![Tables of Exchange on London [microform]](https://cdn.kingstone.com.tw/english/images/product/9963/9781015289963.webp "Tables of Exchange on London [microform]")
American Money
"American Money" offers a deep dive into the history and theory of monetary policy in the United States. Examining the evolution of the Federal Reserve and its impact on the American economy, this book provides valuable insights into the forces that shape our financial landscape. John Borden explores the key debates and decisions that have defined American monetary policy, offering a critical perspective on their consequences. A vital resource for economists, historians, and anyone interested in understanding the complexities of American finance, "American Money" provides a comprehensive and accessible analysis of a crucial aspect of modern economic history.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Description and Analysis of Proposals Relating to tax Incentives for Enterprise Zones (H.R. 11, H.R. 23, and Other Proposals)
This document provides a detailed description and analysis of proposals relating to tax incentives for enterprise zones, specifically H.R. 11, H.R. 23, and other related proposals. Prepared for hearings before the Subcommittee on Select Revenue Measures of the House Committee on Ways and Means on June 25, this report (JCS-9-91) offers insights into the potential impact and implications of these legislative initiatives. It serves as a valuable resource for understanding the legislative context and economic considerations surrounding enterprise zone development and the use of tax incentives to stimulate economic growth.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
International Finance Discussion Papers
In the wake of the ERM and Mexican currency crises, the subject of balance-of-payments crises has come to the forefront of academic and policy discussions. This paper focuses on the potential links between banking and balance-of-payments crises. We examine these episodes for a large number of countries and find that knowing that there are banking problems helps in predicting balance-of-payments crises, but the converse is not true; financial liberalization usually predates banking crises, indeed, it helps predict them. Rather than a causal relationship from banking to balance-of-payments crises, the macroeconomic "stylized facts" that characterize these episodes point to common causes.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Theory of Credit
The Theory of Credit, by Henry Dunning Macleod, originally published in 1893, delves into the intricate world of credit, its historical development, and its profound impact on economic systems. Macleod, a prominent figure in economic thought, meticulously explores the nature of credit, examining its various forms and functions within the broader context of finance and banking. This seminal work provides valuable insights into the fundamental principles governing credit, offering a comprehensive analysis of its role in facilitating trade, stimulating economic growth, and shaping financial markets. Macleod's detailed exposition covers topics such as the creation of credit, the regulation of banking institutions, and the management of financial risk. "The Theory of Credit" remains a significant contribution to economic literature, offering readers a deeper understanding of the complexities and dynamics of modern financial systems.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Texas Bankers Record
Texas Bankers Record, Volume 6, published in 1916, offers a snapshot of the banking industry in Texas during the early 20th century. Compiled by the Texas Bankers Association, this volume provides insights into the financial landscape of the state, documenting the activities, challenges, and perspectives of Texas bankers during a period of significant economic and social change.Readers interested in the history of finance, banking practices, and the economic development of Texas will find this volume a valuable resource. It reflects the unique conditions and concerns of the banking community in a state known for its independent spirit and rapid growth. The "Texas Bankers Record" serves as a historical record, preserving the voices and experiences of those who shaped the financial institutions of Texas.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Enhancing Cost Realism Through Risk-Driven Contracting
A risk-driven contract structure is proposed to enhance the cost realism of competitive proposals for the Engineering and Manufacturing Development (EMD) phase of the acquisition lifecycle. An economic theory framework is employed to discuss how the cost-plus contracts typically used during this phase have inadvertently motivated contractors to provide optimistic cost estimates in an attempt to win competitive source selections. By directly mapping probabilistic cost estimates to profit distributions, risk-driven contracts offer a structured method to impose more cost risk sharing on contractors during EMD. Holding contractors accountable for their cost estimates and cost performance should enhance the realism of their cost proposals and ultimately reduce the cost growth that continues to plague the defense acquisition system.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Equal Employment Opportunity Contract Compliance Program and Minority Business Enterprise Directory
This directory, titled "Equal Employment Opportunity Contract Compliance Program and Minority Business Enterprise Directory," documents the effort to promote equal opportunity in government contracts in Montana in 1980. Focused on federal aid contracts, the volume offers insights into the policies and practices related to minority business enterprises and contract compliance during this period.This historical document provides a valuable resource for researchers interested in the evolution of equal employment opportunity programs and the role of government in fostering diversity in business. It illustrates the challenges and strategies employed to ensure fair access to contract opportunities for minority-owned businesses.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
GPRA and Its Significance to the Acquisition Workforce
Whether you call it management by objective, balanced scorecard, or total quality management, the principles of the Government Performance and Results Act of 1993 (GPRA), makes good business sense. However, GPRA is not just a fly by night concept, it is the law; slowly taking hold and continuing to evolve. The purpose of GPRA is to ascertain whether an organization is operating efficiently and effectively. Even though the requirements of GPRA apply to federal agency heads, the Acquisition Professional Development Program (APDP) should embrace its intent. The purpose of this research paper is to discuss the concept of GPRA, develop and link goals and performance measures to key APDP processes and provide recommendations to ensure coninuity of the program and overcome the challenges regarding GPRA requirements. Many organizations are struggling with the principles of GPRA and are wrestling with the development, collection and analysis of performance measures.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
American Money
"American Money" offers a deep dive into the history and theory of monetary policy in the United States. Examining the evolution of the Federal Reserve and its impact on the American economy, this book provides valuable insights into the forces that shape our financial landscape. John Borden explores the key debates and decisions that have defined American monetary policy, offering a critical perspective on their consequences. A vital resource for economists, historians, and anyone interested in understanding the complexities of American finance, "American Money" provides a comprehensive and accessible analysis of a crucial aspect of modern economic history.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Monetary Policy and Costs of Price Adjustment
"Monetary Policy and Costs of Price Adjustment" delves into the intricate relationship between monetary policy decisions and the costs associated with price adjustments in the economy. This work explores how businesses respond to monetary policy changes and the real-world costs they incur when adjusting prices. It offers insights into macroeconomic dynamics and the challenges faced by central banks in managing inflation and stabilizing the economy. Julio Rotemberg's work is valuable for economists, policymakers, and anyone interested in understanding the complexities of monetary policy and its impact on price-setting behavior.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Export Working Capital Program
This document contains the proceedings of a joint hearing before the Subcommittee on Government Programs and the Subcommittee on Procurement, Exports, and Business Opportunities of the Committee on Small Business, House of Representatives, during the One Hundred Fourth Congress. The hearing focuses on 'The Export Working Capital Program.' This program is designed to assist small businesses in financing their export-related activities. Discussions include the program's effectiveness, impact on small business growth, and potential areas for improvement. The testimonies and presented information offer valuable insights into the challenges and opportunities faced by small businesses engaged in international trade, as well as the role of government support in facilitating export activities. This hearing record serves as a vital resource for understanding the legislative and policy considerations surrounding export promotion and small business development.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Conoco Takeover and Stockholder Returns
"The Conoco Takeover and Stockholder Returns" examines the financial implications of the Conoco takeover, providing insights into the dynamics of corporate finance and investment strategies during the 1980s. Authored by Richard S. Ruback, this study analyzes the impact of the takeover on stockholder returns, offering a detailed examination of the economic factors at play in large-scale mergers and acquisitions. The book explores the complexities of corporate restructuring and its effects on shareholders, making it a valuable resource for finance professionals, investors, and students interested in understanding the intricacies of market behavior and corporate valuation. It provides a historical perspective on a significant event in corporate history and its lasting lessons for financial analysis.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Treasury Bill Auction and the When-issued Market
"The Treasury Bill Auction and the When-issued Market: Some Evidence" provides an analysis of treasury bill auctions and the associated 'when-issued' market. This study delves into the dynamics of these financial instruments, offering insights into market behavior and pricing mechanisms.Authored by Sushil Bikhchandani and Chi-fu Huang, this work contributes to the understanding of government securities and their role in the broader financial landscape. It will be of interest to economists, finance professionals, and anyone seeking a deeper knowledge of treasury bill markets.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
History of Crises Under the National Banking System
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Interbank Lending, Credit-Risk Premia, and Collateral
We study the functioning of secured and unsecured interbank markets in the presence of credit risk. The model generates empirical predictions that are in line with developments during the 2007-09 financial crisis. Interest rates decouple across secured and unsecured markets following an adverse shock to credit risk. The scarcity of underlying collateral may amplify the volatility of interest rates in secured markets. We use the model to discuss various policy responses to the crisis.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
We estimate the effects of share repurchases and employee stock option exercises on net share retirements for large S&P 500 companies. We find that, over the past five years, gross repurchases have reduced shares outstanding 2 percent annually; but, owing to the exercise of employee stock options, only about half of those shares were actually retired. Given the recent pace of employee stock option grants, and assuming that equities continue to be priced at about 30 times earnings, our analysis suggests that the pace of net share retirements will fall well below the pace of the last few years, unless corporations use nearly all their earnings to fund shareholder payouts. Moreover, over the long haul, assuming corporations need to retain 40 to 50 percent of their earnings to invest and grow at historical rates, the long-run average pace of net share retirements is likely to fall to 1/2 percent or less.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Better, Faster, Cheaper
The erosion of America璽€Ÿs industrial base since World War II has affected national security by decreasing the available production and intellectual capacity. Some factors attributing to this phenomenon are the reduction in the number of firms in the defense industry, budgetary issues brought about by today璽€Ÿs fiscally constrained environment, the practice of outsourcing capabilities overseas, the lack of a threat to state survival, and the increased specialization of the defense industrial base. Additionally, the defense acquisition organizational structure is out of balance. To function efficiently and effectively, defense acquisition must strike a balance between the requirements generation and approval process, the budgeting process, and the method by which defense acquisition professionals acquire materiel solutions. However, the lack of common oversight, prioritization and the conflicting timelines of the three decision support systems affect national security by limiting the options and capabilities available to the warfighter. To this point, Department of Defense leadership has tried to remedy the problem by placing emphasis on reforming how defense acquisition professionals go about procuring weapon systems under the auspices of "acquisition reform." However, acquisition professionals and Department of Defense (DoD) leadership are wasting their time because the current effort simply addresses symptoms of the problem, not the problem itself. The real dilemma in the defense acquisition system is the incompatibility in the "reward system" of the various stakeholders in defense acquisitions. Solving the overall problems in the defense acquisition enterprise requires a more robust and flexible industrial base, more interaction and harmony between the acquisition decision support systems and adequately addressing the core interests of the various stakeholders in the defense acquisition enterprise. Until then, the acquisitions community will never see true reform.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
ABC of the Federal Reserve System
Subtitle: Why the Federal Reserve System was called into being, the main features of its organization, and how it works. The author was a professor of economics at Princeton, and a firm advocate of the gold standard. Between 1922 and 1933, he served as an adviser to foreign governments, helping them establish and maintain strong currencies. His papers are available if you would like to know more about him and his career.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Impact of the Packard Commission's Recommendations on Reducing Cost Overruns in Major Defense Acquisitions Programs
The phenomenon of cost overruns in Department of Defense acquisitionprograms has been a problem for decades. In fact, regulations to controldefense procurements extend as far back as the 1940's. However, thesepolicies have accomplished little in controlling or reducing the problem. A 1993Rand Corporation study discussed the extent of cost growth in the DoD andindicated that cost growth has fluctuated around 20 percent since the mid 1960'sand that little improvement has occurred over time (Drezner and others, 1993:2).Other research indicates that the average cost overrun on DoD acquisitioncontracts is approximately 40 percent (Gansler, 1989:4). However onemeasures the unplanned cost increases (growth or overruns to be explainedlater in this thesis) is academic; the magnitude of the problem persists and isreadily seen as 20 to 40 percent can represent a notable loss.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Comparative Analysis on the Cost of Oversight for the New National Security Space Acquisition Policy
For the past 50 years, the military's use of space for our national defense has increased exponentially. The use of space has increased so much that recent events have led to the approval for most space Major Defense Acquisition Programs to fall under their own process of oversight to track and monitor these programs. The largest reason for this change is due to the difference in spending profiles and current acquisition regulations that are not structured to meet these space expenditure plans. The key problem is no one knows, for sure, how much the oversight process actually costs and if one form of oversight is actually statistically better than the other. If the other processes are better, what actually drives the cost for their oversight? This thesis will provide a foundation and potential cost saving recommendations that would benefit the Department of Defense in most of the acquisition programs it monitors. The cost of oversight will be forecasted based on a panel of experts in the field, using the Delphi Methodology. These costs will then compare with other oversight processes for the Department of Defense Directive 5000 and the Command, Control, Communication, and Intelligence new virtual process, to discover where the statistical differences are in the cost of oversight. The total costs for all three oversight processes will then provide insight on where the largest cost benefits appear to be, based on data collected, and recommendations will develop a future track for the next generation of oversight processes.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
A Proposed Military Construction Facility Investment Model
The fiscal year (FY)1999 and FY2000 National Defense Authorization Acts (NDAA) amended Title 10 USC, Section 17, and directed the secretary of defense to report annually on the capability of installations and facilities to provide support to forces in the conduct of their missions. This has come to be known as the Installations' Readiness Report (IRR). The Air Force's IRR links facility sustainment, restoration, and modernization (SRM) requirements, with the impact on the installation's ability to support the mission associated with the particular facility class. The Air Force's centralized military construction (MILCON) program model used to program major facility requirements does not directly target facility investment in the "deficient" facility classes defined in the Installations' Readiness Report. This research combined the system dynamics and value-focused thinking methodologies together to develop a proposed MILCON model that might better target funding of deficient facility class requirements. The results from a system dynamics analysis of the existing MILCON model were used to better understand the MILCON program and leverage management policies in a proposed MILCON model. The proposed MILCON model was then developed using a gold standard value-focused thinking approach. The Air Force's goals and objectives for the MILCON program were derived from a literature review of key doctrine, policies, and guidance. The proposed model was also evaluated to identify relevant favorable or unfavorable behavior trends in eliminating deficient facility class requirements. The proposed model provides a significant short and long-term improvement over the existing model in targeting and eliminating deficient facility class requirements. The model demonstrates a 20 percent improvement in targeting these facility requirements in FY2004 and a long-term trend towards completely eliminating these requirements.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
A Method for FMS Countries to Maximize CLSSA Service Levels While Minimizing Costs Through Optimal Requisitioning Patterns
The Cooperative Logistics Supply Support Arrangement (CLSSA) is a program designed to provide follow-on supply support for weapon systems procured by foreign military sales (FMS) countries from the United States. CLSSA calculates a Stock Level Quantity (SLQ) for each item based on demand history, item lead-time, and requisitioning patterns. Item SLQs affects program cost and service levels to FMS customers; a high SLQ level improves service levels, but also creates higher costs. The author created a model to replicate the CLSSA formulation used to calculate SLQs, using different combinations of demand levels and item lead-times to determine the impact that different ordering patterns have on SLQ levels. The results provide optimal ordering patterns for the various combinations used in this study to ensure maximum service levels while minimizing customer program costs. Although each different combination of demand level and lead-time produced a specific optimal ordering frequency, in general, items with lead-times of 24 months or greater, 12 months, and 7 months or less, had optimal requisitioning frequencies of annually, semiannually, and quarterly respectively. The complete results can be used by FMS countries to tailor their CLSSA requisitioning strategy to meet their needs of service levels and cost.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Department of Defense
In support of senior leadership emphasis on improving early systems engineering and analysis, the Enterprise Requirements and Acquisition Model(ERAM) is a quantitative discrete-event process simulation model that accounts for activities from the identification of a desired space capability early in the JCIDS process through Milestone C of the acquisition system resulting in a probabilistic schedule distribution for a given concept. This model of the DoD's space capability development process will provide valuable decision making information for Concept Characterization and Technical Descriptions referenced during Analysis of Alternatives. The research focused on identifying activities, assigning historical triangular distributions and probabilities at each decision point. Data was collected through analysis of applicable policy, instructions, and journal articles as well as interviews with subject matter experts from the Air Staff, Air Force Space Command and the Space and Missile Systems Center.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Management of Energy Savings Performance Contracts
Energy Savings Performance Contracts (ESPCs) originated to accomplish several objectives: (1) to meet energy efficiency goals mandated by executive orders and energy policies; (2) to improve federal government facilities using funds allocated for utility bills; and (3) to receive repayment of expenditures through energy savings reflected in reduced utility bills. In ESPCs, the contractor guarantees savings to the federal government agency. 10 CFR 436 limits the time necessary for payback. However, this regulation and others were written prior to the deregulation of utility companies. This theory is based on the underlying premise that the contractor payback is a direct result of the energy savings. The population of study is all of the Air Force ESPCs. The sampling frame used will be the ESPCs and their task orders (TOs) listed in the Air Force Civil Engineering Support Agency (AFCESA) database. The primary unit of analysis will be the individual task order. Data will be collected from interviews, observations, conferences, archives, and other task order related documents. Using case study methodology, contract financial data, energy rates, contract decision memorandums, contract clauses and statements of work, observation, open interviews, and other relevant meetings and materials will be evaluated to determine whether deregulation has an effect on contractor payback and what the effect entails.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Cost Estimation Lessons Learned for Future Submarine Acquisition Programs
The passage and signing of the Weapons Systems Reform Act of 2009 indicated the concern of the President and Congress that Major Defense Acquisition Programs (MDAPs) continue to experience cost problems. One of the most significant cost issues is the Navy's $13 billion annual ship building budget. Indeed, the Government Accounting Office (GAO) reported it is not uncommon for estimates to be off by 20 to 50 percent of the acquisition cost and that the Navy exceeded the budget on a total of 41 ships for $4 billion. The Virginia class submarine program accounted for approximately $1 billion of this cost overrun on its first two hulls . Unplanned acquisition and operations cost growth impacts the Navy's ability to reconstitute and maintain the fleet as planned. A 2005 GAO report stated that 14 percent of the $52 billion allocated for shipbuilding went to pay for cost growth over the previous five year period. In addition, with the increasing federal deficit, continued war in Iraq and Afghanistan, and need for expansion of other government programs, the days of accounting for cost overruns with additional funding may be disappearing.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Technology Diffusion Within Central Banking
We examine the diffusion of the real-time gross settlement (RTGS) technology across the world's 174 central banks. RTGS reduces settlement risk and facilitates financial innovation in, for example, the settlement of foreign exchange trades. In 1985 only three central banks had implemented RTGS systems; by year-end 2006 that number had increased to ninetythree. We find that the RTGS diffusion process is consistent with a standard S-shaped curve. Real GDP per capita, the relative price of capital, and trade patterns explain a significant part of the cross-country variation in RTGS adoption. These determinants are remarkably similar to those that seem to drive cross-country adoption patterns of other technologies.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Military Transition to Contractors
The cost of modern joint/coalition warfare is rapidly rising and our nation's ability to address this trend while maintaining the effectiveness of our fighting force will pose a significant challenge for the foreseeable future. In line with the overall government trend towards privatization and outsourcing, much attention has been focused in the past five years on the employment of contractors through private military firms (PMF) and the defense industry to alleviate some of the pressure generated by soaring personnel costs. By contracting out various functions that are deemed "not inherently military" and applying what are commonly termed "best business practices", the Department of Defense has embarked on a determined campaign to reduce the "bottom line" of manpower accounts with a post Cold War target of 700,000 uniformed military personnel.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
This paper investigates how the growth of stock option programs has affected corporate payout policy. Given that earnings per share (EPS) is widely used in equity valuation, some corporations may opt to repurchase shares to avoid the dilution of EPS that results from past stock option grants. Executives may also prefer distributing cash by repurchasing shares or retaining more earnings, as opposed to increasing dividends, to enhance the value of their own stock options. This paper tests the importance of these two hypotheses using cross-sectional and panel data on stock option programs. I find that stock options granted to top executives affect payout policy differently than do stock options granted to other employees. Option grants in general are associated with increased share repurchases and increased total payouts. However, the larger is the executives' holding of stock options, the more apt the firm is to retain more earnings and curtail cash distributions. Analysis of panel data for a sample of large firms suggests that firms conduct an ongoing repurchase of shares over the life of an option that undoes much of the dilution to EPS that results from past stock option grants.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Commentary
The article puts forward the view that the regulatory perspective on systemic risk should be changed drastically. The sub-prime crisis has indeed revealed many loopholes in the supervisory/regulatory framework for banks-in particular, the inability to deal with the too-big-to-fail syndrome and also the lack of resiliency of interbank and money markets. To a large extent, the contagion phenomena that took place in these markets were the necessary outcomes of the passive attitude of banking supervisors, who have let large banks develop a complex and opaque nexus of bilateral obligations. We propose two reforms: adopting a platform-based (instead of institutionbased) regulatory perspective on systemic risk and encouraging a generalized move to central counterparty clearing.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Understanding and Improving Depot Level Reparable Pricing for Air Force Systems
The Air Force has been under enormous pressure to reduce depot maintenance costs for weapon and support systems. To do this efficiently and effectively, requires a thorough knowledge of the cost of repairs to the component level. This knowledge enables the Air Force to: make sound judgments with respect to repair sourcing, determine the cost effectiveness of repair processes, justify continued expenditures for organic repair, and produce accurate comparative data. While the Air Force has made some progress in improving its capabilities in this area, it has yet to fully implement necessary procedural and system reforms.The Air Force's ability to trace costs to individual systems and components is extremely limited due to the outmoded costing systems in use at its Air Logistics Centers. This paper investigates the difficulties in determining the actual costs of performing repairs on systems and components, and makes recommendations on methods, procedures, and systems to improve the accuracy of repair costing.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Stress Testing Credit Risk
We study government policies designed This paper reviews the quantitative methods developed at selected authorities for stress testing credit risk, focusing in particular on the methods used to link macroeconomic drivers of stress with bank-specific measures of credit risk (macro stress test). Authorities with a mandate for financial stability are particularly interested in quantifying the macro-to-micro linkages and have developed specific modeling expertise in this field. Stress testing credit risk is also an essential element of the Basel II framework, and some stress-testing requirements of Basel II are formulated by making explicit reference to the economic cycle. The paper highlights recent developments in macro stress testing and details a number of methodological challenges that may be useful for supervisors in their review process of banks' models as required by Basel II. It also contributes to the ongoing macroprudential research efforts to integrate macroeconomic oversight and prudential supervision, for early detection of key vulnerabilities and assessment of macro-financial linkages.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Interbank Lending, Credit-Risk Premia, and Collateral
We study the functioning of secured and unsecured interbank markets in the presence of credit risk. The model generates empirical predictions that are in line with developments during the 2007-09 financial crisis. Interest rates decouple across secured and unsecured markets following an adverse shock to credit risk. The scarcity of underlying collateral may amplify the volatility of interest rates in secured markets. We use the model to discuss various policy responses to the crisis.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Liquidity, Moral Hazard, and Interbank Market Collapse
This paper proposes a framework to analyze the functioning of the interbank liquidity market and the occurrence of liquidity crises. The model relies on three key assumptions: (i) ex ante investment in liquid assets is not verifiable - it cannot be contracted upon, (ii) banks face moral hazard when confronted with liquidity shocks - unobservable effort can help overcome the shock, and (iii) liquidity shocks are private information - they cannot be diversified away. Under these assumptions, the aggregate volume of capital invested in liquid assets is shown to exert a positive externality on individual decisions to hoard liquid assets. Due to this property, the collapse of the interbank market for liquidity is an equilibrium. Moreover, such an equilibrium is more likely when the individual probability of the liquidity shock is lower. Banks may therefore provision too few liquid assets compared with the social optimum.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Staff Studies
The staff members of the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks undertake studies that cover a wide range of economic and financial subjects. From time to time the studies that are of general interest are published in the Staff Studies series and summarized in the Federal Reserve Bulletin. The analyses and conclusions set forth are those of the authors and do not necessarily indicate concurrence by the Board of Governors, by the Federal Reserve Banks, or by members of their staffs.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Interest Rate Conditioning Assumption
A central bank's forecast must contain some assumption about the future path for its own policy-determined short-term interest rate. I discuss the advantages and disadvantages of the three main alternatives: i. Constant from the latest level ii. As implicitly predicted from the yield curve iii. Chosen by the monetary policy committee (MPC) Most countries initially chose alternative (i). With many central banks having planned to raise interest rates at a measured pace in the years 2004-06, there was a shift to (ii). However, Norway, and now Sweden, has followed New Zealand in adopting (iii), and the United Kingdom has also considered this move. So this is a lively issue.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The New DOD Space Management Process
The new DOD space management process tried to improve on past performance, but still suffers from many inefficiencies. Congress dictated a solution of a space czar without focusing on the more generic problem of service roles and missions. The Commission on Roles and Missions had to struggle with military service turf battles and bureaucratic resistance to change in creating a compromise solution to Congress' requirement. The three new positions, the Deputy Under Secretary of Defense for Space, the DOD Space Architect and the Joint Space Management Board, inject additional levels of bureaucracy into the decision-making process for the military space effort. Inefficiencies include lengthened chains of command, increased oversight and review and delays in decision-making. The new process does not improve the process when changes are driven from outside the military--by Congress or by other government agencies.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Fundamental Reappraisal of the Discount Mechanism
The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Enhancing Cost Realism Through Risk-Driven Contracting
A risk-driven contract structure is proposed to enhance the cost realism of competitive proposals for the Engineering and Manufacturing Development (EMD) phase of the acquisition lifecycle. An economic theory framework is employed to discuss how the cost-plus contracts typically used during this phase have inadvertently motivated contractors to provide optimistic cost estimates in an attempt to win competitive source selections. By directly mapping probabilistic cost estimates to profit distributions, risk-driven contracts offer a structured method to impose more cost risk sharing on contractors during EMD. Holding contractors accountable for their cost estimates and cost performance should enhance the realism of their cost proposals and ultimately reduce the cost growth that continues to plague the defense acquisition system.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Fair Opportunity Within Federal Contracting
A Delphi study was conducted to determine whether federal contracting officers have a common definition of fair opportunity. Specifically, federal contracting officers (n=17) from the Air Force Center for Environmental Excellence and the Naval Facilities Engineering Command were surveyed to identify a set of factors that influence task order award decisions against multi-award contracts. Fair opportunity was evaluated using a procedural justice framework, in which contracting officers' application of policies in place were studied. A list of 11 factors detailing selection criteria were established for task order selection, yet only 1 factor (Management plan is an important selection criteria) attained consensus among panel members. Eighteen additional task order placement factors were identified, none of which attained consensus. The results of this study indicate that there is no common definition of fair opportunity within federal task order contracting using multi-award contracts for environmental remediation.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
An Analysis of the Impact of Defense Acquisition Reforms and External Factors On Schedule Growth of Defense Weapon Systems
The growth in the acquisition cycle time of large defense systems from what was planned (i.e., schedule growth) creates several issues for defense acquisition managers and policy makers. These issues include increased likelihoods of cancellations, changes in requirements, and delays in the fielding of improved combat capabilities and replacements for legacy systems, which have resulted in further cost and schedule growth. As a result, Congress, the DoD, and the individual military services implemented several major reforms to address the cost and schedule growth of weapon systems. This research presents an empirical model of schedule growth to evaluate the impact of acquisition reform efforts, defense budget changes, unexpected inflation, and major contingency operations (war) on schedule growth of major weapon systems. A fixed-effects panel regression model was utilized to describe the schedule performance (using earned value data) of the major weapon system programs managed by the Army, Air Force, and Navy from 1980 to 2002. This research found that unexpected inflation results in increased schedule growth.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
The primary mission of the 12 cooperatively owned Federal Home Loan Banks (FHLBs) is to provide their members financial products and services to assist and enhance member housing finance. In this paper, we consider the role of the FHLBs' traditional product--"advances," or collateralized loans to members--in stabilizing commercial bank members' residential mortgage lending activities.Our theoretical model shows that using membership criteria (such as a minimum of 10 percent of the portfolio being in mortgage-related assets) or using mortgage-related assets as collateral does not ensure that FHLB advances will be put to use for stabilizing members' financing of housing. Indeed, our model demonstrates that advances--a relatively low cost managed liability--are most likely to influence lending only when such liabilities are used to finance "relationship" loans (i.e., loans to bank-dependent borrowers) that will be held on a bank's balance sheet and are least likely to influence lending for loans where the loan rate is heavily influenced by securitization activities, like mortgages.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Competitive Military Recruiting
The U.S. military's system of duplicative and competitive active duty recruiting contributes to and perpetuates the failure of DOD-wide recruiting efforts. Given the significant changes in the U.S. economy, and the relinquishment of market-share by the military services associated with the military drawdown of the 1990s, the military's present recruiting strategy will no longer fulfill DOD's personnel readiness requirements. The Army, Navy, Air Force and Marine recruiting forces have tried in vain to increase individual service market-share and the DOD-wide share within the greater employment market. Single-service efforts ostensibly aimed at increasing service market share predominantly impact upon other military services. Current marketing strategies and operations that are redundant and inefficient often cost the DOD more than the value gained in enlistment production increases. Small unit sales tactics and recruiting procedures encourage additional waste through the duplication of recruiting effort and negative military advertising. This monograph concludes that DOD must modify the flawed recruiting strategy if it is to avoid the continuous erosion of personnel readiness into the future. Development and adoption of DOD-wide marketing processes would enhance recruiting force efficiency through effective distribution. The management of prospecting and telemarketing efforts must be centralized and commercialized to enhance recruiter productivity and minimize redundant or high pressure prospecting techniques. Finally, Parallel and competitive recruiting organizations must consolidate to eliminate internal friction. Military readiness is the bill-payer for the inefficient and internally destructive recruiting systems allowed for under Title 10. The Secretary of Defense must exercise his authority under that same body of law to eliminate the destructive competition resident in the parallel recruiting systems of the Army, Navy, Air Force and Marines.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Fair Credit Reporting Act Dispute Process
The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded. Today, the Federal Reserve's duties fall into four general areas: conducting the nation's monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system, and providing financial services to depository institutions, the U.S. government, and foreign official institutions. Every year The Federal Reserve System publishes a variety of reports on topics such as: Profitability of Credit Card Operations, Fees and Services of Depository Institutions, the Presidential $1 Coin Program, and Availability of Credit to Small Businesses. This is one of those reports.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
This paper analyzes the impact of changes in monetary policy on equity prices, with the objectives both of measuring the average reaction of the stock market and also of understanding the economic sources of that reaction. We find that, on average, a hypothetical unanticipated 25-basis-point cut in the federal funds rate target is associated with about a one percent increase in broad stock indexes. Adapting a methodology due to Campbell (1991) and Campbell and Ammer (1993), we find that the effects of unanticipated monetary policy actions on expected excess returns account for the largest part of the response of stock prices.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Informal Influences in the Process of IDIQ Contractor Selection for Task Award
The selection of a contractor for task award using the IDIQ contract often involves dynamics and relationships that are difficult to understand. There are unanswered questions that relate to how government agents define "best value" to the government. The selection decisions often differ between government agents. The government streamlined the acquisition process by creating the multiple award IDIQ contract. Government agents are relied upon to make sound business judgments in determining which contractor represents the best value to the government. Informal influences can impact the determination of the final selection of a contractor. This thesis attempts to create a better conceptual framework for the informal influences that affect the dynamic selection process of contractors for task award. The research consisted of interviews with members of government agencies that routinely make IDIQ contract task awards. Results indicate that informal, or soft, factors play a large role in determining which contractor will be awarded a task. The most influential factors that affect task award are identified and discussed in depth. The research determined that some marketing processes can be totally ineffective or even counterproductive at times. The results also show that formal rating systems are often replaced by informal peer networks. Existing research on selection processes in the private sector proved comparable to processes used at the government agencies participating in this study.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
An Analysis of Total System Performance Responsibility in Air Force Acquisitions
This research examined how well the goals and objectives of total system performance responsibility (TSPR) are being met. The research was sparked by the rise of implementing TSPR as an element of an acquisition strategy in many weapon and information systems. Acquisition professionals use TSPR to decrease total ownership cost, improve system performance, and optimize public-private support capabilities while maintaining operational flexibility. However, while the number of programs that use or plan to implement TSPR or some form of contractor support and sustainment continues to increase, little research has been conducted concerning the effectiveness of TSPR as an element of an acquisition strategy. TSPR transfers performance responsibility and risk to the contractor by giving the contractor more discretion over design, configuration, and requirements solutions. The contractor is also given performance responsibility over the fielded system. The government retains program management as well as budget and contracting functions. Under TSPR the roles and relationship between government and contractor change from oversight to insight. Research findings indicate that management should carefully consider the appropriateness of TSPR for a given program. TSPR has the potential to be an effective element of an acquisition strategy, but requires contractor innovation, change management, successful long-term partnerships based on mutually aligned goals and consensus among government personnel concerning core activities.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
Over the past several years, substantial research effort has gone into measuring the efficiency of financial institutions. Many studies have found that inefficiencies are quite large, on the order of 20 percent or more of total banking industry costs and about half of the industry's potential profits. There is no consensus on the sources of the differences in measured efficiency. This paper examines several possible sources, including differences in efficiency concept, measurement method, and a number of bank, market, and regulatory characteristics. We review the extant literature and provide new evidence using data on U.S. banks over the period 1990-95.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
An Analysis of the Air Force Working Capital Fund's Performance and the Pricing Strategy of the Materiel Support Division
The Air Force Working Capital Fund (AFWCF), a revolving fund established to create a more business-like environment between the Air Force and its customers, is comprised of several divisions providing depot level repairs, supplies and inventory, information technology solutions and transportation services to military customers. Since its establishment, the AFWCF has been the source of much criticism due to its inability to meet its primary goal of operating on a break-even basis. Ideally, the Fund will generate enough revenue from the sale of goods or services to cover its expenses and break-even. Instead, there is either a surplus that must be reintroduced into the AFWCF or, as most often the case, a deficit occurs. Due to regulatory requirements, the Fund must recoup these lost monies in a subsequent year. This profoundly affects the ability to accurately build the budget and reach the break-even point. This research analyzes the past performance of the AFWCF and identifies which areas are key drivers in preventing the AFWCF from meeting this goal. Lastly, the pricing strategy of the Materiel Support Division was evaluated based on commercial best practices to determine if its pricing schema lends itself to meeting the goals of the AFWCF.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
