The Scout Report for Business & Economics - September 10, 1998

The Scout Report for Business & Economics

September 10, 1998

A Publication of the Internet Scout Project
Computer Sciences Department, University of Wisconsin-Madison

The target audience of the new Scout Report for Business & Economics is faculty, students, staff, and librarians in business and economics. Each biweekly issue offers a selective collection of Internet resources covering topics in the field that have been chosen by librarians and content specialists in the given area of study.

The Scout Report for Business & Economics is also provided via email once every two weeks. Subscription information is included at the bottom of each issue.

In This Issue
* Research * Current Awareness
* Learning Resources * New Data
* General Interest * In the News
Centre for Research on Innovation and Competition (CRIC) [.pdf]
The Centre for Research on Innovation and Competition (CRIC) was created in 1997 by the Economic & Social Research Council (UK) to examine the complex of issues that link managerial science to social science and underlie innovation and competitiveness in a global economy. Social, economic and managerial innovation processes are discussed via recent CRIC Working Papers and Discussion Papers in full-text [.pdf]. Those who want to read more, may view bibliographies of other CRIC research in the form of books, PhD theses, journal articles, reviews, and conference papers. [MW]
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Measuring Intangible Investment--OECD [.pdf]
Measuring Intangible Investment is a recently released compilation of papers issued by the Organisation for Economic Co-operation and Development (reviewed in the December 18, 1997 Scout Report for Business & Economics), Directorate for Science, Technology and Industry (DSTI). Papers range from questions of tangible investment and economic growth following the second oil shock of 1979 to span recent OECD conferences on the measurement of intangibles and intangible investment. Complete background information and hyperlinked summaries are provided for each of the fifteen papers in a Preface and Overview section. In addition, an indexed Consolidated Bibliography is provided with keywords to aid research. [MW]
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Center for Urban Land Economics Research (CULER) [.pdf]
The Center for Urban Land Economics Research (CULER) is a facet of the Program in Real Estate and Urban Land Economics at the University of Wisconsin-Madison that fosters research on markets for land improvements and their related capital markets. Highlights on-site include recent CULER working papers in full-text (1997-present), a bibliography of past papers (1991-1996), and a concise list of downloadable data such as the Metropolitan Data Spreadsheet (Lotus WK1,500kb), Economic Report of the President, Statistical Tables (Lotus), and Basic MSA Data (1969-94) with BEA data on employment, population, and real income per capita [.pdf]. US Metropolitan Area Maps and US County Maps with Annual Population Change (1980-1995), Annual Real House Price Change (1980-1990), Annual Nominal Income Per Capita Growth (1980-1990), and Average Annual Building Permits (1990-1995) are also given. [MW]
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MULTIMOD Econometric Model [DOS, UNIX]
Designed by the International Monetary Fund (IMF), MULTIMOD is a modern, dynamic, multi-country macro model of the world economy designed to study the transmission of shocks across countries as well as the short-run and medium-run consequences of alternative monetary and fiscal policies. Country sub-models include the seven largest industrial countries--Canada, France, Germany, Italy, Japan, the UK, and the US--and an aggregate grouping of fourteen smaller industrial nations. Full documentation of the MULTIMOD's current variant, the Mark III Econometric Model, and its sub-models, and downloading instructions are provided as well as a bibliography of articles that either explain Multimod, apply it, or are part of its technical implementation. [MW]
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The Economic Commission for Africa (ECA)--UN
The Economic Commission for Africa is the arm of the United Nations devoted to making quality information on African development internationally available. ECA research focus areas include gender equality, agricultural productivity, information technology, social policy, and environmental concerns. The site features an extensive bibliography of articles on African socio-economic development entitled Africa Index as well as the comprehensive Africa Economic Report 1998. Current awareness is also facilitated by the long list of African Newspaper and Magazine links entitled News from Around Africa. [MW]
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Learning Resources
Internet Detective [frames]
A central concern of the Internet Scout Project and anyone who uses the Web as an information-gathering tool is quality. The ability to critically analyze Websites and evaluate their quality and usefulness is essential to successful and efficient surfing. The Internet Detective, an online tutorial developed by staff at The Institute for Learning and Research Technology (ILRT) at the University of Bristol (home of SOSIG), is an excellent resource for developing these skills. With clearly written overviews, interactive quizzes, and worked examples, the tutorial teaches users the key elements of quality Internet information and offers practical tips for evaluating a variety of online resources. Free registration is required to allow users to return to the site as necessary and work through the tutorial at their own pace. [MD]
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eur macro tutor
Designed by Manfred Gartner, author of A Primer in European Macroeconomics, eur macro tutor is a sleek educational device that explicates key European macroeconomic models and concepts. Beginning with the eur macro tutor Road Map, students view graphical displays of key macroeconomic models and read the accompanying detailed conceptual summaries. Through this step-by-step process, Professor. Gartner hopes to show how written thoughts are expressed with the curves of a model. [MW]
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Teaching Economics: Some Tools for Educators
Provided by the Federal Reserve Bank of Philadelphia, Teaching Economics: Some Tools for Educators is a new webliography of learning resources for economics instruction at all grade levels. To "bring alive" concepts of money and banking, many K-12 listings include information on brochures, videos, and posters designed especially for the classroom. College-level instructors may benefit from links to EcEdWeb from the Center for Economic Education, University of Nebraska at Omaha, as well as Federal Reserve sites such as the comprehensive Purposes and Functions of the Federal Reserve System from the FRB BOG. [MW]
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ABC Resources
Activity-Based Costing (ABC) Resources is provided by the Economics Division of the US Secretary of the Air Force Financial Management & Comptroller (SAF/FMC) departmental site. This succinct page of reference materials contains links to key professional organizations and periodicals, a dictionary of terms, and a lengthy annotated bibliography of ABC and Activity-Based Management (ABM) books and articles. [MW]
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Encyclopedia of the New Economy
Compiled by Wired magazine, the Encyclopedia of the New Economy is a compendium of the key issues and terms that define the creation, buying, and selling of communication technology products. Terms are listed in alphabetical order and include both catch phrases and overviews. Wired Encyclopedia authors not only create a useful list of concepts, they also stimulate further thought on the controversies inherent in information technologies by leaving many definitions open-ended. [MW]
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General Interest
The Motley Fool
Founded by David and Tom Gardner in 1993, The Motley Fool provides amusing and educational investment information. Feature articles address topics of money management, investment ideas, and stock research, among others. A clearly arranged Info/Help! site index aids navigation. Current stock quotes, news, and an intriguing "Fool's School" of how-to short essays and key terminology round out this lively and colorful collection. [MW]
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The Entrepreneurial Edge Online
Published by the Edward Lowe Foundation, Entrepreneurial Edge Online is the electronic counterpart to the small business training magazine by the same name. Site features beyond selected Entrepreneurial Edge articles include the self-training modules--Business Builders, an Interactive Toolbox of budget, balance sheet, and cash flow calculators, and a list of discussion forums entitled Virtual Network. [MW]
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Company Annual Reports Online (CAROL)
Company Annual Reports Online (CAROL) is a free corporate service offering direct links to the annual reports of a variety of European companies. The reports are arranged in alphabetical order by company name or industry type for direct searches or browsing. In addition, recent articles and statistics on Investor Relations and the Internet are available from CAROL's The Marketplace index. [MW]
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The Economeister
Compiled by Market News International, the Economeister gathers business news and market data to help readers predict the financial future. Links to key economic indicators from around the world are provided by the constantly updated Global Calendar. In addition, longer-term predictions are available in editorial form from the Economeister Intelligencer. Other Economeister options include NY Opening Rates, Archives, and information on fee-based services from Market News. [MW]
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Current Awareness
(For links to additional current awareness on periodicals, journals, working papers, new books, etc., visit the Business & Economics Current Awareness Metapage:

Working Papers
A. Federal Reserve System
Federal Reserve Bank of Minneapolis Staff Reports [.pdf]
Federal Reserve Bank of New York Research Papers [.pdf]
The FRB of Minneapolis has released two new Staff Reports on the existence of rational expectations equilibrium (SR252) and efficient, non-contractible investments (SR253). New from the FRB of New York is the Research Paper "Information Asymmetry, Market Segmentation and the Pricing of Cross-listed Shares: Theory and Evidence From Chinese A and B Shares"(RP9820) by Sugato Chakravarty, Asani Sarkar, and Lifan Wu. [MW]

B. International Monetary Fund IMF Working Papers [.pdf]
"Explaining Investment in the WAEMU"--WP/98/99
"From Inflation to Growth: Eight Years of Transition"--WP/98/100
"Inflation and Money Demand in Albania"--WP/98/101
"How Big is the Brain Drain?"--WP/98/102
"Policy Responses to External Imbalances in Emerging Market Economies"--WP/98/103
"Determinants of Growth in an Error-Correction Model for El Salvador"--WP/98/104
"Developing Countries and the Globalization of Financial Markets"--WP/98/105
"Disinflation in Spain: The Recent Experience"--WP/98/106
"Exchange Rate Fluctuations and Trade Flows: Evidence from the European Union"--WP/98/107
"Structural Reforms in Government Bond Markets"--WP/98/108
"Considerations in Reducing Inflation From Low to Lower Levels"--WP/98/109
"Interest Spreads in Banking: Costs, Financial Taxation, Market Power, and Loan Quality in the Colombian Case 1974-96"--WP/98/110
"Welfare Cost of (Low) Inflation: A General Equilibrium Perspective"--WP/98/111
"Liability-Creating Versus Non-Liability-Creating Fiscal Stabilization Policies"--WP/98/112
"Market-Based Policy Instruments for Systemic Bank Restructuring"--WP/98/113

C. Stockholm School of Economics--SSE
Working Paper Series in Economics and Finance [.pdf]
Working Paper Series in Business Administration [.pdf]
Nine new Swedish Working Papers in Economics and Finance (Nos 248-256) are now available from the Stockholm School of Economics (SSE). Topics covered include the delegation of bargaining and power (No 248), labor and product market structure (No 249), and likelihood-based cointegration tests in heterogeneous panels (No 250), among others. Two new papers entitled "A Tutorial on the McKinsey Model for Valuation of Companies" (No 1) and "The Design and Use of Management Accounts in Small and Medium-sized Companies" (No 2) mark the debut of the SSE Working Paper Series in Business Administration. [MW]
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A. Federal Reserve System
Federal Reserve Bank of Atlanta Financial Update
Federal Reserve Bank of Boston New England Economic Review [.pdf]
Federal Reserve Bank of Dallas Financial Industry Issues and Houston Business [.pdf]
Federal Reserve Bank of San Francisco Economic Letters
The July-September 1998 issue (Vol 11 No 3) of the FRB of Atlanta newsletter Financial Update is now available with articles on bank regulations, check growth, and a new design for the Atlanta Fed headquarters. The current FRB of Boston issue of New England Economic Review (July/August) includes articles on globalization and US inflation, the effects of tax limitations on school quality, and bank profit and performance measurement. The FRB of Dallas addresses often-asked questions about subprime lending in their Second Quarter 1998 edition of Financial Industry Issues. Also from Fed Dallas, The August 1998 issue of Houston Business compares short-term employment adjustments to oil industry changes in nine US cities with a large concentration of oil-related employment. The article gives insight into how these cities respond to the US business cycle, to oil markets, and to the dollar exchange rate. Recent editions of Economic Letters from the FRB of San Francisco include "How Do Currency Crises Spread?" (No 25), "Could Russia Have Learned from China?" (No 26), and "Cities and Growth Number" (No 27). [MW]

B. Other Institutions
American Enterprise Institute for Public Policy Research--AEI
Economic Outlook
The September 1998 edition of Economic Outlook by John H. Makin seeks to dispel some confusion concerning the cause of falling stock markets world-wide in "The Benefits of Devaluation in a Deflationary World." [MW]

Bank for International Settlements
BIS Review [.pdf]
In the September 1998 BIS collection of articles and speeches by senior central bankers, Mr. Greenspan remarks on income inequality, Mr. Yam discusses "Intervention true to guiding policy," and a summary is presented from a recent Bank of Japan Quarterly Bulletin article. [MW]

World Bank
Public Policy for the Private Sector [.pdf]
Public Policy for the Private Sector is a quarterly journal published by the World Bank's Finance, Private Sector, and Infrastructure Network (FPSI). Recently, new documents concerning Finance, Water, and Post-Privatization Performance have been added to this ongoing collection of policy and case study notes. [MW]
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Books and Journals
The abstracts and tables of contents for the following journals are now available online: Ecological Economics (Vol 26 No 1), Japan and the World Economy (Vol 10 No 3), Journal for Econometrics (Vol 87 No 1), Journal of Corporate Finance (Vol 4 No 3 and Call for Papers), Journal of Financial Economics (Vol 49 No 2), Journal of Financial Markets (Vol 1 No 2), Journal of Monetary Economics (Vol 42 No 2), Journal of Public Economics (Vol 69 No 2), Labour Economics (Vol 5 No 3), Resource and Energy Economics (Vol 20 No 3). [MW]

Baker & Taylor
Baker & Taylor Latest Books in Business--September 1998
Baker & Taylor Latest Books in Economics--September 1998
Baker & Taylor has made available a list of forthcoming business and economics books to be published in September. [MW]
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Asia: An Analysis of Financial Crisis
The Federal Reserve Bank of Chicago and The International Monetary Fund are co-sponsoring a conference, Asia: An Analysis of Financial Crisis, at the Federal Reserve Bank of Chicago from 2 pm on Thursday, October 8 through noon on Saturday, October 10, 1998. Stanley Fischer, First Deputy Managing Director of the IMF, will deliver a keynote address, and conference topics include the causes of the ongoing crises in many Asian countries, our ability to detect these causes in advance, the design of rescue packages, and the current and future role of the IMF. A preliminary program, registration, and accommodation information is available online. [MW]

Conference on Intergenerational Transfers, Taxes and the Distribution of Wealth
Sponsored by the Swedish Council for Research in the Humanities and Social Sciences (HSFR) and the Swedish Council for Social Research (SFR), the Conference on Intergenerational Transfers, Taxes and the Distribution of Wealth will be held June 18-19, 1998 at the Uppsala University Department of Economics, Uppsala, Sweden. Organizers hope to foster discussion on the interaction between intergenerational transfers and the distribution of wealth as well as the effects of public policy and data collection issues. Theoretical and empirical research must be submitted by March 1, 1999, and accommodation and partial travel costs will be provided for accepted authors. Submission contact information is provided online. [MW]

ZEW Summer Workshop: Empirical Labour and Industrial Economics
The Centre for European Economic Research/Zentrum fur Europaische Wirtschaftsforschung (ZEW), Mannheim, Germany will host their first Summer Workshop for young economists June 7-10, 1999 on the topic of empirical labor and industrial economics. About fifteen young graduates, post-graduates, or post-doctorates in economics from within and outside Europe will participate, with the aim of establishing permanent contacts with other researchers. Contact, submission, deadline, and financial assistance information is available online in addition to an overview of ZEW. [MW]

1999 Midwest Academy of Management Meeting
1999 Midwest Academy of Management Meeting on the theme "The Evolving Nature of Work" will be held Friday-Saturday, April 16-17, 1999 at the Cornhusker Hotel in Lincoln, NE. Highlights of the conference include a doctoral consortium, discussion sessions on trends in management education and grant writing, as well as presentations from prominent members of the academic and business world. Deadline for submission is October 20, 1998, and complete registration, submission, and accommodation information is provided online. [MW]
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Job Openings from The Chronicle of Higher Education
Job Openings in Economics
Job Openings in Business and Management
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New Data
(For links to additional sources of new data see the Business & Economics Current Awareness Metapage:

Census Bureau
Changes in Median Household Income: 1969 to 1996 [.pdf]
The Census Bureau report Changes in Median Household Income: 1969 to 1996 by Jack McNeil indicates that the US median household income rose six percent overall between 1969 and 1996. This modest increase does not reflect the more dynamic changes experienced by a variety of the household types studied, however, as selected measures in the seventeen statistical appendices included in the report reveal. [MW]
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Bureau of Labor Statistics (BLS)
National Current Employment Statistics (CES)
How Strikes Affect CES Estimates
Effects of the GM Strikes on National Current Employment Statistics
Summary of Strike Activity During Survey Reference Pay Period--August 1998
The Bureau of Labor Statistics has made the employment and average earnings data that is clearly linked to the June/July 1998 GM Motors strikes available for research. An index of National Current Employment Statistics is provided at the CES homepage where the documents "How Strikes Affect CES Estimates," "Effects of the GM Strikes on National Current Employment Statistics," and "Summary of Strike Activity During Survey Reference Pay Period--August 1998" have recently been added. [MW]
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United States Department of Agriculture (USDA)
USDA Reports Calendars--September 1998
USDA Agency Reports Calendar
ERS Calendar
NASS Calendar
USDA summarizes its report releases from various sources (the Economic Research Service, the National Agricultural Statistics Service, the Foreign Agricultural Service, and the world Agricultural Outlook Board) at these three calendar sites. [MW]
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Energy Information Administration (EIA)
Short-Term Energy Outlook--September 1998
OPEC Revenues Fact Sheet
According to the EIA, oil prices continue to remain at historically low levels, and the current forecast does not foresee a large increase any time over the next several months. The imported refiners acquisition cost is expected to average $11.42 per barrel in the third quarter of 1998 (July-September), before increasing slightly to $12.49 per barrel for the fourth quarter of 1998 (October-December). The recently released EIA OPEC Revenues Fact Sheet for September 1998 supports these projections with information on the sharp decline in oil prices since late 1997. An executive summary and fact sheet covering the OPEC nations of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela are provided. [MW]
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Federal Deposit Insurance Corporation (FDIC)
FDIC Survey of Real Estate Trends--July 1998[.pdf]
The FDIC has released the results of its latest survey of real estate conditions at this site. Senior examiners and asset managers at federal banking and thrift agencies contributed their assessments of local real estate market conditions during the recent three-month period. The survey concludes that although commercial real estate markets declined slightly from April 1998, residential real estate and the national composite index improved at 79 and 77 respectively. [MW]
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In the News
Highs, Lows for the US Stock Market
1) Economic Report of the President
2) Black Monday--A Look Back at the 1987 Crash--CNNfn
3) Frontline: Betting on the Market [RealPlayer 4.0]
4) Nouriel Roubini's Asia Crisis Homepage
5) Asia's Financial Crisis--The New York Times
6) Speeches of Federal Reserve Board Members & Humphrey-Hawkins Testimony--FRB
7) Russia Rocks Markets--CNNfn Special Report
8) Dow Sell-off--CNNfn
9) CBS MarketWatch
10) The Whitehouse Economic Statistics Briefing Room
This Week's In the News chronicles recent US stock market highs and lows attributed to FRB BOG opinion, economic crises in Japan and Russia, and political instability, among a multitude of other factors. These ten resources provide background information on the previously robust US market, analyses of international economic crises, news, FRB BOG speeches, and access to current US economic statistics. On September 8, 1998, Wall Street investors cheered as the Dow Jones industrial average climbed to a record high gain of 380.53 points. Many analysts fear, however, that this sharp rise is merely a manic high set off by FRB BOG Chairman Alan Greenspan's encouraging speech delivered at the University of California at Berkeley on Friday, September 4, 1998. Chairman Greenspan indicated that the BOG may lower interest rates in the future; however, just 24 hours before his speech, the Dow closed at a loss of 100.15 points.

Sponsored by the Executive Office of the President on the United States Government Printing Office, the Economic Report of the President (1) provides a wealth of statistical information on the US economy, from government policy to imports, exports, industry, and trade. The ERP site is searchable by keyword, with reports dating back to 1996. CNNfn's Special Report Black Monday--A Look Back at the 1987 Crash (2) details the largest one-day point and percentage loss in US market history with a collection of articles on the "blackest of mondays." The terrors and triumphs of market risk are also documented by Wall Street experts in the critically acclaimed Frontline: Betting on the Market (3). Stern School of Business Professor Nouriel Roubini's Asia Crisis Homepage (5) is a compendium of academic research materials on the economic crisis in Asia. An archive of articles on this topic is also found at the New York Times Asia's Financial Crisis page. For information on FRB BOG opinion, both Humphrey-Hawkins Testimony to Congress and recent speeches from FRB officials (6) the FRB BOG home site provides two locations. The collection Russia Rocks Markets (7) by CNNfn analyzes the world-wide effects of the Russian financial crisis, while CNNfn's Dow Sell-off (8) covers recent drops in the US stock market. For current economic and financial statistics, CBS MarketWatch (9) maintains a list of the latest quotes, and The Whitehouse Economic Statistics Briefing Room links users to the latest government statistics on money, credit, interest rates and production, sales, output, and earnings, among others. [MW]
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The Scout Report for Business & Economics is published every other Thursday by the Internet Scout Project, located in the University of Wisconsin-Madison's Department of Computer Sciences.

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