Lawrence Marsh | University of Chicago (original) (raw)
Videos by Lawrence Marsh
Over the years the Wall Street financial markets have become less and less connected to Main Stre... more Over the years the Wall Street financial markets have become less and less connected to Main Street. The supply-side tools that the Federal Reserve uses have a much greater impact on Wall Street than on Main Street. A new demand-side tool is needed to stop excessive inflation without causing a recession, or to stimulate the real economy in the face of an economic downturn. The proposed Federal Reserve postal bank accounts would recreate the post office bank accounts that existed for 56 years in the USA from 1910 to 1966. Instead of raising interest rates in financial markets that only suppresses supply, the Fed could leave those rates relatively low and offer high interest rates in 34,000 post office that are dispersed throughout the country to motivate the consumers with the highest marginal propensities to consume to save more and spend less. Working through the demand side makes more sense when too much money is changing too few goods. Get more bang for the buck using less money.
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Papers by Lawrence Marsh
Journal of Marriage and Family, Feb 1, 1991
Winter Simulation Conference, Dec 5, 1977
Journal of Econometrics, Jul 1, 2004
A graduate program has to decide how many offers of admission to make to achieve a targeted numbe... more A graduate program has to decide how many offers of admission to make to achieve a targeted number of acceptances for its entering class given uncertainty about how many will accept such offers. We first structure and solve selection problems under the assumption that probabilities associated with uncertain outcomes have assumed values using symmetric and asymmetric loss functions and show sensitivity of solutions to errors in these assumed values. Then we show how these problems can be solved when these probabilities are heterogeneous and have to be estimated from sample data.
Journal of Econometrics, Jul 1, 2004
Abstract This special issue examines the role of econometrics in controlling for unobserved facto... more Abstract This special issue examines the role of econometrics in controlling for unobserved factors that could bias our understanding of key issues in higher education. The usual identification assumption of linear selection on observables is frequently found lacking. The authors show their determination and ingenuity in devising various strategies to avoid the inconsistency and, generally, to reduce the bias typically forthcoming in such cases. These researchers have made significant progress in overcoming these obstacles.
Journal of Applied Business Research, Jan 31, 2011
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Journal of Family Issues, Jun 1, 1981
THIS article uses a simultaneous equation model to explain the number of hours of paid market wor... more THIS article uses a simultaneous equation model to explain the number of hours of paid market work by husbands and wives. The analysis is restricted to married couples living together where both wife and husband have jobs working for money. Within this context, whites and blacks are compared as salaried, union hourly, and nonunion hourly groups. The substitutability or complementarity of husbands' and wives' hours of market work is examined. Black husbands appear to treat their wives' work as complementary to their own hours of work. On the other hand, white husbands on salaries appear to see their wives' work as a substitute for their own work.
Journal of Development Economics, Feb 1, 1981
National Tax Journal, Dec 1, 1975
In his survey article on the effects of grants on state and local government expenditures, Edward... more In his survey article on the effects of grants on state and local government expenditures, Edward Grämlich noted that the issue of simultaneous equations bias has generated a good deal of controversy.1 Grämlich pointed out that "there has been a flood of studies dealing with the effects of grants . . . and each study has invariably been followed by a comment attributing everything to simultaneous equation bias." Such criticisms have been primarily in the abstract with little attempt to determine if the existence of simultaneous equations bias alters policy conclusions in any particular study. Moreover, studies in this area have avoided considering possible correlation between disturbances across equations requiring a full-information simultaneous equations system-estimating procedure such as three-stage least squares. With this in mind, this note reexamines John Weicher's state aid and local expenditures model to find out if simultaneous equations bias matters (in Weicher's study, at least).2 Weicher's hypothesis is that state aid to the board of education has the same effect
Applied Economics Letters, Dec 1, 1998
SAGE Publications, Inc. eBooks, Jun 17, 2016
Journal of Economic Issues, Jun 1, 1995
The role of investment in contributing to weak and negative GDP growth is well established by Key... more The role of investment in contributing to weak and negative GDP growth is well established by Keynesian theory. There are substantial dif-ferences among theories of the determinants of investment behavior, how-ever. Post Keynesian models rely on capital costs and financial ...
Oxford Bulletin of Economics and Statistics, May 1, 2000
Marketing Science, Aug 1, 1999
RePEc: Research Papers in Economics, 1983
ILO pub. Working paper on employment creation and choice of technology of multinational enterpris... more ILO pub. Working paper on employment creation and choice of technology of multinational enterprises in developing countries, comprising a literature survey and a case study of Brazil - examines the theoretical background; based on a sample survey (1974-1978), discusses ownership, technical rigidities, market structure, size of enterprise, vertical integration, etc., and tests the hypothesis that foreign enterprises choose more capital intensive techniques. References.
Presidential Studies Quarterly, Apr 26, 2017
Land Economics, Feb 1, 1983
Page 1. Production Conditions in Guatemala's Key Agricultural Product: Corn Lawrence C. Mars... more Page 1. Production Conditions in Guatemala's Key Agricultural Product: Corn Lawrence C. Marsh, Kenneth P. Jameson, and Joseph M. Phillips INTRODUCTION In most work on development during the 1950s and 1960s, the ...
Over the years the Wall Street financial markets have become less and less connected to Main Stre... more Over the years the Wall Street financial markets have become less and less connected to Main Street. The supply-side tools that the Federal Reserve uses have a much greater impact on Wall Street than on Main Street. A new demand-side tool is needed to stop excessive inflation without causing a recession, or to stimulate the real economy in the face of an economic downturn. The proposed Federal Reserve postal bank accounts would recreate the post office bank accounts that existed for 56 years in the USA from 1910 to 1966. Instead of raising interest rates in financial markets that only suppresses supply, the Fed could leave those rates relatively low and offer high interest rates in 34,000 post office that are dispersed throughout the country to motivate the consumers with the highest marginal propensities to consume to save more and spend less. Working through the demand side makes more sense when too much money is changing too few goods. Get more bang for the buck using less money.
1 views
Journal of Marriage and Family, Feb 1, 1991
Winter Simulation Conference, Dec 5, 1977
Journal of Econometrics, Jul 1, 2004
A graduate program has to decide how many offers of admission to make to achieve a targeted numbe... more A graduate program has to decide how many offers of admission to make to achieve a targeted number of acceptances for its entering class given uncertainty about how many will accept such offers. We first structure and solve selection problems under the assumption that probabilities associated with uncertain outcomes have assumed values using symmetric and asymmetric loss functions and show sensitivity of solutions to errors in these assumed values. Then we show how these problems can be solved when these probabilities are heterogeneous and have to be estimated from sample data.
Journal of Econometrics, Jul 1, 2004
Abstract This special issue examines the role of econometrics in controlling for unobserved facto... more Abstract This special issue examines the role of econometrics in controlling for unobserved factors that could bias our understanding of key issues in higher education. The usual identification assumption of linear selection on observables is frequently found lacking. The authors show their determination and ingenuity in devising various strategies to avoid the inconsistency and, generally, to reduce the bias typically forthcoming in such cases. These researchers have made significant progress in overcoming these obstacles.
Journal of Applied Business Research, Jan 31, 2011
N/A
Journal of Family Issues, Jun 1, 1981
THIS article uses a simultaneous equation model to explain the number of hours of paid market wor... more THIS article uses a simultaneous equation model to explain the number of hours of paid market work by husbands and wives. The analysis is restricted to married couples living together where both wife and husband have jobs working for money. Within this context, whites and blacks are compared as salaried, union hourly, and nonunion hourly groups. The substitutability or complementarity of husbands' and wives' hours of market work is examined. Black husbands appear to treat their wives' work as complementary to their own hours of work. On the other hand, white husbands on salaries appear to see their wives' work as a substitute for their own work.
Journal of Development Economics, Feb 1, 1981
National Tax Journal, Dec 1, 1975
In his survey article on the effects of grants on state and local government expenditures, Edward... more In his survey article on the effects of grants on state and local government expenditures, Edward Grämlich noted that the issue of simultaneous equations bias has generated a good deal of controversy.1 Grämlich pointed out that "there has been a flood of studies dealing with the effects of grants . . . and each study has invariably been followed by a comment attributing everything to simultaneous equation bias." Such criticisms have been primarily in the abstract with little attempt to determine if the existence of simultaneous equations bias alters policy conclusions in any particular study. Moreover, studies in this area have avoided considering possible correlation between disturbances across equations requiring a full-information simultaneous equations system-estimating procedure such as three-stage least squares. With this in mind, this note reexamines John Weicher's state aid and local expenditures model to find out if simultaneous equations bias matters (in Weicher's study, at least).2 Weicher's hypothesis is that state aid to the board of education has the same effect
Applied Economics Letters, Dec 1, 1998
SAGE Publications, Inc. eBooks, Jun 17, 2016
Journal of Economic Issues, Jun 1, 1995
The role of investment in contributing to weak and negative GDP growth is well established by Key... more The role of investment in contributing to weak and negative GDP growth is well established by Keynesian theory. There are substantial dif-ferences among theories of the determinants of investment behavior, how-ever. Post Keynesian models rely on capital costs and financial ...
Oxford Bulletin of Economics and Statistics, May 1, 2000
Marketing Science, Aug 1, 1999
RePEc: Research Papers in Economics, 1983
ILO pub. Working paper on employment creation and choice of technology of multinational enterpris... more ILO pub. Working paper on employment creation and choice of technology of multinational enterprises in developing countries, comprising a literature survey and a case study of Brazil - examines the theoretical background; based on a sample survey (1974-1978), discusses ownership, technical rigidities, market structure, size of enterprise, vertical integration, etc., and tests the hypothesis that foreign enterprises choose more capital intensive techniques. References.
Presidential Studies Quarterly, Apr 26, 2017
Land Economics, Feb 1, 1983
Page 1. Production Conditions in Guatemala's Key Agricultural Product: Corn Lawrence C. Mars... more Page 1. Production Conditions in Guatemala's Key Agricultural Product: Corn Lawrence C. Marsh, Kenneth P. Jameson, and Joseph M. Phillips INTRODUCTION In most work on development during the 1950s and 1960s, the ...
How to get on Bernie Sanders' list of millionaires and billionaires. The return to capital is m... more How to get on Bernie Sanders' list of millionaires and billionaires.
The return to capital is much higher than the return to labor. The goal of one's career is to transition from getting your money from labor to getting your money from capital. Retirement completes this transition. This class handout explains how to do this.
=> Capitalism won't work for you if you don't have any capital.<=