On the welfare costs of business-cycle fluctuations and economic-growth variation in the 20th century

Lucas(1987) has shown a surprising result in business-cycle research: the welfare cost of business cycles are very small. Our paper has several original contributions. First, in computing welfare costs, we propose a novel setup that separates the effects of uncertainty stemming from business-cycle uctuations and economic-growth variation. Second, we extend the sample from which to compute the moments of consumption: the whole of the literature chose primarily to work with post-WWII data. For this period, actual consumption is already a result of counter-cyclical policies, and is potentially smoother than what it otherwise have been in their absence. So, we employ also pre-WWII data. Third, we take an econometric approach and compute explicitly the asymptotic standard deviation of welfare costs using the Delta Method. Estimates of welfare costs show major diferences for the pre-WWII and the post-WWII era. They can reach up to 15 times for reasonable parameter values = 0:985, and = 5. For example, in the pre-WWII period (1901-1941), welfare cost estimates are 0.31% of consumption if we consider only permanent shocks and 0.61% of consumption if we consider only transitory shocks. In comparison, the post-WWII era is much quieter: welfare costs of economic growth are 0.11% and welfare costs of business cycles are 0.037% the latter being very close to the estimate in Lucas (0.040%). Estimates of marginal welfare costs are roughly twice the size of the total welfare costs. For the pre-WWII era, marginal welfare costs of economic-growth and business-cycle uctuations are respectively 0.63% and 1.17% of per-capita consumption. The same gures for the post-WWII era are, respectively, 0.21% and 0.07% of per-capita consumption.

IMMIGRATION, THE AMERICAN WEST, AND THE TWENTIETH CENTURY: GERMAN FROM RUSSIA, OMAHA INDIAN, AND VIETNAMESE-URBAN VILLAGERS IN LINCOLN, NEBRASKA

The North American West is a culturally and geographically diverse region that has long been a beacon for successive waves of human immigration and migration. A case in point, the population of Lincoln, Nebraska -- a capital city on the eastern cusp of the Great Plains -- was augmented during the twentieth century by significant influxes of Germans from Russia, Omaha Indians, and Vietnamese. Arriving in clusters beginning in 1876, 1941, and 1975 respectively, these newcomers were generally set in motion by dismal economic, social, or political situations in their sending nations. Seeking better lives, they entered a mainstream milieu dominated by native-born Americans -- most part of a lateral migration from Iowa, Illinois, and Pennsylvania -- who only established their local community in 1867. While this mainstream welcomed their labor, it often eschewed the behaviors and cultural practices ethnic peoples brought with them. Aware but not overly concerned about these prejudices, all three groups constructed or organized distinct urban villages. The physical forms of these enclaves ranged from homogeneous neighborhoods to tight assemblies of relatives, but each suited a shared preference for living among kinspeople. These urban villages also served as stable anchors for unique peoples who were intent on maintaining aspects of their imported cultural identities. Never willing to assimilate to mainstream norms, urban villagers began adapting to their new milieus. While ethnic identity constructions in Lincoln proved remarkably enduring, they were also amazingly flexible. In fact, each subject group constantly negotiated their identities in response to interactions among particular, cosmopolitan, and transnational forces. Particularism refers largely to the beliefs, behaviors, and organizational patterns urban villagers imported from their old milieus. Cosmopolitan influences emanated from outside the ethnic groups and were dictated largely but not exclusively by the mainstream. Transnationalism is best defined as persistent, intense contact across international boundaries. These influences were important as the particularism of dispersed peoples was often reinforced by contact with sending cultures. Adviser: John. R. Wunder

A history of German literature as determined by social forces, [being the 4th ed. (enl.) of the author's Social forces in German literature]:

"Twelfth impression."

History of German literature,

Mode of access: Internet.

Texts and studies in Jewish history and literature,

Errata slip inserted between p. [vii] and viii of v. 1 and p. [iv] and v of v. 2.

Children's books in England & America in the seventeenth century : a history and checklist, together with The young Christian's library, the first printed catalogue of books for children.

The young Christian's library is a facsimile reproduction of the Bodleian Library copy of the original ed. published in 1710.

A history of German literature,

Tr. of:Geschichte der Deutschen litteratur.

Social forces in German literature, a study in the history of civilization,

Mode of access: Internet.

History of German literature,

Mode of access: Internet.

A brief history of German literature.

Mode of access: Internet.

The history of materialism and criticism of its present importance /

v. 1. Materialism in antiquity.--The period of transition.--The seventeenth century.--v. 2. The eighteenth century.--Modern philosophy.--The natural sciences.--v. 3. The natural sciences (continued).--Man and the soul.--Morality and religion.

Carlyle's unfinished History of German literature,

Includes bibliographical references. Bibliography: p. [145]-152.

Weinhold pamphlets: German literature of 18th century.

Mode of access: Internet.