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Full-Text Articles in Business
The Rationality Of Economic Voting Revisited, Motoshi Suzuki, Henry W. Chappell
The Rationality Of Economic Voting Revisited, Motoshi Suzuki, Henry W. Chappell
Faculty Publications
Examines the rationality of economic voting, using post-World War II United States national election data.
Omitted-Ability Bias And The Increase In The Return To Schooling, Mckinley L. Blackburn, David Neumark
Omitted-Ability Bias And The Increase In The Return To Schooling, Mckinley L. Blackburn, David Neumark
Faculty Publications
Over the 1980s, there were sharp increases in the return to schooling estimated with conventional wage regressions. We explore whether the relationship between ability and schooling changed over this period in ways that would have increased the schooling coefficient in these regressions. Our empirical results reject the hypothesis that an increase in the bias of the schooling coefficient, due to a change in the relationship between ability and schooling, has contributed to observed increases in the return to schooling.We also find that the increase in the schooling return has occurred for workers with relatively high levels of academic ability.
Partisan Monetary Policies: Presidential Influence Through The Power Of Appointment, Henry W. Chappell, Thomas M. Havrilesky, Rob Roy Mcgregor
Partisan Monetary Policies: Presidential Influence Through The Power Of Appointment, Henry W. Chappell, Thomas M. Havrilesky, Rob Roy Mcgregor
Faculty Publications
We investigate the channels through which partisan influence from a Presidential administration could affect monetary policy-making.Influence could be a result of direct Presidential pressure exerted on members of the Federal Open Market Committee (FOMC), or it could be a result of partisan considerations in Presidential appointments to the Board of Governors. To investigate these two channels of influence, we devise and apply a method for estimating parameters of monetary policy reaction functions that can vary across individual members of the FOMC Our results suggest that the appointments process is the primary mechanism by which partisan differences in monetary policies arise.
Unobserved Ability, Efficiency Wages, And Interindustry Wage Differentials, Mckinley L. Blackburn, David Neumark
Unobserved Ability, Efficiency Wages, And Interindustry Wage Differentials, Mckinley L. Blackburn, David Neumark
Faculty Publications
One competitive-market explanation of interindustry wage differentials that is not challenged by the persistence of these differentials is that they are due to differences across workers in unobserved ability or quality. In contrast, this paper explores the unobserved ability hypothesis by using test scores as error-ridden indicators of ability, and family background variables as instruments.This approach avoids two potential problems with using first-difference methods to remove omitted-ability bias from wage equation estimates of industry effects the exacerbation of measurement error from misclassification of industry, and selectivity with respect to industry changes. However, this approach may introduce other problems, for two …
Research On Effective Schools: Implications For Less Developed Countries, Elchanan Cohn, Richard A. Rossmiller
Research On Effective Schools: Implications For Less Developed Countries, Elchanan Cohn, Richard A. Rossmiller
Faculty Publications
No abstract provided.
On The Net Present Value Rule For Educational Investments, Elchanan Cohn
On The Net Present Value Rule For Educational Investments, Elchanan Cohn
Faculty Publications
Focuses on the net present value rule for educational investments. Profitability of investment in education; Omission of direct educational costs from the benefit-cost calculations; Standards on the applicability of the net present value rule.
Engel's Formula For Estimating The Costs Of Producing An Individual: A Note, Elchanan Cohn
Engel's Formula For Estimating The Costs Of Producing An Individual: A Note, Elchanan Cohn
Faculty Publications
Examines the formula for the estimation of total cost of human capital production. Presentation of arithmetic progression with annual marginal cost; Assessment on the cost of human production; Relationship between cost of production and age.