The Truth About Soviet Whaling

I have always condemned (and to do anything more was not within our power or abilities) the illegal and sometimes destructive whaling by the Soviet Union. This opinion was expressed in numerous documents, including reports and records of presentations at scientific and other meetings; these documents are the witnesses to this condemnation. However, none of these documents ever saw the light of day: all of them were marked with the sinister stamp “secret.” When necessary in this memoir, my opinion of the whaling will be supported by data drawn from these docum

The Truth About Soviet Whaling: A Memoir

In November 1993, Professor Alexei Yablokov, who at the time was the Science Advisor to Russian President Boris Yeltsin, stood on a podium in Galveston, Tex., and delivered a speech to the Society for Marine Mammalogy’s biennial conference, the premier international event in the field of marine mammal science. Addressing the 1,500 scientists present, he made what amounted to a national confession: that, beginning in 1948, the U.S.S.R. had begun a huge campaign of illegal whaling. Despite being a signatory to the International Convention on the Regulation of Whaling (signed in Washington, D.C., just 2 years before in 1946), the Soviets set out to pillage the world’s ocea

Canadian Money Demand Functions Cointegration¨CRank Stability

This paper applies conventional tests (Johansen, 1995) and new tests (Chao and Phillips, 1999) for cointegration to long¨Crun money demand functions using historical Canadian data back to 1872. If cointegration is found, recently proposed tests by Quintos (1998a) for stability of the cointegration rank are carried out. The paper focuses on two spans of data: one span starting in 1872, the other in 1957 or 1968. Annual data are used for the former span, and annual and quarterly data for the latter. The preferred money demand specification involves M1.Vector error-correction; unknown change points; long spans of monetary data

Unit Roots, Nonlinear Cointegration and Purchasing Power Parity

We test long¨Crun PPP within a general model of cointegration of linear and nonlinear form. Nonlinear cointegration is tested with rank tests proposed by Breitung (2001). We start with determining the order of integration of each variable in the model, applying relatively powerful DF¨CGLS tests of Elliott, Rothenberg and Stock (1996). Using monthly data from the post¨CBretton Woods era for G¨C10 countries, the evidence leads to a rejection of PPP for almost all countries. In several cases the price variables are driven by permanent shocks that differ from the ones that drive the exchange rate. Also, nonlinear cointegration cannot solve the PPP puzzle.Purchasing power parity; unit roots; nonlinear cointegration

A Closer Look at Long Run Money Demand

We study annual United States data from 1869 or 1900 to 1999. We find evidence for a well-specified and stable model of money demand with data from 1946 to 1999. We carry out diagnostic and stability tests, including nonlinearity tests. A linear cointegration model with the monetary base performs better than a model with M1. A specification with M2 is not supported. We use real GNP as the scale variable and a short term interest rate as the opportunity cost measure. We estimate an income elasticity of .86 and an interest rate elasticity of -.44 for the monetary base.

Zero-sum problems with congruence conditions

For a finite abelian group $G$ and a positive integer $d$, let $\mathsf s_{d \mathbb N} (G)$ denote the smallest integer $\ell \in \mathbb N_0$ such that every sequence $S$ over $G$ of length $|S| \ge \ell$ has a nonempty zero-sum subsequence $T$ of length $|T| \equiv 0 \mod d$. We determine $\mathsf s_{d \mathbb N} (G)$ for all $d\geq 1$ when $G$ has rank at most two and, under mild conditions on $d$, also obtain precise values in the case of $p$-groups. In the same spirit, we obtain new upper bounds for the Erd{\H o}s--Ginzburg--Ziv constant provided that, for the $p$-subgroups $G_p$ of $G$, the Davenport constant $\mathsf D (G_p)$ is bounded above by $2 \exp (G_p)-1$. This generalizes former results for groups of rank two

Longer-term effects of monetary growth on real and nominal variables, major industrial countries, 1880-2001

Abstract: We study how fluctuations in money growth correlate with fluctuations in real and nominal output growth and inflation. We pick cycles from each time series that last 2 to 8 (business cycles) and 8 to 40 (longer-term cycles) years, using band-pass filters. We employ a data set from 1880 to 2001 for eleven countries, without gaps. Fluctuations in money growth do not play a systematic and important role at the business cycle frequency. However, money growth leads or contemporaneously affects nominal output growth and inflation in the longer run. This result holds despite differences in policies and institutions across countries. JEL Classification: E32 to 8 year cycles, 8 to 40 year cycles, Band-pass filters