Economic models based on simple rules can result in complex and unpredictable deterministic dynamics with emergent features similar to those of actual economies. I present…
Economic models based on simple rules can result in complex and unpredictable deterministic dynamics with emergent features similar to those of actual economies. I present several such models ranging from cellular automaton and register machines to quantum computation. The additional benefit of such models is displayed by extending them to model political entanglement to determine the impact of allowing majority redistributive voting. In general, the insights obtained from simulating the computations of simple rules can serve as an additional way to study economics, complementing equilibrium, literary, experimental, and empirical approaches. I culminate by presenting a minimal model of economic complexity that generates complex economic growth and diminishing poverty without any parameter fitting, and which, when modified to incorporate political entanglement, generates volatile stagnation and greater poverty.
The purpose of this research is to examine the association between the unfunded OPEB liability and current expenditures for state governments as a measure of…
The purpose of this research is to examine the association between the unfunded OPEB liability and current expenditures for state governments as a measure of intergenerational equity. The research hypothesizes that states use the money to provide a higher level of current services than would be possible if the retiree healthcare premiums were fully funded. The results indicate that the current generation is receiving services but deferring the burden of paying for a portion of the services to future generations. This study is among the first to investigate the OPEB liability as a source of financing for current-period services for state governments.
I show that the equilibrium distribution of matches associated with the empirical transferable utility one-to-one matching (TUM) model introduced by Choo and Siow (2006a…
I show that the equilibrium distribution of matches associated with the empirical transferable utility one-to-one matching (TUM) model introduced by Choo and Siow (2006a, 2006b) corresponds to the fixed point of system of nonlinear equations; with and respectively equal to the number of discrete types of women and men. I use this representation to derive new comparative static results, showing how the match distribution varies with match surplus and the marginal distributions of agent types.
We test the determinacy properties of the standard and financial-sector-augmented Taylor rules in a new Keynesian model with a presence of banking activities. We extend…
We test the determinacy properties of the standard and financial-sector-augmented Taylor rules in a new Keynesian model with a presence of banking activities. We extend the basic fully rational environment to the setting with heterogeneous expectations. We observe that the benefits from extra financial targeting are limited. Financial targeting, if well designed, can compensate for the improper output-gap targeting through the financial-production channel. The analysis demonstrates however possible threats resulting from the misspecification of the augmented rule. A determinate mix of output-gap and inflation weights can turn indeterminate if compensated by too extreme financial targeting. The results are robust to the presence of heterogeneous expectations.
The purpose of the paper is twofold: to construct and analyze a novel endogenous growth model, in which unbounded growth is possible without the need to assume increasing…
The purpose of the paper is twofold: to construct and analyze a novel endogenous growth model, in which unbounded growth is possible without the need to assume increasing returns to scale, and to use the model to estimate the long-run (or dynamic) costs of recessions.
In the proposed model, endogenous technology and human capital accumulation serve as the “twin engines of growth.” Simulations are used to derive growth rates consistent with long-term experience of developed countries, to understand better the differences between balanced growth and unbounded growth and to provide an estimate of the dynamic costs of capacity utilization shocks that produce business cycle-like behavior.
Conservative calculations show that the costs of the capacity shocks can be large – about 1.5 percent of the present value of output over a 100-period horizon. The theoretical model also suggests that differences in the technology production and human capital accumulation functions, possibly due to differing institutions, may help explain diverse growth experiences.
The paper, for first time, combines two strands of the economic growth theory – endogenous technology and endogenous human capital production – into a single model. It uses the implications of the model to argue, through simulations, that the benefits of counter-cyclical policies are potentially large in the long run.
The purpose of this paper is to develop a hierarchical model to rank the challenges faced by the private Malaysian higher education institutions (HEIs) in the provision of…
The purpose of this paper is to develop a hierarchical model to rank the challenges faced by the private Malaysian higher education institutions (HEIs) in the provision of quality education and subsequently their corresponding critical success factors (CSFs) to address those challenges.
A sequential mix method was adopted in this study. Semi-structured interviews with 29 participants were initially conducted to identify the challenges and CSFs. This was followed by a questionnaire survey involving 158 respondents to prioritise the identified findings. Thematic analysis was conducted in the qualitative stage, uncovering the challenges and their corresponding CSFs. Data for both stages were accumulated from internal and external stakeholders of Malaysian private HEIs. Finally, the four stages of the analytic hierarchy process (AHP) were applied to rank the challenges and CSFs.
The qualitative stage identified eight challenges, i.e. “academics”, “facilities”, “students”, “programmes and curriculum”, “competition”, “accreditation”, “finance” and “research” together with their corresponding CSFs. The AHP enables the ranking of these challenges. “Finance” has been found to be the most crucial challenge and “high competency in managing the institution’s finance” as the most important CSF to address this challenge.
As the study restricted its focus on Malaysian private HEIs, the results may not be generalised for public HEIs and foreign private HEIs operating in Malaysia.
The hierarchical model developed in this study is deemed important for implementation to resolve the prioritised challenges. It spells out the specific areas in which the resources of Malaysian private HEIs need to be prudently disbursed and properly managed.
The materials included in this column were selected on the basis of an item by item review of all government publications received at a major depository library. Emphasis is placed on tools of a reference format, although much else that the Federal government publishes is otherwise of high referral value. Publications not in a reference format, in the strictest sense, are included when their potential value dictates; brief entries for “how to” items and informative pamphlets are also given if deemed potentially useful, particularly for school and public libraries and wherever the identification of vertical file materials is the responsibility of the public service librarian.
Attempts to investigate whether unfunded post‐employment obligations are recognized in the borrowing costs for new state government bond issues. Suggest that such evidence…
Attempts to investigate whether unfunded post‐employment obligations are recognized in the borrowing costs for new state government bond issues. Suggest that such evidence would lend insight into the relationship between the unfunded liability for retiree healthcare costs and borrowing costs, which may have important implications for policy makers. Gives an overview of state retiree healthcare benefits and covers prior literature before providing substantial details of the methodology used. Results suggest that such liabilities are taken into account.
Teaching library skills to college freshmen has been a challenge for academic libraries for decades. Year after year, librarians grapple with these questions: What library…
Teaching library skills to college freshmen has been a challenge for academic libraries for decades. Year after year, librarians grapple with these questions: What library skills should freshmen have? How should these skills be taught? How does basic library instruction fit in with the curriculum of the college or university?
Provides a definition of the many different forms of powertransient as well as explaining their causes and suggesting remedies foreach type of transient which can be taken…
Provides a definition of the many different forms of power transient as well as explaining their causes and suggesting remedies for each type of transient which can be taken to avoid damage to computer systems. Lists possible unexpected problems and the side effects to be expected if protection is incorrectly installed.