Business Economics articles from April 2001

Business Economics archives from April 2001

FROM THE EDITOR.(Brief Article)
April 1, 2001... GDP is the market value of goods and services. It never ceases to amaze how much content and complexity is embodied in such a simple definition. The concept and measurement of GDP is but one example of why economics is a difficult science....

The Challenge of Measuring and Modeling a Dynamic Economy.
April 1, 2001... There is a trade-off between better data and better analysis in the allocation of scarce economic research resources. Although great strides have been made in econometric models, their use as predictive devices does not seem to be superior to...

Economic History and the "New Economy".
April 1, 2001... A HISTORICAL PERSPECTIVE SUGGESTS A REVERSION BACK TO A WAY OF WORK AND LIFE THAT PRE-DATED THE INDUSTRIAL REVOLUTION The perspective of an economic historian raises questions about whether many of the most important technological...

The Japanese Economy in Balance Sheet Recession.
April 1, 2001... THE REAL CULPRIT IS FALLACY OF COMPOSITION, NOT COMPLACENCY Many observers both inside and outside Japan have argued that traditional economic policies have failed to revive the Japanese economy because it is suffering from structural...

Predicting Market Movers: A Closer Look at Consensus Estimates.
April 1, 2001... THE CONSENSUS CLEARLY OUTPERFORMS SIMPLE FORECASTING RULES. HOWEVER, CONSENSUS ESTIMATES ARE NOT ALWAYS UNBIASED. Market movers are releases of data or news that lead to price adjustments in financial markets. It is common practice to treat...

The Role of Cluster Analysis in Assessing Comparability Under the U.S. Transfer Pricing Regulations.
April 1, 2001... INNOVATIVE APPLICATION OF A STATISTICAL TECHNIQUE PROMISES SIGNIFICANT IMPROVEMENTS IN ANALYSIS Transfer prices are non-market prices at which property is exchanged between firms under common control. How they are set has important...

What's Next for Consolidation in Banking?
April 1, 2001... FUTURE M&A ACTIVITY WILL POSE NEW AND SIGNIFICANT CHALLENGES FOR REGULATORS Repeal of many provisions of the Glass-Steagall Act and structural changes in banking imply that many banks will either consolidate with other banks or converge...

Using the Federal Funds Futures Market to Predict Monetary Policy Actions.
April 1, 2001... Our paper reviews the roles of the Federal Funds Futures market in forecasting the federal funds rate. Statistical estimates are presented for the Federal Funds Futures markets efficiency at predicting FOMC policy actions. A key finding is that...

The Emerging In Vehicle Intelligent Transportation Systems Market.
April 1, 2001... The in-vehicle Intelligent Transportation Systems (ITS) market is emerging as a major force in mobile communications. The industry has grown from a few companies pursuing new applications for their technologies to an industry dominated by major...

The Impact of the North American Industry Classification System on U.S. Economic Data: In May 2001, NAICS Hits the Economic Indicators.
April 1, 2001... Based on materials provided by Thomas Mesenbourg of the U.S. Census Bureau, this article describes the forthcoming incorporation of the North American Industry Classification System (NAICS) into several of the principal Federal economic...

The Power of Gold: The History of an Obsession.(Brief Article)
April 1, 2001... By Peter L. Bernstein. New York, NY: John Wiley & Sons, Inc. 2000. 432 Pp. $27.95 hardcover. Peter Bernstein, author of Capital Ideas: The Improbable Origins of Modern Wall Street and Against the Gods: The Remark able Story of Risk, has...

The Invisible Heart: An Economic Romance.
April 1, 2001... Russell Roberts. Cambridge, MA: MIT Press. 2001. 271 Pp. $22.95 hardcover. The title, Invisible Heart, is a play on words from Adam Smith's invisible hand. The subtitle, An Economic Romance, refers to both love by an economist for a...

Non-Linear Time Series Models in Empirical Finance.
April 1, 2001... Philip Hans Franses and Dick van Dijk. 2000. New York: Cambridge University Press. 296 Pp. $90.00 hardcover. $31.95 softcover. Forecasting the values of financial variables has been an aim of all professionals who have ever had anything to...