Business Economics articles from October 2002

Business Economics archives from October 2002

From the editor.
October 1, 2002... Given the current state of affairs, it seems fitting that the Edmund A. Mennis Contributed Paper Award and the NABE Contributed Paper Award both concern the stock market. The winning papers are included in this issue. John A. Tatom, the Mennis...

Stock prices, inflation and monetary policy.
October 1, 2002... Some analysts suggest that the Fed should target equity prices. This article questions this proposal on both theoretical and empirical grounds. There is a negative correlation between the fed funds rate and the price-earnings ratio, but it...

Age cohort analysis and the S&P 500 dividend yield: the pig in the Python in a bear market.
October 1, 2002... This paper presents the theory and analysis of a partial equilibrium econometric model of capital market supply and demand. A major feature of the model is its emphasis on the role of demographics. The most important implication of this...

Transatlantic similarities and differences in merger policy: how the United States and the European Union evaluate transactions.
October 1, 2002... The future welfare and prosperity of the United States and the European Union (E. U.) countries will be enhanced by approaching consistency in transatlantic merger policies. Despite one hundred jurisdictions presently having competition laws...

Does Enronitis threaten the dollar and the economy? American and French views: is the glass half-empty or half full?
October 1, 2002... An American and a French economist debate whether the dollar is vulnerable because "Enronitis," the bear equity market, and the weak economy may make foreign financing of the U.S. external deficit problematic. The dollar appears vulnerable...

New estimates of the equity risk premium and why we need them: sharpening estimates of an important financial variable.
October 1, 2002... This article discusses the definition and importance of the equity risk premium (ERP), describes conventional approaches to measurement and their weaknesses, and presents a new and more comprehensive measure. New historical estimates of the ERP...

Race and gender differences in business ownership and business turnover: an empirical study using a new, unique data series.
October 1, 2002... Empirical analyses of business turnover have heretofore been confined mostly to the manufacturing sector, largely due to the lack of suitable data for other industries. Moreover, empirical inquiries into business turnover by demographic...

The American Time Use Survey. (Focus On Statistics).
October 1, 2002... The American Time Use Survey (ATUS) of the Bureau of Labor Statistics (BLS) will be the first federally administered, nationally representative, continuous survey of how people in the United States spend their time. The survey is scheduled for...

Economic implications of an attack on Iraq. (Forum On Emerging Issues).
October 1, 2002... As this article goes to press, the Bush administration is actively considering a preemptive military strike on Iraq. The purposes of that attack are to remove Saddam Hussein from power and to eliminate Iraq's capabilities to launch biological,...

Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development. (Book Reviews).(Book Review)
October 1, 2002... Edited by Alsi Demirguc-Kunt and Ross Levine. 2002. Cambridge, MA and London, England: The MIT Press. Pp. 444. $45.00 hardcover with CD-ROM. Raymond W. Goldsmith's 1969 book, Financial Structure and Development, had three objectives: to...

When All Else Fails--Government As the Ultimate Risk Manager. (Book Reviews).(Book Review)
October 1, 2002... David A. Moss. 2002. Cambridge, MA: Harvard University Press. Pp 456, $39.95, hardcover. This book is a historical political economy study of government risk management in the United States. Professor Moss recounts the historical...

Announcement.(on awards received by various writers of articles, papers published by Business Economics)(Brief Article)
October 1, 2002... The Editors of Business Economics conferred the following: * The Adoph G. Abramson Award to Kevin J. Stiroh, Federal Reserve Bank of New York, for "Information Technology and the U.S. Productivity Revival: A Review of the Evidence,"...