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  • Articles  (85,545)
  • Articles: DFG German National Licenses  (85,545)
  • Wiley-Blackwell  (84,008)
  • Berkeley Electronic Press (now: De Gruyter)  (1,537)
  • 2005-2009  (1,537)
  • 1980-1984  (43,082)
  • 1965-1969  (26,891)
  • 1955-1959  (14,035)
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  • Articles  (85,545)
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  • 1
    Electronic Resource
    Electronic Resource
    Are Economists Smarter? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art4 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Laurence Kotlikoff presents a humorous take on Lawrence Summers' alleged suggestion that economists are smarter than sociologists.
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  • 2
    Electronic Resource
    Electronic Resource
    Letter: A Reply to Rubin on the Death Penalty (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 5, art5 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Contrary to Paul Rubin's recent testimony to the Senate Judiciary Committee, we believe the fragility of their estimates and the invalidity of their instrumental variables undermine Dezhbakhsh, Rubin, and Shepherd's work as evidence that the death penalty deters murder.
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  • 3
    Electronic Resource
    Electronic Resource
    The Economics of Net Neutrality (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art8 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Robert Hahn and Scott Wallsten argue that mandating net neutrality, like most other forms of price regulation, is poor policy; instead, the government should focus on creating competition in the broadband market by liberalizing more spectrum and reducing entry barriers created by certain local regulations.
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  • 4
    Electronic Resource
    Electronic Resource
    Taxes on Investment Income Remain Too High and Lead to Multiple Distortions (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art5 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Although rates are lower than in the past, the combination of the corporate and personal tax rates still imply high marginal tax rates on capital income. Martin Feldstein argues that such high tax rates hurt the economy even if saving rates are not sensitive to rates of return, and examines the various ways in which capital taxes distort other aspects of economic activity.
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  • 5
    Electronic Resource
    Electronic Resource
    The High Cost of the Iraq War (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 3, art5 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Joseph E. Stiglitz calculates that the full cost of the Iraq War may reach $2 trillion, much more than the $60 billion OMB Director Mich Daniels originally foresaw.
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  • 6
    Electronic Resource
    Electronic Resource
    The Death Penalty: No Evidence for Deterrence (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 5, art3 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: John Donohue and Justin Wolfers argue that Gary Becker and Richard Posner are wrong to think that the death penalty deters murder: they find little empirical support for the claim. If anything, when one looks over the longest period possible (1934-2000) there is more evidence that the death penalty stimulates murder than that it deters murder.
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  • 7
    Electronic Resource
    Electronic Resource
    Contrary to Robert Shiller's Predictions, Stock Market Investors Made Much Money in the Past Decade: What Does This Tell Us? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art2 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Bradford Delong and Konstantin Magin remind us that a decade ago, many thought the stock market overvalued, and yet on balance the last decade has been good for investors who bought and held. What does this tell us?
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  • 8
    Electronic Resource
    Electronic Resource
    Letter: The Costs to the Iraqi People May Become Costs to the United States (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 4, art7 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The true cost of the war in Iraq must also include estimates of US expenditures after the war to defray the costs imposed upon non-combatant Iraqis.
    Type of Medium: Electronic Resource
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  • 9
    Electronic Resource
    Electronic Resource
    Letter: Transfer Payments vs. Economic Costs in the Iraq War (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 4, art6 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: How much of the costs of the Iraq war are really transfer payments?
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Letter: On Valuing Ecosystem Services (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art2 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Nick Wills-Johnson wonders whether social network and graph theory could help in valuing ecosystem services.
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  • 11
    Electronic Resource
    Electronic Resource
    The Gender Pay Gap (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 4, art5 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: After decades of near constancy at 40 cents on the dollar, the gender pay gap has declined markedly. Francine Blau and Lawrence Kahn document these developments and explore the reasons both for the remaining gender pay gap and changes in the gap over time.
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  • 12
    Electronic Resource
    Electronic Resource
    Curing Spam: Rights, Signals & Screens (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 2, art4 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Recognizing spam as a pollution problem points to a market-based approach that could be more effective than prior approaches based on technology or law. Marshall Van Alstyne argues that an imperfect market could create more value than even a hypothetical "perfect" filter.
    Type of Medium: Electronic Resource
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  • 13
    Electronic Resource
    Electronic Resource
    How to Deal with Terrorism (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art4 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Bruno Frey argues that terrorism has been fought in the wrong way. Instead of focusing on deterrence and preemptive strikes, we should: (1) Reduce vulnerability by decentralizing society; (2) Strengthen positive incentives to leave the terrorist camp; and (3) Divert media attention from terrorist groups.
    Type of Medium: Electronic Resource
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  • 14
    Electronic Resource
    Electronic Resource
    The (Legal) Pains of Vioxx: Why Product Liability Can Make Products More Dangerous (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 6, art6 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Comparing the experience of Vioxx and Celebrex leads Omri Ben-Shahar to think that stiff product liability has the perverse effect of inducing manufacturers of defective products to leave these products on the market, rather than withdraw them.
    Type of Medium: Electronic Resource
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  • 15
    Electronic Resource
    Electronic Resource
    Needed: A New Empiricism (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 2, art2 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: How do economists know what they know? In a call for a new empiricism Barbara Bergmann asserts that economists mainly make it up.
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  • 16
    Electronic Resource
    Electronic Resource
    The Estate Tax Compromise (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 1, art7 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: In 2011 the federal estate tax is scheduled to revert to its pre-2001 form, with a $1 million exemption and a 55% rate on large estates. Several compromise bills are now under discussion that would raise the exempt amount and lower rates. Although many arguments bear on this decision, the choice ultimately turns on the relative force of two opposing moral principles: a principle of autonomy with respect to the use of one's justly acquired property and a principle of equality with respect to unmerited advantages. We should worry much less about raising the exempt amount than lowering rates.
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  • 17
    Electronic Resource
    Electronic Resource
    Letter: Replacing Payroll with Sales Taxes Shifts Risks from Firms to Governments (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 9, art3 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Robin Pope argues that Kotlikoff is right to favor shifting payroll taxes to sales taxes only Kotlikoff fails to mention all the benefits that would be obtained by the shift. One of these benefits would be aiding employment by shifting the burden of risk bearing from firms to governments that can shoulder the risk burden at a lower cost than most firms can because of their risk pooling abilities.
    Type of Medium: Electronic Resource
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  • 18
    Electronic Resource
    Electronic Resource
    A New Agenda for Global Warming (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art3 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Joseph E. Stiglitz presents his plan for getting the United States and the Developing World to address global warming, and argues that by failing to address this problem, the United States is implicitly subsidizing energy usage and engaging in unfair trade practices.
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  • 19
    Electronic Resource
    Electronic Resource
    Letter: Comment on the Economics of Network Neutrality (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 1, art6 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Robert Hahn and Scott Wallsten in "The Economics of Net Neutrality" overlook the two-sided nature of the broadband market. This has important implications for market power and their proposed remedies.
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  • 20
    Electronic Resource
    Electronic Resource
    Letter: Informed Investors Have Limited Ability to Push Prices to Efficiency (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art3 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: J. Bradford DeLong and Konstantin Magin's July, 2006 article gave several good reasons why "informed and aggressive" investors will not necessarily push prices all of the way to their fundamental levels, but missing was the fact that there may not be enough such investors given that none will rationally choose to be too aggressive and have too undiversified a portfolio, according to Richard Serlin.
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  • 21
    Electronic Resource
    Electronic Resource
    Letter: What Will Stiglitz's Global Warming Remedy Really Cost? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art1 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Harry Saunders argues that we owe it to the public, as well as to the economics profession, to be realistic about the level of pain required to combat global warming.
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  • 22
    Electronic Resource
    Electronic Resource
    The Discretion of Judges and Corporate Executives: An Insider's View of the Disney Case (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 8, art4 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: John Donohue wonders if the Disney case means that the courts of Delaware will cleverly find the facts they need to allow managers to waste corporate assets however they please.
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  • 23
    Electronic Resource
    Electronic Resource
    Letter: Believe It or Not, What We Need Now Are Higher Gas Prices (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art6 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Despite current high gasoline prices, what we need now is to increase gas taxes.
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  • 24
    Electronic Resource
    Electronic Resource
    What To Do about Fannie and Freddie? (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 7, art5 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Edward Glaeser and Dwight Jaffee argue that Freddie Mac and Fannie Mae are actively pursuing great risk at taxpayer expense and private profit: the cure is a tax on their $1.5 trillion in borrowing that could yield as much as $6 billion a year.
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  • 25
    Electronic Resource
    Electronic Resource
    Letter: Current Insurance Pricing Unduly Limits Car Ownership (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 3.2006, 9, art4 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Patrick Butler argues that Aaron Edlin's case for converting auto insurance to cents-per-odometer-mile prices would be made more compelling if he developed Vickrey's further assessment that current insurance pricing limits car ownership, particularly among the poor.
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  • 26
    Electronic Resource
    Electronic Resource
    Letter: The Other Problems with the Stern Report (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 3, art4 
    Details
    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The Stern Report seems optimistic about the cost of emissions reductions, and does not seriously face the fact that stabilizing the climate could require keeping much of the world in poverty, according to Rognvaldur Hannesson.
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  • 27
    Electronic Resource
    Electronic Resource
    Housing Collapse? Bring It On! (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 1, art2 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Aaron Edlin confesses his selfish reasons to root for a collapse of housing prices and explains why many who worry should not.
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  • 28
    Electronic Resource
    Electronic Resource
    Is a Recession Ahead? The Models Say Yes, but the Mind Says No (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 1, art1 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Models based on leading indicators suggest that a recession is almost certainly imminent, but Edward Leamer, a prominent econometrician, distrusts the econometrics and argues that the housing slump will be confined to that sector.
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  • 29
    Electronic Resource
    Electronic Resource
    Proposal for a New Climate Change Treaty System (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 3, art6 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The existing international agreements on climate change are inadequate, according to Scott Barrett, and a new approach is needed.
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  • 30
    Electronic Resource
    Electronic Resource
    The Fed's Real Job (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 4, art4 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Business reporters and Fed watchers focus on monetary policy which is no longer--if it ever was--the Fed's main job, according to Lester Telser. Ben Bernanke's own research suggests that even long ago the main danger to the economy came from the non-monetary effects of disruptions in confidence in the soundness of the banking system, a fact that is all the more true today.
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  • 31
    Electronic Resource
    Electronic Resource
    The President's New Executive Order on Regulation (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 2, art1 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Robert Hahn and Robert Litan defend President Bush's recent executive order on government regulation.
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  • 32
    Electronic Resource
    Electronic Resource
    Letter: Why Not Just Ask the Dolphins? (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 4, art1 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Adam Smith's methodology -- and the modern economist's -- is one of theory, led by observation. Alternative methodologies, including opinion surveys of businessmen are no more likely to generate useful answers than this time-tested epistemology.
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  • 33
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    Letter: Observation-Based Analysis and Industry Studies (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 4, art3 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Observation-based analysis at the firm and plant level is alive, well, and growing, according to Frank Giarratani. More than eight hundred scholars, including many economists, embrace observation-based analysis, and identify with industry studies as a research field based on this principle.
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  • 34
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    Letter: Why Urgent Emissions Reductions are Needed (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 5, art3 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Steffen Kallbekken and Torben K. Mideksa explain why economic analysis may demand sharp emissions reductions today rather than the gradual path recommended by Sheila Olmstead and Robert Stavins.
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  • 35
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    Time to Change U.S. Climate Policy (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Economists' voice 4.2007, 5, art2 
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    ISSN: 1553-3832
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Carbon taxes are not likely to be politically feasible in the U.S. for addressing climate change in the short term, according to Robert Hahn and Peter Passell. The time is now ripe for the U.S. to consider adopting a cap and trade approach to reducing greenhouse gas emissions.
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  • 36
    Electronic Resource
    Electronic Resource
    Optimization Methods for Electric Power Systems: An Overview (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 2.2005, 1, art1021 
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    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: Power systems optimization problems are very difficult to solve because power systems are very large, complex, geographically widely distributed and are influenced by many unexpected events. It is therefore necessary to employ most efficient optimization methods to take full advantages in simplifying the formulation and implementation of the problem. This article presents an overview of important mathematical optimization and artificial intelligence (AI) techniques used in power optimization problems. Applications of hybrid AI techniques have also been discussed in this article.
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    Robust Frequency Stabilisation By Coordinated Superconducting Magnetic Energy Storage With Static Synchronous Series Compensator (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 3.2005, 1, art1031 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: As large load disturbances with changing frequency in the vicinity of the inter-area oscillations mode occur in an interconnected power system, a system frequency may be heavily perturbed and oscillatory. To stabilise frequency oscillations, the active power controlled by a superconducting magnetic energy storage (SMES) unit placed in a power system, can be utilised. However, it may not be feasible to locate a SMES unit in every area of a multi-area interconnected power system due to the economic reason. Therefore, it should be advantageous if a SMES unit located in an area is available for frequency stabilisation of other interconnected areas. To implement this concept, a static synchronous series compensator (SSSC), can be applied to coordinate with a SMES unit to stabilise frequency oscillations. On the other hand, variations of system parameters, several load changes etc., cause system uncertainties. To enhance the robustness of frequency stabilisers against uncertainties, this paper focuses on a robust frequency stabilisation by SMES in co-ordination with SSSC. To take system uncertainties into account, the multiplicative uncertainty is included in system modeling. As a result, the system robust stability can be easily guaranteed in terms of the multiplicative stability margin (MSM). The structure of frequency stabiliser equipped with SMES and SSSC is a second-order lead/lag compensator. Based on the proposed optimisation technique, control parameters of frequency stabilisers can be automatically tuned by a tabu search. Consequently, the desired damping ratio of the target inter-area mode and the best MSM are achieved. Simulation studies in a two-area interconnected power system confirm the high robustness of the coordinated SMES with SSSC against several uncertainties.
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    URL: http://www.bepress.com/ijeeps/vol3/iss1/art1031
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    Travelling Wave-Based Fault Location Scheme for Aged Underground Cable Combined with Overhead Line (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 2.2005, 2, art1032 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: This paper presents a novel wavelet-based travelling wave fault location algorithm for aged underground cables in transmission systems. Such transmission systems consist of overhead lines combined with underground power cables. Applying the singularity detection feature of wavelets as a powerful signal processing tool, the first and second initial arrival of the voltage travelling waves at the first end of the overhead as well as at the terminal end of the aged cable line can be identified reliably without the need for detection the sign of these waves. In this paper modal signals, rather than the phase signals, are the inputs to the relay. The proposed algorithm is capable of eliminating the effect of the change in the propagation velocity of the travelling waves over the age of the cable. It can be used on-line following the operation of digital relays or off-line using the data stored in the digital transient recording apparatus. Extensive simulation studies carried out using ATP/EMTP show that the proposed algorithm provides an accepted degree of accuracy in fault location under different fault conditions.
    Type of Medium: Electronic Resource
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    Distributed Generation Opportunity under Availability Based Tariff and Reliability Considerations (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 2.2005, 1, art1035 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: Availability Based Tariff (ABT) has been implemented in all the regional grids of India for improving grid discipline by frequency dependent pricing. Currently it is limited to short-term energy transactions between the beneficiary States and Central generating stations without the need for negotiations on price or quantum in real time. In the present scenario, Independent Power Producers (IPP), Captive Power Plants (CPP), small Distributed Generation (DG) like mini-turbine, fuel cell, etc., are not considered under ABT. DG units are normally modular in size and they can be placed close to consumers so as to reduce the T&D costs and losses. Hence, they need to be encouraged so as to meet the ever-increasing electricity demands of Indian power sector within the financial constraints. In this paper, impact of IPPs, CPPs and DGs on intra-State ABT is studied. This paper also proposes to study the impact of grid connected DG on network availability and reliability. The improvement in system reliability is studied after evaluating reliability indices like SAIFI, SAIDI, etc., with the inclusion of DG.
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    An Optimum UPQC with Minimum VA Requirement and Mitigation of Unbalanced Voltage Sag (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 2.2005, 2, art1 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: The paper deals with an optimized Unified Power Quality Conditioner (UPQC), which aims at the integration of series active and shunt active power filters with minimum VA loading of the UPQC. The series active filter is a Dynamic Voltage Restorer (DVR), which is operated in twofold functioning mode. During the unbalanced voltage sag, the DVR compensates the unbalance in the voltage sag. It also regulates the voltage at the load end with minimum VA loading of the overall UPQC by optimum angle voltage injection. Validity of the proposed scheme is proved through extensive simulation results.
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    Implications of Carbon Tax on Generation Expansion Plan & GHG Emission: A Case Study on Indian Power Sector (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 3.2005, 1, art1045 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: Concentration of greenhouse gases in the atmosphere is steadily increasing leading to global warming. India is expected to be one of the major contributors to Green House Gases (GHGs) due to increased share of thermal power generation, which is a major contributor to carbon dioxide (CO2) emission. One way to limit these emissions is by implementing some economic instruments like carbon tax or energy tax. This study has been carried out to analyze the impact of carbon tax on the complete Indian power sector network. An Integrated Resource Planning and Analysis (IRPA) model and CPLEX software has been used to carry out the present study.
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  • 42
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    Pulse Multiplication in the Self-Commutating Parallel Converter by Means of Multi-Level DC Voltage Reinjection (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 2.2005, 1, art1048 
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    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: A multi-level dc voltage reinjection concept is described that multiplies the pulse number of the twelve-pulse dual parallel converter. The ideal reinjection waveform for complete elimination of the harmonic content is first derived, and a practical approximation is proposed which converts the standard dual converter into a sixty-pulse scheme, thus meeting the strictest harmonic standards without the assistance of filters or Pulse Width Modulation.
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    Implementation of a New Hysteresis Control Strategy for Autonomous Parallel Active Filter (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 4.2005, 1, art1085 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: The goal of this paper is to evaluate performances of a new hysteresis current control strategy for autonomous three phase parallel active filter in harmonic currents elimination (by simulation an experiment) as well as the reactive power compensation (by simulation). This strategy, called the Optimized Hysteresis Control Strategy, is based on currents errors and their derivatives calculation each time the zero voltage vector is set at the AC side of the inverter of the active filter. The harmonic currents are identified using the method of the instantaneous real and imaginary powers. A voltage regulation loop is used to regulate the condenser DC voltage which ensure a constant DC voltage to the inverter. A digital software C++ simulation program was developed and implemented via the data acquisition board (AT-MIO-16X DAQ from National Instruments). Simulation and experimental results are presented.
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    Emergent Technologies In Electrical Microgeneration (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 3.2005, 2, art1092 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: Currently, evolution of energy sector is being characterized by liberalization, increase of energy needs and technological advances. This evolution has eliminated the scale economy on which the generation, transmission and distribution systems are based. So, tendency of generation systems is oriented to integrated devices, which will supply the customers demand, either in medium voltage or low voltage networks. The interconnection of small modular generation sources to the low voltage distribution network establishes a new concept, the electrical micro-grid. These micro-grids can be connected to the electrical distribution network or work in an autonomous way and can include different technologies, such as: micro-turbines, wind mills, fuel cells, photovoltaic cells, etc., together with energy storage devices, such as: batteries, condensers, fly-wheels, etc. The content of this paper cover different aspects related with generation and distribution of electrical power in a small scale, and horizontal technologies for industrial, commercial and domestic energy systems. So, this paper presents a revision of current developed technologies, which can be used for electrical microgeneration installations.
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    Optimal Allocation of FACTS Devices by Using Multi-Objective Optimal Power Flow and Genetic Algorithms (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 7.2006, 2, art1 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: The increases in power flows and environmental constraints are forcing electricity utilities to install new equipment to enhance network operation. Some application of Flexible AC Transmission System (FACTS) technologies to existing high-voltage power systems has proved the use of FACTS technology may be a cost-effective option for power delivery system enhancements. Amongst various power electronic devices, the unified power flow controller (UPFC) device has captured the interest of researchers for its capability of regulating the power flow and minimizing the power losses simultaneously. Since for a cost-effective application of FACTS technology a proper selection of the number and placement of these devices is required, the scope of this paper is to propose a methodology, based on a genetic algorithm, able to identify the optimal number and location of UPFC devices in an assigned power system network for maximizing system capabilities, social welfare and to satisfy contractual requirements in an open market power.In order to validate the usefulness of the approach suggested herein, a case study using a IEEE 30-bus power system is presented and discussed.
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    Genetic Algorithm and Fuzzy Logic Based Optimal Location of Facts Device in a Power System Network (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 5.2006, 2, art7 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: The flexible AC transmission system (FACTS) in a power system improves the stability, reduces the losses, reduces the cost of generation and also improves the loadability of the system. In the proposed work, a non-traditional optimization technique, a Genetic Algorithm (GA) is conjunction with Fuzzy logic (FL) is used to optimize the various process parameters involved in introduction of FACTS devices in a power system. The various parameters taken into consideration were the location of the device, their type, and their rated value of the devices. The simulation was performed on a 30-bus power system with various types of FACTS controllers, modeled for steady state studies. The optimization results are compared to the solution given by another search method. This comparison confirms the efficiency of the proposed method which makes it promising to solve combinorial problem of FACTS device location in a power system network.
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    Online Condition Monitoring of Line-Insulator Leakage Currents (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 5.2006, 1, art5 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: This paper introduces some field analyses of the wooden pole fire reports and online condition monitoring recorded data for line insulators of 33kV and 132kV overhead power lines of Petroleum Development Oman (PDO). From the statistical analysis of PDO pole fire reports, it was found that PDO southern directorates had higher number of pole fires during May-September 2004. Pole fires mostly occur for single poles of 33kV distribution lines close to graded roads, where the most common burning locations are at crossarm fixation and at ground foundation. Pollution monitoring systems provide very useful information which can be used to predict the pole fire events.
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    Optimal Placement of Reactive Power Compensation Banks for the Maximization of New Generation Capacity (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 4.2005, 1, art1113 
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    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: The aim of this paper is to present a novel method for the optimal placement of capacitor and reactor banks, with the objective of maximizing network capacity to absorb new generation. The method is an extension of the Optimal Power Flow used as a tool for network capacity analysis. It can be used to a) plot graphs of the bank investment cost with respect to the increase in network capacity and b) find the optimum investment for the network operator in order to maximize his revenue. A 12-bus low voltage network was used as a test case. The results demonstrate the efficiency of the method to allocate new banks. At a small investment cost, network capacity could nearly double.
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    Transient Behavior Analysis of Induction Generator at Three-Phase Fault Condition (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 2, art1 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: In recent years, renewable energy generation has been coming up for effective use of natural energy, such as wind energy. Induction generators consisting squirrel-cage rotors are widely used as wind generators because of their salient features like robust rotor design, simplicity in the construction, maintenance free operation, etc. In this paper, it is derived that the transient current, electromechanical torque, and active power taking into account rotor speed change of induction generators at three-phase fault conditions. The output equations of the induction generator has nonlinearity, and the speed-time characteristic in a fault period is also expressed by the nonlinear equation. The approximation to derive analytical formulas for transient conditions is proposed, and the transient behavior of the induction generator is analyzed by the developed equations. The simulation block diagram in MATLAB/SIMULINK is constituted using the system equation in consideration of the nonlinearity of the induction generator. The simulation results obtained from each theoretical analysis are in close agreement with that of results obtained using MATLAB/SIMULINK simulation. Furthermore, theoretical discussion also developed to determine the fault phase angle and the time at which maximum transient currents flow in the system.
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    Electric Load Management Using Electricity Tariff Algorithm (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 5, art3 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: The tariff is the best incentive factor for the industrial customer today to reduce the peak load. This paper describes different methods of pricing electricity. It is important to study the influence of the tariff on the industrial loads and the costs of electricity before ILM can be implemented. This paper is interested in studying the economic aspects of fixed and operating cost, other factors affecting the generation economy, distribution of power, etc. Costs of supplying electricity to consumers are also considered. A utility can influence its customers' load by providing financial incentives through the prices charged for electricity at different times of use. By designing discriminatory time of use tariffs in which the prices of electricity corresponds to the marginal cost of supply, a utility provides appropriate signals to the customer to increase consumption of electricity at off peak periods. The proposed algorithm is implemented to a real system in operation.
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    A Simulation-based Spectral Technique for Power Quality and EMC Design of an Independent Power System (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 7.2006, 1, art7 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: A novel simulation-based spectral technique for power quality and electromagnetic compatibility (EMC) design of an independent electrical power system (EPS) has been proposed. Power filter optimization problem has been formulated to provide full solution of the electric power quality and conducted EMI problems in the EPS. The spectral technique has been implemented within a CAD tool. An example of power quality and EMC design has been provided for an independent EPS where an AC power source generates a power, which is comparable to the consumed power, and an additional power filter is calculated for an electronic product including a switch-mode power supply. Current and voltage spectra calculations have been verified with a block-oriented simulation program Simulink. Numerical experiments revealed a number of important features of the proposed spectral technique.
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    Bibliographic Review of FACTS and HVDC Applications in Wind Power Systems (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 7.2006, 3, art7 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: With more emphasis being laid on clean and renewable sources of energy, engineers look for the best possible ways to harness the wind energy to the maximum extent. FACTs controllers that were earlier being used at the transmission level find their use at generation level when it comes to extracting reliable and quality power from Wind Energy Conversion Systems (WECS). This article presents a review of the important modeling techniques employed for developing FACTs controllers and examines the role of HVDC-Light transmission in exploiting the Off-shore wind energy resources.
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    Design of Variable Structure Controller Using Fuzzy PI Type Sliding Surface: An Application to Load-Frequency Control Problem (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 7.2006, 4, art5 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: In this paper, a proportional plus integral (PI) type sliding surface has been proposed for designing a fuzzy variable structure controller to solve load-frequency control problem in presence of load disturbances. It is shown that the proposed controller is effective and robust enough when the system suffers from mismatched condition but the model uncertainty and disturbance are assumed to be bounded. Furthermore, the proposed control strategy drives the states to the sliding surface and also maintains the sliding motion. To illustrate the approach presented has been tested on load-frequency control of power systems and the analytical claims have been justified under the uncertainty involved in the load demand of inter-connected power systems.
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    Neuro-Wavelet Approach to Time-Series Signals Prediction: An Example of Electricity Load and Pool-Price Data (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 2, art5 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: Accurate electricity load and pool-price forecasting can provide a set of vital predicted information that helps generation, transmission and retailer participating companies to bid strategically into a deregulated electricity market in order to maximize their profits and increase returns to their stakeholders. Although a number of forecasting methods have been proposed to solve the short-term and long-term electricity load forecast, pool-price forecasting is a relatively new research area. In this article, we propose an autoregressive approach, based on a wavelet multiscale decomposition, for the prediction of one-hour ahead load and pool price based respectively on historical electricity load, and pool-price data. This approach is based on a multiple resolution decomposition of the signal using the redundant Haar à trous wavelet transform whose advantage is taking into account the asymmetric nature of the time-varying data. There is an additional computational advantage in that there is no need to re-compute the wavelet transform (wavelet coefficients) of the full signal if the electricity and pool price data (time series) is regularly updated. We assess results produced by this multiscale autoregressive method, in both linear and nonlinear variants, with single resolution autoregressive, multilayer perceptron, Elman recurrent neural network and the general regression neural network models. The input data consists of historical load and pool price data, which is collected over a period of 3 years (1999-2001), used for training, and 1 year (2002) used for testing. Experimental results are based on the New South Wales (Australia) electricity load and pool price data that is provided by the National Electricity Market Management Company.
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    Application of Trajectory Sensitivity for the Evaluation of the Effect of TCSC Placement on Transient Stability (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 1, art4 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: This paper investigates the use of trajectory sensitivity analysis (TSA) technique for assessing the transient stability of a power system at various operating conditions. The effect of placement of a thyristor controlled series compensator (TCSC) as well as the influence of the change in firing angle is also discussed. The TCSC is modeled by a variable capacitor, the value of which changes with the firing angle. The systems studied are the WSCC 3-machine, 9-bus system and IEEE 16 machine 68 bus system. The results using TSA are validated by PSCAD/EMTDC simulation.
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    Distributed Generation Capacity Evaluation Using Combined Genetic Algorithm and OPF (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 2, art7 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: A range of techniques has been proposed to define the optimal locations and capacities of distributed generation (DG) as a means of ensuring that the maximum amount of DG can be connected to existing and future networks. However, there are limitations inherent in these methods, not least in finding the best combination of sites for connecting a predefined number of DGs. Here, a method combining optimal power flow and genetic algorithms aims to meet this requirement. Its use would be in enabling Distribution Network Operators to search a network for the best sites and capacities available to strategically connect a defined number of DGs among a large number of potential combinations. Some applications of the proposed methodology confirmed its effectiveness in sitting and sizing an assigned number of DG units.
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    Intelligent Approach for Fault Diagnosis in Power Transmission Systems Using Support Vector Machines (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 4, art3 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: This paper presents an approach for identifying the faulted line section and fault location on transmission systems using support vector machines (SVMs) for diagnosis/post-fault analysis purpose. Power system disturbances are often caused by faults on transmission lines. When fault occurs on a transmission system, the protective relay detects the fault and initiates the tripping operation, which isolates the affected part from the rest of the power system. Based on the fault section identified, rapid and corrective restoration procedures can thus be taken to minimize the power interruption and limit the impact of outage on the system. The approach is particularly important for post-fault diagnosis of any mal-operation of relays following a disturbance in the neighboring line connected to the same substation. This may help in improving the fault monitoring/diagnosis process, thus assuring secure operation of the power systems. In this paper we compare SVMs with radial basis function neural networks (RBFNN) in data sets corresponding to different faults on a transmission system. Classification and regression accuracy is reported for both strategies. Studies on a practical 24-Bus equivalent EHV transmission system of the Indian Southern region is presented for indicating the improved generalization with the large margin classifiers in enhancing the efficacy of the chosen model.
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    A Hybrid Decision Tree Model for Fast Voltage Contingency Screening and Ranking (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 4, art7 
    Details
    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: This paper presents a new decision tree (DT) based approach for fast voltage contingency screening and ranking for on-line applications in energy management systems. The hybrid decision tree model is developed to learn all the selected contingencies simultaneously, therefore fewer DTs are required. To reduce the size and improve the accuracy of the decision tree, the K-class problem is converted into the set of K two-class problems, and separate decision tree modules are trained for each of the two class problems. All the selected contingencies are presented to the filter module, which is trained to separate them in critical and non-critical contingency classes, which reduces the burden on ranking modular DT. The critical contingencies screened out by the filter module are presented to the ranking modular decision tree for their further ranking. To measure the severity of contingencies, bus voltage violation based scalar performance index is used. Full AC load flow is performed to generate the training and testing patterns for the proposed hybrid decision tree, under each contingency. The effectiveness of the proposed approach is tested on IEEE test systems. Once trained, a hybrid decision tree method gives fast and accurate screening and ranking of contingencies for unknown load patterns.
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    A Novel Load Compensation Algorithm under Unbalanced and Distorted Supply Voltages (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 5, art1 
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    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: In this paper, a novel control algorithm is proposed to compensate the unbalanced and non-linear loads in a three-phase four-wire system using active power filters. The algorithm results in balanced and sinusoidal source currents under unbalanced and distorted three-phase supply voltages. The algorithm makes use of the positive sequence extraction of the supply voltage and the theory of instantaneous symmetrical components. To illustrate the concept, a three-phase four-wire system with unbalanced and non-linear load is considered for compensation. The detailed simulation and experimental results are presented to validate the proposed method.
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    Identification of External Power System Linear Dynamic Equivalents as MIMO Feedback Blocks for the Study System (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 5, art6 
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    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: The necessity of dynamic equivalents for power system analysis has been well known since the expansion of large interconnected power networks, and has been discussed during the last decades. The present paper proposes a new method for constructing dynamic equivalents of power systems. In this method, at the first step the ``study system" is modeled completely via a single machine-infinite bus modeling procedure. Then the ``external system" is identified as a MIMO feedback block of this model in such a manner that can include dynamic effects of the latter on the behavior of the former. The method is successfully experimented on a part of the Iranian southern network.
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    Synchronous Generators Modeling and Control Using the Framework of Individual Channel Analysis and Design: Part 1 (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 5, art4 
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    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: In this paper a comprehensive dynamical assessment of a high order synchronous generator plant is carried out using the Individual Channel Analysis and Design (ICAD) framework -a multivariable control engineering tool that allows robustness and system performance evaluations. The great benefits of ICAD are elucidated and contrasted to those provided by the long-time honored block diagram representations. Several models used for the small signal stability analysis of synchronous generators are evaluated under the framework of ICAD. The study, which builds on pioneering work, reveals the great advantages of carrying out control system analysis and design with higher order generator models. Moreover, careful analysis of the ICAD's Multivariable Structure Function (MSF) helps to explain, formally, why some operating conditions of the control system are more critical than others. Furthermore, correct interpretations of MSFs are amenable to robust and stable control system designs. Two kinds of studies are considered in the paper; one assesses operation under various power factor conditions and the other under a varying tie-line reactance. The control system design and stability and structural robustness assessment of the system are presented in the second part of this paper. Moreover, results obtained under the ICAD framework are compared with those arising from conventional controllers.
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    Model of Noise Source for HF Interference Calculation in a Converter Station (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    International journal of emerging electric power systems 8.2007, 6, art3 
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    ISSN: 1553-779X
    Source: Berkeley Electronic Press Academic Journals
    Topics: Electrical Engineering, Measurement and Control Technology
    Notes: For high-frequency (HF) interference in an HVDC converter station, the modeling of the noise source which causes interference with the power line carrier (PLC) remains a problem. Based on the profound analysis of the basic principles on which HF noise in PLC band is produced during the commutation process, the equivalent model of the HVDC valve with a snubber circuit is applied to the simulation of the GUI-GUANG HVDC project in PSCAD/EMTDC. Then spectrum plots of the noise source in the frequency domain are obtained by FFT analysis of the voltage waveforms gained from the simulation. Through analyzing the spectrum characteristics of the noise source in various operating modes, the main factors influencing the level of HF noise are found. Furthermore, a modified empirical model used to calculate the level of the noise source is introduced, with particular explanation of the physical quantities used in the model. The spectra of the noise source gained from the modified empirical model and from the simulation are compared with an actual spectrum based on the GUI-GUANG HVDC project. The results show that the modified empirical model can meet the requirement of HF interference calculation.
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    Stable Sunspot Equilibria in a Cash-in-Advance Economy (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art3 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We analyze a monetary model with flexible labor supply, cash-in-advance constraints, and seigniorage- and tax-financed government spending. If the intertemporal elasticity of substitution of labor is greater than one, both determinate and indeterminate steady states exist. If the elasticity is less than one, there is a unique steady state, which can be indeterminate. Only in the latter case do there exist sunspot equilibria that are stable under adaptive learning. A sufficient reduction in government purchases or increase in tax rates eliminates the sunspot equilibria in many cases. However, raising taxes enough to balance the budget can fail to achieve determinacy.
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    The Arrow Effect under Competitive R&D (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art2 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper shows that standard Schumpeterian theory does not imply that the incumbent monopolist has too little incentive to carry out R&D aimed at displacing its own product. If the patent holder is rational as is any other R&D investor, she will know that in equilibrium her patent's obsolescence shall not be affected by her own R&D investment, because all the R&D firms operate under perfect competition and constant returns to scale at the private level. This reconciles Schumpeterian theory with the empirical evidence on innovation by incumbents. It is proved that the usual macroeconomic implications maintain their validity.
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    Liquidity Effects, Variable Time Preference, and Optimal Monetary Policy (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art6 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper examines the role of monetary policy in the presence of endogenous time preference. The framework in which this issue is addressed is a monetary model with cash-in-advance constraints and an additional trading friction that is typical of the class of "liquidity models" of the monetary business cycle. We find that the nature of the optimal policy designed to remove these distortions gets modified in the presence of endogenous utility discounting. Consequently the role of monetary policy is significantly altered. Specifically, monetary policy is likely to be less activist relative to the model with a fixed rate of time preference.
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    To Pool or to Aggregate? Tests with a Dynamic Panel Macroeconometric Model of Australian State Labor Markets (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art1 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We construct a dynamic error correction model of the Australian labor market using a macroeconomic panel across seven states from 1972:3 to 1999:1. Medium-run equilibrium estimates support a real wage-productivity gap and an unemployment gap. The dynamic short-run estimates support expectations-augmented Phillips curves for wages and prices, and demand-led employment growth. We compare three procedures - pooled, aggregate and mean group estimates. Considerable heterogeneity existed across states in the pooled procedure, and state-level variables had a significant impact in the aggregate procedure. Out-of-sample aggregate forecasting for the pooled, aggregate and mean group procedures suggests that the pooled one performs best.
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    Openness, Wage Floors and Technology Change (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art5 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper argues that the effect of openness to trade on process innovations and skill premia importantly depends on the structure of labor markets in developed countries. Openness to trade with less developed countries is often modelled as a fall in the relative price of unskilled-labor intensive goods. We show within the model of Acemoglu (2003b) that such a fall in the relative price can make wage floors more binding and trigger costly process innovations that increase the productivity of unskilled workers. Empirical evidence using an industry panel for the US and Germany in the 1970s to 1990s supports this hypothesis: (i) embodied technology change seems distorted towards unskilled-labor intensive industries in Germany where wage floors are more important and (ii) embodied technology change in the 1980s is associated with an increase of the share of skilled labor in the wage bill of 15 percentage points in the US whereas the corresponding increase in Germany is much smaller at 3 percentage points.
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    TFP Differences and the Aggregate Effects of Labor Mobility in the Long Run (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art10 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The coexistence of barriers to labor mobility with large output-per-worker disparities driven by Total Factor Productivity (TFP) differences suggests that the world's labor force is misallocated across countries. We investigate the extent and consequences of this potential misallocation in the context of a simple two-location growth model, in which production requires capital, labor and an essential immobile factor (land). We characterize the magnitude of labor movements implied by an efficient long-run allocation, and derive their implications for capital accumulation. Quantitatively, even for moderate TFP differences, we find substantial increases in world output associated with efficient allocations. These output increases are driven by large movements of labor from low to high TFP countries, as well as by a sizeable increase in the capital stock and changes in its endogenous division across countries. Our results are robust to a large set of parameter values, including unrealistically conservative ones.
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    The Importance of Industrial Policy in Quality-Ladder Growth Models (2008)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 8.2008, 1, art1 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We extend the class of quality-ladder growth models (Grossman and Helpman, 1991, Segerstrom, 1998 and others), to encompass an economy with asymmetric fundamentals. In contrast to the standard framework, in our model industries may differ in terms of their innovative potential (quality jumps and arrival rates) and consumers' preferences. This extension allows us to bring industrial policy back into the realm of the growth policy debate. We first show that it is always possible to raise the long-run growth rate and the social welfare of the economy through a costless tax/subsidy scheme reallocating resources towards the relatively more promising industries. We then prove that, in certain economies, even a mere profit taxation policy increases economic growth and social welfare above the laissez-faire.
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    Political Sustainability of Unfunded Pensions in an Endogenous Growth Model (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art29 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Cooley and Soares (1999) show that a pay-as-you-go (unfunded) pension system can be an outcome of a political equilibrium even without intergenerational altruism. This note assumes an endogenous growth model rather than an exogenous one. This assumption establishes a link between the savings rate and economic growth. Since the introduction of a pay-as-you-go system lowers the savings rate, it has an adverse effect on the growth rate and hence on the future interest rate and future pensions. When this additional incentive is taken into account, the level of the pay-as-you-go system chosen in political equilibrium can be lower or even, depending on calibration values, disappear entirely, relative to the exogenous growth model of Cooley and Soares.
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    Institutional Determinants of International Equity Portfolios - A Country-Level Analysis (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art34 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Despite large potential gains, international equity investment is less diversified across countries than predicted by the international version of the traditional capital asset pricing model (ICAPM). This paper provides empirical evidence on the impact of capital market frictions on international equity portfolios using data on bilateral equity holdings. Two important findings are reported: First, besides a home bias in equities, a 'friendship bias' can be observed for some country pairs. Second, indirect barriers such as the degree of financial market development and especially information asymmetries have strong explanatory power, whereas direct barriers such as capital flow restrictions have no impact.
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    Optimal Monetary Policy, Endogenous Sticky Prices, and Multiple Equilibria (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art8 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We analyze optimal discretionary monetary policy in an endogenous sticky prices model. Similar models with exogenous sticky prices can deliver multiple equilibria. This is a necessary condition for the occurrence of expectation traps (when private agents' expectations determine the equilibrium level of inflation). In our model, sticky-price firms are allowed to switch to flexible pricing by paying a random cost. For plausible parametrizations, our model has a unique low-inflation equilibrium. With endogenous sticky prices, the monetary authority does not validate high-inflation expectations and deviates to the Friedman rule.
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    Habit Formation and Aggregate Consumption Dynamics (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art21 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper finds that a benchmark model of habit formation in consumer preferences can explain two well-known failures of the permanent income hypothesis: the sensitivity of aggregate consumption to predictable changes in income and to lagged consumer sentiment. One novel feature of the paper's methodology is to allow for measurement errors and other transitory elements (for example, weather-related disturbances) in consumption data. In contrast with traditional wisdom, aggregate consumption growth appears to be highly persistent after controlling for measurement errors and transitory consumption fluctuations: the estimates of persistence in quarterly consumption growth jump up from the commonly assumed 0.3 to about 0.7.
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    Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art28 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest rates by about 10 basis points. In a vector autoregression (VAR), the same shock leads to a cumulative increase of almost 150 basis points after 10 years. The effect of debt on interest rates is non-linear: only for countries with above-average levels of debt does an increase in debt affect the interest rate. World fiscal policy is also important: an increase in total OECD-government borrowing increases each country's interest rates. However, domestic fiscal policy continues to affect domestic interest rates even after controlling for worldwide debts and deficits.
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    The Political Economy of Numbers: On the Application of Benford's Law to International Macroeconomic Statistics (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art17 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: In this paper we present a technique for assessing data quality based on conformity with Benford's Law, which states that the first digits of numbers generated from natural phenomena do not occur with equal frequency. If data do not conform to the Benford distribution, then questions arise about the process that generated it. Because neutral transformations should preserve conformity to Benford's Law, any macroeconomic adjustment that destroys this conformity should make those calculations suspect.Benford's Law is applied to one of the most commonly used data sets in economics: international macroeconomic statistics. We find that the World Bank international GDP data and purchasing power parity (PPP) corrected Penn World tables for OECD countries conform well to Benford's Law. But some subsets of the data - particularly GDP figures from the developing world -- show non-conformity consistent with deliberate manipulation of the underlying series. The test also flags potential problems with a variety of standard macro transformations of the data.
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    A Simple Wicksellian Macroeconomic Model (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art11 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper describes a simple Wicksellian macroeconomic model that can be used in undergraduate macroeconomics courses. It is designed as an alternative to the Romer (2000) model that is slowly replacing IS-LM/AS-AD in many textbooks. The Wicksellian model has four desirable features relative to the Romer model. First, it treats the interest rate as an exogenous monetary policy instrument rather than assuming that the central bank follows a monetary policy rule. Second, the model can be used to derive a monetary policy rule that is consistent with optimizing behavior on the part of the central bank. Third, the model includes a term structure equation. Fourth, the model has a simple recursive structure that makes it easy to work with. The model can be used to analyze a number of interesting issues in monetary policy that are difficult to handle in the IS-LM/AS-AD or Romer model frameworks. These include issues involving permanent versus temporary expenditures shocks, anticipated expenditures shocks, and shocks to the term structure of interest rates. The model can easily be simplified for use in a principles course or extended for use in upper-level macroeconomics courses.
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    Economic Growth: A Channel Decomposition Exercise (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art4 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper empirically decomposes the channels through which the determinants of growth operate. Methodologically, channel decomposition combines growth accounting with regression analysis. Under channel decomposition, the determinants could affect aggregate productivity growth through physical capital accumulation, through human capital acquisition, or through growth in total factor productivity (TFP). The results from channel decomposition show that TFP growth is the main channel of operation for most of the determinants. Specifically, TFP growth, not factor accumulation, is what accounts for conditional convergence. This finding is extremely robust. There is also no evidence that rich and poor countries converge through different channels.
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    A Positive Analysis of Targeted Employment Protection Legislation (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art14 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: In many countries, Employment Protection Legislation (EPL) establishes less strict dismissal procedures for specific groups of workers. This paper builds a simple matching model with heterogeneous workers in order to analyze this feature of EPL. We use the model to analyze the effects of reforms targeted at lowering the firing costs of a particular group of workers, and compare the results with those stemming from a comprehensive reform that reduces firing costs for all workers. The model is calibrated for the Spanish economy, where an important reform of this kind took place in 1997. Overall, our results point out that EPL reforms achieve the largest reduction in unemployment when they are targeted to workers with lower and more volatile productivity.
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    ICT and Productivity Resurgence: A Growth Model for the Information Age (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art31 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Since the mid-1990s, extraordinary advances in semiconductors have enhanced the embodied nature of information technology, fuelling efficiency growth in computers and communication equipment industries. The consequent fall in prices has enabled the rapid diffusion of these new technologies, which have reached the critical threshold to foster productivity growth. In light of the recent growth pattern of the United States, this paper presents a model where the endogenous engine of development is the learning-by-doing process stemming from the usage of ICT for investment and consumption. Based on a two-sector framework (à la Whelan) that distinguishes between ICT-producers and -users, the model yields a sound representation of the stylized facts of the Information Age.
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    Decomposing Consumer Wealth Effects: Evidence on the Role of Real Estate Assets Following the Wealth Cycle of 1990-2002 (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art25 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: During the period from 1990 to 2002, U.S. households experienced a dramatic wealth cycle, induced by a 369 percent appreciation in the value of real per capita liquid stock-market assets, followed by a 55 percent decline. However, despite predictions at the time by some analysts relying on life-cycle models of consumption, consumer spending in real terms continued to rise throughout this period. Using data that include the period from 1990 to 2005, traditional approaches to estimating macroeconomic wealth effects on consumption confront two puzzles: (i) econometric evidence of a stable cointegrating relationship among consumption, income, and wealth is weak at best; and (ii) life-cycle models that rely on aggregate measures of wealth cannot explain why consumption did not collapse when the value of stock-market assets declined so dramatically. We address both puzzles by decomposing wealth according to the liquidity of household assets. In particular, we find that significant appreciation in the value of real estate assets that occurred after the peak of the wealth cycle helped to sustain consumer spending from 2000 to 2005.
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    Rich, Poor and Growth-Miracle Nations: Multiple Equilibria Revisited (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art20 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper presents a two-sector growth model of international trade that can account for the key features of the postwar world development experience. Two sectors represent traditional primitive production and modern sophisticated production. Due to increasing returns in the modern sector, the open-economy version of our model gives rise to three different equilibria: one in which the country produces only primitive goods and converges to a low-income steady state; another in which it produces both primitive and sophisticated goods and converges to the world-average steady state; and a third in which it specializes in the production of sophisticated goods and converges to a balanced growth path. We argue that the development experiences of poor, rich and growth-miracle countries are well described by these three equilibria.
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    Housing Tenure and Wealth Distribution in Life Cycle Economies (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art27 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Common practice in the housing and wealth distribution literature has proceeded as if the modeling of housing rental markets was unnecessary due to renters' relative low levels of wealth and the smaller fraction they represent in the total population. This paper shows, however, that their inclusion matters substantially when dealing with wealth concentration over the life-cycle. Renters are concentrated in the poorer and younger groups and when matching the data on wealth inequality by age groups, the model improves relative to a one asset economy and relative to a housing model with no rental markets.
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    Confidence-Enhanced Economic Growth (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art13 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper investigates one causal link between entrepreneurial overconfidence and economic growth in the US. Evidence from the social psychology literature suggests that this biased perception can lead to more successful outcomes for individuals. This paper examines the impacts of entrepreneurial overconfidence on the aggregate economy using an R&D-driven endogenous growth model. From this perspective, overconfidence is equivalent to a subsidy to R&D such that overconfident entrepreneurs are more likely to invest, and this increased R&D intensity is the driving force behind faster economic growth. In terms of social welfare, a small degree of overconfidence moves the market equilibrium level of R&D closer to the social optimum; however, a large degree of overconfidence may move the economy beyond the optimal level. Therefore, the welfare impact is ambiguous.
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    Explaining the Evidence on Inequality and Growth: Informality and Redistribution (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art7 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper constructs a simple model that can account for both the negative relationship between growth and income inequality observed in the cross-country data and the positive relationship observed within countries over time. The model employs a dual-economy structure with formal and informal sectors. Growth is driven by formal sector human capital spillovers. Restrictive institutions impose barriers to formality that reduce the growth rate and increase inequality. Redistributive taxation lowers inequality but blunts the incentive to accumulate, lowering growth. Institutional structures vary more across than within countries. Consequently, variations in institutional barriers to formality may account for the negative relationship between growth and inequality found in the cross-country data. Variations in the intensity of redistribution may account for the positive relationship observed within countries over time.
    Type of Medium: Electronic Resource
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    Nominal Debt Dynamics, Credit Constraints and Monetary Policy (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art9 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We construct a dynamic general equilibrium model in which household debt is sticky in nominal terms and debtor households are credit constrained. Interest payments on debt contracts may be at floating rates or fixed for the duration of the contract. A key result is that a simple static Taylor Rule can result in a prolonged period in which real interest rates are cut rather than raised in response to an inflationary shock. We show how the proportion of fixed rate contracts affects the monetary transmission mechanism and its implications for the distributional effects of an inflationary shock.
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    Euro Area Inflation Differentials (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art24 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: We build a stylised 12-country model of the euro area and use it to analyse how differences in national inflation and growth rates arise within the European Economic and Monetary Union (EMU). We find that the main source of differentials in the early years of the EMU have been aggregate demand shocks, followed by cost-push shocks; euro exchange rate shocks come third. Among the propagation mechanisms a key role is played by inflation persistence; for plausible parameter values even small changes in persistence can produce a dramatic increase in the differentials. Finally, we also find that a tight control of average area-wide inflation around a target tends to reduce the differentials as well.
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    Inspecting the Mechanism Exactly: A Closed-form Solution to a Stochastic Growth Model (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art30 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper considers the canonical stochastic growth model with CRRA utility and Cobb-Douglas technology. It obtains a closed-form solution for the case where capital's share is equal to the reciprocal of the intertemporal elasticity of substitution. This provides a useful benchmark that illuminates the transmission mechanism under uncertainty. In particular, it highlights the complicated ways in which risk and nonlinearities interact, via Jensen's inequality, to affect the steady state capital stock.
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    Gold, Fiat Money, and Price Stability (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art26 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The classical gold standard has long been associated with long-run price stability. But short-run price variability led critics of the gold standard to propose reforms that look much like modern versions of price-path targeting. This paper uses a dynamic stochastic general equilibrium model to examine price dynamics under alternative policy regimes. In the model, a pure inflation target provides more short-run price stability than does the gold standard and, although it introduces a unit root into the price level, it leads to as much long-term price stability as does the gold standard for horizons shorter than 20 years. Relative to these regimes, Fisher's compensated dollar (or pure price-path targeting) reduces inflation uncertainty by an order of magnitude at all horizons. A Taylor rule, with its relatively large weight on output, leads to large uncertainty about inflation at long horizons. This long-run inflation uncertainty can be largely eliminated by introducing an additional response to the deviation of the price level from a desired path.
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    Does Permanent Income Determine the Vote? (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art19 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: The relationship between income and voting is usually studied using current income. Instead, I estimate how permanent income affects voting and to what extent voters are forward looking. A proxy for permanent income is constructed from stated expectations about one's future economic situation. Using panel data from the Norwegian Election Study I estimate the effect of stated expectations on realized future income to compute the effect of expectations. This is then linked to voting behaviour. Contrasting permanent and transitory income, the former has a large impact and the latter has little explanatory power on voting. This supports the hypothesis of forward looking voting. A high expected permanent income increase the propensity to vote Conservative.
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    Savers, Spenders and Fiscal Policy in a Small Open Economy (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art22 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper extends the savers-spenders theory of Mankiw (2000) to analyze fiscal policy in a small open economy with endogenous labor supply. It is first shown that tax cuts have a short-run contractionary effect on domestic production, and increased public spending has a short-run expansionary effect. Although consistent with recent empirical work, this result contrasts with those of most other theoretical models. Transitory changes in demand have permanent real effects in our model, and we discuss the implications for real exchange rate dynamics. We also show how ``rational" agents may magnify or dampen the responses of ``irrational" agents, and discuss how, unlike in previous contributions, this is in our model purely a result of the shape of rational agents' utility functions.
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    Assessing Sign Restrictions (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art23 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper assesses sign restrictions via a controlled experiment. A researcher estimates a VAR on an infinite amount of data generated by a DSGE model. He or she then imposes sign restrictions on impulse responses to identify a structural shock while being agnostic about the response of a key variable of interest to this shock. Can such an agnostic identification procedure pin down the correct sign of this unconstrained response?The DSGE models of Erceg, Henderson, and Levin (2000), as well as of Smets and Wouters (2003), are used as data generating processes. Two conditions must be met for the method to unambiguously deliver the correct sign of the unconstrained impulse response. First, a sufficiently large number of restrictions must be imposed -- more than what is typically imposed in applied work. Second, the variance of the shock under study must be sufficiently large -- larger than the values provided by Bayesian estimations of the DSGE models. Hence, sign restrictions can be a useful tool to recover structural shocks from VAR residuals.
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    Should Monetary Policy Use Long-Term Rates? (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art15 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper studies two roles that long-term nominal interest rates can play in the conduct of monetary policy in a New Keynesian model. The first allows long-term rates to enter the reaction function of the monetary authority. The second considers the possibility of using long-term rates as instruments of policy. In both cases a unique rational expectations equilibrium exists. Reacting to movements in long yields does not improve macroeconomic performance as measured by the loss function. Long-term rates, however, turn out to be better instruments of monetary policy than short-term rates when the concern for inflation volatility is high.
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    Exchange Rate Regimes, Inflation and Growth in Developing Countries -- An Assessment (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art18 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Official and four alternative regime classification schemes based on observed exchange rate behaviour are used to examine the relationship with inflation and growth in 91 developing countries over the period 1984-2001. Apart from one scheme that produces markedly unfavourable results for floating (for reasons that are discussed in the paper), the consistent findings are that (a) floats have similar growth rates to soft pegs and only slightly higher inflation; and (b) hard pegs have lower inflation and slower growth than other regimes.
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    A Macroeconomic Model of Entry with Exporters and Multinationals (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art32 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper provides a framework for the analysis of firms' integration strategies that incorporates the endogenous determination of the number of firms that serve foreign markets through exports and the number of multinational firms that choose to engage in horizontal foreign direct investments. The aim of the study is to investigate how differences in firms' integration strategies affect the way productivity and monetary policy shocks spread their effects worldwide. Building on a general equilibrium model in the tradition of the new open economy macroeconomics with national and multinational enterprises, I find that firms' integration strategies play a key role in the international business cycle and they help explain a number of puzzling features in exchange rate data. The paper makes two main contributions. First, it provides an explanation of long-term deviations from purchasing power parity due to changes in the extensive margin of firms serving world markets via exporting and foreign investment that is novel in the literature. Second, it explores optimal monetary policy in a framework with endogenous trade and foreign investments, elucidating an interesting new trade-off between efficiency and volatility. My results show that monetary stabilization, by discouraging entry of new firms, might involve a policy trade-off between the desire to smooth fluctuations in producers' prices and the need to facilitate adjustments in consumers' prices.
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    A Comparison of Five Federal Reserve Chairmen: Was Greenspan the Best? (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art12 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper examines the performances of the past five Federal Reserve chairmen using optimal control techniques and a macroeconometric model. Each chairman is evaluated in two ways. The first way is comparing the actual performance of the economy under his term relative to what the performance would have been had he behaved optimally. Comparing chairmen only on the basis of the actual performance of the economy is not appropriate because it does not control for different exogenous-variable values and shocks that the Fed has no control over. This comparison is done for a wide range of loss functions. It does not assume that the chairman necessarily behaved by minimizing a loss function; it just compares his actual behavior to what he could have done had he minimized a particular loss function. The second way, on the other hand, assumes that each chairman minimized a loss function, and it chooses for each chairman which of the various loss functions tried comes closest to matching the actual values of the control variable to the optimal values. A summary evaluation of each chairman is presented in Section 6.
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    Specialization Patterns and the Factor Bias of Technology (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art16 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Development accounting exercises based on an aggregate production function find technology is biased in favor of a country's abundant production factors. We provide an explanation for this finding based on the Heckscher-Ohlin model. Countries trade and specialize in the industries that use intensively the production factors they are abundantly endowed with. For given factor endowment ratios, this implies smaller international differences in factor price ratios than under autarky. Thus, when measuring the factor bias of technology with the same aggregate production function for all countries, they appear to have an abundant-factor bias in their technologies.
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    Factor Utilization and the Real Impact of Financial Crises (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art33 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Total factor productivity (TFP) falls markedly during financial crises, as we document with recent evidence from Latin America and Asia. We study the ability of various versions of the small open economy neoclassical growth model to account for the behavior of inputs, output, and aggregate productivity during Mexico's 1994-95 crisis. We find that that capital utilization and labor hoarding can account for a large fraction of the fall in measured productivity. While capital utilization alone does little to improve the performance of the model during the crisis, introducing labor hoarding significantly reduces the gap between the evidence and the predicted fall in output and hours.
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    The Size of the Sanction Should Depend on the Weight of the Evidence (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 1.2005, 2, art4 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: The paper argues that society should vary the sanction applied to a criminal defendant with the weight of the evidence against him or her. This is optimal when it is costly for society to apply sanctions, since it can yield the same degree of deterrence while requiring fewer resources to be spent on sanctioning. Furthermore, when the unfairness of convicting an innocent defendant increases with the size of the sanction, this provides a further rationale for graduating sanctions with the probability of guilt. Some objections are briefly discussed, mainly that it is inherently unfair to apply different sanctions on people, who have committed the same offense, and that the legal system will lose legitimacy if it allows sanctions to vary in the way suggested.
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    The Response of Business Fixed Investment to Changes in Energy Prices: A Test of Some Hypotheses about the Transmission of Energy Price Shocks (2007)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    The @B.E. journal of macroeconomics 7.2007, 1, art35 
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    ISSN: 1555-0486
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: Changes in firms' investment expenditures are considered one of the primary channels through which energy price shocks are transmitted to the economy. It is widely believed that the response of business fixed investment to energy price increases differs from its response to energy price decreases. We show that the apparent symmetry in the estimated responses of business fixed investment in equipment and structures cannot be reconciled with standard theoretical explanations of asymmetric responses. Rather this evidence is an artifact (1) of the aggregation of mining-related expenditures by the oil, natural gas, and coal mining industry and all other expenditures, and (2) of ignoring an exogenous shift in investment caused by the 1986 Tax Reform Act. After controlling for these factors, formal statistical tests are unable to reject the hypothesis of symmetric responses to energy price shocks for all components of investment in structures. For nonresidential equipment there is weak statistical evidence of classical asymmetries in some components, but not in the aggregate. Once symmetry is imposed and mining-related expenditures are excluded, the estimated response of business fixed investment in equipment and structures tends to be small and statistically insignificant. Historical decompositions show that energy price shocks have played a minor role in driving fluctuations in nonresidential fixed investment other than investment in mining.
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    Completing Contracts Ex Post: How Car Manufacturers Manage Car Dealers (2005)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Review of law and economics 1.2005, 1, art8 
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    ISSN: 1555-5879
    Source: Berkeley Electronic Press Academic Journals
    Topics: Law , Economics
    Notes: This article illustrates how contracts are completed ex post in practice and, in so doing, indirectly suggests what the real function of contracts may be. Our evidence comes from the contracts between automobile manufacturers and their dealers in 23 dealership networks in Spain. Franchising dominates automobile distribution because of the need to decentralize pricing and control of service decisions. It motivates local managers to undertake these activities at minimum cost for the manufacturer. However, it creates incentive conflicts, both between manufacturers and dealers and among dealers themselves, concerning the level of sales and service provided. It also holds potential for expropriation of specific investments. Contracts deal with these conflicts by restricting dealers' decision rights and granting manufacturers extensive completion, monitoring and enforcement powers. The main mechanism that may prevent abuse of these powers is the manufacturers' reputational capital.
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