Greenback-Gold Returns and Expectations of Resumption, 1862-1879

We propose a unified framework for studying the greenback-gold price during the U.S. suspension of convertibility from 1862 to 1879. The gold price is viewed as a floating exchange rate, with a fixed destination given by gold standard parity because of the prospect of resumption. We test this perspective using daily data for the entire period, and measure the effect of news during and after the Civil War. New evidence of a decline in the volatility of gold returns after the Resumption Act of 1875 provides statistical support for the importance of expectations of resumption.greenbacks, gold standard, regime switching

Temporary controls on capital inflows

During the past decade a number of countries imposed capital controls that had two distinguishing features: they were asymmetric, in that they were designed principally to discourage capital inflows, and they were temporary. This paper studies formally the consequences of these policies, calibrates their potential effectiveness, and assesses their welfare implications in an environment in which the level of capital inflows can be suboptimal. In addition, motivated by the fact that these types of controls have often been left in place after the dissipation of the shock that lead to the controls being implemented, the paper evaluates the welfare cost of procrastination in removing these types of controls.capital flows controls international interest rates inflation reserve requirements

Risk, Managerial Skill and Closed-End Fund Discounts

Empirical evidence from the UK market is brought to bear on recent theories of closed-end fund discounts. Market pricing of skill, relative to the fees charged for it, accounts for a significant portion of discount variation, but cannot explain the rarity of index funds or why they trade at a discount. Index funds have lower discount volatility. Discount risk is much more systematic on international than on domestic funds. It is argued that even idiosyncratic risk is priced in closed-end funds, because they are likely to represent a significant proportion of investors’ risky portfolios.Closed-end fund; fund management; systematic risk

Too much of a good thing: The macroeconomic effects of taxing capital inflows

In addition to altering fiscal, monetary, and exchange rate policies in response to the surge in international capital inflows in the early 1990s,policy makers in many countries in ASIa, Eastern Europe, and Latin America have resorted to measures to control capital inflows.We provide a preliminary assessment of the effects of some of the macroeconomic effects of these policies.capital controls capital inflows reserve requirements taxes

Portfolio Diversification, Leverage, and Financial Contagion

This paper studies the extent to which basic principles of portfolio diversification explain "contagious selling" of financial assets when there are purely local shocks (e.g., a financial crisis in one country). The paper demonstrates that elementary portfolio theory offers key insights into "contagion." Most important, portfolio diversification and leverage are sufficient to explain why an investor will find it optimal to significantly reduce all risky asset positions when an adverse shock impacts just one asset. This result does not depend on margin calls: it applies to portfolios and institutions that rely on borrowed funds. The paper also shows that Value-at-Risk portfolio management rules do not have significantly different consequences for portfolio rebalancing than a variety of other rules. Copyright 2000, International Monetary Fund

The effect of steady aerodynamic loading on the flutter stability of turbomachinery blading

An aeroelastic analysis is presented which accounts for the effect of steady aerodynamic loading on the aeroelastic stability of a cascade of compressor blades. The aeroelastic model is a two degree of freedom model having bending and torsional displacements. A linearized unsteady potential flow theory is used to determine the unsteady aerodynamic response coefficients for the aeroelastic analysis. The steady aerodynamic loading was caused by the addition of airfoil thickness and camber and steady flow incidence. The importance of steady loading on the airfoil unsteady pressure distribution is demonstrated. Additionally, the effect of steady loading on the tuned flutter behavior and flutter boundaries indicates that neglecting either airfoil thickness, camber or incidence could result in nonconservative estimates of flutter behavior

Generic task problem solvers in Soar

Two trends can be discerned in research in problem solving architectures in the last few years. On one hand, interest in task-specific architectures has grown, wherein types of problems of general utility are identified, and special architectures that support the development of problem solving systems for those types of problems are proposed. These architectures help in the acquisition and specification of knowledge by providing inference methods that are appropriate for the type of problem. However, knowledge based systems which use only one type of problem solving method are very brittle, and adding more types of methods requires a principled approach to integrating them in a flexible way. Contrasting with this trend is the proposal for a flexible, general architecture contained in the work on Soar. Soar has features which make it attractive for flexible use of all potentially relevant knowledge or methods. But as the theory Soar does not make commitments to specific types of problem solvers or provide guidance for their construction. It was investigated how task-specific architectures can be constructed in Soar to retain as many of the advantages as possible of both approaches. Examples were used from the Generic Task approach for building knowledge based systems. Though this approach was developed and applied for a number of problems, the ideas are applicable to other task-specific approaches as well

Taking Advanced Placement Courses but Not the Exam

Millions of high school students who take an Advanced Placement (AP) course in one of over 30 subjects can earn college credit by performing well on the corresponding AP exam. Using data from four metro-Atlanta public school districts, we find that 15 percent of students’ AP courses do not result in an AP exam. We estimate that up to 32 percent of the AP courses that do not result in an AP exam would result in a score of 3 or higher, which generally commands college credit at colleges and universities across the United States. We then examine disparities in AP exam-taking rates and have three main takeaways. First, we find evidence consistent with the positive impact of school district exam subsidies on AP exam-taking rates. In fact, students on free and reduced-price lunch (FRL) in the districts that provide a higher subsidy to FRL students than non-FRL students are more likely to take an AP exam than their non-FRL counterparts, after controlling for demographic and academic covariates. Second, Black students are 4 percentage points less likely to take an AP exam than their White peers, even among those with the same academic credentials and from the same high school. Third, we find no evidence that a female student paired with a female AP course teacher takes the AP exam at a higher rate as compared to being paired with a male teacher, even in courses that are underrepresented by females.https://scholarworks.gsu.edu/gpl_reports/1032/thumbnail.jp

Taking Advanced Placement Courses but Not the Exam

Millions of high school students who take an Advanced Placement (AP) course in one of over 30 subjects can earn college credit by performing well on the corresponding AP exam. Using data from four metro-Atlanta public school districts, we find that 15 percent of students’ AP courses do not result in an AP exam. We estimate that up to 32 percent of the AP courses that do not result in an AP exam would result in a score of 3 or higher, which generally commands college credit at colleges and universities across the United States. We then examine disparities in AP exam-taking rates and have three main takeaways. First, we find evidence consistent with the positive impact of school district exam subsidies on AP exam-taking rates. In fact, students on free and reduced-price lunch (FRL) in the districts that provide a higher subsidy to FRL students than non-FRL students are more likely to take an AP exam than their non-FRL counterparts, after controlling for demographic and academic covariates. Second, Black students are 4 percentage points less likely to take an AP exam than their White peers, even among those with the same academic credentials and from the same high school. Third, we find no evidence that a female student paired with a female AP course teacher takes the AP exam at a higher rate as compared to being paired with a male teacher, even in courses that are underrepresented by females

College Credit on the Table? Advanced Placement Course and Exam Taking

Millions of high school students who take an Advanced Placement (AP) course in one of over 30 subjects can earn college credit by performing well on the corresponding AP exam. Using data from four metro-Atlanta public school districts, we find that 15 percent of students’ AP courses do not result in an AP exam. We estimate that up to 32 percent of the AP courses that do not result in an AP exam would result in a score of 3 or higher, which generally commands college credit at colleges and universities across the United States. We then examine disparities in AP exam-taking rates and have three main takeaways. First, we find evidence consistent with the positive impact of school district exam subsidies on AP exam-taking rates. In fact, students on free and reduced-price lunch (FRL) in the districts that provide a higher subsidy to FRL students than non-FRL students are more likely to take an AP exam than their non-FRL counterparts, after controlling for demographic and academic covariates. Second, Black students are 4 percentage points less likely to take an AP exam than their White peers, even among those with the same academic credentials and from the same high school. Third, we find no evidence that a female student paired with a female AP course teacher takes the AP exam at a higher rate as compared to being paired with a male teacher, even in courses that are underrepresented by females