bluuebunny/crossref_metadata_2025_split huggingface dataset:
Welfare State Provision
Authors: Boeri Tito , Hanson Gordon , McCormick Barry 
Published: October 2023

Abstract
In the previous chapter we explored EU immigration policy and how the structure of this policy influences the types of immigrants the EU receives. In this chapter we examine the comparative use by migrants of various branches of the we]fare state in different EU countries and the influence of the we1fare system on the selection of a destination economy. In particular, we ask: Do migrants take into account the generosity of the welfare system when choosing a host country? Does this put a strain on the financing of the welfare state? Does it adversely affect the distribution of skills in the host country’s economy? These are po1itically sensitive issues. In this chapter we explore the sort of insights that can be obtained from economic analysis. We then use data for the EC countries to examine the empirical evidence regarding welfare dependence amongst immigrant workers.
European Attitudes Towards Immigrants
Authors: Boeri Tito , Hanson Gordon , McCormick Barry 
Published: October 2023

Abstract
This chapter is concerned to examine the attitude of the EU native population towards immigration together with their self-reported racist feelings, and the relationship of these attitudes to unemployment, the scale of immigration and welfare take-up. We shall discuss later attitudes and sentiments towards migrants and foreigners which vary quite widely across countries. They may arise from racial antipathy or may be associated with economic fears about conditions in the labour market, the costs of generosity to migrants of the welfare state, and in particular an individual’s own economic perspective. They may also be related to the success and degree of assimilation of foreigners in society and the labour market. Since success in the destination is affected by personal characteristics, it is also important how migrants are selected into the host country.
Contracted emporary Migration
Authors: Boeri Tito , Hanson Gordon , McCormick Barry 
Published: October 2023

Abstract
Our analysis of EU migration policy in Chapter 2 gives little attention to the comparative implications of temporary vs permanent immigration to the EU and the policy institutions which might accompany temporary migration. In view of the population density of the host regions and cities of western Europe, their current foreign born proportions, and the various social tensions which, as we have noted in Chapter 2, are associated with present institutional arrangements towards immigration, we consider in this chapter the possibility of host countries in the EC adopting policies to facilitate contracted temporary immigration.
Managing European Immigration
Authors: Boeri Tito , Hanson Gordon , McCormick Barry 
Published: October 2023

Abstract
The political backdrop in Europe provides a clear message that a ‘window’ has opened to promote changes in European migration policies. The European Council, meeting at Tampere in October 1999, determined that a common EU policy on ‘asylum and migration’ was called for. The complex and wide ranging impact of immigration policy over social, economic, legal, and cultural areas were considered to undermine reliance on a piecemeal individual country approach to legislation as anticipated in Article 63 of the EC Treaty.
Introduction
Authors: Boeri Tito , Hanson Gordon , McCormick Barry 
Published: October 2023

Abstract
Since the 1960s, the United States has undergone a surge in immigration. The share of the US population that is foreign born reached 10 per cent in 2000, up from a 150-year low of 5 per cent in 1970 but still below the 1910 high of 15 per cent (see Fig. 8.1). Few other advanced countries have higher foreign born populations.1 During the 1990s, an average of one million legal immigrants and 300 000 illegal immigrants entered the United States each year, accounting for 40 per cent of the decade’s population growth.2
Fiscal Impacts of Immigration
Authors: Boeri Tito , Hanson Gordon , McCormick Barry 
Published: October 2023

Abstract
The fiscal impact of immigration figures prominently in recent debates over US immigration policy. The issue has attracted attention only recently, as the 1980s and 1990s were the first decades in which there were both large immigrant inflows and a relatively generous welfare state. During the massive immigration of the early twentieth century, the social state was largely non-existent, with the noticeable exception of public education. And in the 1960s, when the modern US welfare state was created, the US foreign-born population was at a historically low level and falling as a share of the total population (see Fig. 9.l). The current immigration wave has occurred during a period in which the role of the welfare state per se is heavily debated. This combination of rising immigration and political conflict over welfare policy has moved the fiscal impact of immigration to the centre of academic and political discussions.
Group Behaviour and Development
Authors: Heyer Judith , rao j. Mohan , Stewart frances , Thorp rosemary 
Published: October 2023

Abstract
Most economic decisions are taken by people acting within, and very often on behalf of, groups. As consumers, individuals are members of families; as producers, they operate within firms. Moreover, there are a variety of less formal groups, such as neighbourhood or community associations and networks of producers, which play an important role in influencing behaviour and outcomes. Yet much of economics puts individuals at the centre of analysis. In the basic neoclassical framework individual consumers are assumed to maximize their own utility, while firms—which are treated as cohesive units, that is, as quasi-individuals—are assumed to maximize profits. Interaction between the two is deemed to underlie resource allocation, and, in certain rather restrictive conditions, result in a welfare optimum. Even governments are mostly treated as if each were an individual with unitary objectives. Important departures from the utilitarian approach led by Sen, arguing that development consists of the expansion of capabilities or freedoms, continue to take an individualistic stance—the objective in question being expansion ofindividual capabilities or freedoms (Sen 1999).
Dynamic Interactions Between The Macro-Environment, Development Thinking And Group Behaviour
Authors: Stewart Frances 
Published: October 2023

Abstract
The social morality that has served as an understructure for economic individualism has been a legacy of the precapitalist and preindustrial past. This legacy has diminished with time and with the corrosive contact of the active capitalist values… As individual behaviour has been increasingly directed to individual advantage, habits and instincts based on communal attitudes and objectives have lost out. The weakening of traditional social values has made predominantly capitalist economies more difficult to manage.
A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices
Authors: Clark Peter K 
Published: October 2023

Abstract
S. Bochner’s concept of a subordinate stochastic process is proposed as a model for speculative price series. A general class of finite-variance distributions for price changes is described, and a member of this class, the lognormal–normal, is tested against previously proposed distributions for speculative price differences. It is shown with both discrete Bayes’ tests and Kolmogorov–Smirnov tests that finitevariance distributions subordinate to the normal fit cotton futures price data better than members of the stable family. The past seventeen years have seen a large amount of research by academic economists on prices in speculative markets, an area which was formerly studied almost exclusively by financial speculators and their advisors. Considering the time series of prices at short intervals on a speculative market such as that for futures in commodities, or corporation shares, one primary characteristic is evident.
The Dynamics of Exchange Rate Volatility: A Multivariate Latent Factor Arch Model
Authors: Diebold Francis X , Nerlove Marc 
Published: October 2023

Abstract
We study temporal volatility patterns in seven nominal dollar spot exchange rates, all of which display strong evidence of autoregressive conditional heteroskedasticity (ARCH). We first formulate and estimate univariate models, the results of which are subsequently used to guide specification of a multivariate model. The key element of our multivariate approach is exploitation of factor structure, which facilitates tractable estimation via a substantial reduction in the number of parameters to be estimated. Such a latent-variable model is shown to provide a good description of multivariate exchange rate movements: the ARCH effects capture volatility clustering, and the factor structure captures commonality in volatility movements across exchange rates. In this paper we specify and estimate a multivariate time-series model with an underlying latent variable whose innovations display autoregressive conditional heteroskedasticity (ARCH). Various aspects of this factor-analytic approach are sketched in Diebold (1986) and Diebold and Nerlove (1987); here we provide a more complete exposition, propose a new estimation procedure, and present a detailed substantive application to movements in seven major dollar spot exchange rates. To guide multivariate specification, we begin with a univariate analysis and relate the results to apparent random walk behaviour, leptokurtic unconditional distributions and convergence to normality under temporal aggregation.
Multivariate Stochastic Variance Models
Authors: Harvey Andrew , Ruiz Esther , Shephard Neil 
Published: October 2023

Abstract
Changes in variance, or volatility, over time can be modelled using the approach based on autoregressive conditional heteroscedasticity (ARCH). However, the generalizations to multivariate series can be difficult to estimate and interpret. Another approach is to model variance as an unobserved stochastic process. Although it is not easy to obtain the exact likelihood function for such stochastic variance models, they tie in closely with developments in finance theory and have certain statistical attractions. This article sets up a multivariate model, discusses its statistical treatment and shows how it can be modified to capture common movements in volatility in a very natural way. The model is then fitted to daily observations on exchange rates.
Stochastic Volatility: Likelihood Inference and Comparison with ARCH Models
Authors: Kim Sangjoon , Shephard Neil , Chib Siddhartha 
Published: October 2023

Abstract
In this paper, Markov chain Monte Carlo sampling methods are exploited to provide a unified, practical likelihood-based framework for the analysis of stochastic volatility models. A highly effective method is developed that samples all the unobserved volatilities at once using an approximating offset mixture model, followed by an importance reweighting procedure. This approach is compared with several alternative methods using real data. The paper also develops simulation-based methods for filtering, likelihood evaluation and model failure diagnostics. The issue of model choice using non-nested likelihood ratios and Bayes factors is also investigated. These methods are used to compare the fit of stochastic volatility and GARCH models. All the procedures are illustrated in detail.
A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options
Authors: Heston Steven L 
Published: October 2023

Abstract
I use a new technique to derive a closed-form solution for the price of a European call option on an asset with stochastic volatility. The model allows arbitrary correlation between volatility and spot-asset returns. I introduce stochastic interest rates and show how to apply the model to bond options and foreign currency options. Simulations show that correlation between volatility and the spot asset’s price is important for explaining return skewness and strike-price biases in the Black– Scholes (1973) model. The solution technique is based on characteristic functions and can be applied to other problems. Many plaudits have been aptly used to describe Black and Scholes’s (1973) contribution to option pricing theory. Despite subsequent development of option theory, the original Black–Scholes formula for a European call option remains the most successful and widely used application. This formula is particularly useful because it relates the distribution of spot returns to the cross-sectional properties of option prices. In this article, I generalize the model while retaining this feature.
Consistent Intertemporal Decision-making through Memory and Anticipation
Authors: Palacios-Huerta Ignacio 
Published: October 2023

Abstract
People and animals appear to evaluate choices inconsistently in certain situations and areas of their lives. Research in experimental psychology and behavioral economics during the last few decades has led some economists and psychologists to conclude “that the problem [of dynamic inconsistency] may not come from some extraordinary condition that impairs the normal operation of intentionality, but rather from the process by which all people, perhaps all organisms, evaluate future goals” (Ainslie and Haslam 1992: 58).
Arbitrarily Coherent Preferences
Authors: Ariely Dan , Loewenstein George , Prelec Drazen 
Published: October 2023

Abstract
Economic theories of valuation generally assume that prices of commodities and assets are derived from underlying “fundamental”values. For example, in finance theory, asset prices are believed to reflect the market estimate of the discounted present value of the asset”s payoff stream. In labor theory, the supply of labor is established by the tradeoff between the desire for consumption and the displeasure of work. Finally, and most importantly for this work, the economic account of consumer behavior assumes that the demand curves for consumer products-chocolates, CDs, movies, vacations, drugs, etc.-can be ultimately traced to the valuation of pleasures that consumers anticipate receiving from these products.
An Introduction to Long-memory Time Series Models and Fractional Differencing
Authors: Granger C W J , Joyeux Roselyne 
Published: October 2023

Abstract
It has become standard practice for time series analysts to consider differencing their series ‘to achieve stationarity’. By this they mean that one differences to achieve a form of the series that can be identified as an ARMA model. If a series does need differencing to achieve this, it means that strictly the original, undifferenced series has infinite variance. There clearly can be problems when a variable with infinite variance is regressed on another such variable, using least squares techniques, as illustrated by Granger and Newbold (1974).
The Postal Savings System and the Fiscal Investment and Loan Program in the Japanese Financial System
Authors: Cargill Thomas F , Yoshino Naoyuki 
Published: October 2023

Abstract
In this chapter, we consider the role of the PSS and FILP in Japan’s financial system from three perspectives. The chapter first quantifies the role of the PSS and the FILP in Japanese finance by reviewing selected flow-of-funds statistics for each institution and identifying trends with an emphasis on the post war period. This review will reveal the longstanding importance of the PSS and the FILP in Japan’s financial system and the continued growth of government intermediation after 1975, despite an official policy of financial liberalization.
Empirical Issues and Results
Authors: Cargill Thomas F , Yoshino Naoyuki 
Published: October 2023

Abstract
During the period from 1950 to 1975, when the Japanese financial regime reached maturity, the PSS and the FILP played important roles in transferring funds from surplus to deficit units, judged by their importance in Japan’s flow of funds and the various roles assigned to the PSS and the FILP in the financial system and economy. Comparative static results derived from a flow-of-funds model, however, suggest that whether the PSS and the FILP system contributed positively to economic growth is not clear, and only in those cases where some degree of market failure existed can a case be made that the PSS and the FILP raised productivity and economic growth.
‘More easie to the readers memory’: Using The History of the World
Authors: Engel William E 
Published: October 2023

Abstract
Such a jest at Ross’s expense was more likely the rule than exception when Hudibras first appeared in the decade after Ross’s death. But during his own lifetime, and well into the Enlightenment, his writings were remarkably popular. This was due, in part, to the fact that, as the jest implies, Ross tended to reduce things, through allegory, into their simplest components, thereby making even the most complex topics easily comprehensible. Further, Ross recognized the affective power of the Memory Arts, especially when the soul of history was at stake. He hit upon a method of using memory pictures that complemented his narrative style, and it seems to have been a winning combination, for he grew rich off his writing.
Seeing the Past
Authors: Woolf Daniel 
Published: October 2023

Abstract
In The Last chapter I offered a number of explanations for the emergence of antiquarianism in the mid-sixteenth century and its impressive growth in the seventeenth, emphasizing the growth of networks of information that underlay the works of the major antiquaries, and the types of collecting activity that they, and many others, undertook. In Chapter 7 the collection of and trade in are facts will be examined more closely, with special attention to interchange between learned and popular culture. In the present chapter, I wish to explore a variety of ways in which the physical remains of the past (manuscripts, old books, and non literary are facts) and modern commemorative replicas of that past (statuary, painting, landscape design) created, for the first time in England, a visual culture of ‘pastness’.
Introduction
Authors: Crawford Robert 
Published: October 2023

Abstract
At the start of the 1920s Einstein ‘s visit to England excited not only writers but also the general, newspaper-reading public.’ Einstein the Great ‘,T. S. Eliot called him, with an ironic smirk, surveying the press coverage for a’ London Letter ‘contributed to the American magazine The Dial in July 1921. Rose Macaulay, writing’ probably the first significant novel in the English language to make direct use of Einstein’s theories’, presents in her media story Potterism (1920) the newspaper headline ‘Light Caught Bending’. In Scotland, later in the same decade, Hugh MacDiarmid ended one of his greatest lyric poems, ‘Empty Vessel’, by writing of a woman’s grief for her dead child, ‘The licht that bends ower a ‘ thing | Is less ta ‘en up wi’t. ‘ So it was that Einstein caught the imagination of American, English, and Scottish writers. A scientist who considered imagination more important than knowledge, Einstein was likely to appeal to poets.
Grimoire
Authors: Donaghy Michael 
Published: October 2023

Abstract
From Puccini to Geri Halliwell, from Monet to David Hockney, from Delibes’ music to jewellery that changes colour, my brush with art was sorted. Poetry was never high on the agenda, after I waved goodbye, at school, to the Assyrian’s coming down and a fair measure of half a league, half a league. So the chance of meeting with a modern-day poet was a delightful injection of diversity. Lunch with Michael Donaghy surprised me, with discussion ranging from my own Cyborg research, linking implants to my nervous system, through the everyday trials and tribulations of a contemporary poet’s life to the ups and downs of our favourite soccer teams. We were, to all intents and purposes, merely a couple of guys chatting over a pint in the local hostelry. So what poetry could possibly erupt from such mundane beginnings? I awaited Michael’s outpourings, like a nervous teenager waiting for A level results, excitement and anticipation ringed with nervousness and a smattering of foreboding. What would Michael make of the research that I was doing? Would he say what a great guy I was, or conversely paint me as an ogre and a tyrant? Most importantly, would I understand it at all?
Public and Private Pension Spending: Principles, Practice and the Need for Reform
Authors: Banks James , Emmerson Carl 
Published: October 2023

Abstract
Pensions are one of the most important single items of spending in almost all developed countries. In most countries, spending is set to rise substantially as populations age and the number of retired members of the population increases. Pensions, or more broadly social security, reform is therefore at the top of almost every government’s policy agenda. Indeed, a number of countries are already embarking on substantial reform processes which have meant that there are now a variety of different approaches to the problem of how to deliver retirement income to the elderly.
Unemployment and Workers’ Compensation Programmes: Rationale, Design, Labour Supply and Income Support
Authors: Meyer Bruce D 
Published: October 2023

Abstract
Social insurance programmes are costly, making up the largest single component of government expenditures in many countries. These programmes are also not without controversy. Different sets of commentators view them as encouraging sloth, on the one hand, or necessary to prevent severe deprivation, on the other hand. Both sets of commentators are partly right. In this paper, I will focus on unemployment insurance (UI) programmes which provide compensation for the unemployed and workers’ compensation (WC) insurance for those injured or made ill by their employment.
Public and Private Spending for Environmental Protection: A Cross-Country Policy Analysis
Authors: Pearce David , Palmer Charles 
Published: October 2023

Abstract
The increase in public spending in advanced economies has been well documented (Peacock and Wiseman, 1961; Maddison, 1984, 1991, 1995; Tanzi and Schuknecht, 2000). Traditionally, interest in public spending has been driven by the debate about the relative merits of the role of the state in the modem economy. Crudely put, those who favour less intervention call for less public spending, and those who favour more intervention call for more spending. In tum, the degree of intervention is thought to be linked to the driving forces of economic growth and, by implication, the prospects for increasing per capita human well-being.
Poverty and inequality
Authors: Pestieau Pierre 
Published: October 2023

Abstract
The failure of the market system to satisfactorily achieve the objectives that our society has set itself is at the heart of the welfare state. This failure is of two types: the ‘traditional’ market failure that comes from the inability to produce an efficient allocation of resources, and the rather ‘normal’ failure to provide an equitable outcome. To measure the performance of the market and of the welfare state in terms of equity, we focus on two standard concepts: poverty and inequality. Poverty and inequality are indeed two ways of characterizing the equity of income distribution. But a number of economists do not want to consider distributional issues at all. According to them any ideas about the right income distribution are value judgments, and there is no scientific way to resolve differences in matters of ethics. The problem with this view is that decision-makers care about the distributional implications of policy. Yet if economists ignore distribution, policymakers may end up paying no attention at all to efficiency, focusing only on distributional issues.