New Methods for Analyzing Structural Models of Labor Force Dynamics

This paper takes a first step toward developing econometric models for the structural analysis of labor force dynamics. Our analysis is presented in continuous time, although most of the points raised here can be applied to discrete time models. We show that in previous attempts to estimate "structural" models of job search, a key source of information necessary to identify certain structural parameters has been neglected. We discuss the conditions under which structural search models can be estimated. In particular, the wage offer distribution must be recoverable -- i.e., it must be the case that the parameters of the untruncated wage offer distribution be estimable from the truncated accepted wage distribution. The wage offer distribution must be assumed to belong to a parametric family. Estimates of structural parameters are shown to be sensitive to the distributional assumption made. A partial equilibrium two state model of employment dynamics is estimated, using data from the National Longitudinal Survey of Young Men. We find employment and nonemployment rates implied by the structural parameter estimates to be generally consistent with those observed for the population of young males.

Central bank design in general equilibrium

We study the effects of alternative institutional arrangements for the determination of monetary policy in the context of a capital-theoretic, general equilibrium economy. In the absence of an institutional arrangement, there is a continuum of steady state equilibria indexed by rates of inflation ranging from the Friedman rule to high a high level. The social optimum is associated with the Friedman rule.. We consider three institutional arrangements for determining monetary policy. The first, unconditional majority voting, always leads to a substantial inflation bias. The second, a simple form of bargaining which we interpret as a policy board, generally improves on the unconditional majority voting outcome. Finally, we consider a form of constitutional rule which always achieves the social optimum.Monetary theory ; Banks and banking, Central

Are Unemployment and Out of the Labor Force Behaviorally Distinct Labor Force States?

This paper formulates and tests the hypothesis that the categories unemployed and out of the labor force are behaviorally distinct labor force states. Our empirical results indicate that they are. In the empirically relevant range the exit rate from unemployment to employment exceeds the exit rate from out of the labor force to employment. This evidence is shown to be consistent with a simple job search model of productive unemployment with log concave wage offer distributions. We prove that if unemployed workers receive job offers more frequently than workers out of the labor force, and if wage offer distributions are log concave, the exit rate from unemployment to employment exceeds the exit rate from out of the labor force to employment.

The RTC and the escalating costs of the thrift insurance mess

An examination of the structure of the Resolution Trust Corporation and of its performance in resolving the savings and loan insurance crisis, defining the obstacles that may be impeding the RTC's effectiveness in closing insolvent thrifts and returning their assets to the private sector.Resolution Trust Corporation (U.S.) ; Savings and loan associations

Vibrational Power Flow Analysis of Rods and Beams

A new method to model vibrational power flow and predict the resulting energy density levels in uniform rods and beams is investigated. This method models the flow of vibrational power in a manner analogous to the flow of thermal power in a heat conduction problem. The classical displacement solutions for harmonically excited, hysteretically damped rods and beams are used to derive expressions for the vibrational power flow and energy density in the rod and beam. Under certain conditions, the power flow in these two structural elements will be shown to be proportional to the energy density gradient. Using the relationship between power flow and energy density, an energy balance on differential control volumes in the rod and beam leads to a Poisson's equation which models the energy density distribution in the rod and beam. Coupling the energy density and power flow solutions for rods and beams is also discussed. It is shown that the resonant behavior of finite structures complicates the coupling of solutions, especially when the excitations are single frequency inputs. Two coupling formulations are discussed, the first based on the receptance method, and the second on the travelling wave approach used in Statistical Energy Analysis. The receptance method is the more computationally intensive but is capable of analyzing single frequency excitation cases. The traveling wave approach gives a good approximation of the frequency average of energy density and power flow in coupled systems, and thus, is an efficient technique for use with broadband frequency excitation

FDICIA's prompt corrective action provisions

A review of the origins of FDICIA's early intervention policy and the political economy arguments for supporting it, with emphasis on the specific sections of the law that pertain to this policy and the ways in which the new guidelines will impact the future of the nation's depositories.Deposit insurance ; Federal Deposit Insurance Corporation Improvement Act of 1991

Improved Co I Log(gf) Values and Abundance Determinations in the Photospheres of the Sun and Metal-Poor Star HD 84937

New emission branching fraction measurements for 898 lines of the first spectrum of cobalt (Co I) are determined from hollow cathode lamp spectra recorded with the National Solar Observatory 1 m Fourier transform spectrometer on Kitt Peak, AZ and a high-resolution echelle spectrometer. Published radiative lifetimes from laser induced fluorescence measurements are combined with the branching fractions to determine accurate absolute atomic transition probabilities for the 898 lines. Hyperfine structure (hfs) constants for levels of neutral Co in the literature are surveyed and selected values are used to generate complete hfs component patterns for 195 transitions of Co I. These new laboratory data are applied to determine the Co abundance in the Sun and metal-poor star HD 84937, yielding log epsilon(Co) = 4.955 +/- 0.007 (sigma = 0.059) based on 82 Co I lines and log epsilon(Co) = 2.785 +/- 0.008 (sigma = 0.065) based on 66 Co I lines, respectively. A Saha or ionization balance test on the photosphere of HD 84937 is performed using 16 UV lines of Co II, and good agreement is found with the Co I result in this metal-poor ([Fe I/H] = -2.32, [Fe II/H] = -2.32) dwarf star. The resulting value of [Co/Fe]= +0.14 supports a rise of Co/Fe at low metallicity that has been suggested in other studies.NASA NNX10AN93GNSF AST-1211055, AST-1211585McDonald Observator

Magnetohydrodynamic simulations of black hole accretion

We discuss the results of three-dimensional magnetohydrodynamic simulations, using a pseudo-Newtonian potential, of thin disk (h/r ~ 0.1) accretion onto black holes. We find (i) that magnetic stresses persist within the marginally stable orbit, and (ii) that the importance of those stresses for the dynamics of the flow depends upon the strength of magnetic fields in the disk outside the last stable orbit. Strong disk magnetic fields (alpha > 0.1) lead to a gross violation of the zero-torque boundary condition at the last stable orbit, while weaker fields (alpha ~ 0.01) produce results more akin to traditional models for thin disk accretion onto black holes. Fluctuations in the magnetic field strength in the disk could lead to changes in the radiative efficiency of the flow on short timescales.Comment: 6 pages, to appear in proceedings, 20th Texas Symposium on Relativistic Astrophysics, eds J.C. Wheeler and H. Marte