Current Social Science Research Report--Economics #63, May 13, 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. Bureau of Labor Statistics News Release: "Preliminary Multifactor Productivity Trends, 2007" (May 6, 2008, HTML and .pdf format, 6p.).

2. Energy Information Administration Report, Country Analysis Brief: "OPEC Oil Export Revenues," (May 2008, HTML and .pdf format, 3p.).

3. US Government Economic Releases from the National Bureau of Economic Research: Links to releases for May 6-13, 2007 are available at the site.

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US States:


University of Alabama Center for Business and Economic Research Presentation: "Q2 2008 Alabama Business BLCI (Business Leaders Confidence Index) and Economic Outlook Data Update," by Sam Addy (May 2008, Microsoft PowerPoint format, 31 slides).


Department of Business, Economic Development, and Tourism" Report: "Quarterly Statistical & Economic Report: 2nd Quarter 2008" (May 2008, .pdf format, 152p., with tables in .zip compressed Microsoft Excel format).


Stats Indiana Updates: Stats Indiana has updated the following data (May 2008).

Quarterly Covered Employment and Wages & Industry Clusters, 3rd qtr. 2007 p, 1st qtr. 2007 r., 2nd qtr. 2007 r

Local Unemployment (all counties & places with population 25,000 plus), Mar 2008

U.S. Employment and Unemployment, Apr 2008

Local Unemployment (all counties & places with population 25,000 plus), 2007 annual

See links on the right side of the page.


State Data Center Updates: The SDC updated the following data on May 9, 2008 (.pdf and Microsoft Excel format): Iowa Counties: "Federal expenditures by program: 2003-2006 (individual counties)."

See under May 9, 2008 listing.

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NGOs and Other Countries:

United Nations:

Economic Commission for Latin America and Caribbean Report: "Foreign Investment in Latin America and the Caribbean 2007," (May 2008, .pdf format, 273p.).


European Commission:

Eurostat Periodical, News Release:

A. Statistics in Focus. The latest issue (8/45-8/46, .pdf format) is now available at the SIF website:,1136118&_dad=portal&_schema=PORTAL

B. "An EU27 trade deficit of 17 billion euro with the LAC countries in 2007" (May 13, 2008,.pdf format, 4p.).

C. "EU27 spent 27.2% of GDP on social protection" (May 8, 2008, .pdf format, 3p.).


International Monetary Country Reports: The latest Country Reports (.pdf format) span the time period from May 7-May 13, 2008 (No. 08/151-08/155):



Statistics Canada/Statistique Canada Report, The Daily Article:

A. "The Canadian Immigrant Labour Market in 2007," by Jason Gilmore (Immigrant Labour Force Analysis Series, May 2008, .pdf format, 30p.).

B. "Foreign direct investment: 2007" (May 6, 2008).



Central Statistical Office Periodical: Statistical Reflections (Vol. 2, No. 7, May 2008, .pdf format, 1p.). The topic of this issue is: "The labour market in Hungary, between 1998 and 2007."



Statistics Iceland Reports:

A. "Export and export production of marine products 2007" (May 2008,.pdf format, 23p.). The report is in Icelandic, with an English summary. Tables are in Icelandic, with English heads.

B. "External trade of goods in 2007" (May 2008, .pdf format, 23p.).

C. "Tourist Accommodation 2007" (May 2008, .pdf format, 35p.). The report is in Icelandic. Tables are in Icelandic, with English heads.



Central Statistics Office/An Phriomh-Oifig Straidrimh Reports:

A. "Small Business in Ireland: 2008 Edition" (May 2008, .pdf format, 89p.). The report is linked to from a CSO/AP-O S news release: "Small Business in Ireland 2008 Edition" (May 9, 2008). Link to full text is at the bottom of the news release.

B. Institutional Sector Accounts: Financial 2001-2007" (May 2008, .pdf format, 20p., with tables in Microsoft Excel format:





Department of Statistics Reports:

A. "Economic Census 2006 Malaysia - Transportation and Communications" (May 2008, .pdf format, 5p.).

B. "Economic Census 2006 Malaysia - Selected Services" (May 2008, .pdf format, 3p.).

For both:

and scroll down to the reports on the left side of the page under "Latest Publications."



Statistics Netherlands Web Magazine Articles:

A. "Trade with Estonia considerably down" (May 8, 2008).

B. "More people working on permanent contracts" (May 8, 2008).



Statistics Norway News Releases:

A. "Construction, structural business statistics, 2006" (May 6, 2008). The news release links to 10 topical tables.

B. "Sewage and refuse disposal, sanitation and similar activities, structural statistics 2006" (May 7, 2008). The news release links to seven topical tables.

C. "Real estate, renting and business activities, Structural business statistics, 2006" (May 7, 2008). The news release links to seven topical tables.

D. "Personal services, structural business statistics, 2006" (May 7, 2008). The news release links to 10 topical tables.

E. "Work stoppages, 2007" (May 8, 2008). The news release links to one topical table.

F. "Structural statistics, wholesale and retail trade, 2006" (May 13, 2008). The news release links to 11 topical tables.

G. "Emissions of NMVOC, nitrogen oxides and ammonia. 1990-2007" (May 13, 2008). The news release links to five topical tables.

H. "Greenhouse gas emissions. 1990-2007. Preliminary numbers" (May 13, 2008). The news release links to five topical tables.


Palestinian National Authority Press Release: "Labour Force Survey Results, First Quarter 2008 (January-March,) Round" (May 7, 2008, .pdf format, 34p.).



National Statistical Coordination Board News Release: "Headline Inflation Rate for April 2008 is Highest Since May 2005" (May 9, 2008).



Central Statistical Office Reports:

A. "Outlays and results in industry of 2007" (May 2008, .pdf and .zip compressed .pdf format, with accompanying tables in Microsoft Excel format, 149p.). The report is in Polish and English.

B. "Poland Quarterly Statistics No 4/2007" (May 2008, .pdf and .zip compressed .pdf format, 76p.).



National Institute of Statistics Periodical: Prices: Statistical Bulletin (No. 3, May 2008, .pdf format, 69p.). The periodical is in Romanian and English.

Click on the title page icon below the title for link to full text.



Statistics Sweden Press Releases:

A. "New construction of residential buildings: Increase of new one- or two-dwelling buildings" (May 8, 2008).

B. "Hazardous chemicals 2006: Harmful substances are still used" (May 12, 2008).



State Statistics Committee Reports:

A. "Science and technical activity: 2007" (May 12, 2008).

B. "Innovation activity of industrial enterprises: 2007 (May 12, 2008).

C. "Research and Development activity (1995-2007)" (May 12, 2008).

D. "Exports - Imports in Services of Countries in 2007" (May 6, 2008).



National Statistics Office Periodical, First Release:

A. Financial Statistics, edited by Natu Somabhai Patel (No. 553, May 2008, .pdf format, 291p.).

B. "Regional Disposable Household Income" (May 9, 2008, .pdf format, 21p.).

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Pew Research Center for the People & the Press Article: "Hard Hats See Hard Times," by Michael Dimock (May 2008).


Rand Corporation Report: "The Economics of Early Childhood Policy: What the Dismal Science Has to Say About Investing in Children," by M. Rebecca Kilburn and Lynn A. Karoly (OP-227-CFP, 2008, .pdf format, 48p.).


European Central Bank Occasional Paper: "Short-term forecasting of GDP using large monthly datasets: a pseudo real-time forecast evaluation exercise," by Karim Barhoumi, Szilard Benk, Riccardo Cristadoro, Ard Den Reijer, Audrone Jakaitiene, Piotr Jelonek, António Rua, Gerhard Rünstler, Karsten Ruth and Christophe Van Nieuwenhuyze (Occasional Paper No. 84, April 2008,.pdf format, 23p.).

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Federal Reserve Banks:

Federal Reserve Bank of Boston [Massachusetts]: "Designing State Aid Formulas: The Case of a New Formula for Distributing Municipal Aid in Massachusetts," by Bo Zhao and Katharine Bradbury (WP 08-1, April 2008, .pdf format, 47p.).


This paper designs a new equalization-aid formula based on fiscal gaps of local communities. Using conceptual analysis and simulations with Massachusetts data, the authors illustrate the tradeoffs that policymakers face in deciding on the policy variables in the formula and lay out several general guidelines for setting up these variables. When states are in transition to a new local aid formula, the issue of whether and how to hold existing aid harmless poses a challenge. The authors show that previous studies and the formulas derived from them give differential weights to existing and new aid in filling the gap and hence effectively treat communities receiving greater amounts of existing aid more favorably than communities receiving less or no existing aid. As a fairer alternative, the authors propose a new approach that considers existing and new aid within a consistent framework by taking account of both in filling the gap. In addition, unlike previous research that focuses only on a single year’s new aid distribution, the authors simulate the dynamics of aid distributions over multiple years and examine their evolution over time. The authors further provide and compare several possible solutions to addressing the possible tradeoffs between short-term and long-term goals. Although the proposed aid formula is designed for municipal aid and tailored to Massachusetts, the authors note that foundation aid formulas for education implicitly treat existing aid in the same way and suggest that the framework, principles, and policy recommendations might also be applicable to other states designing new municipal aid formulas.

Federal Reserve Bank of Dallas [Texas]: "The Effect of Minimum Wages on Immigrants' employment and earnings," by Pia Orrenius and Madeline Zavodny (Working Paper 08-03, April 2008, .pdf format, 40p.).


This study examines how minimum wage laws affect the employment and earnings of low-skilled immigrants and natives in the U.S. Minimum wage increases might have larger effects among low-skilled immigrants than among natives because, on average, immigrants earn less than natives due to lower levels of education, limited English skills, and less social capital. Results based on data from the Current population Survey for the years 1994-2005 do not indicate that minimum wages have adverse employment effects among adult immigrants or natives who did not complete high school. However, low-skilled immigrants may have been discouraged from settling in states that set wage floors substantially above the federal minimum.

Federal Reserve Bank of Minneapolis [Minnesota]: "Temporary Price Changes and the Real Effects of Monetary Policy," by Patrick J. Kehoe and Virgiliu Midrigan (Working Paper 661, May 2008, .pdf and PostScript format, 35p.). Links to an abstract and full text are available at:

Federal Reserve Bank of Philadelphia [Pennsylvania]: "Monetary Policy in a Channel System," by Aleksander Berentsen and Cyril Monnet (Working Paper No. 08-7, May 2008, .pdf format, 43p.).


Channel systems for conducting monetary policy are becoming increasingly popular. Despite its popularity, the consequences of implementing policy with a channel system are not well understood. The authors develop a general equilibrium framework of a channel system and study the optimal policy. A novel aspect of the channel system is that a central bank can "tighten" or "loosen" its policy without changing its policy rate. This policy instrument has so far been overlooked by a large body of the literature on the optimal design of interest-rate rules.


National Bureau of Economic Research: NBER has released the following working papers for the week of May 4-10, 2008:

New papers are: 13958-13987


Rand Corporation Labor and Population Program: "Divergence in Labor Market Institutions and International Business Cycles," by Raquel Fonseca, Lise Patureau and Thepthida Sopraseuth (WR562, April 2008, .pdf format, 42p.). Links to an abstract and full text are available at:


International Monetary Fund: IMF has recently added new working papers. The papers are Nos. 08/119-08/121.


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

New papers are: 4616-4618.


Bank of Canada:

A. "Price Level versus Inflation Targeting under Model Uncertainty," by Gino Cateau (Working Paper No. 2008-15, May 2008,.pdf format, 30p.). Links to an abstract and full text are available at:

B. "Driving Forces of the Canadian Economy: An Accounting Exercise," by Simona E. Cociuba and Alexander Ueberfeldt (Working Paper No. 2008-14, May 2008,.pdf format, 44p.). Links to an abstract and full text are available at:

C. "Uncertainty, Inflation, and Welfare," by Jonathan Chiu and Miguel Molico (Working Paper No. 2008-13, May 2008,.pdf format, 32p.). Links to an abstract and full text are available at:


Bank of Israel: "Ethnic Conflict and Job Separations," by Sami Miaari, Asaf Zussman and Noam Zussman (Discussion Paper No. 2008.04, May 2008,.pdf format, 29p.). Links to an abstract and full text are available via:


College of Business and Economics [Australian National University]: "Developing Countries Spreading Covariant Risk Into International Risk Markets: Subsidised Catastrophe Bonds Or Reinsurance, Or Disaster Assistance?" by Tse-Ling Teh and Alan Martina (Working Paper No. 492, April 2008, .pdf format, 65p.).


Poor developing countries, faced with high levels of covariant risk ideally should spread this risk into the international risk market. How might this best be done - given that through diversification this market will tend to gain from absorbing this risk? Conglomerates of intermediate financial institutions may need to be formed in developing countries to acquire risk-transfer financial instruments. The preferred instrument is subsidised catastrophe bonds and not reinsurance or lump-sum foreign disaster assistance. Numerical analysis is employed as part of the demonstration of this point. Disaster foreign aid also should take the form of subsidising the issuing of catastrophe bonds by developing countries.


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 2294-2299.


New Economic Papers (NEP)-ALL. The latest list of New Economic Papers (May 5, 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):

Journal of Economic Theory (Vol. 140, No. 1, May 2008).

Journal of International Economics (Vol. 75, No. 1, May 2008).

Journal of Monetary Economics (Vol. 55, No. 3, April 2008).

Management Science (Vol. 54, No. 5, May 2008).

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Chronicle of Higher Education:

Economic positions has been updated through May 13, 2008.

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US Senate Committee on Finance Hearing Testimony: "Cracking the Code--Tax Reform for Individuals," a hearing held May 13, 2008. (.pdf format).

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JSTOR Update: The following journals have been added to the JSTOR archive. To view all the journals in the archive see:

To determine whether your institution is a JSTOR member:

and what the "moving wall" of publication dates for these and all JSTOR publications is:

The Canadian Journal of Economics / Revue canadienne d'Economique

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