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Articles 1 - 30 of 73
Full-Text Articles in Entire DC Network
Teaching Time Preference And Human Impatience: The Billionaire Game, Stephen M. Miller
Teaching Time Preference And Human Impatience: The Billionaire Game, Stephen M. Miller
Economics Working Papers
The Billionaire Game involves students in discussing time preference, or what Fisher (1930) calls human impatience. The game can facilitate the introduction of the material on present value and discounting or discussions on such issues as investment in human capital and the intertemporal consumption-saving decision. Thus, the game can facilitate discussions in a number of economics courses.
Lending Discrimination: Economic Theory, Econometric Evidence, And The Community Reinvestment Act, Keith N. Hylton, Vincent D. Rougeau
Lending Discrimination: Economic Theory, Econometric Evidence, And The Community Reinvestment Act, Keith N. Hylton, Vincent D. Rougeau
Faculty Scholarship
Although it has been settled law for almost two decades, there has been a heightened interest in the Community Reinvestment Act (CRA) over the last several years. One factor driving this interest is the continuing economic decline of the inner cities and the consequent widening of the wealth gap between cities and surrounding suburbs in many areas of the country. A second factor is the consolidation of the banking industry, which has encouraged expansion-oriented banks to improve their CRA ratings to gain the approval of regulators. A recent effort to enhance enforcement of the statute, in part the result of …
Using Leading Indicators To Forecast Us Home Sales In A Bayesian Var Framework, Pami Dua, Stephen M. Miller, David J. Smyth
Using Leading Indicators To Forecast Us Home Sales In A Bayesian Var Framework, Pami Dua, Stephen M. Miller, David J. Smyth
Economics Working Papers
This paper uses Bayesian vector autoregressive models to examine the usefulness of leading indicators in predicting US home sales. The benchmark Bayesian model includes home sales, the price of homes, the mortgage rate, real personal disposable income, and the unemployment rate. We evaluate the forecasting performance of six alternative leading indicators by adding each, in turn, to the benchmark model. Out-of-sample forecast performance over three periods shows that the model that includes building permits authorized consistently produces the most accurate forecasts. Thus, the intention to build in the future provides good information with which to predict home sales. Another finding …
Monetary And Exchange Rate Policy In Multisectorial Economies, Habib Ahmed, Stephen M. Miller
Monetary And Exchange Rate Policy In Multisectorial Economies, Habib Ahmed, Stephen M. Miller
Economics Working Papers
We develop a two-sector economy where each sector is classified as classical/Keynesian (contract/noncontract) in the labor market and traded/nontraded in the product market. We consider the effects of changes in monetary and exchange rate policy on sectoral and aggregate prices and outputs for different sectoral characterizations. Duca (1987) shows that nominal wage rigidity facilitates the effectiveness of monetary policy even in the classical sector. We demonstrate that trade price rigidity provides a similar path for the effectiveness of monetary policy, in this case, even when both sectors are classical.
Stop Crying Over Spilt Knowledge: A Critical Look At The Theory Of Spillovers And Technical Change, Richard N. Langlois, Paul L. Robertson
Stop Crying Over Spilt Knowledge: A Critical Look At The Theory Of Spillovers And Technical Change, Richard N. Langlois, Paul L. Robertson
Economics Working Papers
This essay analyzes critically the idea of knowledge spillovers, especially as it enters the New Growth Theory. The conventional theory of spillovers, we argue, suffers from a thin and misleading account of the nature of productive knowledge. In this model, firms undersupply R&D, which impedes economic growth and calls for research subsidies. We argue, by contrast, that a more subtle picture of the creation of knowledge, and the presence of network externalities (including true Marshallian external economies), tend to reverse the predictions of neoclassical theory: spillovers may actually lead to increases in the production of new knowledge.
The Altered Behavior Of Interest Rates In The Uk After The Founding Of The Fed In The Us In 1914, Catalin Vieru
The Altered Behavior Of Interest Rates In The Uk After The Founding Of The Fed In The Us In 1914, Catalin Vieru
Student Work
The founding of the Federal Reserve System in the US in 1914 is viewed as a major structural transformation of the US economy. Scholars consider that the 1914 structural change of the US economy greatly altered the stochastic processes generating short term interest rates. In the US case, most short-term interest rate time series analyses suggest that prior to 1914 short-term interest rate time series were stationary whereas sometime after 1914 they became non-stationary. In addition to this finding, some researchers found that the same phenomenon occurred simultaneously in more European countries. This thesis challenges the theory of simultaneous world-wide …
The Coevolution Of Technology And Organization In The Transition To The Factory System, Richard N. Langlois
The Coevolution Of Technology And Organization In The Transition To The Factory System, Richard N. Langlois
Economics Working Papers
This essay is a reinterpretation of the debate over the origins of the factory system. In the end, it argues, the explanation for the rise of the factory system lies in the realm of organization, but not in the qualities of organization envisaged by either the "radical" view or the transaction-cost view. Drawing on the recent explanations of Clark and Lazonick, the paper suggests that the explanation lies in the volume effect rather than the division-of-labor effect of increasing extent of the market. The essay closes with some musings on the logic of both efficiency and exploitation in historical explanation.
Roe V. Wade And American Fertility, Phillip B. Levine, Douglas Staiger, Thomas J. Kane, David J. Zimmerman
Roe V. Wade And American Fertility, Phillip B. Levine, Douglas Staiger, Thomas J. Kane, David J. Zimmerman
Economics Faculty Scholarship
We consider the effect of abortion legalization on births in the United States. A simple theoretical model demonstrates that the impact of abortion legalization on the birth rate is ambiguous, because both pregnancy and abortion decisions could be affected. We use variation in the timing of legalization across states in the early 1970's to estimate the effect of abortion on birth rates. Our findings indicate that states legalizing abortion experienced a 5% decline in births relative to other states. The decline among teens, women over 35, and nonwhite women was even greater: 13%, 8%, and 12% respectively. Out-of-wedlock births declined …
Positivism And The Separation Of Law And Economics, Avery Wiener Katz
Positivism And The Separation Of Law And Economics, Avery Wiener Katz
Michigan Law Review
The goal of this essay is to explain this problem and to translate the meaning of positivism between legal and economic cultures, in order to show economists and lawyers why much of the debate about the jurisprudential merits of law and economics misses the mark. My thesis is that it is positivism, and the way economic culture treats the positive-normative distinction, that is responsible for much of the gulf between law and economics - but that it is also positivism that makes economics so appealing to so many lawyers and legal scholars. For a positivist approach can be useful to …
Overcoming Posner, Gerard V. Bradley
Overcoming Posner, Gerard V. Bradley
Michigan Law Review
A Review of Richard A. Posner, Overcoming Law
Letter From The Editor, Ashley Wickerma '96
Letter From The Editor, Ashley Wickerma '96
The Park Place Economist
No abstract provided.
From Those Who Know: Alumni Advice, Elsie Shen '95
From Those Who Know: Alumni Advice, Elsie Shen '95
The Park Place Economist
They remind us that it is not the theories we learn or the graphs we draw that &e most important. Rather, the general skills we develop during the four years of our college life help most.
Interview With Dr.Pamela Lowry, Julieanna Lambert '97
Interview With Dr.Pamela Lowry, Julieanna Lambert '97
The Park Place Economist
Illinois Wesleyan University Professor of Economics Dr. Pamela Lowry has been working on a topic she started researching in graduate school. Part of her research will culminate when her paper "External Economies and Trade: An Empirical Analysis" appears in the journal Economic Development and Cultural Change. Dr. Lowry's study, based on findings fiom her dissertation, involves using large amounts of data to test more exactly how increasing social capabiity expands a country's abiity to trade.
Getting A Competitive Edge Through Economics, Angela Smith '96
Getting A Competitive Edge Through Economics, Angela Smith '96
The Park Place Economist
Students who choose to major or minor in economics do not always do so because they are interested in becoming economists. Unlike degrees in accounting or nursing, the practical applications of an economics degree are not often obvious. Some of us choose economics simply because we enjoy it, and do not realize until later all of the avenues open to graduates with an economics background.
Risk Associated With Different College Majors, Dan Scholz '96
Risk Associated With Different College Majors, Dan Scholz '96
The Park Place Economist
There have been numerous studies to show that students in engineering, and scientifically oriented fields typically have higher average earnings than students in broader studies l i e the humanities and English (Altonji, 1993; Angle and Wissrnann, 1981; Berger, 1988 "cohort"; Reed and Miller, 1970). The question arises as to why there is a diierence. While there are probably many different factors for the wage differentials, risk must be considered one of those factors. If diierent risks are associated with different majors, it would certainly be feasible that wage differentials would arise.
Why Is This Man A Moderate?, Richard A. Epstein
Why Is This Man A Moderate?, Richard A. Epstein
Michigan Law Review
A Review of William A. Fischel, Regulatory Takings: Law, Economics, and Politics
Reflections On The Economics Program, Dr. Margaret L. Chapman
Reflections On The Economics Program, Dr. Margaret L. Chapman
The Park Place Economist
No abstract provided.
Alumni Notes, Diana Imaka '96
Investing In The Future: An Interview With Yuet Wei Wan, Angela Smith '96, Elsie Shen '95
Investing In The Future: An Interview With Yuet Wei Wan, Angela Smith '96, Elsie Shen '95
The Park Place Economist
Recent graduate Yuet Wei Wan completed her Illinois Wesleyan career in 1993 with a 4.0 GPA and bachelor's degreea in Mathematics and Economics. She then went on to embark on an exciting new career in investment banking.
The Graduating Class, Junaid Ahmed '96
The Graduating Class, Junaid Ahmed '96
The Park Place Economist
An unprecedented number of seniors are graduating with an Economics degree this year. The seniors are planning on getting into a number of different areas following their graduation. Here is a brief description of each senior:
Africa's First "Tiger Cub": The Incredible Success-Story Of Mauritius, Vinod Cardoza '96, Isabelle Pun Sin '97
Africa's First "Tiger Cub": The Incredible Success-Story Of Mauritius, Vinod Cardoza '96, Isabelle Pun Sin '97
The Park Place Economist
Mauritius has often been cited as the success story of the 1980s among developing countries. The country embarked on an ambitious program of industrial and commercial development in 1971, when the Export Processing Zone (EPZ) was set up (Reuters Librq Reporr 1995). According to Business America (Craig 1992), ''From 1 97 1 to 1990, the number of enterprises in the EPZ jumped fiom 10 to 574; employment from 644 to 88,258; exports from MRS. (Mauritian Rupees) 4 million to MRS. 1 1,000 million; and exports as a percentage of total Mauritian exports fiom 1 1 to 63 percent."
Wetlands: America's Lost Resource?, John Gutowski '98
Wetlands: America's Lost Resource?, John Gutowski '98
The Park Place Economist
A trend toward draining wetlands emerged as the United States grew in population, expanded geographically, and developed economically. Farmers and developers found that it was profitable to drain wetlands for farming and development purposes. The draining of wetlands was economifly efficient to a point but, because of the characteristics of wetland benefits, far more wetlands were drained than would have been efficient. This article will discuss the main benefits of wetlands, why more wetlands were drained than would have been efficient, and what the government should do to try to correct this inefficiency.
An Analysis Of Guaranteed Student Loans, Amanda Leifheit '96
An Analysis Of Guaranteed Student Loans, Amanda Leifheit '96
The Park Place Economist
"The Guaranteed Student Loan Program provides loans to students even without collateral, income, or credit history, which creates a great risk."
The Stock Market As A Leading Indicator: An Application Of Granger Causality, Brad Comincioli '95
The Stock Market As A Leading Indicator: An Application Of Granger Causality, Brad Comincioli '95
The Park Place Economist
The stock market has traditionally been viewed as an indicator or "predictor" of the economy. Many believe that large decreases in stock prices are reflective of a hture recession, whereas large increases in stock prices suggest future economic growth.
Killed By Asbestos, Matt Mikulcik '97
Killed By Asbestos, Matt Mikulcik '97
The Park Place Economist
Asbestos is a fiberlike insulation material that causes cancer and respiratory diseases, namely mesothelioma and asbestosis (Times, 1994). The victims of asbestos, which include people of all occupations, fiom asbestos-textile workers to secretaries at public schools, have no hope for a cure for their illness which causes extreme pain and possibly death for its victims. It has been estimated that some 200,000 asbestos-related claims have been resolved thus far, with 200,000 more still pending and 50 to 60 new claims being filed each day (Snyder, 1994). This paper will explore asbestos issues by looking at the history of the asbestos …
The Market Structure Of Higher Learning, Brett Roush '97
The Market Structure Of Higher Learning, Brett Roush '97
The Park Place Economist
A student embarking on a college search is astounded at the number of higher learning institutions available -- an initial response may be to consider their market structure as one of perfect competition. Upon fkrther consideration, though, one sees this is inaccurate. In fact, the market structure of higher learning incorporates elements of monopolistic competition, oligopoly, and monopoly. An institution may not explicitly be a profit maximizer. However, treating it as such allows predictions of actions to be made by applying the above three market structures. Such predictions include the quantity of education offered as well as advertising tendencies (Section …
Cultural Wage Differentials Among United States Immigrants, William Takahashi '96
Cultural Wage Differentials Among United States Immigrants, William Takahashi '96
The Park Place Economist
This project will attempt to take a modem snapshot of the ongoing process of immigration and cultural diversification, examine the problem of immigrant adaptation into the American way of life and explore which groups, if any, have an advantage when it comes to integrating into American society. More specifically this paper will address the question of what role cultural factors have in determining the standard of living of immigrants. Section II deals with related research on the topic. Section IIl will lay out the theoretical foundation and propose the hypotheses. Section N explains the empirical model. Section V discusses the …
Fundamental Determinants Of Mexico's Exchange-Rate Crisis Of 1994, Polly R. Allen
Fundamental Determinants Of Mexico's Exchange-Rate Crisis Of 1994, Polly R. Allen
Economics Working Papers
No abstract available.
Capabilities And Governance The Rebirth Of Production In The Theory Of Economic Organization, Richard N. Langlois, Nicolai J. Foss
Capabilities And Governance The Rebirth Of Production In The Theory Of Economic Organization, Richard N. Langlois, Nicolai J. Foss
Economics Working Papers
Almost a decade ago, Paul Milgrom and John Roberts (1988, p. 450), two of the leaders in the formalist branch of the New Institutional Economics, made the following observation. "The incentive based transaction costs theory has been made to carry too much of the weight of explanation in the theory of organizations. We expect competing and complementary theories to emerge - theories that are founded on economizing on bounded rationality and that pay more attention to changing technology and to evolutionary considerations." This paper argues that such theories are now emerging. We survey and synthesize a developing perspective that we …