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The Nature Of Heterodox Economics, John B. Davis
The Nature Of Heterodox Economics, John B. Davis
Economics Faculty Research and Publications
No abstract provided.
Openness, Income-Tax Progressivity, And Inflation, Joseph P. Daniels, David D. Vanhoose
Openness, Income-Tax Progressivity, And Inflation, Joseph P. Daniels, David D. Vanhoose
Economics Faculty Research and Publications
This paper considers a model of an open economy in which the degree of income-tax progressivity influences the interaction among openness, central bank independence, and the inflation rate. Our model suggests that an increase in the progressivity of the tax system induces a smaller response in real output to a change in the price level. This implies that increased income-tax progressivity reduces the equilibrium inflation rate and that the effect of increased income-tax progressivity on inflation is smaller when the central bank places a higher weight on inflation or when there is greater openness. Examination of cross-country inflation data provides …
Openness, The Sacrifice Ratio, And Inflation: Is There A Puzzle?, Joseph P. Daniels, David D. Vanhoose
Openness, The Sacrifice Ratio, And Inflation: Is There A Puzzle?, Joseph P. Daniels, David D. Vanhoose
Economics Faculty Research and Publications
The standard time-inconsistency-based explanation for the negative correlation between openness and inflation requires an inverse relationship between the sacrifice ratio and openness, but Daniels et al. (2005, Openness, central bank independence, and the sacrifice ratio. Journal of Money, Credit, and Banking 37 (2), 371–379.) have provided evidence that controlling for central bank independence reveals a positive relationship. This paper embeds the time-inconsistency approach within a model of a multisector, imperfectly competitive, open economy. In this setting, greater openness raises the sacrifice ratio but reduces the inflation bias. Thus, failure to observe an inverse relationship between openness and the sacrifice ratio …
Openness, Centralized Wage Bargaining, And Inflation, Joseph P. Daniels, Farrokh Nourzad, David D. Vanhoose
Openness, Centralized Wage Bargaining, And Inflation, Joseph P. Daniels, Farrokh Nourzad, David D. Vanhoose
Economics Faculty Research and Publications
This paper develops a model of an open economy containing both sectors in which wages are market-determined and sectors with wage-setting arrangements. A portion of the latter group of sectors coordinate their wages, taking into account that their collective actions influence the equilibrium inflation outcome in an environment in which the central bank engages in discretionary monetary policymaking. Key predictions forthcoming from this model are (1) increased centralization of wage setting initially causes inflation to increase at low degrees of wage centralization but then, as wage centralization increases, results in an inflation drop-off; (2) a greater degree of centralized wage …
Social Identity Strategies In Recent Economics, John B. Davis
Social Identity Strategies In Recent Economics, John B. Davis
Economics Faculty Research and Publications
This paper reviews three distinct strategies in recent economics for using the concept of social identity in the explanation of individual behavior: Akerlof and Kranton's neoclassical approach, Sen's commitment approach and Kirman et al.'s complexity approach. The primary focus is the multiple selves problem and the difficulties associated with failing to explain social identity and personal identity together. The argument of the paper is that too narrow a scope for reflexivity in individual decision‐making renders the problem intractable, but that enlarging this scope makes it possible to explain personal and social identity together in connection with an individual behavior …
Review Of The Expansion Of Economics Edited By S. Grossbard-Schechtman And C. Clague, John B. Davis
Review Of The Expansion Of Economics Edited By S. Grossbard-Schechtman And C. Clague, John B. Davis
Economics Faculty Research and Publications
No abstract provided.
The Turn In Economics: Neoclassical Dominance To Mainstream Pluralism?, John B. Davis
The Turn In Economics: Neoclassical Dominance To Mainstream Pluralism?, John B. Davis
Economics Faculty Research and Publications
This paper investigates whether since the 1980s neoclassical economics has been in the process of being supplanted as the dominant research programme in economics by a collection of competing research approaches which share relatively little in common with each other or with neoclassical economics. A shortlist of the new approaches in recent economics includes game theory, experimental economics, behavioral economics, evolutionary economics, neuroeconomics, and non-linear complexity theory. Two hypotheses are advanced – one regarding the relation between economics instruction and economics research and one regarding the nature of the economics research frontier – to describe social-institutional practices that contribute to …
Evaluating The Long-Run Impacts Of The 9/11 Terrorist Attacks On Us Domestic Airline Travel, Scott S. Blunk, David E. Clark, James Mcgibany
Evaluating The Long-Run Impacts Of The 9/11 Terrorist Attacks On Us Domestic Airline Travel, Scott S. Blunk, David E. Clark, James Mcgibany
Economics Faculty Research and Publications
Although the US airline industry began 2001 with 24 consecutive profitable quarters, including net profits in 2000 totaling $7.9 billion, the impact of the 9/11 event on the industry was substantial. Whereas the recession that began in early 2001 signaled the end of profitability, the 9/11 terrorist attacks pushed the industry into financial crisis after air travel dropped 20% over the September–December 2001 period compared to the same period in 2000. Given the decline in domestic air travel, an important question is whether the detrimental impact of the attacks was temporary or permanent. That is, did airline travel return to …
Imprecise Precision: Rejoinder To Basbøll, John B. Davis, Matthias Klaes
Imprecise Precision: Rejoinder To Basbøll, John B. Davis, Matthias Klaes
Economics Faculty Research and Publications
No abstract provided.
Value, John B. Davis
Value, John B. Davis
Economics Faculty Research and Publications
No abstract provided.
Socioeconomics, John B. Davis
Socioeconomics, John B. Davis
Economics Faculty Research and Publications
No abstract provided.
The Impact Of Financial Openness On Economic Integration: Evidence From Europe And The Cis, Fabrizio Carmignani, Abdur Chowdhury
The Impact Of Financial Openness On Economic Integration: Evidence From Europe And The Cis, Fabrizio Carmignani, Abdur Chowdhury
Economics Faculty Research and Publications
We study whether financial openness facilitates the economic integration of formerly centrally planned economies with the EU-15. Two dimensions of economic integration are considered: cross-country convergence of per-capita incomes and bilateral trade in goods and services. We find that more financially open economies effectively catch-up faster and trade more with the EU-15. These integration-enhancing effects occur over and above any effect stemming from domestic financial deepening and other factors determining growth and trade.
Incomplete Compensation And Migration Behavior: Has Anything Changed Between 1990 And 2000?, David E. Clark, William E. Herrin, Thomas A. Knapp, Nancy E. White
Incomplete Compensation And Migration Behavior: Has Anything Changed Between 1990 And 2000?, David E. Clark, William E. Herrin, Thomas A. Knapp, Nancy E. White
Economics Faculty Research and Publications
Spatial equilibrium models rely on migration to arbitrage away differences in utility across locations net of moving costs, where remaining differences in wages and rents reflect the compensating differentials related to site-specific amenities. Recent refinements to the spatial equilibrium model focus upon the prospect of disequilibrium in amenity markets. Amenity market disequilibrium implies over- or under-compensation (incomplete compensation) across some locations, which suggests a role for these factors in subsequent migration. This paper follows the theoretical and empirical approach of Clark, Herrin, Knapp, and White (2003). An intercity wage regression is estimated where fixed effects capture the impact of site …
Substitution Between Money And Near Monies In Switzerland, Subhash C. Sharma, Magda Kandil, Abdur Chowdhury, Tammy Parker
Substitution Between Money And Near Monies In Switzerland, Subhash C. Sharma, Magda Kandil, Abdur Chowdhury, Tammy Parker
Economics Faculty Research and Publications
This paper investigates the substitutability between money and near-money assets during the period 1976 to 1996 in Switzerland. Financial developments have made a variety of instruments available to store wealth and conduct economic transactions. These developments have generated a "near money" component in households' and businesses' portfolio balances. It is important to evaluate the effect of "near-money" on money demand and the effectiveness of monetary policy. Towards this goal, five monetary assets: currency and demand deposits at commercial banks, demand deposits with the postal system, deposits on transaction accounts with banks, savings deposits and time deposits are considered. We evaluate …
Keynes, John Maynard, John B. Davis
Keynes, John Maynard, John B. Davis
Economics Faculty Research and Publications
No abstract provided.
Introduction To Recent Developments In Economic Methodology, John B. Davis
Introduction To Recent Developments In Economic Methodology, John B. Davis
Economics Faculty Research and Publications
No abstract provided.
Where Economics And Philosophy Meet, Peter J. Boettke, Christopher J. Coyne, John B. Davis, Francesco Guala, Alain Marciano, Jochen Runde, Margaret Schabas
Where Economics And Philosophy Meet, Peter J. Boettke, Christopher J. Coyne, John B. Davis, Francesco Guala, Alain Marciano, Jochen Runde, Margaret Schabas
Economics Faculty Research and Publications
No abstract provided.
Preface To Ethics And The Market: Insights From Social Economics, John B. Davis
Preface To Ethics And The Market: Insights From Social Economics, John B. Davis
Economics Faculty Research and Publications
No abstract provided.
The Normative Significance Of The Individual In Economics, John B. Davis
The Normative Significance Of The Individual In Economics, John B. Davis
Economics Faculty Research and Publications
No abstract provided.