The Empirical Institutions-Growth Literature: Is Something Amiss at the Top?

The initial publication of the Fraser Institute’s Economic Freedom of the World index prompted an explosion of empirical research on the institutions-growth relationship. To date, little of this research has appeared in the top economics journals. Subsequently, a number of empirical growth studies using alternative sources of data on institutions have appeared in top journals. This paper explores the two tracks of empirical research on the institutions-growth relationship—one track that recognizes all the relevant literature, and one that seems wanting in that respect.

Predicting the magnetospheric plasma of weather

The prediction of the plasma environment in time, the plasma weather, is discussed. It is important to be able to predict when large magnetic storms will produce auroras, which will affect the space station operating in low orbit, and what precautions to take both for personnel and sensitive control (computer) equipment onboard. It is also important to start to establish a set of plasma weather records and a record of the ability to predict this weather. A successful forecasting system requires a set of satellite weather stations to provide data from which predictions can be made and a set of plasma weather codes capable of accurately forecasting the status of the Earth's magnetosphere. A numerical magnetohydrodynamic fluid model which is used to model the flow in the magnetosphere, the currents flowing into and out of the auroral regions, the magnetopause, the bow shock location and the magnetotail of the Earth is discussed

The Empirical Instituions-Growth Literature: Is Something Amiss at the Top?

The initial publication of the Fraser Institute’s Economic Freedom of the World index prompted an explosion of empirical research on the institutions-growth relationship. To date, little of this research has appeared in the top economics journals. Subsequently, a number of empirical growth studies using alternative sources of data on institutions have appeared in top journals. This paper explores the two tracks of empirical research on the institutions-growth relationship—one track that recognizes all the relevant literature, and one that seems wanting in that respect.

Regulation and the Macroeconomy

We introduce a new measure of the extent of federal regulation in the U.S. and use it to investigate the relationship between federal regulation and macroeconomic performance. We find that regulation has statistically and economically significant effects on aggregate output and the factors that produce it–total factor productivity (TFP), physical capital, and labor. Regulation has caused substantial reductions in the growth rates of both output and TFP and has had effects on the trends in capital and labor that vary over time in both sign and magnitude. Regulation also affects deviations about the trends in output and its factors of production, and the effects differ across dependent variables. Regulation changes the way output is produced by changing the mix of inputs. Changes in regulation and marginal tax rates also offer a straightforward explanation for the productivity slowdown of the 1970s.

A General Tank Test of NACA Model 11-C Flying-boat Hull, Including the Effect of Changing the Plan Form of the Step

The results of a general tank test model 11-C, a conventional pointed afterbody type of flying-boat hull, are given in tables and curves. These results are compared with the results of tests on model 11-A, from which model 11-C was derived, and it is found that the resistance of model 11-C is somewhat greater. The effect of changing the plan form of the step on model 11-C is shown from the results of tests made with three swallow-tail and three pointed steps formed by altering the original step of the model. These results show only minor differences from the results obtained with the original model

A Complete Tank Test of the Hull of the Sikorsky S-40 Flying Boat - American Clipper Class

The results of a complete test in the N.A.C.A. tank on a model of the hull of Sikorsky S-40 flying boat ('American Clipper') are reported. The test data are given in tables and curves. From these data non-dimensional coefficients are derived for use in take-off calculations and the take-off time and run for the S-40 are computed. The computed take-off time was obtained by the Sikorsky Aviation Corporation in performance tests of the actual craft

Macroeconomic Volatility and Economic Freedom: A Cross-Country Analysis

This paper examines the empirical relationship between business cycle volatility and economic freedom across countries. In a diverse sample of 85 countries, the results suggest a significantly negative relationship between volatility and a broad measure of freedom—even after controlling for other determinants of cross-country volatility and using an instrumental variables procedure to account for the likely endogeneity of economic freedom. Among the underlying areas of the freedom index, all but the size of government component also have a significantly negative relationship with volatility. Size of government is found to have a significantly positive relationship with volatility. Measures of changes in freedom and the volatility of freedom are found to be statistically insignificant, suggesting that freedom is not among the shocks that cause business cycles. Rather, freedom appears to allow economies to better adjust to those shocks that drive business cycles. Key Words: business cycles, volatility, institutions, economic freedom

Regulation, Investment, and Growth Across Countries

This paper uses cross-country regulation data to examine the relationship between government regulation, investment, and long-run growth in a large sample of countries. The empirical results suggest that (1) highly regulated economies tend to have high rates of public investment; (2) regulation has a negative impact on private investment; (3) regulation has a negative impact on growth rates; and (4) volatility in the regulatory regime is negatively related to growth. Conclusions (1) and (4) hold even when measures of economic freedom are included in the model. Interesting implications with respect to policy toward regulatory reform are suggested.