The Scout Report for Business & Economics - September 24, 1998

The Scout Report for Business & Economics

September 24, 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
AcctInfoPlus is an accounting resource metacenter developed for the academic and professional community. Author Andrew Priest of Edith Cowan University, Perth, Australia draws on postings from Rutgers Accounting Web (discussed in the September 20, 1996 Scout Report), the Summa Project, and the Nordic Accounting Network, among others, to link users with the latest Internet resources and conferences in accounting. Links are organized into a multi-faceted but easy-to-follow system with general topics covering academic, regulation, and professional interests. [MW]
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Residential Housing Characteristics Survey 1997--EIA
Data Table Home Page
Specific information such as how many homes have PCs, modems and FAX machines or how home appliance usage has changed over time (1978-1997) can now be obtained in this recently-released Residential Housing Characteristics Survey by the US Energy Information Administration. Nearly two decades of Regional Energy Consumption Surveys (RECS) on US households and their energy is contained on site in addition to supplementary maps, a glossary of terms, and documentation of EIA survey methods and data quality. To further facilitate research, the EIA provides a Data Table Home Page where users may choose variables and access data tables directly on site. [MW]
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The Digital Living Room Consumer Index
Market researchers at Greenfield Online and the Digital Living Room define heavy users of computers and the Internet or "Digital Consumers" in the recently released Digital Living Room Consumer Index. Drawing on a sample of 2,200 Internet users, it was found that 80% have some college education, 97% have computers at home, and 62% use the computer primarily for entertainment. Other available figures from this 69-page statistical report include likely annual expenditures for computer equipment, gender comparisons, and a break-down of media preferences. [MW]
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Center for Economic Policy Analysis (CEPA) [.pdf]
Established in 1995, the Center for Economic Policy Analysis (CEPA) is the research center of the Department of Economics at the New School for Social Research in New York city. To foster an "active forum for economic policy debate" CEPA offers three working paper series on Globalization, Labor Markets, and Social Policy; Economic Policy Analysis; and International Capital Market and the Future of Economic Policy as well as a list of current workshops and research projects. CEPA's Research Resources metapage offers a compendium of funding opportunities. [MW]
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Georgetown School of Business Faculty Seminar and Working Papers [.pdf]
Faculty members at the Georgetown School of Business, Georgetown University, have posted their most recent seminar and working papers on the Faculty Seminar and Working Paper Index site. Currently, seventeen titles are available; the primary topic is Finance, with some listings for Accounting, Logistics, Management Information Systems, and Marketing. Links to author webpages are also provided for contact and course information. [MW]
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Learning Resources
Cultural Factors in Business: An Incomplete Anthropological Bibliography
With an emphasis on printed materials, J.N. Hooker prepared this "incomplete" bibliography for the course entitled Cultural Factors in Business at the Graduate School of Industrial Administration, Carnegie Mellon University. A wealth of publications are presented spanning the interdisciplinary topics of Workplace and Economic Culture, Regional Studies, General Anthropology, and Business Etiquette. Readers may view the ongoing list by author, subject, or geographical region via clearly arranged hyperlinks. [MW]
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Operations 112: International Logistics
Instructor Emilio Milian of Golden Gate University covers the use of ocean, air, and surface shipping modes of transportation in this Operations 112: International Logistics course. A syllabus and reading assignments are provided with extensive links throughout to texts such as "Breaking into the Trade Game" by the US Small Business Administration (discussed in the September 25, 1997 Scout Report for Business & Economics). [MW]
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ECON 600: Survey of Economics
Roland Buck of Morehead State University, MN, designed this survey course for MBA students who lack undergraduate experience in economics. Fundamental micro and macroeconomic topics are covered in a series of fulltext lectures. An introduction to the course, syllabus, assignments, and sample exams are also provided to enhance the "virtual classroom" effect of this entirely online course. [MW]
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ECON 210: Modern Economic Problems
In order to heighten appreciation of the role of technology in current economic research, SUNY Oneonta Prof. Wade L. Thomas integrates Internet, database, and desktop publishing software into ECON 210: Modern Economic Problems course requirements. All students must use laptop computers; a course outline, objectives, and assignment descriptions are provided on site. [MW]
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Two Accounting Courses from SUNY Albany:
ACC 681: Analysis & Design of Accounting Systems
ACC 682: Analysis & Design of Accounting Databases
Jagdish S. Gangolly, School of Business, SUNY Albany, introduces students to the analysis, design, and implementation of accounting systems in ACC 681 and the theoretical foundations of database management systems in ACC 682. Syllabi and calendars are provided for both courses in addition to selected lecture notes. [MW]
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General Interest
Business Week Frontier
Created by Business Week magazine, Business Week Frontier is a new resource center for small business owners. The News Center covers current issues from the perspective of small business owners and an array of columns provide advice, website recommendations, and book excerpts. Other resources include financial calculators, a glossary of terms, and market research links. [MW]
[Back to Contents] is a well-organized investment information site. Weekly recommendations are available for technology stocks, blue chips, commodities, and global equities. Investors may exchange information at a variety of message board forums (registration required), and useful guidance is provided at the "Beginner's Corner" for novice users. [MW]
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Independent Means
Independent Means is a website where women under-twenty can find articles, curriculum, games and other activities on gaining financial independence. The newsletter Turned On Business addresses specific issues such as finding a mentor and college funding, and the "Frog Pages" link young entrepreneurs with the homepages of women-owned businesses. [MW]
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Social Security Online: The Official Web Site of the Social Security Administration [Acrobat Reader]
Social Security Online: The Official Web Site of the Social Security Administration provides information on the agency's history, goals, budget, services, laws and regulations, as well as statistical data and research. The site provides consumers with information about retirement and disability benefits, forms, answers to frequently asked questions, and instructions and directories that will help those interested in contacting the agency. Employers will find information on wage reporting, tax guides, and employee handouts. Consumers who have a web browser that supports Secure Sockets Layer (SSL) can file an electronic request for Personal Earnings and Benefit Estimate statement; however, as reported in the May 23, 1997 Scout Report, for security reasons the SSA no longer sends the statement online. [GW]
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Fusi@n Business Magazine
Published by Stephen Griffiths, Fusi@n Business Magazine is a new publishing platform for progressive individuals interested in social and business change. Issues of accountability, sustainability, governance, and ethical finance and investment, among others, are covered in the daily Fusi@n Business News section and the bi-weekly Fusi@on Business Magazine. Interested parties may also submit original articles, press releases, and links to existing works on site. [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 Board of Governors
Finance and Economic Discussion Series (FEDS) [.pdf]
"Adjustment Costs of Investment in General Equilibrium: Analytic Results"--FEDS1998-39
"Indeterminacy and Investment Adjustment Costs"--FEDS1998-38
"Rational Error Correction"--FEDS1998-37
"Certainty Equivalence and the Non-Vertical Long Run Phillips Curve"--FEDS1998-36
"Price Stability and Monetary Policy Effectiveness when Nominal Interest Rates are Bounded at Zero"--FEDS1998-35
"Uncertainty, Learning, and Gradual Monetary Policy"--FEDS1998-34
"Dealer Polling in the Presence of Possibly Noisy Reporting"--FEDS1998-33
"Comparing Market and Supervisory Assessments of Bank Performance: Who Knows What When?"--FEDS1998-32
"Interbank Payments and the Daily Federal Funds Rate"--FEDS1998-31

FRB International Finance Discussion Papers (IFDP) [.pdf]
"Relative Price Volatility: What Role Does the Border Play"--IFDP623
"Two Equivalence Theorems for Government Finance"--IFDP622
"Rational Bubbles under Diverse Information"--IFDP621
"What Determines Public Support for Affirmative Action?"--IFDP620
"Puzzles in the Chinese Stock Market"--IFDP619
"The Business Cycles of Currency Speculation: A Revision of The Mundellian Framework"--IFDP617

Federal Reserve Bank of Boston Working Papers [.pdf]
"Dynamic Inconsistencies: Counterfactual Implications of a Class of Rational Expectations Models"--WP98-5
"What Do Cross-Sectional Growth Regressions Tell Us about Convergence?"--WP98-4
Federal Reserve Bank of New York Research Papers and Staff Reports [.pdf]
"How Important is the Stock Market Effect on Consumption?"--RP9821
"The Dual Impact of Trade: Measuring its Impact on Imitation and Growth"--SR44
B. Wharton Financial Institutions Center
Working Paper Series [.pdf]
"Explaining the Increase in Bankruptcy and Delinquency: Stigma vs. Risk-Composition"--9828
"Social Security Money's Worth"--9827
"Would a Privatized Social Security System Really Pay a Higher Rate of Return?"--9826
C. Organisation for Economic Co-operation and Development (OECD)
OECD Development Centre Technical Papers [.pdf]
"Rural Industrial Development in Viet Nam and China: a Study in Contrasts"--TP140
"State Infrastructure and Productive Performance in Indian Manufacturing"--TP139
"Determinants of Customs Fraud and Corruption Evidence from two African Countries"--TP138
"A Simulation Model of Global Pension Investment"--TP137

Stockholm School of Economics--SSE
Working Paper Series in Economics and Finance [.pdf]
"Markets and Cooperation"--No 257

Institute for International Economics--IIE
"Local Government Spending: Solving the Mystery of Japanese Fiscal Packages"--WP98-5
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A. Federal Reserve System
Federal Reserve Board of Governors
Senior Loan Officer Opinion Survey on Bank Lending Practices
The FRB BOG conducts the Senior Loan Officer Opinion Survey on Bank Lending Practices on a quarterly basis to ensure the availability of results for the January, May, August, and November meetings of the Federal Open Market Committee. Typically, fifty-seven large domestic banks and twenty-four US branches and agencies of foreign banks are queried on changes in the standards and terms of bank lending and the state of business and household demand for loans. The current August 1998 survey includes questions of changes in standards on home equity, consumer, and commercial real estate loans, and the causes and effects of reduced participation of US branches and agencies of foreign banks in the US loan market.
Federal Reserve Bank of Atlanta Economics Update
Federal Reserve Bank of Boston New England Economic Indicators [.pdf]
Federal Reserve Bank of Chicago AgLetter [.pdf]
Federal Reserve Bank of Cleveland Economic Trends [.pdf]
Federal Reserve Bank of Dallas The Southwest Economy
Federal Reserve Bank of Minneapolis Quarterly Review [.pdf]
Federal Reserve Bank of Philadelphia Business Review [.pdf]
Federal Reserve Bank of San Francisco Economic Letters
The July-September 1998 edition (Vol 11 No 3) of Economics Update from FRB Atlanta includes articles on the current US account deficit, the effect of the Asian Crisis on Latin America, and minimum wage increases, among others. This month's New England Economic Indicators from FRB Boston provides historical and July 1998 employment, earnings, and consumer confidence figures for the First District. The FRB of Chicago publication AgLetter is now a quarterly publication. The August 1998 edition of AgLetter (No 1901) examines farmland values and credit conditions, among other economic indicators in the Seventh District. The September 1998 issue of Economic Trends from FRB Cleveland puts the "economy into perspective" with historical and current discussions of monetary policy, banking conditions, inflation, and the labor market. The FED Dallas September/October issue of The Southwest Economy (No 5) questions the place of immigration in US population and labor force growth in Part II of the series "Immigration and the Economy." The Summer 1998 edition (Vol 22 No 3) of Quarterly Review from FRB Minneapolis looks at the technological role of fiat money and the Suffolk Banking System (1825-58) in "Lessons from a Laissez-Faire Payments System." This month's Business Review from FRB Philadelphia asks how house prices reflect on the quality of public schools. Recent surveys on short-term changes in the regional and national manufacturing sectors are also evaluated. Current issues of Economic Letters from FRB San Francisco include "The Natural Rate, NAIRU, and Monetary Policy (No 28), by Carl E. Walsh.

B. Other Institutions
American Enterprise Institute
Latin American Outlook
AEI Resident Scholar Mark Falcoff examines public opinion, economic policy, and the upcoming 1999 presidential election in "Argentina: A New Struggle for Succession" (No 9518).

Bank for International Settlements
BIS Review [.pdf]
New September 1998 additions to this collection of articles and speeches by senior central bankers include: Mr. Greenspan's testimony on the international economic and financial system to the Committee on Banking and Financial Services, European Central Bank President, Dr. W. F. Duisenberg's opening statement at the meeting of the ECB Governing Council, and a speech on monetary policy, unemployment and economic growth in the UK by Governor of the Bank of England E.A.J. George. [MW] World Bank
Findings [.pdf]
No 121: Improving Soil Fertility Management in Sub-Saharan Africa
No 120: Climate Change and Sub-Saharan Africa: issues and opportunities
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Books and Journals
The abstracts and table of contents for the following journals are now available online: Economics Letters (Vol 60 No 1), Economic Modelling (Vol 15 No 3), European Journal of the Political Economy (Vol 14 No 3), International Journal of Production Economics (Vol 55 No 3), Journal of Mathematical Economics (Vol 30 No 1), Journal of Public Economics (Vol 69 No 3), Research Policy (Vol 27 Nos 3 & 4), Structural Change and Economic Dynamics (Vol 9 No 3).

The MIT Press
Forthcoming books in Economics and Finance from the MIT Press include The Mutual Fund Business by Robert C. Pozen, Emerging from Communism by Peter Boone, Stanislaw Gomulka, and Richard Layard, and Future of the Electronic Marketplace by Derek Leebaert, among other titles. [MW]

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iHEA 1999
The International Health Economics Association (iHEA) will hold their Second World Conference from June 6 to June 9, 1999 in Rotterdam, The Netherlands. Key issues surrounding the topic "Private and Public Choices in Health and Health Care" will be discussed, and interested parties are invited to read a full list of conference themes on site.
Fifth International Conference of the Society for Computational Economics
Sponsored by the Department of Economics and the Wallace E. Carroll School of Management at Boston College, the Fifth International Conference of the Society for Computational Economics will be held June 24-26, 1999. Meetings will embrace quantitative and qualitative methods in economics, finance, and decision making, and abstracts will be accepted until January 15, 1999. Complete paper submission information is available online.
1999 Far Eastern Meeting of the Econometric Society (FEMES 99)
All economists and econometricians are invited to attend the 1999 Far Eastern Meeting of the Econometric Society (FEMES 99), July 1-3, 1999 in Singapore, Singapore. Program contents include invited lectures and contributed papers in both theoretical and applied economics and econometrics. A list of keynote speakers, general details and submission instructions are available on site.
Association of Public Data Users (APDU)
The producers, disseminators, and users of government statistical data are invited to attend the 23rd Annual APDU Conference. This year's discussion addresses the future of public data and will be held October 25-28, 1998 in Alexandria, VA. A preliminary program, accommodation, and registration information is available online.
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Job Openings from The Chronicle of Higher Education
Job Openings in Economics
Job Openings in Business and Management

Job Openings in Economics from the Chronicle of Higher Education
Job Openings in Business and Management from the Chronicle of Higher Education
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New Data
(For links to additional sources of new data see the Business & Economics Current Awareness Metapage:

Census Bureau
Dynamics of Economic Well-Being: Health Insurance, 1993 to 1995 [.pdf]
The Census Bureau report, Dynamics of Economic Well-Being: Health Insurance, 1993 to 1995 provides comprehensive information on the characteristics of people with and without health insurance. Key findings show Southerners as the population most likely to experience one or more months without health insurance and suburban dwellers as the least likely to lose continuous health insurance when compared to people living in central cities or rural areas.
Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations
Advanced data from the Second Quarter Financial Report for Manufacturing, Mining, and Trade Corporations indicate that manufacturing corporations' after-tax profits (seasonally adjusted) averaged 5.7 cents per dollar of sales for the second quarter of 1998, down 1.9 cents from the first quarter of 1998. The Census Bureau also reported that after-tax profits for the second quarter averaged 6.1 cents per dollar of sales, down 1.6 cents from the preceding quarter and down 0.7 cents from the same quarter in 1997.
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Federal Reserve Board of Governors
Flow of Funds Accounts of the US, Second Quarter 1998 [.pdf]
FRB BOG data on the Flow of Funds Accounts of the US for the second quarter of 1998 indicate that the debt of domestic nonfinancial sectors increased at about the same pace as the first quarter (6 percent seasonally adjusted). Federal government debt continued to contract, while borrowing by the nonfederal sectors remained "brisk."
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Bureau of Economic Analysis (BEA)
State Per Capita Personal Income, 1997 (revised)
According to the Commerce Department's Bureau of Economic Analysis revised estimates, Connecticut and Texas led the nation in per capita personal income growth in 1997. Per capita income grew in all states except North Dakota where income declined due to a drop in wheat production and subsequent drops in farm earnings.
U.S. International Transactions: Second Quarter 1998
The US current-account deficit increased to $56.5 billion in the second quarter 1998 from $46.7 billion (revised) in the first quarter, according to preliminary estimates from the BEA. The deficits on goods and services and on investment income both increased at $44.0 billion and $3.2 billion respectively, and net unilateral transfers decreased from $95 billion in the first quarter to $9.3 billion in the second.
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United States Department of Agriculture (USDA)
USDA Reports Calendars--September 1998
USDA Agency Reports Calendar
ERS Calendar
NASS Calendar
World Agricultural Supply and Demand Estimates (WASDE-BB)
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. A notable report for September 1998 includes the USDA World Agricultural Supply and Demand Estimates (WASDE-BB). This fulltext monthly provides the most current USDA forecasts of US and world supply-use balances of major grains, soybeans, and cotton. US supply and use of sugar and livestock products are also covered.
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Energy Information Administration (EIA)
Advance Summary: 1997 US Crude Oil, Natural Gas, and Natural Gas Liquids Reserves [.pdf]
The EIA report Advance Summary: 1997 US Crude Oil, Natural Gas, and Natural Gas Liquids Reserves made headlines this month with the news "Oil Reserves Up for the First Time in a Decade." According to the report, crude oil reserve additions exceeded production by 25 percent in 1997, and new oil field discoveries were more than twice those in 1996. Improved technologies for exploration and deepwater production were noted for the upward trend. [MW]
Select: Annual/Advance Summary: 1997 US Crude Oil, Natural Gas, and Natural Gas Liquids Reserves
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In the News
Brazil & the Latin American Economy
1) Latin American Markets Reel & Latin American Stocks Badly Bruised--CNNfn
2) Brazil Calls for International Co-operation--BBC News 3) Brazil Stocks Rally, Buoy Latin Markets--Washington Post
4) Latinvestor
5) Bloomberg Latin America
6) Bosa de Valores de Sao Paulo (BOVESPA) [Live Player 3.02]
7) Recent Market Developments in Latin America--IMF
8) Brazil: Recent Economic Developments--IMF Staff Country Report [.pdf]
9) Banco Central do Brasil (Portuguese and English)
This week's In the News follows repercussions of world financial crises in the key Latin American economy of Brazil. These nine resources provide background information, press coverage, and economic data on Brazil and related economies. With a population of 164 million and GDP of $480 billion, Brazil represents Latin America's largest economic force. Heavy US financial investments, however, tie Brazil directly to Dow Jones Industrial Average falls (reviewed in the September 10, 1998 Scout for Business & Economics) and their Asian and Russian causes (reviewed in the July 16, 1998 _Scout Report for Business & Economics_-- International concern for Latin America grew when Brazil lost $1.8 billion in foreign capital following drops in the Dow, September 10, 1998--a decisive factor in stock tumbles in Mexico and Venezuela as well. Such damaging results led to a bold rise in interest rates from the Banco Central do Brasil and negotiations with the IMF. A US and Brazilian market rally since September 11, however, leaves many officials hopeful for a stable Latin American future.

The news articles "Latin American Markets Reel" and "Latin American Stocks Badly Bruised" (1) from CNNfn detail August and September 1998 drops in Latin American stock markets. Both articles are linked to related coverage of the Asian and Russian financial crises. The BBC News article "Brazil Calls for International Co-operation" (2) describes Brazilian government opinion on matters of economic recovery. Similarly, the Washington Post article "Brazil Stocks Rally, Buoy Latin Markets" (3) expresses the progress possible through international support. Current Latin American quotes are available at the metasite Latinvestor (4) and via Bloomberg Latin America (5). The major Brazilian stock index BOVESPA may also be viewed live at the Bosa de Valores de Sao Paulo (Sao Paulo Stock Market) home site (6). IMF response to financial crises in Latin America is chronicled in the news brief "Recent Market developments in Latin America" (7) by Managing Director Michel Camdessus, and comprehensive coverage of the Brazilian economy in particular is provided in the large IMF Staff Country Report No. 98/24 Brazil: Recent Economic Developments (22356K) [.pdf] (8). The Banco Central do Brasil home site (9) also provides press releases and data on the Brazilian Economy in Portuguese and English.

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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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