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82. Factor Endowments and Industrial Structurev
- Author:
- Trevor A. Reeve
- Publication Date:
- 07-2002
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- What determines industrial structure? Do sector-specific characteristics such as unionization, regulation, and trade policy dominate production patterns? One is inclined to believe so based on countless industry-level studies and the many political battles that are continually fought over trade and industrial policy. In contrast, standard neoclassical trade theory suggests that industrial structure is primarily driven by relative factor supplies. This paper demonstrates that aggregate factor endowments explain much of the structure of production—independent of industry idiosyncrasies—and quantifies the extent to which shifts in industrial structure in a cross section of countries are driven by the broad forces of factor accumulation. This result has important implications for policy. In particular, investment in physical capital and education may have as great an impact on the pattern of production as sector-specific trade and industrial policies. Thus, general equilibrium effects should not be ignored in efforts either to understand industrial structure or to form policies that attempt to alter it. These conclusions are reached through an empirical application of the factor proportions model of production.
- Topic:
- Economics, Industrial Policy, and International Trade and Finance
- Political Geography:
- United States
83. Recent U.S. Macroeconomic Stability: Good Policies, Good Practices, or Good Luck?
- Author:
- Beth Anne Wilson, Shaghil Ahmed, and Andrew Levin
- Publication Date:
- 07-2002
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- The volatility of U.S. real GDP growth since 1984 has been markedly lower than that over the previous quarter-century. In this paper, we utilize frequency-domain and VAR methods to distinguish among several competing explanations for this phenomenon: improvements in monetary policy, better business practices, and a fortuitous reduction in exogenous disturbances. We find that reduced innovation variances account for much of the decline in aggregate output volatility. Our results support the “good-luck” hypothesis as the leading explanation for the decline in aggregate output volatility, although “good-practices” and “good-policy” are also contributing factors. Applying the same methods to consumer price inflation, we find that the post-1984 decline in inflation volatility can be attributed largely to improvements in monetary policy.
- Topic:
- Economics, Industrial Policy, and International Trade and Finance
- Political Geography:
- United States
84. Finding Numerical Results to Large Scale Economic Models Using Path-Following Algorithms: A Vintage Capital Example
- Author:
- Brett Berger
- Publication Date:
- 06-2002
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- This paper describes the numerical optimization methods used in Berger (2001) to find the complete time paths of key economic variables in neoclassical vintage capital models. An interior and a non-interior point method are discussed. Both of the methods are part of the general class of “path-following” algorithms. These algorithms can be efficiently applied to convex programming problems; and due to the standard shape of production and utility functions, many economic problems can be written as convex programming problems. Vintage capital models add scale and complexity to standard growth models because one must now handle the dynamics of multiple capital stocks. This increase in complexity will often prevent the discovery (or existence) of closed form solutions, making numerical solutions of the type found in Berger (2001) necessary.
- Topic:
- Economics, Industrial Policy, and International Trade and Finance
- Political Geography:
- United States
85. The Defense Science Board Summer Study on Defense Science and Technology
- Publication Date:
- 05-2002
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- Technology has been and must continue to be a key enabler of military advantage, both in conflict and in situations where conflict is close at hand. Over the years, the Department of Defense (DoD) science and technology progrme has discovered, invented, harnessed, and demonstrated such enabling technologies. As industry becomes more global, as scientific endeavors in other countries become more competitive, and as affordable technology increasingly issues from commercial sources, the DoD science and technology program needs to continue to meet challenges and exploit opportunities that arise. The Defense Science Board 2001 Summer Study task force has asked to examine three aspects of the DoD science and technology program: How the Department's S investment should be spend. The level of investment in science and technology. How the military can realize the most value from this investment.
- Topic:
- Defense Policy, Industrial Policy, and Science and Technology
- Political Geography:
- United States
86. Annual Industrial Capabilities Report to Congress, MAR 2002
- Publication Date:
- 03-2002
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- Section 2504 of title 10, United States Code, requires that the Secretary of Defense submit an annual report to the Committee on Armed Services of the Senate and the Committee on Armed Services of the House of Representatives, by March 1st of each year. The report is to include:”(1) A description of the departmental guidance prepared pursuant to section 2506 of this title.(2) A description of the methods and analyses being undertaken by the Department of Defense alone or in cooperation with other Federal agencies, to identify and address concerns regarding technological and industrial capabilities of the national technology and industrial base.(3) A description of the assessments prepared pursuant to section 2505 of this title and other analyses used in developing the budget submission of the Department of Defense for the next fiscal year.(4) Identification of each program designed to sustain specific essential technological and industrial capabilities and processes of the national technology and industrial base.” This report contains the required information.
- Topic:
- Defense Policy, Economics, Industrial Policy, and Science and Technology
- Political Geography:
- United States
87. Scientific Research at the Smithsonian Institution
- Author:
- James E. Colvard, C. William Fischer, Adam Jr. Herbert, Delores Parron, Maxine Singer, and Jerry R. Schubel
- Publication Date:
- 10-2002
- Content Type:
- Working Paper
- Institution:
- The National Academy of Public Administration (NAPA)
- Abstract:
- The Smithsonian Institution is a unique organization, established in 1846 “for the increase and diffusion of knowledge among men.” It has grown over the years and is now composed of 16 museums and galleries, the National Zoo, and numerous research facilities in the United States and abroad. The Smithsonian participates in the annual federal budget process to receive funding though the federal appropriations process. In Fiscal Year (FY) 2001, it received 57 percent of its funding through federal appropriation. The remainder came from government grants and contracts, contributions and private grants, business ventures, and investment earnings.
- Topic:
- Civil Society, Government, Industrial Policy, and International Organization
- Political Geography:
- United States
88. Courts, Congress, And Constituencies: Managing Fisheries By Default
- Author:
- Mary A. Gade, Terry D. Garcia, Jonathan B. Howes, Theodore M. Schad, and Susan Shipman
- Publication Date:
- 07-2002
- Content Type:
- Working Paper
- Institution:
- The National Academy of Public Administration (NAPA)
- Abstract:
- In 1976, the Magnuson Fishery Conservation and Management Act established the first federal system to govern fishing in the then newly - declared 200 - mile exclusive economic zone (EEZ). This management system was uniquely participatory, composed of representatives of states, recreational and commercial fishers, and the federal government. It was organized into eight regional councils that were charged with developing fishery management plans (FMPs), in coordination with the National Marine Fisheries Service (NMFS) and subject to NMFS review and approval. The councils were established to meet the goals of conserving fishery resources and promoting the U.S. commercial and recreational fishing industry. Under a set of statutory standards, the councils were tasked to make the major management decisions, such as the size of the allowable catch, the length of the fishing season, the allocation of any quotas to states and fishers, and permitting/licensing provisions.
- Topic:
- Civil Society, Government, Industrial Policy, and International Organization
- Political Geography:
- United States
89. Strengthening Senior Leadership In the U.S. Government: Phase I Report
- Author:
- Sandra J. Hale, Patricia W. Ingraham, Ralph C. Bledsoe, Constance J. Horner, Gilda H. Lambert, and David M. Walker
- Publication Date:
- 12-2002
- Content Type:
- Working Paper
- Institution:
- The National Academy of Public Administration (NAPA)
- Abstract:
- Since its creation in 1978, the Senior Executive Service (SES) has undergone wide - ranging assessments and analyses from a variety of sources. The U.S. General Accounting Office (GAO), Grace Commission, Packard Panel, and National Performance Review have addressed SES structural, systemic, and operational issues. In 1998, the U.S. Office of Personnel Management (OPM) raised these issues anew in a broad review about SES' future, and whether SES selection, development, and management produce the executives needed to meet the leadership challenges and opportunities of the 21st Century. This work led to policy improvements and set the stage for legislative proposals. However, the review did not show stakeholder consensus on several pivotal areas for effecting change in SES structure and composition. As a result, OPM was encouraged to lead a more comprehensive assessment of structure and composition to identify appropriate changes that would enhance overall accountability.
- Topic:
- Civil Society, Government, Industrial Policy, and International Organization
- Political Geography:
- United States
90. Models For Change: Efforts By Four States To Address Environmental Justice
- Author:
- Jonathan B. Howes, Philip Rutledge, A. James Barnes, Jonathan Howes, Valerie Lemmie, David Mora, James Murley, and Eddie Williams
- Publication Date:
- 06-2002
- Content Type:
- Working Paper
- Institution:
- The National Academy of Public Administration (NAPA)
- Abstract:
- In October 2001, the Office of Environmental Justice at the U.S. Environmental Protection Agency (EPA) asked the National Academy of Public Administration (the Academy) to study a selected group of state environmental justice programs and identify opportunities for states to address environmental justice concerns more effectively. This study complements a prior Academy effort that analyzed how environmental justice could be incorporated into EPA's permitting programs for air, waste, and water and contributed to EPA's five - step strategy for integrating environmental justice into its permits.
- Topic:
- Civil Society, Government, Industrial Policy, and International Organization
- Political Geography:
- United States