Reserve ratios: A proposal for change

The paper addresses the problem of Fed control of the money supply and the inherent instability of a fractional reserve banking system which Friedman covered in A Program for Monetary Stability. While Friedman proposed a 100 percent reserve requirement as a solution, this work suggests a change from imposing legal reserve ratios on specific liabilities to one of imposing them on total bank liabilities. Reserve ratios are compared to tax rates. Friedman's proposal is to increase the tax rate to 100 percent on specific liabilities and pay interest on reserve balances at the Fed. The proposal of this paper is to keep the tax rates (present reserve ratios) but change the tax base. It is shown that the Fed would gain control over the maximum expansion of banks, but would lose direct control over specific liabilities. The Fed would not tax some liabilities and subsidize others. The Fed could concentrate on setting the tone of the money market and allow the public to use whatever set of bank liabilities it desires as money without specific penalty.     

Is group selection necessary? An alternative interpretation of homogeneous Middleman groups: Comments on Janet Landa’s paper

This article critiques the efforts by Janet Landa, David Sloan Wilson and others to use group selection paradigms to explain the success of homogenous middlemen groups (HMGs). It argues that group selection theory cannot explain the conflicts of interests that arise within HMGs or why they dissolve in certain occasions. Landa’s earlier explanations, which stressed the combination of genetic (kinship) and social bonds in the creation of trust and cooperation in the extension of credit and the creation of local public goods, better predicts both the strength and weaknesses of HMGs.      

Social economics and economics imperialism

Address delivered at a session on April 2, 1993 at the Midwest regional meetings of the Association for Social Economics, Indianapolis, IN.     

Tradeable permits,missing markets,and technology

This paper examines the effects of missing markets, heterogeneous pollutants, and the pollution technology of firms on the efficacy of transferable pollution permits. Under the assumption of perfect competition in all markets, we show that if firms can substitute among pollutants, then setting the optimal number of permits for only one pollutant will not, in general, lead to an efficient outcome. The degree of the inefficiency will depend on the information set available to the regulator and the substitutability among pollutants by firms. When establishing transferable pollution rights regulators should, therefore, consider the technology of firms. If firms discharge pollutants in the same fixed proportions, then the regulator need only set a market for one of the pollutants to ensure an efficient outcome. Where firms can substitute among pollutants, however, establishing a market for only one pollutant provides an incentive for firms to substitute to unregulated ones. This is an important policy issue as substitutability among pollutants within and across production processes may dampen the dynamic advantages of a tradeable permit policy.     

Qualified medical child support orders--California health insurance coverage assignment orders--national medical support notices: what's a plan administrator to do?

Many employer-sponsored health plans and multi-employer health benefit trusts have seen an increase in medical child support orders (MCSOs), and they can anticipate receiving a greater number in the future. Once regulations are final for the national medical support notice (NMSN) required by the Child Support Performance and Incentive Act of 1998, plans should also begin receiving these. In preparation, plan administrators should ensure that they have proper procedures in place for determining whether MCSOs and NMSNs constitute QMCSOs.     

Comprehensive assessment of patients with irritable bowel syndrome with constipation and chronic idiopathic constipation using deterministically linked administrative claims and patient-reported data: the Chronic Constipation and IBS-C Treatment and Outcomes Real-World Research Platform (CONTOR)

Abstract

Aims

To characterize a US population of patients with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC) using CONTOR, a real-world longitudinal research platform that deterministically linked administrative claims data with patient-reported outcomes data among patients with these conditions.     

Making study abroad a reality for all students

One of the most widely discussed and highly agreed upon curricular issues for business and economic programs is the need to integrate international topics into the curriculum. Evidence indicates that little progress has been made in achieving this objective. To ignite the process of internationalizing the curriculum, a departmental study abroad program, based on the experience of Niagara University and Schiller International University, is proposed. Unlike most study abroad models, this approach systematically links the curricula of the host and domestic institutions. Faculty, who on most campuses are largely bystanders in the study abroad process, now assume a central role. This approach makes study abroad a major campus focus and a source of faculty development in international topics.