The Scout Report for Business & Economics - March 9, 2000

March 9, 2000

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


Learning Resources

General Interest

Current Awareness

New Data

In The News


Covered Employment and Wages (ES-202) -- Bureau of Labor Statistics [FTP Server]
The BLS has recently added Covered Employment and Wages (CEW) statistics to its site. The first release contains data from 1997 and 1998 and covers "information at the most detailed industry level (4-digit Standard Industrial Classification level) on establishment counts, annual employment, and annual and weekly wages for every county, Metropolitan Statistical Area, and state, as well as data for Puerto Rico, the US Virgin Islands, and national totals." The data are available in two forms: Selective Access and Most Requested Series. Selective Access data retrieval consists of six forms which help users formulate and send a query to the BLS LABSTAT database. The help feature for Selective Access includes a description of the process and FAQs. Most Requested Series offers fast, uncomplicated access to items in the BLS database. [EM]
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Citizen's Income Online
Citizen's income (CI) is "an unconditional, non-withdrawable income payable to each individual as a right of citizenship." According to this site, "Three strands of thought come together in CI. They are: the right of every individual to a minimum standard of existence; the uncoupling of income and work; and the concern for an individual's freedom." Citizen's Income Online is the Website for the London-based organization Citizen's Income Study Center (CISC), which examines issues relating to poverty and unemployment. The front page of the site showcases breaking news and information, as well as linking to some of CISC's ongoing projects. The site also includes research articles from CISC and other organizations; FAQs about citizen's income, with each short answer linking to a more involved explanation; the CISC's quarterly newsletter; and related links. [EM]
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New York Board of Trade
The new New York Board of Trade (NYBOT) Website was formed from the NYCE and CSCE exchanges. The site is divided into five sections. Market Information includes industry reports, frequently changing data, a library of reference and historical information, and special reports. Basic information about NYBOT may be found in About the Exchange, and Charts and Quotes contains daily and delayed NYCE and CSCE charts and quotes. My NYBOT allows users who frequently monitor NYBOT quotes to personalize the service, and it will soon be expanded to include reports, news, and charts. [EM]
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Marxists Internet Archive
Touted as the "most complete database of Marxism hitherto made," The Marxists Internet Archive is an extensive collection of Marxist material, compiled and distributed completely by volunteers. The materials are organized into focused collections which are found in the site's four main sections: Writers Archive, Non-English Archive, History Archive, and Reference Archive, an ever-expanding collection of secondary material. The most developed compilation is the Writers' Archive, which contains large collections of writing and information about Marxists including Trotski, Lenin, Draper, DeLeon, and of course, Marx, as well as smaller collections on Cannon, Guevara, and Morris, among others. This site is an invaluable resource for both novices and experts interested in Marxism. [EM]
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New Economy Index
The New Economy Index is a series of indicators that are "gathered from existing public and private data, to illustrate fundamental structural changes in the US economy, to show what those changes mean in the lives of working Americans, and to measure the nation's progress in several key foundation areas for future economic growth." The data in this excellent resource are divided into three sections. What's New About the New Economy includes thirteen indications that show the uniqueness and structure of the new technology-based and innovation-based economy. The second section considers the ways in which the New Economy will affect the lives of American workers. Finally, the third section, Foundations for Future Growth, projects the future growth of technology in the US. The site also includes information about the data sources, endnotes, and several side articles. Although the New Economy Index was created in 1998, the information is still valid and useful. [EM]
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Learning Resources

Copyright Resources Online
The Yale University Library has created Copyright Resources Online, a rich resource filled with links relating to copyright issues. This index is divided into two sections: University Copyright Resources and Non-University Intellectual Property Resources. The two sections are first shown only as alphabetical lists of Websites that serve as sources of information; however, further down the page, each Website is thoroughly annotated including, where applicable, hyperlinked, annotated lists of on-site working papers, guides, and other materials. [EM]
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Marketing on the Internet
Sponsored by OhioLink, Marketing on the Internet provides "an overview of the dramatic way that the Internet is impacting all aspects of marketing." The information on this fascinating site is presented in five sections: Market Research, Product, Place, Promotion, and Price. Each section showcases online data that present the effects of the Internet on each of these five elements. By far, the strongest section of this online tutorial is the Market Research section, which contains both statistics and secondary information. [EM]
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Public Relations Industry -- has recently launched a new Public Relations Industry site. Jeff Domansky, the site guide, created and maintains this full-service portal for those interested in, and working in, PR. Articles featured in In the Spotlight provide news, information, and how-tos on effective PR strategies, and Netlinks contains an annotated index of articles, case studies, Internet tools, online newsletters, and research resources. As with all sites, Public Relations Industry also includes chat, forums, and calendar events. [EM]
[Back to Contents] is a nonprofit that celebrates the "history of American business" with special emphasis on the positive aspects of free enterprise. Their well-designed Website offers historical information on successful companies, including a monthly listing of featured companies for which a short description and history are provided. The site also provides links to a variety of business history museums, business historians, universities, and organizations, as well as general business and history links. [EM]
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Economics Challenge [.pdf]
The Economics Challenge is a economics competition for high school students living in the twelfth district -- Alaska, Arizona, California, Hawaii, Idaho, Oregon, Utah, and Washington. The competition strives to "increase [high school students's] knowledge and understanding of economics." Winning team members will receive $1,000 US savings bonds. The site includes a description of the competition, registration forms for these states, and two sets of practice questions and answers. [EM]
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General Interest

China WTO Accession Deal [.pdf]
These fact sheets from the US Department of Agriculture Foreign Agricultural Service offer easy-to-understand information about China's entry into the World Trade Organization. The fact sheets cover issues ranging from specialty crops to distilled spirits, wine, and beer, and consider China's involvement in each of these imports and exports. This site also contains (.pdf or .html format) documents from the US-China Agricultural Cooperation agreement. [EM]
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"Cash Services Customer Guide" -- FRB San Francisco [.pdf]
This 54-page guide from the Federal Reserve Bank of San Francisco details the "procedures and guidelines for all FRB San Francisco cash and food coupon transactions." This document serves as a reference tool for those who use the Federal Reserve Bank for cash and food coupons, and is designed to be used in conjunction with the Federal Reserve System's Operating Circular 2. The guide is divided into ten sections such as "Cash Access Service Structure," "Currency Deposits," and "Food Coupon Deposits," and provides instructions for customer information changes, deposit forms preparation, and ordering forms and supplies. "Cash Services" is available in .pdf format and may be downloaded by section or as a complete document. [EM]
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You Can Work From Anywhere
You Can Work From Anywhere is an online resource dedicated to extolling the joys of telecommuting. Aimed at the professional community, You Can Work From Anywhere strives to educate businesses on "how to better manage your mobile work force and realize the benefits and flexibility of remote collaboration for team projects." The section entitled About Telecommuting offers solid, basic information about this business practice including the helpful "Top 7 Myths" and FAQs. Resource Centers provides articles from popular business magazines, an index of free and subscription-based online and print publications, and related links. This section also includes telecommuting case studies and statistics, organizations, job listings, and training resources. Interested users may subscribe to Road Work, You Can Work From Anywhere's free online newsletter. [EM]
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Cyber Threats and the US Economy
The Central Intelligence Agency (CIA) has released this statement by John A. Serabian, Jr., Information Operations Issue Manager, following the recent attacks by hackers on popular consumer Websites (For more information on the attacks, see the February 10, 2000 Scout Report for Business and Economics). The statement, given on February 23, 2000, details types of cyber threats and the CIA's responses. [EM]
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Business Traveler Online
Covering issues important to business travelers, Business Traveler Online is the online version of the UK and US editions of Business Traveler. This magazine offers germane advice for those who travel extensively for work, with full-text articles dealing with issues including transportation, destinations, and lifestyle. [EM]
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Current Awareness
(For links to additional current awareness on tables of contents, abstracts, preprints, new books, data, conferences, etc., visit the The Scout Report for Business & Economics Current Awareness Metapage:

Working Papers

Federal Reserve System [.pdf]:
FRB Cleveland Working Papers
Designing Stabilization Policy in a Monetary Union
FRB Philadelphia Working Papers
Optimal Financial Contracts for Large Investors: The Role of Lender Liability

FRB St. Louis Economics Working Papers
Banks VS. Credit Unions; Dynamic Competition in Local Markets
Inflation Shocks and Financial Distress: An Historical Analysis
The Expectations Theory and the Founding of the Fed: Another Look at the Evidence
The Bias in the Conventional Test of the Expectations Theory: Resolving the Anomalies at the Very Short End of the Term Structure

Other Institutions [.pdf]:
Bank of International Settlements Committee on Payment and Settlement Systems
Payment Systems in Turkey
Current topics in payment and settlements systems
Core Principles for Systemically Important Payment Systems

International Monetary Fund Staff Country Reports
Thailand: Statistical Appendix
Jamaica: Selected Issues and Statistical Appendix
Dominica: Statistical Annex
Canada: Staff Report for the 2000 Article IV Consultation

National Bureau of Economic Research Working Papers
Single Peaked Vs. Diversified Capitalism: The Relation Between Economic Institutions and Outcomes
Does Public Insurance Improve the Efficiency of Medical Care? Medicaid Expansions and Child Hospitalizations
On the Fundamentals of Self-Fulfilling Speculative Attacks
Tax Subsidies for Health Insurance: Evaluating the Costs and Benefits
Protecting Their Intellectual Assets: Appropriability Conditions and Why US Manufacturing Firms Patent (or Not)
Inflation Dynamics: A Structural Econometric Analysis
What do we know about Macroeconomics that Fisher and Wicksell did not?
The Information in the High Yield Bond Spread for the Business Cycle: Evidence and Some Implications
Optimal Exercise Prices for Executive Stock Options
A Monetary Explanation of the Great Stagflation of the 1970s
The Firm as a Dedicated Hierarchy: A Theory of the Origin and Growth of Firms
Fertility, Migration, and Altruism
Labor- and Capital-Augmenting Technical Change
The Importance of Group Coverage: How Tax Policy Shaped U.S. Health Insurance
Why Do Dancers Smoke? Time Preference, Occupational Choice, and Wage Growth

Organisation for Economic Co-operation and Development
EMU, the euro and the European policy mix$FILE/00072295.PDF
The tax system in Japan: A need for comprehensive reform$FILE/00072106.PDF
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Federal Reserve System:
FRB Boston Bank Notes
The latest issue of Bank Notes, from FRB Boston, contains short articles on subjects including ATM fees, bank mergers, and new regulations. [EM]
FRB Chicago Fed Letter [.pdf]
Fed Letter from FRB Chicago, contains the article, "Forecasting Inflation with a lot of Data" in its March 2000 issue. [EM]

FRB Cleveland Economic Review [.pdf]
FRB Cleveland's Economic Review contains two articles in its fourth quarter 1999 issue: "Effects of Movements in Equities Prices on M2 Demand" and "Population Aging and Fiscal Policy in Europe and the United States." [EM]

FRB Philadelphia Business Review [.pdf]
"The Finance and Growth Nexus" and "Agriculture in the Third District: Fertile Fields Outside the Farm Belt" are the two articles that make up the January/ February 2000 edition of FRB Philadelphia's Business Review.[EM]

FRB St. Louis Regional Economist
The lead article in the January 2000 edition of Regional Economist considers the effects of low inflation on socio-economic demographics in the US. Other articles include " Working in the Golden Years and Paying for It: The Retirement Earnings Test" and "The Crisis That Wasn't: Asia and the Eighth District." [EM]

Federal Deposit Insurance Corporation [.pdf]
Banking Review
The December 1999 issue of Banking Review, from the FDIC, examines banking-related issues including deposit insurance reform, conduits, and recent developments in depository institutions. [EM]

International Monetary Fund (IMF) [.pdf]
International Economic Review
The IMF's bimonthly publication International Economic Review contains articles including "Six More Countries to Start Enlargement Negotiations with the European Union," "United States Eases Sanctions on North Korea," and "Delayed Implementation of NAFTA Provision to Open US Roads to Mexican Trucks" in its February/ March issue. [EM]

Bank for International Settlements (BIS)
BIS Review [.pdf]
Recently released articles and speeches from the BIS Review include the February 25, 2000 speech given by the Rt. Hon. Eddie George, Governor of the Bank of England, about the United Kingdom's monetary policy; First Deputy Governor of the Sveriges Riksbank, Lars Heikensten's February 24, 2000 speech looking at the monetary policy in the new economy; and the January 7, 2000 valedictory address by Deputy Governor of the Reserve Bank of India, Y.V. Reddy. [EM]

American Enterprise Institute for Public Policy Research (AEI)
Economic Outlook
The March 2000 issue of Economic Outlook from the AEI consists of the article "The Fed Struggles to Balance Growth," which examines the effects of positive supply growth and negative growth surprises. [EM]
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Books and Journals

Baker & Taylor
Baker & Taylor Latest Books in Business -- March 2000
Baker & Taylor Latest Books in Economics -- March 2000
Baker & Taylor lists business and economics books published in March 2000. [EM]
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Inomics Conference Calls:
Email Conference Alert
Conference Search
The economics research service Inomics (described in the June 18, 1998 Scout Report for Business & Economics) includes a conference alert service. Interested parties may specify their interests and receive email notifications of up-coming events, or they may search the Inomics conference database by date, geographic location, or JEL classification. [EM]

Conferences with Econometric Interest
The Royal Economics Society's Econometrics Journal site lists conferences in econometrics at this Econometric Links section. Forthcoming international conferences currently listed include the First Indian Joint Statistical Meeting in New Delhi, India from December 30, 2000 to January 3, 2001. [EM]

2000 Business & Economics Society International Conference
Los Angeles, California
July 22-26, 2000
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Job Openings from The Chronicle of Higher Education
Job Openings in Economics
Job Openings in Business and Management

Job Openings for Economists (JOE)

Inomics: Job Openings for Economists
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New Data

Personal Income: January 2000 -- Bureau of Economic Analysis (BEA)
In January 2000, personal income increased 0.7 percent, or $58.6 billion, while disposable personal income rose 0.9 percent, representing a growth of $61.4 billion. In contrast, in December of 1999, personal income rose only 0.3 percent and disposable personal income only gained 0.1 percent. [EM]
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Employment Situation: February 2000 -- Bureau of Labor Statistics (BLS) [.pdf]
Although the unemployment rate remained stable, at 4.1 percent, average hourly earnings increased by 3.6 over the year, rising 4 cents from January 2000. Payroll employment increased by 43,000 in February, although it leaped up by 384,000 in the previous month. [EM]
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United States Department of Agriculture (USDA)
2000 Agency Reports/ Schedule
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 this calendar site. Notable data for March 2000 include the weekly weather-crop summary and a report on aquaculture.
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Monthly Trade Update -- US Department of Commerce International Trade Administration [.pdf]
The December 1999 Monthly Trade Update reports that exports increased 3.2 percent, reaching $85.2 billion. Imports increased $1.1 billion (1.0 percent), and the trade deficit for December 1999 was $25.5 billion, which is $1.6 billion less than November 1999. [EM]
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In The News

Dow Jones Drops 374 Points
1) "Dow falls nearly 400 points" -- CNNfn
2) "Dow Rattles Asian Markets" -- CBS News,1597,168855-412,00.shtml
3) "Fear of Oil Costs Drives Dow Down 374 Points" -- The Washington Times
4) "What's Behind the split in stock market values?" -- World Socialist Website
5) Stock Prices in the Long Run -- Dismal Scientist
6) Taking a Plunge -- Online Newshour
7) Black Monday -- CNNfn Special Report
On March 7, 2000, the Dow Jones industrials average fell nearly 400 points as a result of the news released by one of the composite's blue chip stocks, Procter & Gamble (P&G), that its third quarter earning would be lower than earlier projected, mainly due to the higher price of raw materials. As of Monday, the Dow was down 14.8 percent since the start of the year 2000, due to the high price of oil, as well as projected interest hikes in the near future. Asia's struggling stock markets also felt the sting of the Dow's fall. However, they were able to keep damage to a minimum. Even as the Dow Jones fell, the NASDAQ composite, which is focused on technology stocks, continued to soar, hitting 5,000 for the first time in its 29 years. It then, however, fell to 4,847.84, following the Proctor and Gamble announcement. Investors are straying from industrial businesses and are concentrating on technology and service-oriented stocks.

CNNfn (1) reports on the recent drop in the Dow and projects on the future of blue chip stocks. CBS News (2) looks at trading on Wednesday March 8, the morning after the Dow's drop. This article (3) from The Washington Times considers the cost of oil as a contributing factor to the instability of the Dow Jones industrials average. The World Socialist Website (4) offers an editorial on the dichotomy between blue chip and technology stocks. Written a week before Tuesday's drop, this article from the Dismal Scientist (5) wonders if the stock market will be able to keep rising. Online Newshour's special background report on plummeting stock prices (6) was published on February 25, 2000. CNNfn (7) provides a retrospective of Black Monday, the October 19, 1987 stock market crash that sent the Dow Jones plummeting over 500 points. [EM]
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