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.
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.
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.
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.
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.
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.
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.
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.
Amending The Revenue Act Of 1918
This volume contains the hearings before the Committee on Finance of the United States Senate during the Sixty-Sixth Congress, Second Session, regarding the proposed amendments to the 'Revenue Act of 1918'. It documents the discussions and testimonies related to H.R. 14197 and H.R. 14198, offering a detailed look into the legislative process concerning taxation during this period. Providing valuable insights into the economic considerations and policy debates of the time, this historical record is essential for researchers, economists, and anyone interested in understanding the evolution of tax law in the United States.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.
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.
Finance and Economics Discussion Series
A key variable for the conduct of monetary policy is the natural rate of interest -- the real interest rate consistent with output equaling potential and stable inflation. Economic theory implies that the natural rate of interest varies over time and depends on the trend growth rate of output. In this paper we apply the Kalman filter to jointly estimate the natural rate of interest, potential output, and the trend growth rate, and examine the empirical relationship between these estimated unobserved series. We find substantial variation in the natural rate of interest over the past four decades in the United States. Our natural rate estimates vary about one-for-one with changes in the trend growth rate. We show that policymakers' mismeasurement of the natural rate of interest can cause a significant deterioration in macroeconomic stabilization.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
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.
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.
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.
Formative Period of the Federal Reserve System, During the World Crisis
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.
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.
Financial Collapse of the Penn Central Company
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.
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.
Modeling Short-Term Interest Rate Spreads in the Euro Money Market
In the framework of a new money-market econometric model, we assess the degree of precision achieved by the European Central Bank (ECB) in meeting its operational target for the short-term interest rate and the impact of the U.S. subprime credit crisis on the euro money market during the second half of 2007. This is done in two steps. Firstly, the long-term behavior of interest rates with one-week maturity is investigated by testing for cobreaking and for homogeneity of spreads against the minimum bid rate (MBR, the key policy rate). These tests capture the idea that successful steering of very short-term interest rates is inconsistent with the existence of more than one common trend driving the one-week interest rates and/or with nonstationarity of the spreads among interest rates of the same maturity (or measured against the MBR). Secondly, the impact of several shocks to the spreads (e.g., interest rate expectations, volumes of open-market operations, interest rate volatility, policy interventions, and credit risk) is assessed by jointly modeling their behavior. We show that after August 2007, euro-area commercial banks started paying a premium to participate in the ECB liquidity auctions. This puzzling phenomenon can be understood by the interplay between, on the one hand, adverse selection in the interbank market and, on the other hand, the broad range of collateral accepted by the ECB. We also show that after August 2007, the ECB steered the "risk-free" rate close to the policy rate, but has not fully offset the impact of the credit events on other money-market rates.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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Defense Acquisition Reform, 1960 to 2009
From 1960 through 2009 there were more than twenty-seven major studies of defense acquisition commissioned by presidents, Congress, and secretaries of defense, government agencies, studies and analyses organizations, and universities. Numerous other noteworthy studies of defense acquisition have been conducted and published by the General Accountability Office during the same period. Much to the surprise of many, the reform studies over the forty-nine-year period arrived at most of the same findings and made similar recommendations. But political will to make the changes, combined with internal dynamics resistant to change, led to only minor improvements. The problems of schedule slippages, cost growth, and technical performance shortfalls on defense acquisition programs have remained much the same throughout this period. Defense Acquisition Reform, 1960 to 2009: An Elusive Goal provides historical and analytical accounts of the defense acquisition process for major weapons systems in order to identify long-term trends, insights, and observations that could provide perspective and context to assist current defense decision makers, acquisition officials, and the acquisition schoolhouse.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.
Statistics on Banking, 1934-1996
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.
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.
Streamlining the Acquistion Process
Post-cold war, post-9/11, radically evolving threats, emerging technologies, the information explosion, and a seemingly endless supply of new requirements all have contributed to the requisite for acquisition reform. A great deal of time and attention has been spent on "tweaking" Department of Defense (DoD) acquisition processes and "reviewing" myriad lessons learned, yet acquisition programs are continually out of money, behind schedule and seemingly out of touch with warfighter requirements. This research explores possible answers, and provides actionable recommendations, for strategic reform that directly benefits the warfighter.Accordingly, primary consideration is given to place the user, Combatant Commands, squarely in a demand function, a function that does not effectively exist today. Overall recommendations are based upon an incentive structure that works; that of the free marketplace. A marketplace effectively incorporates the functions of demand, supply and oversight. This study is different for three reasons. First, recommended action illustrates a synchronized timeline to field weapon systems that are initiated on behalf of the user, not a timeline that is behest of the supplying provider. Second, it offers solutions to fix part of DoD's current funding mechanism and reduce costs by architecting optimized solutions on behalf of the future joint warfighter, not on the parochialism of a military service. The Under Secretary of Defense provides oversight while establishing capability portfolio directors that ensure architected solutions. Finally, the analysis offers a way forward to regain acquisition superiority through workforce transformation.This essay ties space acquisition to the greater whole of acquisition. Three reasons, first, Congress has little faith in DoD's ability to manage them; space programs have been plagued with issues. Second, space acquisition is very expensive, unforgiving, and a growing business; it provides a backdrop for acquirThis 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.
Finance and Economics Discussion Series
This paper employs extensive information on bank deposit rates and county migration patterns to test for pricing relationships implied by the existence of switching costs. While these relationships are derived formally, the intuition for them can be readily stated. Because some areas experience more in-migration than others, banks, in addressing the trade-off between attracting new customers and exploiting old ones, offer higher deposit rates in areas (and at times) experiencing more in-migration. Further, because out-migration implies that on average a locked-in customer will not be with the bank as many periods, greater out-migration should change the bank's assessment of this trade-off such that the bank will offer lower deposit rates in areas (and during periods) exhibiting greater out-migration, all else equal. Also, because this effect of out-migration logically depends on the existence and extent of in-migration, an interaction effect is implied. Evidence strongly supporting these implied relationships is reported. Other tests of the implications of switching costs in the banking industry are also conducted.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.
Defense Acquisition Reform, 1960 to 2009
From 1960 through 2009 there were more than twenty-seven major studies of defense acquisition commissioned by presidents, Congress, and secretaries of defense, government agencies, studies and analyses organizations, and universities. Numerous other noteworthy studies of defense acquisition have been conducted and published by the General Accountability Office during the same period. Much to the surprise of many, the reform studies over the forty-nine-year period arrived at most of the same findings and made similar recommendations. But political will to make the changes, combined with internal dynamics resistant to change, led to only minor improvements. The problems of schedule slippages, cost growth, and technical performance shortfalls on defense acquisition programs have remained much the same throughout this period. Defense Acquisition Reform, 1960 to 2009: An Elusive Goal provides historical and analytical accounts of the defense acquisition process for major weapons systems in order to identify long-term trends, insights, and observations that could provide perspective and context to assist current defense decision makers, acquisition officials, and the acquisition schoolhouse.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.
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.
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.
Finance and Economics Discussion Series
Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that securitize mortgages and issue mortgage-backed securities (MBS). In addition, the GSEs are active participants in the secondary mortgage market on behalf of their own investment portfolios. Because these portfolios have grown quite large, portfolio purchases (in addition to MBS issuance) are often thought to be an important force in the mortgage market. Using monthly data from 1993 to 2005 we estimate a VAR model of the relationship between GSE secondary market activities and mortgage interest rate spreads. We find that GSE portfolio purchases have no significant effects on either primary or secondary mortgage rate spreads. Further, we examine GSE activities and mortgage rate spreads in the wake of the 1998 debt crisis, and find that GSE portfolio purchases did little to affect interest rates paid by new mortgage borrowers. This empirical finding is robust to alternative identification assumptions and to alternative model and variable specifications.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.
An Evaluation of the Suitability of Air Force Operations and Maintenance Funding For Use in a Nomothetic Model
The Department of Defense's Planning, Programming, Budgeting and Execution process provides the foundation for integrating mission requirements with limited resources. However, in doing so, it places a significant burden on financial management professionals frequently requiring that critical, skilled resources be occupied with creating documentation rather than in accomplishing higher level analysis. It is possible that models could be used within the PPBE process to streamline the work done to provide estimates of needed resources. However, such a model would be valid only if it could be proved that the data used within the model was suitable for such purposes. A nomothetic model could potentially be the modeling framework but only if the source data met the model's three criteria.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.
Finance and Economics Discussion Series
I test whether corporate governance is ineffective in emerging markets by estimating the link between CEO turnover and firm performance for over 1,200 firms in eight emerging markets. I find two main results. First, CEOs of emerging market firms are more likely to lose their jobs when their firm's performance is poor, suggesting that corporate governance is not ineffective in emerging markets. Second, for the subset of firms with a large domestic shareholder, there is no link between CEO turnover and firm performance. For this subset of emerging market firms, corporate governance appears to be ineffective.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.
