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The United States Supreme Court ushered in a new era in American history on May 17, 1954 in its monumental ruling in Brown v Board of Education, Topeka, Kansas. Brown is not only the Court's most significant decision on race and equal educational opportunities, but also ranks among the most important cases it has ever decided. In Brown a unanimous Court struck down the pernicious doctrine of “separate but equal” in holding that the de jure segregation of students in public schools on the basis of race deprived minority children of equal educational opportunities in violation of the Equal Protection Clause of the Fourteenth Amendment. In addition to its impact on school desegregation, Brown has been the catalyst for revolutionary change influencing just about every facet of American society. Given the breadth of changes that it spawned, this article briefly reviews the Supreme Court's ruling in Brown before turning to the two most important educational areas where it has been the key, namely special education and sexual harassment.

On 26 November 2001, the National Bureau of Economic Research announced that the US economy had officially entered into a recession in March 2001. This decision was a surprise and did not end all the conflicting opinions expressed by economists. This matter was finally settled in July 2002 after a revision to the 2001 real gross domestic product showed negative growth rates for its first three quarters. A series of political and economic events in the years 2000-01 have increased the amount of uncertainty in the state of the economy, which in turn has resulted in the production of less reliable economic indicators and forecasts. This paper evaluates the performance of two very reliable methodologies for predicting a downturn in the US economy using composite leading economic indicators (CLI) for the years 2000-01. It explores the impact of the monetary policy on CLI and on the overall economy and shows how the gradualness and uncertainty of this impact on the overall economy have affected the forecasts of these methodologies. It suggests that the overexposure of the CLI to the monetary policy tools and a strong, but less effective, expansionary money policy have been the major factors in deteriorating the predictions of these methodologies. To improve these forecasts, it has explored the inclusion of the CLI diffusion index as a prior in the Bayesian methodology. Copyright (C) 2004 John Wiley Sons, Ltd.

We examine the spillover wealth effects of the Orange County, California bankruptcy announcement in December 1994 on municipal bonds, municipal bond funds, and bank stocks. This bankruptcy is prominent because of unprecedented losses and because it was caused by a highly leveraged derivatives strategy rather than a shortage of tax revenues and excess spending. We find contagion in the bond market with significantly negative abnormal returns for municipal bond funds without direct exposure to Orange County and for non-Orange County municipal bonds. In addition, our findings suggest the contagion spills over to the common stocks of investment and commercial banks that deal in or use derivatives; however, the equities of banks unexposed to derivatives are not affected. © 2004 Blackwell Publishing Ltd.

Currency substitution represents a shift from domestic currency to foreign currency and is often related to times of high and variable inflation. In this paper, we investigate the extent of currency substitution in Argentina, Brazil and Mexico using a vector error correction (VEC) model. We empirically test this hypothesis by introducing artificial shocks to the system of equations and find that M1 response to a one standard deviation increase in that country's interest rate is negative and significant for Argentina and Brazil but not for Mexico. An artificially introduced one standard deviation increase in nominal exchange rate results in a statistically significant increase in M1 in Argentina and Brazil but again not for Mexico. Based on the patterns of the impulse response functions (IRFs) and the magnitude of the coefficients, we conclude that currency substitution occurs to a greater extent in Argentina and Brazil than Mexico. This is reflective of the implementation of relatively more credible macroeconomic policies in Mexico after the December 1994 crisis. Thus from a policymaking perspective, it is important to consider that the greater the degree of currency substitution, the more sensitive a country's monetary aggregates are to sudden movements in exchange rates, productivity and interest rates. (C) 2003 Society for Policy Modeling. Published by Elsevier Science Inc. All rights reserved.

This paper estimates the demand for money (M2) in Ghana for the period 1960 to 1996. The hypothesis is that the different macroeconomic adjustment policies (privatization, removal of foreign exchange controls etc.) which began in the mid 1980s would alter the demand for money function. The results of the study clearly show a structural break in the demand for money function in 1983.

The author developed a simple computer program for the in-class simulation of the repeated prisoner's dilemma game with student-designed strategies. He describes the basic features of the software and presents two examples for the use of the program in teaching the problems of cooperation among profit-maximizing agents.

This paper develops a model of exchange rate determination in partially liberalized post-socialist economy that operates under soft budget constraints in nontradable sectors. The model captures the factors that determine the evolution of a country's external balance during the initial phase of economic liberalization. Three types of disturbances are the center of analysis: liberalization of trade and foreign exchange regime, devaluation, and price liberalization. We show that the real exchange rate appreciation may either improve or worsen the trade balance depending on the sources of this appreciation. Thus, we argue that the real exchange rate cannot reflect true country's competitiveness unless all sectors are equally exposed to hard budget constraints. The model implications are further analyzed through the empirical evidence on the relationship between the real exchange rate and trade balance in three selected East European countries.

In an experts-assisted decision making paradigm, the information collection design becomes a strategic variable under a weak assumption that the final decision is dependent on the design used to collect information as well. As a result, the same information of the experts and the decision maker about the problem can potentially produce different final decisions for different information collection designs. The implication is that a decision maker can strategically select a design which serves his/her objective. This paper uses a Bayesian estimation methodology for combining experts' information with the decision maker's prior. An information collection process is designed by setting constraints on this model. Several designs are developed here using such controlled factors as a one-stage versus a two-stage decision process, experts' rank ordering, and group versus individual lobbying/consultation. An example is provided to illustrate the applicability of the concept. It is shown that the information produced in the process of producing a decision can also give insights into the impacts of the decision maker and the experts on the decision.

Tholeiitic rocks of the Ferrar Large Igneous Province (FLIP) occur in a linear belt from the Theron Mountains to Horn Bluff in the Transantarctic Mountains and extend into southeastern Australasia. The FLIP was emplaced during the initial stages of Gondwana break-up from a source suggested to be in the proto-Weddell Sea region. Magma transport from its source (Weddell triple junction) was controlled by an Early Jurassic zone of extension. The FLIP comprises the Dufek intrusion, Ferrar Dolerite sills and dykes (sheet intrusions), and extrusive rocks consisting of pyroclastic strata overlain by Kirkpatrick Basalt lavas. The Dufek intrusion occurs in deformed supracrustal rocks of the foldbelt along the paleo-Pacific Gondwana margin. A few sills were emplaced in basement rocks, but the majority of the sheet intrusions occur in flat-lying Devonian to Triassic Beacon strata. Only in the central Transantarctic Mountains (CTM) and south and north Victoria Land (SVL, NVL) are extrusive rocks preserved overlying Beacon strata. The greatest cumulative thicknesses of magmatic rocks (ca. 2 km) occur in areas where lavas are preserved (CTM and SVL). Sheet intrusions have complex relationships. Dyke swarms (sensu stricto) are unknown and dykes cutting basement rocks are uncommon. Nevertheless, these dykes, including a 30-m-wide dyke in SVL, suggest that some magmas locally migrated up through basement rocks. In CTM and NVL the outcrop belt has a width of about 160 km. Sills originally extended farther toward the plate margin but have been cut out by erosion and Cenozoic faulting, most clearly in CTM; geophysical data suggest extension under the East Antarctic ice sheet for at least 100 km. Although Early Jurassic extension is documented in CTM, major rift-bounding faults have not been observed. Models for magma emplacement include transport along the axis of the Transantarctic Mountains and off-axis transport from major rift-bounding faults. Contrasts in geochemistry between lavas of NVL (MgO=6-7%) and CTM (MgO=2-4%) and the presence of massive dolerite bodies (CTM, SVL) suggest discrete episodes and locations of magma emplacement, and that there was no long range interconnection along the mountain range in supracrustal rocks.