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Social and Behavioral Sciences Commons™
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Full-Text Articles in Social and Behavioral Sciences
Adjustment In An Open Economy With Two Exchange-Rate Regimes, Sven W. Arndt
Adjustment In An Open Economy With Two Exchange-Rate Regimes, Sven W. Arndt
CMC Faculty Publications and Research
This paper examines adjustment in a model with three economies, two exchange-rate regimes, and varying capital mobility. In the benchmark scenario, the U.S. dollar fluctuates against the euro and the Chinese yuan, but capital mobility is high in the former and low in the latter case. This generates offsetting exchange-rate adjustments, which affect the efficacy of U.S. fiscal policy. In the next two scenarios, the yuan is fixed against the dollar. Rate pegging by a large country like China "interferes" with U.S. macro adjustment and undermines U.S. policy autonomy.
Do Environmental Audits Improve Long-Term Compliance: Evidence From Manufacturing Facilities In Michigan, Mary F. Evans, Lirong Liu, Sarah L. Stafford
Do Environmental Audits Improve Long-Term Compliance: Evidence From Manufacturing Facilities In Michigan, Mary F. Evans, Lirong Liu, Sarah L. Stafford
CMC Faculty Publications and Research
Using a unique facility-level dataset from Michigan, we examine the effect of environmental auditing on manufacturing facilities’ long-term compliance with U.S. hazardous waste regulations. We also investigate the factors that affect facilities’ decisions to conduct environmental audits and whether auditing in turn affects the probability of regulatory inspections. We account for the potential endogeneity of our audit measure and the censoring of our compliance measure using a censored trivariate probit, which we estimate using simulated maximum likelihood. We find that larger facilities and those subject to more stringent regulations are more likely to audit; facilities with poor compliance records are …