Teacher Labor Markets and the Perils of Using Hedonics to Estimate Compensating Differentials in the Public Sector

Assesses the difficulties of using hedonic modeling -- which assigns dollar weights to teacher- and location-specific factors to set salaries -- in determining pay differentials for public school teachers, including the lack of wage flexibility

System Identification by Dynamic Factor Models

This paper concerns the modelling of stochastic processes by means of dynamic factor models. In such models the observed process is decomposed into a structured part called the latent process, and a remainder that is called noise. The observed variables are treated in a symmetric way, so that no distinction between inputs and outputs is required. This motivates the condition that also the prior assumptions on the noise are symmetric in nature. One of the central questions in this paper is how uncertainty about the noise structure translates into non-uniqueness of the possible underlying latent processes. We investigate several possible noise specifications and analyse properties of the resulting class of observationally equivalent factor models. This concerns in particular the characterization of optimal models and properties of continuity and consistency

Microwave generation for magnetic fusion energy applications. Progress report, July 15, 1992--July 14, 1993

This work strives to develop high average power FELs at voltages below I MV allowing for smaller and less costly power supplies. To achieve operation of an FEL with 100 GHZ {approx_lt} f {approx_lt} 150 GHz and with relatively modest voltage, we have been investigating the use of small period ({lambda}{sub {omega}} {approximately} 1 cm) planar wiggler magnets together with sheet electron beams. The sheet beam geometry allows for an FEL interaction region in the form of a narrow slit with high wiggler field at the center plane where the electrons are concentrated. The total current and power may then be increased without making current density excessive by increasing the wide dimension of the sheet beam. Sheet beam FEL design parameters for both a Proof-of-Principle (PoP) FEL experiment, which is current in progress, and an ITER relevant FEL design are shown. A central issue in the sheet beam FEL concept is propagation of the beam through the interaction region without excessive interception by the walls. In section 2 below we describe a successful experimental demonstration of sheet beam propagation through a 56 period uniform wiggler. Cold testing and initial hot test operation of the (PoP) FEL amplifier are also described. Finally, we present a theoretical investigation of the bandwidth of an FEL amplifier with a tapered wiggler operating in saturation is described

Rebalancing the US Economy in a Postcrisis World

The objective of this paper is to explore how the external balance of the United States (US) might evolve in future years as the economy emerges from the recession. We examine the issue from the domestic perspective of the saving and investment balance and from the external side in terms of the basic determinants of exports and imports and the role of the real exchange rate. Using these two respective perspectives, we highlight (1) causes and consequences of low private and public saving in the US, and (2) sensitivity of trade to variations in the real exchange rate. We highlight the need for sustained depreciation of the dollar to improve the competitiveness of US exports and argue that the current exchange rate is consistent with a significant reduction in the size of the trade deficit. However, the favorable external outlook is very inconsistent with a projected domestic situation of low rates of private saving and a very large public sector budget deficit matched by a cyclically depressed rate of investment. Changes in US corporate tax structure, reconsideration of capital controls, and perhaps some further decline in the level of real exchange rates could help soften the impact of a potentially very hard postrecession landing for the United States

How Stable are Monetary Models of the Dollar-Euro Exchange Rate? A Time-Varying Coefficient Approach

This paper examines the significance of different fundamental regimes by applying various monetary models of the exchange rate to one of the politically most important exchange rates, the exchange rate of the US dollar vis-à-vis the euro (the DM). We use monthly data from 1975:01 to 2007:12. Applying a novel time-varying coefficient estimation approach, we come up with interesting properties of our empirical models. First, there is no stable long-run equilibrium relationship among fundamentals and exchange rates since the breakdown of BrettonWoods. Second, there are no recurring regimes, i.e. across different regimes either the coefficient values for the same fundamentals differ or the significance differs. Third, there is no regime in which no fundamentals enter. Fourth, the deviations resulting from the stepwise cointegrating relationship act as a significant error-correction mechanism. In other words, we are able to show that fundamentals play an important role in determining the exchange rate although their impact differs significantly across different subperiods

DIPLOMACIA E POLÍTICA DOMÉSTICA: A LÓGICA DOS JOGOS DE DOIS NÍVEIS

A política doméstica e as relações internacionais com freqüência são inextricavelmente vinculadas; todavia,as teorias existentes (particularmente as estatocêntricas) não levam adequadamente em consideraçõestais vínculos. Quando os líderes nacionais devem obter as ratificações (formais ou informais) dos membrosde seus parlamentos para um acordo internacional, seus comportamentos em negociações refletem os imperativossimultâneos tanto de um jogo de política doméstica quanto de um jogo de política internacional.Usando exemplos de cúpulas econômicas ocidentais, das negociações do Canal do Panamá e do Tratado deVersalhes, dos programas de estabilização do Fundo Monetário Internacional, da Comunidade Européia ede muitos outros contextos diplomáticos, o artigo oferece uma teoria da ratificação. Ele enfatiza o papel daspreferências, coalizões, instituições e práticas domésticas, das estratégias e táticas dos negociadores, daincerteza, das reverberações domésticas das pressões externas e o papel dos interesses do negociador-chefe.Essa teoria de “jogos de dois níveis” também pode ser aplicável a muitos outros fenômenos políticos, taiscomo a dependência, os comitês legislativos e as coalizões multipartidárias