Forest-land managers use price data and market analysis to form expectations and make informed management decisions. There is an abundance of price data for sawtimber, but for nonsawtimber, the availability of price data is limited. This constrains the ability of forest-land managers to form reasonable price expectations for stands that contain both sawtimber and nonsawtimber. In this paper, I ...

In the presence of capital accumulation the Taylor principle may not be sufficient for determinacy under reasonable parameter values. In this paper I consider a two-sector extension of the models used in the existing literature. I show that what matters for whether the Taylor principle is sufficient is the price stickiness of investment goods. Price stickiness of consumer goods on the other han...

John W. Ruser is Chief, Compensation Research and Program Development Group, Office of Compensation and Working Conditions, Bureau of Labor Statistics. E-mail: [email protected] The Employment Cost Index (ECI) is a quarterly measure of the change in the price of labor, defined as compensation per employee hour worked. Closely watched by many economists, the ECI is an indicator of cost pressures w...

In this paper we propose the application of the original, superlative price index formula for the measurement of commodity substitution bias associated with Consumer Price Index (CPI). In our simulation study we compare CPI bias values calculated by using the original price index formula with those calculated on the basis of some known, superlative price indices.

The effective factors on the economic growth of Iran during the first 5-year development plan are studied. The main characteristics of this period are that the first development plan began after the end of war during which some of the unused capacities of the war period were utilized. While the budget deficit was continued in this period the government also pursued policies such as devaluation ...

This paper aims to investigate the possibility for monopolistically competitive firms to set the price and the quantity of goods through a reinforcement learning approach. The model incorporates a set of firms that produce and sell differentiated goods in monopolistically competitive markets and households that supply different types of labor, purchase goods for consumption and hold money. The ...

The Consumer Price Index is a good index for its intended purpose-a measure of average price changes in the goods and services that consumers purchase . Some of the complaints made-that the CPI does not reflect the price changes for this or that group properly-are a misinterpretation of the purpose of the CPI and would not provide desirable guidelines for revising the index. Nor would any of th...

A VCG auction (named after their inventors Vickrey, Clarke, and Groves) is a generalization of the single-good, second price Vickrey auction to the case of a combinatorial auction (multiple goods, from which any participant can bid on each possible combination). We formalize in this entry VCG auctions, including tie-breaking and prove that the functions for the allocation and the price determin...

o We further analyse a sub-set of commodity-related goods jewellery, fuel and metals. These goods offer a clean quasi-experimental setting to look at the effects of a pure change in price on criminal activity. Specifically, they are homogenous in their quality and supported by efficient resale markets (for example, the scrap metal recycling industry). Price changes for these goods are also exog...