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Institutions, State Capacity, And Intra-State Conflict: Evidence From A Decade-Long Civil War In Nepal, Nishant Yonzan

Dissertations, Theses, and Capstone Projects

First, while mass armed civil conflicts predominantly occur in weak states, which are states that lack state capacity, it is unclear why not all weak states experience mass armed civil conflict. Second, political stability and highly unequal distribution of resources are opposing forces that are unlikely to coexist together. However, highly unequal societies have existed with relative stability. Indeed, cross-country literature on civil war finds little relationship between conflict and unequal distribution of resources. This dissertation attempts to address these issues using the Civil War in Nepal which lasted from 1996 to 2006.

Institutions are fundamental for the proper functioning …

Divergent Expectations And Dynamic Price Discovery, Shankar Narayanan

Dissertations, Theses, and Capstone Projects

Purpose: To provide empirical evidence supporting the claim that divergent expectations underlie price formation during the U.S. equity market opening hours. We focus on earnings announcements to support this claim. This dissertation argues that the clarity of earnings announcements and a firm’s balance sheets is inversely associated with the quality of price discovery during the opening hours after the earnings announcements, as ambiguities in information underlie divergence in expectation. We look at short-term volatility during the opening half-hours of U.S. equity markets after the earnings announcements to assess the quality of price discovery. We also consider changes in short-term …

Essays In Applied Microeconomics, Laxman Timilsina

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters.

Chapter 1: Immigration Policy Shocks and Infant Health

This paper evaluates the effect of positive and negative immigration policy shocks on infant health outcomes in the U.S. I examine changes in mean birth weight and the incidence of low birth weight (LBW) at the metropolitan statistical area (MSA) level around two major institutional shocks: The 1986 Immigration Reform Act (IRCA), which favored immigrants, and the increase in Immigration and Customs Enforcement (ICE) agency arrests at the start of 2017 which might have put immigrants at greater risk of apprehension. It uses a triple …

Three Essays On Exchange Rate Models And Their Applications, Azza A. Mansour

Dissertations, Theses, and Capstone Projects

Chapter 1: This chapter attempts to identify the determinant of exchange rate pass-through into producer and destination prices using highly disaggregated firm-level data of importers and exporters of the Egyptian economy from 2009 to 2013. The main findings assert the hypothesis of complete exchange rate pass-through into destination prices at the lowest level of significance for the average exporting firm that is also importing. Furthermore, the firm with the highest import intensity has a lower percentage of pass-through into destination prices, indicating that the marginal cost channel plays a more significant role in determining the speed of the exchange rate …

Three Essays On Spatial Econometrics: The Matrix Exponential Spatial Specification, Ye Yang

Dissertations, Theses, and Capstone Projects

This thesis consists of three essays on the matrix exponential spatial specification. In the first essay, we study the generalized method of moments (GMM) estimation of matrix exponential spatial specification(p,q) (MESS(p,q)). We extend the model to a general higher order case and derive its GMM estimator. The large sample properties are also studied. Under homoskedasticity a best GMM estimator (BGMME) is derived and shown to be consistent and asymptotically normal. Under heteroskedasticity an optimal GMM estimator (OGMME) is derived and shown to be consistent and asymptotically normal as well. Monte Carlo experiments that discuss the large sample properties of quasi-maximum …

Essays On Market Structure, Price-Setting, And Spillovers, Nicholas J. Bauer

Dissertations, Theses, and Capstone Projects

Chapter 01: This paper explores the firm’s pricing-setting behavior through the lens of market structure and exchange rate pass-through. The basis for this chapter stems from a four-tiered nested constant elasticity of substitution demand function, where firms have non-negligible sector and subsector market shares. This model allows the firm to compete against firms within the same subsector, as well as against firms within other subsectors. From this model, I identify three propositions. First, a u-shaped price response in both sector and subsector market shares to an exchange rate movement. Second, a hump-shaped price response in subsector market share and a …

Essays On Universal Basic Income, Nana Mukbaniani

Dissertations, Theses, and Capstone Projects

Universal Basic Income (UBI) is a program in which individuals receive a regular sum of money, usually from the government. The transfer amount is thought to be unconditional of income and enough to cover all subsistence needs. Such a system is easy and cheap to administer because the government does not need to check the eligibility of each applicant. UBI programs are growing as more cities, states and countries (Stockton, California, Newark, New Jersey, Ontario, Canada, Kenya, Finland, Germany, Spain, China, etc) implement experiments of such programs. The idea of a UBI is gaining ground in the U.S.. One of …

Essays On Green Finance, Elsa Allman

Dissertations, Theses, and Capstone Projects

Chapter 1: Pricing Climate Change Risk in Corporate Bonds

Using a firm’s geographic footprint to measure its exposure to sea level rise (SLR), I find that corporate bonds bear a climate risk premium upon issuance. A one standard deviation increase in firms’ SLR exposure is associated with a 7 basis point premium, representing a 3% increase in average yield spread. This effect is more pronounced for geographically concentrated firms, within industries vulnerable to extreme weather conditions, and after the Paris Agreement. I do not find evidence that credit rating agencies account for SLR exposure at bond issuance. Results are robust …

The Logic Of The Land: The Agrarian Roots Of Uneven Development In Brazil, Chris Carlson

Dissertations, Theses, and Capstone Projects

This dissertation seeks to explain the highly uneven pattern of economic development in Brazil during the 20^th century. Stark development differences between the northern and southern regions of the country have long been a problem of concern to scholars and policymakers and have generated a number of studies over the years. However, none of these have gotten to the root of the problem, and state policy has never adequately addressed the regional disparities. This study puts forth a new theory of uneven development based on the different ways that agricultural production has come to be organized in different parts …

Essays On Economic Uncertainty And Housing Market In China, Humenghe Zhao

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that covers topics in macroeconomics.

Chapter 1. Literature Survey of China’s Housing Market and Macroeconomic Uncertainty is a survey of the literature on the history and development of China’s housing market, its unique characteristics, the driving forces behind rising housing prices, and the empirical interactions among housing market, economic uncertainty and the macroeconomy in China.

Chapter 2. The Spatial Correlation of Regional Housing Prices and Economic Uncertainty in China

Rapid real estate development and house price growth in China have garnered significant attention in academia and policy circles. Investigation into highly differentiated but interrelated …

Dealer Networks In Over-The-Counter (Otc) Financial Markets, Richmond Kyei-Fordjour

Dissertations, Theses, and Capstone Projects

This research studies a network of interdealer trading in Over-The-Counter (OTC) Financial Markets. It reviews a model of OTC interdealer trading, extends this model for suitable application to empirical studies of trading in dealer networks within OTC markets, and ultimately develops a methodology for estimating the endogenous network parameters. Finally, it applies the methodology to conduct an empirical study of the Municipal bonds market.

Educational Investments In Low-Income Households: The Role Of Parental Occupational Identity And Substitutability, Aparna Anand

Dissertations, Theses, and Capstone Projects

Poor parents face difficult trade-offs when investing in their children's education. This dissertation studies how low-income urban households in Southern India, where child labor is a concern, make educational investments for their children. First, I build a model that shows how educational investments are shaped by the possibility of children substituting labor for their parents. Second, I collect parent surveys, child surveys, and student-level administrative data from schools and construct a linked dataset. Third, I examine the relationship between educational investments and several pertinent factors, with an emphasis on child labor substitution and the strength of occupational identity. I find …

Reimagining Post-Secondary Training, Community College, And Welfare Supports, Aaron Azerad

Dissertations, Theses, and Capstone Projects

This paper seeks to study the income patterns at the sub-bachelorette level through community colleges and workforce training programs. Using 2018 U.S. Census PUMA microdata, this thesis not only explores which fields of study, industries, and occupations have a sufficient number of observations to determine whether they provide incomes which are commensurate with a middle class livelihood but, also whether these jobs are plentiful in number.

The second goal is to evaluate the effects of the 1996 Personal Responsibility and Work Opportunity Reconciliation Act (the Clinton era welfare reform) and how it has influenced Giuliani era ‘work requirement’ initiatives tied …

The Legacy Of Car-Share And Light-Rail Transit For Mobility And Accessibility Improvements In Economically Marginalized Neighborhoods In The New York Metro Area, Kyeongsu Kim

Dissertations, Theses, and Capstone Projects

This dissertation explores the value of the car-share program and a new light rail system with respect to their impact on mobility and accessibility improvements in economically and transportation access-wise marginalized neighborhoods in NYC and its adjacent communities. It consists of three main essays that took deep dives into how each new service or system altered mobility or accessibility for those in need. The first essay (Chapter 2) investigates car-share vehicle utilization rates of the Zipcar across NYC. It assesses the utilization rates by vehicle type, service location, time period, and weekday usage compared to weekend activity. With a multivariate …