Current Social Science Research Report--Economics #59, April 15, 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:

A. "2005 Pollution Abatement Costs and Expenditures Survey" (Pollution Abatement Costs and Expenditures (PACE), Current Industrial Reports, MA 200(05), April 2008, .pdf format, 104p.).

2. Bureau of Labor Statistics Periodical, News Release, Reports:

A. Monthly Labor Review (Vol. 131, No. 3, March 2008, .pdf format).

Note: this is a temporary address. When the next MLR is released, this one, along with all others back to 1981, will be available at:

B. "Employment Situation of Veterans: 2007" (Apr. 11, 2008, ASCII text, HTML, and .pdf format, 19p.).

C. "Current Employment Statistics Highlights: March 2008" (April 2008, .pdf format, 11p.).

D. "Employment from the BLS household and payroll surveys: summary of recent trends: (April 2008, .pdf format, 16p.).

3. Energy Information Administration Reports, Country Analysis Brief:

A. "Motor Gasoline Consumption 2008: A Historical Perspective and Short-Term Projections," (April 2008, .pdf format, 14p.).

B. Energy Information Administration Forecast & Analysis: "Short-Term Energy and Summer Fuels Outlook," (April 2008, .pdf format, 43p.).

C. "OPEC Oil Export Revenues," (April 2008, HTML and .pdf format, 3p.).

4. Department of Health and Human Services, Office of the Assistant Secretary for Planning and Evaluation Report: "Determinants of Asset Building," by Sondra Beverly, Michael Sherraden, Min Zhan, Trina R. Williams Shanks, Yunju Nam, and Reid Cramer (March 2008, HTML and .pdf format, 89p.).

5. Government Accountability Office Report: "Media Ownership: Economic Factors Influence the Number of Media Outlets in Local Markets, While Ownership by Minorities and Women Appears Limited and Is Difficult to Assess (GAO-08-383, March 2008, .pdf format, 63p.).

6. Congressional Research Service Report: "Income Inequality, Income Mobility, and Economic Policy: U.S. Trends in the 1980s and 1990s," by Thomas L. Hungerford (RL34434, April 2008, .pdf format, 24p.).

7. Department of Agriculture, Economic Research Service Periodical: Amber Waves (Vol. 6, No. 2, April 2008, HTML and .pdf format, 40p.).

8. US Government Economic Releases from the National Bureau of Economic Research: Links to releases for Apr. 9-15, 2008 are available at the site.

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US States:


Department of Labor and Workforce Development Periodical: Alaska Economic Trends (April 2008, .pdf format, 19p.). The theme of this issue is "Alaska’s Economy Since 2000."


Stats Indiana Updates: Stats Indiana has updated the following databases (see the right side of the page for links): "Local Unemployment (all counties & places with population 25,000 plus), Feb 2008," "U.S. Employment and Unemployment, Mar 2008," and 50 States Venture Capital Data, 2007."

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NGOs and Other Countries:

World Bank Report: "Global Monitoring Report 2008: MDGs and the Environment: Agenda for Inclusive and Sustainable Development" (April 2008, .pdf format, 290p.).


International Monetary Fund Country Reports: The latest Country Reports (.pdf format) span the time period from Apr. 9-Apr. 15, 2008 (No. 08/128-08/129):


Organisation for Economic Co-operation and Development Reports, Compendium:

A. "Economic survey of Germany 2008" (April 2008). A policy brief (.pdf format, 11p.) is available free of charge. Ordering information is available at the site.,3343,en_2649_201185_40352840_1_1_1_1,00.html

B. "Economic survey of Japan 2008" (April 2008). A policy brief (.pdf format, 11p.) is available free of charge. Ordering information is available at the site.,3343,en_2649_201185_40353553_1_1_1_1,00.html

C. OECD Factbook 2008: Economic, Environmental and Social Statistics (April 2008, ISBN: 9789264040540). This compendium is available in print only. Ordering information is available at:


European Commission:

Eurostat Periodical: Statistics in Focus. The latest issues (8/31, 8/35, 8/37-8/38 .pdf format) are now available at the SIF website:,1136118&_dad=portal&_schema=PORTAL



Statistics Canada/Statistique Canada Reports, Periodical:

A. "Earnings Inequality and Earnings Instability of Immigrants in Canada," by Yuri Ostrovsky (Analytical Studies Branch Research Paper, April 2008, .pdf format, 51p.).

B. Canadian Economic Observer, Vol. 21, No. 4, April 2008, HTML and .pdf format, 124p.).



StatBank Denmark Update: "FIKS1: Purchases and sales (year) by industry and amount" (April 2008).



Statistics Iceland News Release: "Risk of poverty and income distribution 2003-2005" (Apr. 11, 2008).



State Statistical Office News Releases:

A. "GDP According to Purchasing Power Parity Per Head 2006" (April 2008, .pdf format, 5p.). The news release is in Macedonian, table heads are in Macedonian and English.

B. "Balance of electrical energy by months, 2006" (Apr. 14, 2008, .pdf format, 6p.). The news release is in Macedonian, table heads are in Macedonian and English.



Statistics Netherlands Web Magazine Articles:

A. "Municipal spending on income support down to five billion euro," (Apr. 8, 2008).

B. "Collectively agreed wages rise more in first quarter of 2008 than in whole of 2007," by Monique Hartog (Apr. 8, 2008).

C. "Dutch consumer confidence index drops faster than European average," by Pauline Sijrier-Goettsch (Apr. 8, 2008).

D. "International trade with Brazil remains limited" (Apr. 10, 2008).

E. "Greenhouse vegetables mainly exported" (Apr. 10, 2008).

F. "Randstad economy fourth largest in Europe," by Linda Koeman (Apr. 10, 2008).

G. "Proceeds government-imposed taxes again higher" (Apr. 10, 2008).

H. "Growth slowdown exports to the United States," by Bart Meijer and Oscar Lemmers (Apr. 10, 2008).

I. "Leisure activities income-related," by Linda Moonen (Apr. 15, 2008).

J. "Strong turnover rise for large construction companies in 2007," by Ron Duijkers and Ingrid Zum Vörde Sive Vörding (Apr. 15, 2008).



Statistics Norway News Releases:

A. "Accounting figures for joint stock companies in the information sector. 2006" (Apr. 9, 2008). There are links to 11 topical tables at the bottom of the news release.

B. "Natural gas, domestic use. 2007" (Apr. 9, 2008). There are links to two topical tables at the bottom of the news release.

C. "Energy balance 2007" (Apr. 9, 2008). There are links to seven topical tables at the bottom of the news release.

D. "Income statistics for households. Wealth and debt, 2006" (Apr. 14, 2008). There are links to four topical tables at the bottom of the news release.



Ministry of National Economy Periodical: Monthly Statistical Bulletin March 2008 (Vol. 19, No. 3, April 2008, .pdf format).



Central Statistical Office Report: Registered unemployment I-IV quarter 2007" (April 2008, .pdf and .zip compressed .pdf format, 114p.). The report is in Polish and English.



Statistical Office News Releases:

A. "Labour Force Survey Results, Slovenia, 2007" (Apr. 7, 2008).

B. "Crop Production, Slovenia, 2007" (Apr. 7, 2008).



National Statistics Office Periodical, Article:

A. Economic & Labour Review (Vol. 2, No. 4, April 2008, .pdf format, 67p.).

B. "Expenditure on Health Care in the UK 1997 - 2006," by Katherine Mills (April 2008, .pdf format, 4p.).

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University of Chicago Press Book: Financial Markets Volatility and Performance in Emerging Markets, edited by Sebastian Edwards and Márcio G. P. Garcia (2008, 304p., ISBN: 978-0-226-18495-1). For more information see:


RAND Corporation Technical Report: "Investor and Industry Perspectives on Investment Advisers and Broker-Dealers," by Angela A. Hung, Noreen Clancy, Jeff Dominitz, Eric Talley,Claude Berrebi and Farrukh Suvankulov (#TR-556-SEC. 2008, .pdf format, 204p.).


Roper Center (University of Connecticut) Topics at a Glance: The latest Topics at a Glance concerns "Public Opinion on Personal Finances." The site links to relevant poll numbers, datasets, and articles. Check your organization's library for your level of access to the Roper data collection.;start=HS_special_topics?Topic=personal_finances


American Enterprise Institute Report: "Three Cheers for the Decline of the Corporate Income Tax," by Alan D. Viard (Tax Policy Outlook No. 2, April 2008, .pdf format, 6p.).


Conference Board Press Release: "CEO Confidence Declines Again, The Conference Board Reports," (Apr. 14, 2008).

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Federal Reserve Banks:

Federal Reserve Bank of Minneapolis [Minnesota]: "Intermediated Quantities and Returns," by Rajnish Mehra, Facundo Piguillem and Edward C. Prescott (Staff Report 405, April 2008, .pdf and PostScript format, 38p.). Links to an abstract and full text are available at:


US Census Bureau Center for Economic Studies: "The Efficiency of Internal Capital Markets: Evidence from the Annual Capital Expenditure Survey," by Sumit Agarwal, Victor Souphom, and Guy Yamashiro (CES-WP-08-08, April 2008, .pdf format, 31p.).


We empirically examine whether greater firm diversity results in the inefficient allocation of capital. Using both COMPUSTAT and the Annual Capital Expenditure Survey (ACES) we find firm diversity to be negatively related to the efficiency of investment. However once we distinguish between capital expenditure for structures and equipment, we find that while firms do inefficiently allocate capital for equipment, they efficiently allocate capital for structures. These results suggest that when the decision will have long-lasting repercussions, headquarters will, more often than not, make the correct choice.


University of Wisconsin Institute for Research on Poverty: "On-the-Job Search, Minimum Wages, and Labor Market Outcomes in an Equilibrium Bargaining Framework," by Christopher Flinn and James Mabli (Discussion Paper No. 1337-08, April 2008, .pdf format, 41p.).


We look at the impact of a binding minimum wage on labor market outcomes and welfare distributions in a partial equilibrium model of matching and bargaining in the presence of on-the-job search. We use two different specifications of the Nash bargaining problem. In one, firms engage in a Bertrand competition for the services of an individual, as in Postel-Vinay and Robin (2002). In the other, firms do not engage in such competitions, and the outside option used in bargaining is always the value of unemployed search. We estimate both bargaining specifications using a Method of Simulated Moments estimator applied to data from a recent wave of the Survey of Income and Program Participation. Even though individuals will be paid the minimum wage for a small proportion of their labor market careers, we find significant effects of the minimum wage on the ex ante value of labor market careers, particularly in the case of Bertrand competition between firms. An important futures goal of this research agenda is to develop tests capable of determining which bargaining framework is more consistent with observed patterns of turnover and wage change at the individual level.


Levy Economic Institute of Bard College [Annandale-on-Hudson, NY]: "Changes in the U.S. Financial System and the Subprime Crisis," by Jan Kregel (Working Paper No. 530, April 2008, .pdf format, 20p.). 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 Apr. 5-Apr. 12, 2008:

The new issues are: 13926-13932


Australian National University College of Business and Economics: "American and European Financial Shocks: Implications for Chinese Economic Performance," by Ian Bain and Rod Tyres (Working Paper No. 491, April 2008, .pdf format, 27p.).


With exports almost half of its GDP and most of these directed to Europe and North America, negative financial shocks in those regions might be expected to retard China's growth. Yet mitigating factors include the temporary flight of North American and European savings into Chinese investment and some associated real exchange rate realignments. These issues are explored using a dynamic model of the global economy. A rise in American and European financial intermediation costs is shown to retard neither China's GDP nor its import growth in the short run. Should the Chinese government act to prevent the effects of the investment surge, through tighter inward capital controls or increased reserve accumulation, the associated losses would be compensated by a trade advantage since its real exchange rate would appreciate less against North America than those of other trading partners. The results therefore suggest that, so long as the financial shocks are restricted to North America and Western Europe, China's growth and the imports on which its trading partners rely are unlikely to be significantly hindered.


Statistics Canada/Statistique Canada: "An Index of Community Vulnerability: Conceptual Framework and Application to Population and Employment Changes," by Alessandro Alasia, Ray D. Bollman, John Parkins, and Bill Reimer (Agriculture and Rural Working Paper Series No. 88, April 2008, .pdf format, 62p.). Links to an abstract and full text are available at:


Deutsch Bandesbank: "Estimating asset correlations from stock prices or default rates - which method is superior?" by Klaus Düllmann, Jonathan Küll, and Michael Kunisch (Banking and Financial Studies No 04/2008, April 2008, .pdf format, 40p.).


This paper sets out to help explain why estimates of asset correlations based on equity prices tend to be considerably higher than estimates based on default rates. Resolving this empirical puzzle is highly important because, firstly, asset correlations are a key driver of credit risk and, secondly, both data sources are widely used to calibrate risk models of financial institutions. By means of a simulation study, we explore the hypothesis that differences in the correlation estimates are due to a substantial downward bias characteristic of estimates based on default rates. Our results suggest that correlation estimates from equity returns are more efficient than those from default rates. This finding still holds if the model is misspecified such that asset correlations follow a Vasicek process which a affects foremost the estimates from equity returns. The results lend support for the hypothesis that the downward bias of default-rate based estimates is an important although not the only factor to explain the differences in correlation estimates. Furthermore, our results help to quantify the estimation error of asset correlations dependent on the risk characteristics of the underlying data base.


Bank of England: "Non-linear adjustment of import prices in the European Union," by José Manuel Campa, José M González Mínguez and María Sebastiá Barriel (Working Paper No 347, April 2008, .pdf format, 35p.).


This paper focuses on the non-linear adjustment of import prices in national currency to shocks in exchange rates and foreign prices measured in the exporters' currency of products originating outside the euro area and imported into European Union countries (EU-15). The paper looks at three different types of non-linearities: (a) non-proportional adjustment (the size of the adjustment grows more than proportionally with the size of the misalignments), (b) asymmetric adjustment to cost-increasing and cost-decreasing shocks, and (c) the existence of thresholds in the size of misalignments below which no adjustment takes place. There is evidence of more than proportional adjustment towards long-run equilibrium in manufacturing industries. In these industries, the adjustment is faster the further away current import prices are from their implied long-run equilibrium. In contrast, a proportional linear adjustment cannot be rejected for some other imports (especially within agricultural and commodity imports). There is also strong evidence of asymmetry in the adjustment to long-run equilibrium. Deviations from long-run equilibrium due to exchange rate appreciations of the home currency result in a faster adjustment than those caused by a home currency depreciation. Finally, we also find that adjustment takes place in the industries in our sample only when deviations are above certain thresholds, and that these thresholds tend to be somewhat smaller for manufacturing industries than for commodities.


International Monetary Fund: IMF has recently added new working papers. The papers are Nos. 08/88-08/90.


World Bank Policy Research Programme: PRP has recently released several new working papers. See the list at:

New Papers are: 4586-4593.


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

The new working papers are: 3436-3450.


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 2272-2283.


New Economic Papers (NEP)-ALL. The latest list of New Economic Papers (Apr. 4, 2008).


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):

Economic Inquiry (Vol. 46, No. 2, April 2008). Note: Full text of this journal is available in the ProQuest Research Library. Check your library for availability of this database and issue.

European Economic Review (Vol. 52, No. 3, April 2008).

Games and Economic Behavior (Vol. 63, No. 1, May 2008).

IMF Staff Papers (Vol. 55, No. 1, April 2008).

Quarterly Journal of Economics (Vol. 123, No. 2, May 2008). Note: Full text of this journal is available in the ProQuest Research Library. Check your library for availability of this database and issue.

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Chronicle of Higher Education:

Economic positions has been updated through Apr. 15, 2008.

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U.S. Congress Joint Economic Committee Report: "A Good Job Is Hard To Find: Evidence For Extending Unemployment Insurance Benefits Already Existed,"by Senator Charles E. Schumer and Rep. Carolyn B. Maloney (April 2008,.pdf format, 10p.).

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US Department of Agriculture, Economic Research Service:

A. "Agricultural Outlook: Statistical Indicators" (March 2008, .pdf and Microsoft Excel and .zip compressed Microsoft Excel format). "The statistical indicators formerly provided in Agricultural Outlook magazine will continue to be updated regularly. These tables include data on individual commodities, the general economy, agricultural trade, farm income and expenses, farm prices, food prices and expenditures, and other statistical indicators of the food and agriculture system."

B. "Livestock and Meat Trade Data" (April 2008, HTML, Microsoft Excel, and/or .pdf format).

See Apr. 10, 2008 entries.

C. "International Baseline Data" (April 2008, Microsoft Excel format). International baseline projections indicate supply, demand, and trade for major agricultural commodities for selected countries. These projections provide foreign country detail supporting the annual USDA agricultural baseline, which are longrun, 10-year projections." The latest projections are to 2017.

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