Understanding and Improving Depot Level Reparable Pricing for Air Force Systems
The Air Force has been under enormous pressure to reduce depot maintenance costs for weapon and support systems. To do this efficiently and effectively, requires a thorough knowledge of the cost of repairs to the component level. This knowledge enables the Air Force to: make sound judgments with respect to repair sourcing, determine the cost effectiveness of repair processes, justify continued expenditures for organic repair, and produce accurate comparative data. While the Air Force has made some progress in improving its capabilities in this area, it has yet to fully implement necessary procedural and system reforms.The Air Force's ability to trace costs to individual systems and components is extremely limited due to the outmoded costing systems in use at its Air Logistics Centers. This paper investigates the difficulties in determining the actual costs of performing repairs on systems and components, and makes recommendations on methods, procedures, and systems to improve the accuracy of repair costing.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
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.
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.
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.
The Military Acquisition Profession
Corrupt leadership in the military acquisition community is a persistent problem. Over the past three decades the procurement profession has suffered significantly from numerous scandals. These blemishes often involve significant fiscal impropriety by a senior military leader placing self interest ahead of profession obligations. This paper identifies the problem in military acquisition as essentially a deficit of moral leadership. Background arguments for the professional nature of the military acquisition corps are first presented to establish the applicability of military ethics. Three case studies are considered to illustrate the manifestations and pervasiveness of the problem. A distinction is elucidated between morality (e.g. right vs. wrong actions and motivations) and ethics (actions that are fair and legal). The material point is that moral leadership is foundational to moral culture. Lastly, various conclusions and courses of action are considered.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.
When Everyone Runs for the Exit
The dangers of shouting "fire" in a crowded theater are well understood, but the dangers of rushing to the exit in the financial markets are more complex. Yet, the two events share several features, and I analyze why people crowd into theaters and trades, why they run, what determines the risk, whether to return to the theater or trade when the dust settles, and how much to pay for assets (or tickets) in light of this risk. These theoretical considerations shed light on the recent global liquidity crisis and, in particular, the quant event of 2007.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.
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.
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.
Contractors on the Battlefield
Contracting for services is not new. Throughout the history of warfare, armies used the services of non-military personnel or civilians to accomplish logistical functions to maintain the force and support combat operations. Colonial forces in the Revolutionary war relied on contracted teamsters for services at Valley Forge. United States forces have continued to rely on contractors to provide support from the Revolutionary War to the Gulf War. In Bosnia, contractors provided fifty-two types of support - from LifeCycle?(R) treadmills to helicopter maintenance by Bell and Boeing. Continued budgetary pressure, however, will force the military to further outsource services to industry. The logistics focus is not merely the amassing and storage of material and equipment, but ultimately the timely and balanced arrival of resources to the forces in need. Using responsiveness, flexibility, and economy as criteria to determine the level of risk; this paper answers if the United States Army's theater services contracting path presents unacceptable risk to successful operations. The author argues that the United States military (specifically the Army) due to budgetary pressure, has accepted an unreasonable risk with its policy towards contractors on the battlefield. The recommendations include numerous methods to mitigate risk. These recommendations include changes in leadership, planning, training and doctrine. Training and doctrine for contractors on the battlefield form the framework for the leadership through anticipatory planning to develop "habitual relationships" between contractor and soldier, solidifying the bond ensuring successful mission accomplishment.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.
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.
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.
Finance and Economics Discussion Series
This paper presents evidence that consumers underreact to taxes that are not salient and characterizes the welfare consequences of tax policies when agents make such optimization errors. The empirical evidence is based on two complementary strategies. First, we conducted an experiment at a grocery store posting tax inclusive prices for 750 products subject to sales tax for a three week period. Scanner data show that this intervention reduced demand for the treated products by 8 percent. Second, we find that state-level increases in excise taxes (which are included in posted prices) reduce alcohol consumption significantly more than increases in sales taxes (which are added at the register and are hence less salient). We develop simple, empirically implementable formulas for the incidence and efficiency costs of taxation that account for salience effects as well as other optimization errors. Contrary to conventional wisdom, the formulas imply that the economic incidence of a tax depends on its statutory incidence and that a tax can create deadweight loss even if it induces no change in demand. Our method of welfare analysis yields robust results because it does not require specification of a positive theory for why agents fail to optimize with respect to tax policies.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
In this paper, we empirically examine the portfolio-rebalancing effects stemming from the policy of "quantitative monetary easing" recently undertaken by the Bank of Japan when the nominal short-term interest rate was virtually at zero. Portfolio-rebalancing effects resulting from the open market purchase of long-term government bonds under this policy have been statistically significant. Our results also show that the portfolio-rebalancing effects were beneficial in that they reduced risk premiums on assets with counter-cyclical returns, such as government and high-grade corporate bonds. But, they may have generated the adverse effects of increasing risk premiums on assets with pro-cyclical returns, such as equities and low-grade corporate bonds. These results are consistent with a CAPM framework in which business-cycle risk importantly affects risk premiums. Our estimates capture only some of the effects of quantitative easing and thus do not imply that the complete set of effects were adverse on net for Japan's economy. However, our analysis counsels caution in accepting the view that, ceteris paribus, a massive large-scale purchase of long-term government bonds by a central bank provides unambiguously positive net benefits to financial markets at zero short-term interest 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.
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.
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.
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.
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.
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.
A Proposed Military Construction Facility Investment Model
The fiscal year (FY)1999 and FY2000 National Defense Authorization Acts (NDAA) amended Title 10 USC, Section 17, and directed the secretary of defense to report annually on the capability of installations and facilities to provide support to forces in the conduct of their missions. This has come to be known as the Installations' Readiness Report (IRR). The Air Force's IRR links facility sustainment, restoration, and modernization (SRM) requirements, with the impact on the installation's ability to support the mission associated with the particular facility class. The Air Force's centralized military construction (MILCON) program model used to program major facility requirements does not directly target facility investment in the "deficient" facility classes defined in the Installations' Readiness Report. This research combined the system dynamics and value-focused thinking methodologies together to develop a proposed MILCON model that might better target funding of deficient facility class requirements. The results from a system dynamics analysis of the existing MILCON model were used to better understand the MILCON program and leverage management policies in a proposed MILCON model. The proposed MILCON model was then developed using a gold standard value-focused thinking approach. The Air Force's goals and objectives for the MILCON program were derived from a literature review of key doctrine, policies, and guidance. The proposed model was also evaluated to identify relevant favorable or unfavorable behavior trends in eliminating deficient facility class requirements. The proposed model provides a significant short and long-term improvement over the existing model in targeting and eliminating deficient facility class requirements. The model demonstrates a 20 percent improvement in targeting these facility requirements in FY2004 and a long-term trend towards completely eliminating these requirements.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
A Method for FMS Countries to Maximize CLSSA Service Levels While Minimizing Costs Through Optimal Requisitioning Patterns
The Cooperative Logistics Supply Support Arrangement (CLSSA) is a program designed to provide follow-on supply support for weapon systems procured by foreign military sales (FMS) countries from the United States. CLSSA calculates a Stock Level Quantity (SLQ) for each item based on demand history, item lead-time, and requisitioning patterns. Item SLQs affects program cost and service levels to FMS customers; a high SLQ level improves service levels, but also creates higher costs. The author created a model to replicate the CLSSA formulation used to calculate SLQs, using different combinations of demand levels and item lead-times to determine the impact that different ordering patterns have on SLQ levels. The results provide optimal ordering patterns for the various combinations used in this study to ensure maximum service levels while minimizing customer program costs. Although each different combination of demand level and lead-time produced a specific optimal ordering frequency, in general, items with lead-times of 24 months or greater, 12 months, and 7 months or less, had optimal requisitioning frequencies of annually, semiannually, and quarterly respectively. The complete results can be used by FMS countries to tailor their CLSSA requisitioning strategy to meet their needs of service levels and cost.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
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.
A Delphi Expert Assessment of Professional Certification Programs for Contracting Personnel
This study examined the strategic goals that were the basis for the DoDs implementation of mandatory certification for individuals serving in the contracting career field of the acquisition workforce. The study then went on to enlist panels of contracting experts to assess the extent to which two of the available certification programs meet, or fail to meet, those goals. The research method employed to gather input from experts was a Delphi discussion technique. Two separate panels, one consisting of Air Force civilian employees, the other of Air Force active duty officers, participated in eight Delphi iterations facilitated by the researcher.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.
Balancing Government Risks With Contractor Incentives in Performance-Based Logistics Contracts
The use of Performance-Based Logistics (PBL) as a sustainment strategy for weapon systems has been mandated by the Department of Defense (DoD) and largely embraced by acquisition and contracting professionals in both government and private industry. Despite its apparent success, there is an inherent conflict that DoD implementers of PBL often face: the PBL goal of developing long-term partnerships that encourage investment from commercial partners is best achieved through lengthy, guaranteed contracts--but such contracts increase the DoD's risk in an environment that is intended to transfer more risk to the contractor. This research examines issues associated with the type and length of PBL contracts between DoD organizations and private industry. The thesis addresses the question of how the DoD can ideally balance PBL contracts to mitigate operational and financial risks while simultaneously building long-term partnerships that encourage investment from commercial contractors. The results reveal five main areas in which the government should focus its efforts to improve PBL implementation.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.
Critical Infrastructure Protection
The United States Department of State is the US equivalent to the foreign ministries of other countries. The Department was created in 1789 and was the first executive department established. The Department operates the diplomatic missions of the United States abroad and is responsible for implementing US foreign policy and diplomacy efforts. The collection of publications of the US Department of State contains federal budget proposals, reports on the status of troops around the world, economic status reports on the nation's trading partners, summaries of urgent matters of national security, and more. These publications reflect the Department's responsibilities of protecting and assisting US citizens living or traveling abroad, assisting US businesses in the international marketplace, coordinating and providing support for international activities of other US agencies, and keeping the public informed about US foreign policy and relations with other countries.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.
An Analysis of the Impact of Defense Acquisition Reforms and External Factors On Schedule Growth of Defense Weapon Systems
The growth in the acquisition cycle time of large defense systems from what was planned (i.e., schedule growth) creates several issues for defense acquisition managers and policy makers. These issues include increased likelihoods of cancellations, changes in requirements, and delays in the fielding of improved combat capabilities and replacements for legacy systems, which have resulted in further cost and schedule growth. As a result, Congress, the DoD, and the individual military services implemented several major reforms to address the cost and schedule growth of weapon systems. This research presents an empirical model of schedule growth to evaluate the impact of acquisition reform efforts, defense budget changes, unexpected inflation, and major contingency operations (war) on schedule growth of major weapon systems. A fixed-effects panel regression model was utilized to describe the schedule performance (using earned value data) of the major weapon system programs managed by the Army, Air Force, and Navy from 1980 to 2002. This research found that unexpected inflation results in increased schedule growth.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Finance and Economics Discussion Series
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.
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.
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.
Competitive Military Recruiting
The U.S. military's system of duplicative and competitive active duty recruiting contributes to and perpetuates the failure of DOD-wide recruiting efforts. Given the significant changes in the U.S. economy, and the relinquishment of market-share by the military services associated with the military drawdown of the 1990s, the military's present recruiting strategy will no longer fulfill DOD's personnel readiness requirements. The Army, Navy, Air Force and Marine recruiting forces have tried in vain to increase individual service market-share and the DOD-wide share within the greater employment market. Single-service efforts ostensibly aimed at increasing service market share predominantly impact upon other military services. Current marketing strategies and operations that are redundant and inefficient often cost the DOD more than the value gained in enlistment production increases. Small unit sales tactics and recruiting procedures encourage additional waste through the duplication of recruiting effort and negative military advertising. This monograph concludes that DOD must modify the flawed recruiting strategy if it is to avoid the continuous erosion of personnel readiness into the future. Development and adoption of DOD-wide marketing processes would enhance recruiting force efficiency through effective distribution. The management of prospecting and telemarketing efforts must be centralized and commercialized to enhance recruiter productivity and minimize redundant or high pressure prospecting techniques. Finally, Parallel and competitive recruiting organizations must consolidate to eliminate internal friction. Military readiness is the bill-payer for the inefficient and internally destructive recruiting systems allowed for under Title 10. The Secretary of Defense must exercise his authority under that same body of law to eliminate the destructive competition resident in the parallel recruiting systems of the Army, Navy, Air Force and Marines.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Management of Energy Savings Performance Contracts
Energy Savings Performance Contracts (ESPCs) originated to accomplish several objectives: (1) to meet energy efficiency goals mandated by executive orders and energy policies; (2) to improve federal government facilities using funds allocated for utility bills; and (3) to receive repayment of expenditures through energy savings reflected in reduced utility bills. In ESPCs, the contractor guarantees savings to the federal government agency. 10 CFR 436 limits the time necessary for payback. However, this regulation and others were written prior to the deregulation of utility companies. This theory is based on the underlying premise that the contractor payback is a direct result of the energy savings. The population of study is all of the Air Force ESPCs. The sampling frame used will be the ESPCs and their task orders (TOs) listed in the Air Force Civil Engineering Support Agency (AFCESA) database. The primary unit of analysis will be the individual task order. Data will be collected from interviews, observations, conferences, archives, and other task order related documents. Using case study methodology, contract financial data, energy rates, contract decision memorandums, contract clauses and statements of work, observation, open interviews, and other relevant meetings and materials will be evaluated to determine whether deregulation has an effect on contractor payback and what the effect entails.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
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.
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.
Finance and Economics Discussion Series
In this paper, we empirically examine the portfolio-rebalancing effects stemming from the policy of "quantitative monetary easing" recently undertaken by the Bank of Japan when the nominal short-term interest rate was virtually at zero. Portfolio-rebalancing effects resulting from the open market purchase of long-term government bonds under this policy have been statistically significant. Our results also show that the portfolio-rebalancing effects were beneficial in that they reduced risk premiums on assets with counter-cyclical returns, such as government and high-grade corporate bonds. But, they may have generated the adverse effects of increasing risk premiums on assets with pro-cyclical returns, such as equities and low-grade corporate bonds. These results are consistent with a CAPM framework in which business-cycle risk importantly affects risk premiums. Our estimates capture only some of the effects of quantitative easing and thus do not imply that the complete set of effects were adverse on net for Japan's economy. However, our analysis counsels caution in accepting the view that, ceteris paribus, a massive large-scale purchase of long-term government bonds by a central bank provides unambiguously positive net benefits to financial markets at zero short-term interest 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.
Fair Credit Reporting Act Dispute Process
The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded. Today, the Federal Reserve's duties fall into four general areas: conducting the nation's monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system, and providing financial services to depository institutions, the U.S. government, and foreign official institutions. Every year The Federal Reserve System publishes a variety of reports on topics such as: Profitability of Credit Card Operations, Fees and Services of Depository Institutions, the Presidential $1 Coin Program, and Availability of Credit to Small Businesses. This is one of those reports.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
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.
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
This paper analyzes the impact of changes in monetary policy on equity prices, with the objectives both of measuring the average reaction of the stock market and also of understanding the economic sources of that reaction. We find that, on average, a hypothetical unanticipated 25-basis-point cut in the federal funds rate target is associated with about a one percent increase in broad stock indexes. Adapting a methodology due to Campbell (1991) and Campbell and Ammer (1993), we find that the effects of unanticipated monetary policy actions on expected excess returns account for the largest part of the response of stock prices.This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
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.
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.
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.
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.
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.
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
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.
