a combined sense of expectancy and apprehension. The expectancy stems from the anticipated benefits of the end of the Cold War, among other things; the apprehension is driven by them may unknowns that tile dynamics of changing international relations hold for the future. This is true for the Caribbean as it is for other regions of the world, and it holds true for security as it does for other issue areas.
Topic:
Security, Defense Policy, and International Law
Political Geography:
Caribbean

57740. Defiant Again: Indigenous Poeples and Latin American Security

Author:
Donna Lee Van Cott
Publication Date:
10-1996
Content Type:
Working Paper
Abstract:
The cycle of Indian rebellion and government repression that characterized the first centuries of contact between European and Amerindian peoples cannot yet be consigned to the history books. The eruption of an armed movement in southern Mexico, comprised primarily of destitute Maya Indians, as well as smaller demonstrations of resistance in Brazil, Ecuador, and elsewhere speaks eloquently to this fact. While the majority of conflicts between the estimated 40 million indigenous peoples in Latin America and the societies in which they live are now played out in the political arena, security issues continue to generate violent interethnic conflict. Since the Conquest, the interests of indigenous communities usually have conflicted with national governments' security policies. These include a dimension explicitly intended to control the autonomous tendencies of indigenous communities, suppress Indian political organizing, and erase the independent identity of Indian nations.
Topic:
Security, Defense Policy, and International Law
Political Geography:
Brazil, South America, Latin America, and Central America