We propose a restructuring of U. S. Federal debt. All debt should be perpetual, paying coupons forever with no principal. The debt should be composed of the following: 1) Fixedvalue, floating-rate, electronically transferable debt. Such debt looks like a money-market fund, or reserves at the Fed, to an investor. 2) Nominal perpetuities. This debt pays a coupon of $1 per bond, forever. 3) Indexe...

Soctal Securtty checks dehvered to beneflclarles m the first week of July 1978 reflected the fourth automattc cost-of-ltvmg tncrease tn cash benefits under leglslatlon enacted tn 1972 and 1973 The 6 5-percent tncrease, which became effectwe to June, apphed to benefits for all persons on the social security benefit rolls at the end of Mdy, except those recetvmg benefits under the “spectal mmm~m ...

A collapse in international trade following the 2007-08 crisis has underscored many dangers of globalization and renewed interest in trade protectionism, one form of which is import quotas. The analysis of import quotas is predominantly based on a static model, which is unable to capture the fact that a quota is imposed over a period of time. This article develops a continuous-time model that i...

according to the importance of careful review of crude oil market fluctuations on the iranian economy, in this paper a multivariate model of markov switching vector error correction model (have been used). variables such as real gross domestic product in industrial sector, real effective exchange rate, real governmental expenditure, real import, inflation rate and real crude oil price is used t...

the main purpose of this study is to determine welfare impacts of trade liberalization on maize market. for this purpose, we used from time series data for the period 1961/2009 and estimated domestic supply, domestic demand and import demand for maize. results of estimation showed that price elasticity of supply and demand is 0.32 and -0.25, respectively. then, by means of these elasticities, w...

We use shifts in food Engel curves among the U.S. elderly to estimate the extent of Consumer Price Index (CPI) bias specific to this population. Over the last thirty years the share of total expenditure devoted to food has declined more rapidly for elderly-headed households than for other households. This decline is not explained by a more rapid increase in measured total expenditure for the el...

This paper explains a technique and presents empirical results for measuring the change in elderly consumer’s welfare due to price changes in items in the Consumer Price Index (CPI). A new approach for measuring welfare changes due to price changes in owner-occupied housing in a static and dynamic setting is the cornerstone of this research. The model treats housing as an asset with the fundame...