Current Social Science Research Report--Economics #48, January 29, 2008.

CSSRR-Economics is a weekly email report produced by the Data and Information Services Center at the University of Wisconsin-Madison. It seeks to help social science researchers keep up to date with the latest developments in the field. This report will contain selected listings of new: reports, articles, bibliographies, working papers, tables of contents, conferences, data, and websites. For more information, including an archive of back issues and subscription information see:


CSSRR-Economics is compiled and edited by Jack Solock and Charlie Fiss.


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Index to this issue:















1. Census Bureau Report: "Top States by Industry" (January 2008).

2. Bureau of Labor Statistics Press Releases:

A. "Employment Experience of Youths: Results from a Longitudinal Survey," (Jan. 25, 2008, HTML and .pdf format, 11p.).

B. "International Comparisons of Hourly Compensation Costs in Manufacturing," (Jan. 25, 2008, HTML and .pdf format, 27p.).

C. "Union Membership, 2007," (Jan. 25, 2008, .HTML and .pdf format, 12p.).

D. "Volunteering in the United States," (Jan. 23, 2008, .pdf and HTML format, 12p.).

3. Department of Agriculture, Economic Research Service Report: "The 2002 Farm Bill: Provisions and Economic Implications," by Edwin Young (Administrative Publication No. (AP-022), January 2008, .pdf format, 117p.).

4. US Department of Housing and Urban Development Periodical: U.S. Housing Market Conditions: 3rd Quarter 2007 (January 2008, .pdf format, 92p.).

5. US Government Economic Releases from the National Bureau of Economic Research: Links to releases for Jan. 22-29, 2008 are available at the site.

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US States:


Stats Indiana Update: "CES & LAUS 50 States (Employment by Industry & Unemployment) (States Profile, December 2007).


State Planning Office Reports: "Maine Retail Sales Historical Data" (January 2008, Microsoft Excel format). Historical tax sales data (four spreadsheets) have been updated.

Scroll to "Maine Retail Sales Historical Data (as of 01/22/2008)."::

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NGOs and Other Countries:

United Nations:

1. International Labour Organization Compendium: _Global Employment Trends - 2008_ (January 2008, .pdf format, 59p.).

2. Development Programme International Poverty Centre Research Brief: "Pro-Growth Alternatives for Monetary and Financial Policies in Sub-Saharan Africa," by Robert Pollin, Gerald Epstein and James Heintz (Policy Research Brief No. 6, January 2008, .pdf format, 4p.).


European Commission:

Eurostat Report, Periodical:

A. "ESSPROS Manual - The European System of integrated Social PROtection Statistics" (January 2008, .pdf format, 87p.),46587259&_dad=portal&_schema=PORTAL&p_product_code=KS-RA-07-027

B. Statistics in Focus. The latest issue (07/124, 07/126, 08/5, .pdf format) are now available at the SIF website:,1136118&_dad=portal&_schema=PORTAL


Organisation for Economic Co-Operation and Development Monograph: Jobs for Youth: Netherlands (January 2008, 180p., ISBN: 9789264041288). For more information, including ordering information, see:,3343,en_2649_201185_39876638_1_1_1_1,00.html


International Monetary Fund: The latest Country Reports span the time period from Jan. 22-29, 2007 (No. 08/25-08/32, 08/34-08/40):


World Bank Compendium: Global Economic Prospects, 2008: Technology Diffusion in the Developing World (January 2008, .pdf format, 201p.).



National Bureau of Statistics News Release: "The National Economy Maintained a Steady and Fast Growth in 2007" (Jan. 24, 2008).



Federal Statistics Office News Release: "Rise in negotiated earnings in 2007 higher than in the previous years" (Jan. 25, 2008). The release links to a German language news release that contains two topical tables.,templateId=renderPrint.psml



Central Bureau of Statistics Report:"Households - Economic Characteristics and Housing Density Based on Labour Force Surveys 2006" (January 2008, Microsoft Excel and .zip compressed Microsoft Excel format). Tables are in Hebrew and English.



National Statistics Office News Release: "The International Investment Position of Malta: 2006" (January 2008, .pdf format, 10p.).



Statistics Netherlands Web Magazine Articles:

A. "Inflation rate remains below 2 percent in 2007," by Gert-Jan van Steeg (Jan. 22, 2008).

B. "Renewable energy consumption relatively low in the Netherlands," by Reinoud Segers (Jan. 24, 2008).

C. "30 thousand people earn top incomes in excess of 200 thousand euro" (Jan. 24, 2008).



Statistics Norway News Releases:

A. "ODA (Official Development Assistance) -figures from OECD, 2006" (Jan. 23, 2008). The news release links to one topical table and one topical chart.

B. "River catch of salmon, sea trout and migratory char. Preliminary figures, 2007: Decrease in river catch of salmon" (Jan. 25, 2008). The news release links to one topical chart.

C. "Establishments, per 1 January 2008: 466,285 establishments in Norway" (Jan. 25, 2008). The news release links to two topical tables and one topical chart.

D. "Central government revenue and expenditure, approved budget 2008" (Jan. 25, 2008).


Palestinian National Authority

Central Bureau of Statistics News Release: "Palestinian Consumer Price Index Increases 2.69% in 2007" (Jan. 22, 2008, .pdf format, 1p.).



National Institute of Statistics Periodicals:

A. International Trade Statistical Bulletin (No. 10, January 2008, .pdf format, 120p.).

B. Industry Statistical Bulletin (No. 11, January 2008, .pdf format, 145p.).

Click on the title page icon below each title.



Statistics Sweden Press Releases:

A. "Swedish portfolio holdings abroad increased by SEK 313 billion" (Jan. 22, 2008).

B. "Income statistics - based on administrative register 2006: Best income development in counties of Småland and Halland" (Jan. 24, 2008).



State Statistics Committee Tables:

A. "Output of basic industrial products, by month 2007" (Jan. 22, 2008).

B. "Entities in the Unified State Register of Enterprises and Organizations of Ukraine, by industry, as of 1 January 2008" (Jan. 21, 2008).

C. "Entities in the Unified State Register of Enterprises and Organizations of Ukraine, by legal type of business, as of January 1, 2008: (Jan. 21, 2008).



1. HM Revenue and Customs Report: "Survey of property transactions in England and Wales" (January 2008, .pdf and Microsoft Excel format).

2. National Statistics Office Reports, Periodical Tables, News Releases:

A. "PRODCOM (manufactured PRODucts of the European COMmunity) annual industry reports 2006: phase 12" (January 2008, .pdf format).

B. Economic & Labor Market Review Tables (February 2008, Microsoft Excel format).

C. "Business spending on capital items: 2005/2006" (January 2008, .pdf format, 2p., with Microsoft Excel tables).

D. "Seven in ten adults have savings or investments" (Jan. 24, 2008, .pdf format, 4p.).

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Rand Corporation Occasional Paper: "Managing Diversity in Corporate America: An Exploratory Analysis," by Jefferson P. Marquis, Nelson Lim, Lynn M. Scott, Margaret C. Harrell, and Jennifer Kavanagh (January 2008, .pdf format, 34p.). Links to an abstract and full text are available at:


Federal Reserve Bank of St. Louis [Missouri] Periodical: International Economic Trends February 2008, .pdf format, 47p.).


Princeton University Research Program in Development Studies/Center for Health and Wellbeing Report: "Price trends in India and their implications for measuring poverty," by Angus Deaton (January 2008, .pdf format, 25p.).


Century Foundation Article: "We’re in for Bad Times," by Bernard Wasow (January 2008).

More information about CF:

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Federal Reserve Banks:

Federal Reserve Bank of Chicago [Illinois]:

A. "A Leverage-based Model of Speculative Bubbles," by Gadi Barlevy (WP 2008-01, January 2008, .pdf format, 46p.). Links to an abstract and full text are available at:

B. "The Impact of Mexican Immigrants on U.S. Wage Structure," by Maude Toussaint-Comeau (WP-2007-24, January 2008, .pdf format, 23p.). Links to an abstract and full text are available at

C. "The Spending and Debt Responses to Minimum Wage Increases," by Daniel Aaronson, Sumit Agarwal, and Eric French (WP-2007-23, January 2008, .pdf format, 36p.). Links to an abstract and full text are available at

Federal Reserve Bank of Kansas City [Missouri]: "Target's Corporate Governance and Bank Merger Payoffs," by Elijah Brewer III, William E. Jackson III, and Julapa A. Jagtiani (RWP 07-13, December 2007, .pdf format, 36p.).Links to an abstract and full text are available at:

Federal Reserve Bank of New York: "Impact of Voucher Design on Public School Performance: Evidence from Florida and Milwaukee Voucher Programs," by Rajashri Chakrabarti (Staff Report No. 315, January 2008, .pdf format, 61p.). Links to an abstract and full text are available at


John F. Kennedy School of Government [Harvard University]: "The Economic Approach to Cities," by Edward L. Glaeser (RWP08-003, January 2008, .pdf format, 40p.). Links to an abstract and full text are available at:


National Bureau of Economic Research: NBER has released the following working papers for the week of Jan. 20-26, 2008 :

New papers are: 13733-13752


Luxembourg Income Study: "Labour Market Institutions and Income Inequality," by Daniele Checchi and Cecilia García-Peñalosa (Working Paper No. 470, January 2008, .pdf format, 63p.).


The recent debate on trends in inequality in industrial countries has been marred by the lack of consensus about the relevant concept of inequality. Labour economists are concerned with inequality in earnings, macroeconomists with movements in the wage share, while policy-makers tend to focus on household income inequality. We provide a unifying framework to study the relationship between these three concepts of inequality and the way in which labour market institutions affect them. Institutions emerge as a key determinant of inequality, yet they play different roles depending on the extent to which they complement or substitute each other. As a result, we are able to propose a set of inequality minimizing institutions. Institutions that decrease inequality are, however, associated with higher unemployment, and our analysis allows us to quantify the magnitude of this trade-off.


European Central Bank:

A. "Government size, composition, volatility and economic growth," by António Afonso and Davide Furceri (Working Paper No. 848, January 2008, .pdf format, 43p.).


This paper analyses the effects in terms of size and volatility of government revenue and spending on growth in OECD and EU countries. The results of the paper suggest that both variables are detrimental to growth. In particular, looking more closely at the effect of each component of government revenue and spending, the results point out that i) indirect taxes (size and volatility); ii) social contributions (size and volatility); iii) government consumption (size and volatility); iv) subsidies (size); and v) government investment (volatility) have a sizeable, negative and statistically significant effect on growth.

B. "Determinants of economic growth: will data tell?" by Antonio Ciccone and Marek Jarocinski (Working Paper No. 852, January 2008, .pdf format, 42p.).


Many factors inhibiting and facilitating economic growth have been suggested. Will international income data tell which matter when all are treated symmetrically a priori? We find that growth determinants emerging from agnostic Bayesian model averaging and classical model selection procedures are sensitive to income differences across datasets. For example, many of the 1975-1996 growth determinants according to World Bank income data turn out to be irrelevant when using Penn World Table data instead (the WB adjusts for purchasing power using a slightly different methodology). And each revision of the 1960-1996 PWT income data brings substantial changes regarding growth determinants. We show that research based on stronger priors about potential growth determinants is more robust to imperfect international income data.

C. "The cyclical behavior of equilibrium unemployment and vacancies revisited," by Marcus Hagedorn and Iourii Manovski (Working Paper No. 853, January 2008, .pdf format, 52p.).


Recently, a number of authors have argued that the standard search model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We use data on the cost of vacancy creation and cyclicality of wages to identify the two key parameters of the model - the value of non-market activity and the bargaining weights. Our calibration implies that the model is, in fact, consistent with the data.


Bank of England:

A. "The integrated impact of credit and interest rate risk on banks: an economic value and capital adequacy perspective," by Mathias Drehmann, Steffen Sorensen and Marco Stringa (Working Paper No. 339, January 2008, .pdf format, 39p.).


Credit and interest rate risk in the banking book are the two most important risks faced by commercial banks. In this paper we derive a consistent and general framework to measure the integrated impact of both risks on banks’ portfolios. The framework accounts for all sources of credit risk and interest rate risk. By modelling the whole portfolio of a bank and by taking account of the repricing characteristics of all exposures, we can assess the impact of credit and interest rate risk not only on the bank’s economic value but also on its future earnings and capital adequacy. We apply our framework to a hypothetical bank in normal and stressed conditions. The simulation highlights that it is fundamental to measure the impact of interest rate and credit risk jointly. We also show that it is crucial to model the whole portfolio, including the repricing and maturity characteristics of assets, liabilities and off balance sheet items.

B. "Monetary policy shifts and inflation dynamics," by Paolo Surico (Working Paper No. 338, January 2008, .pdf format, 30p.).


The New Keynesian Phillips Curve plays a central role in modern macroeconomic theory. A vast empirical literature has estimated this structural relationship over various post-war full samples. While it is well known that in a standard sticky price model a ‘weak’ central bank response to inflation generates sunspot fluctuations, the consequences of pooling observations from different monetary policy regimes for (i) the estimates of the structural Phillips curve and (ii) the estimates of inflation persistence had not been investigated. Using Monte Carlo simulations from a purely forward-looking model, this paper shows that indeterminacy can introduce a sizable persistence in the process of inflation. On the reduced form, our results show that inflation persistence can be endogenous to the policy regime rather than intrinsic to the structure of the economy. On the structural form, we find that by neglecting equilibrium indeterminacy the estimates of the forward-looking term of the New Keynesian Phillips Curve are biased downward. The implications are in line with the empirical evidence for the United Kingdom and United States.


Institute for Fiscal Studies [London, UK]: "Employment, hours of work and the optimal design of earned income tax credits," by Richard Blundell and Andrew Shephard (IFS Working Papers, W08/01, January 2008, .pdf format, 59p.). Links to the abstract and full-text can be found at:


International Monetary Fund: IMF has recently added several new working papers for the beginning of 2008 . The papers are Nos. 3, 9-12.


World Bank Development Programme: WDP has recently released several new working papers. See the list at:

New Papers are: 4486-4499.


Institute for the Study of Labor (IZA) [University of Bonn, Germany]: IZA has recently released several new working papers.

The new working papers are: 3301-3315.


Center for Economic Studies/Ifo Institute for Economic Research (CESifo) [Munich, Bavaria, Germany]: CESifo has recently released several new working papers:

and "Browse Working Paper List" for 2008.

The new papers are numbered 2193-2200.


New Economic Papers (NEP)-ALL. The latest list of New Economic Papers (Jan. 19, 2007).


AgEcon Search: This week's new working papers from AgEcon Search at the University of Minnesota are available at:

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JOURNAL TABLES OF CONTENTS (check your library for availability):

American Journal of Agricultural Economics (Vol. 90, No. 1, February 2008).

Annals of Statistics (Vol. 35, No. 6, December 2007).

Economic Modelling (Vol. 25, No. 2, March 2008).

Journal of Financial Economics (Vol. 87, No. 2, February 2008).

Journal of Finance (Vol.63, No. 1, February 2008).

Journal of Econometrics (Vol. 143, No. 1, March 2008).

Journal of Mathematical Economics (Vol. 44, No 3-4, February 2008).

Journal of the Royal Statistical Society (Series A: Vol. 171 (2008), Pt. 1; Series B, volume 70 (2008), part 1; Series C, volume 57 (2008), part 1).

Journal of Collective Negotiations (Vol. 31, No. 2, 2007).,1:300318,1&linkin=633372198288906250

And search on title for "Journal of Collective Negotiations" (without the quotes).

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Luxembourg Income Survey: "The World Bank / LIS Gender Research Award," (January 2008).



Census Bureau: "2006 Annual Capital Expenditures Survey," (January 2008, .gif, Excel, and HTML format).


US Department of Agriculture, Economic Research Service: "Feed Grains Database" (January 2008 update, HTML, Microsoft Excel, and .pdf format, custom queries available).


UK Data Archive (Essex University, Colchester, UK): The UK Data Archive has recently added the following datasets to its holdings. Note: There maybe charges or licensing requirements on holdings of the UK Data Archive. For more information see:

SN 5294 -Workplace Employee Relations Survey, 2004; Cross-Section Survey, 2004 and Panel Survey, 1998-2004: Wave 2. "Two changes have been made to the study. Firstly, a file containing information on the composition of occupations in Great Britain have been deposited, which can be matched to the SEQ dataset. Secondly, a new version of the 2004 Panel data file (version 3) has been deposited, which has been revised to include additional employment data for 88 cases (variable Xemps2004). Additional documentation has also been provided to cover both these files."

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