A note on the value of crime control: Evidence from the property market

This note provides evidence on the amount people are willing to pay for crime control. The theory of hedonic price indexes is used to derive estimates from property values. The results are consistent with both theory and intuition.     

PUBLIC POLICY TOWARDS PRIVATE PENSIONS

This paper reviews and evaluates public policy towards private pensions which has developed in the U.S. over the past 60 years. It is shown that research results reported in the literature are not sufficiently conclusive to permit resolution of all, or even the most important, efficiency questions that surround pension policy. Given available information, a series of policy recommendations are made to either retain or alter current federal policy towards pensions. Unanswered research questions that prevent a more definitive set of conclusions are identified and discussed     

Money growth and the employment aspirations of black Americans

Conclusion Irrespective of other economic initiatives in the area of fiscal and regulatory policies that may be required, there will not likely be an improvement in the employment situation for black Americans unless policy-makers gain a better handle on the conduct of monetary policy. The implication is that the welfare of black Americans tends to improve most when the economy is experiencing high and steady rates of economic growth. The single most important tool for achieving that growth is a highly stable rate of monetary growth that is roughly in line with the longterm growth of the economy.     

MYTH AND TECHNOLOGY IN THE AMERICAN ACCOUNTING PROFESSION

The American accounting profession attempts to provide the public with efficient and effective financial reports; but to succeed, it must satisfy an environment of diverse, often conflicting, institutions. This article critically interprets the profession's development, arguing that it displays an interplay of myth and technology. This interplay generates structural flaws in the profession as well as a bias against reform.     

Do forecast errors or term premia really make the difference between long and short rates?

Forward rates in the term structure of interest contain predictions of future spot rates plus (possibly) term premia. Realized spot rates contain predicted spot rates plus forecast errors. Under rational expectations forecast errors are not predictable. By forecasting spot rates using publicly available information, bounds on the variation of forecast errors, and term premia are obtained. For one-month treasury bill rates, one to two thirds of the variation in the difference between forward rates and realized spot rates is due to variation in term premia.