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Full-Text Articles in Economics

An Empirical Investigation On The Great Gatsby's Curve, Carlos Urrutia, Marina Mendes Tavares Jan 2106

An Empirical Investigation On The Great Gatsby's Curve, Carlos Urrutia, Marina Mendes Tavares

Carlos Urrutia

Cross country evidence suggests a negative relation between inequality and intergenerational mobility, sometimes dubbed as the “Great Gatsby's Curve". From a time series perspective, we analyze the relation between the increase in inequality and the observed trends in intergenerational mobility in the U.S. over the last three decades. As an empirical contribution, we document a significant increase in the intergenerational elasticity of earnings, both at the family level and at the individual level, between 1977 and 2012. However, we do not observe a significant trend in the intergenerational elasticity of family income, suggesting an important role for transfers ...


A Systematic Investigation Of The Effect Of Wildfire Events And Risks On Property Values, Qiuhua Ma Jul 2019

A Systematic Investigation Of The Effect Of Wildfire Events And Risks On Property Values, Qiuhua Ma

Economics ETDs

Wildfires frequency and severity have been increasing in the western United States over the past few decades. This rising threat is caused by the accumulated fuel load, climate change, and the rapid expansion of housing in the wildland-urban interface (WUI). Since most mitigation and suppression costs are borne by taxpayers, policy analysts seek both market (e.g., protection and suppression cost) and non-market cost estimates of wildfires. As one tool, the hedonic pricing method is commonly used to investigate wildfire effects on property values. There are a variety of hedonic studies investigating wildfire, with mixed and/or inconsistent results. Model ...


Stock Market Reactions To Presidential Statements: Evidence From Company-Specific Tweets, Qi Ge, Alexander Kurov, Marketa Halova Wolfe Jan 2018

Stock Market Reactions To Presidential Statements: Evidence From Company-Specific Tweets, Qi Ge, Alexander Kurov, Marketa Halova Wolfe

Economics Faculty Scholarship

When the President of the United States tweets, do investors respond? We analyze the impact of tweets from President Trump's official Twitter accounts from November 9, 2016 to July 31, 2017 that include the name of a publicly traded company. We find that these tweets move company stock prices and increase trading volume, volatility and institutional investor attention, with a stronger impact before the presidential inauguration. The initial impact of the presidential tweets on stock prices appears to dissipate over the next few trading days. Overall, the results show that investors pay attention to presidential company-specific statements even when ...


Multiple Pollutants, Co-Benefits, And Suboptimal Environmental Policies, Don Fullerton, Daniel Karney Dec 2017

Multiple Pollutants, Co-Benefits, And Suboptimal Environmental Policies, Don Fullerton, Daniel Karney

Don Fullerton

In our analytical general equilibrium model, polluting inputs can be substitutes or complements. We study a tax increase on one pollutant where the other faces a tax or permit policy. Our solutions highlight key parameters and welfare effects with gains from abatement plus positive or negative co-benefits from other pollutants in the covered and uncovered sectors. We demonstrate several ways taxes and permits differ. First, the change in taxed pollutant depends on whether the other pollutant faces a tax or permit policy. Also, only with a tax on the other pollutant can a co-benefit arise. The sign of co-benefits depends ...


Contingent Judicial Deference: Theory And Application To Usury Laws, Bernardo Guimarães, Bruno Meyerhof Salama Dec 2017

Contingent Judicial Deference: Theory And Application To Usury Laws, Bernardo Guimarães, Bruno Meyerhof Salama

Bruno Meyerhof Salama

Legislation is less likely to be enforced when courts disagree with it. Building on this premise, we propose a model of Bayesian adjudicators that use their own prior knowledge to evaluate the appropriateness of legislation. The model yields a non-monotonic relation between written rules and effectively enforced rules. Hence the enactment of legislation prohibiting something raises the probability that courts will allow related things not expressly forbidden. Moreover, legal uncertainty is greater with legislation that commands little deference from courts than with legislation that commands none. We discuss examples of e§ects of legislated prohibitions (and, in particular, usury laws ...


Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii Dec 2017

Dynamic Poverty Decomposition Analysis: An Application To The Philippines, Tomoki Fujii

Research Collection School Of Economics

In this paper, we propose a new method of poverty decomposition. Our method remedies the shortcomings of existing methods and has some desirable properties such as time-revision consistency and subperiod additivity. It integrates the existing methods of growth-redistribution decomposition and sector based decomposition, because it allows us to decompose poverty change into growth and redistribution components for each group (e.g., regions or sectors) in the economy. We extend out method to have six components and provide empirical application to the Philippines for the period of 1985 to 2009.


Reaping Richer Returns : Public Spending Priorities For African Agriculture Productivity Growth, Aparajita Goyal, John Nash Nov 2017

Reaping Richer Returns : Public Spending Priorities For African Agriculture Productivity Growth, Aparajita Goyal, John Nash

Aparajita Goyal

Enhancing the productivity of agriculture is vital for Sub-Saharan Africa's economic future and is one of the most important tools to end extreme poverty and boost shared prosperity in the region. How governments elect to spend public resources has significant development impact in this regard. Choosing to catalyze a shift toward more effective, efficient, and climate-resilient public spending in agriculture can accelerate change and unleash growth. Not only does agricultural public spending in Sub-Saharan Africa lag behind other developing regions but its impact is vitiated by subsidy programs and transfers that tend to benefit elites to the detriment of ...


Ceo Compensation And Risk-Taking At Financial Firms: Evidence From U.S. Federal Loan Assistance, Amar Gande, Swami Kalpathy Nov 2017

Ceo Compensation And Risk-Taking At Financial Firms: Evidence From U.S. Federal Loan Assistance, Amar Gande, Swami Kalpathy

Amar Gande

We examine whether risk-taking among the largest financial firms in the U.S. is related to CEO equity incentives before the 2008 financial crisis.  Using data on U.S. Federal Reserve emergency loans provided to these firms, we find that the amount of emergency loans and total days the loans are outstanding are increasing in pre-crisis CEO risk-taking incentives – “vega”.  Our results are robust to accounting for endogeneity in CEO equity incentives and selection of financial firms into emergency loan programs.  We also rule out the possibility that our results are driven by a bank’s funding base, bank complexity ...


The Cost Of Basic Income: Back-Of-The-Envelope Calculations, Karl Widerquist Nov 2017

The Cost Of Basic Income: Back-Of-The-Envelope Calculations, Karl Widerquist

Karl Widerquist

This article shows how the cost of Universal Basic Income (UBI) is often misunderstood and greatly exaggerated. It then presents simple, “back-of-the-envelope” estimates of the net cost of a UBI set at about the official poverty line: $12,000 per adult and $6,000 per child with a 50% “marginal tax rate.” These back-of-the-envelope calculations present a greatly simplified UBI scheme meant not a practical proposal but as a method to obtain a ballpark estimate of the cost of UBI in isolation. Even with simplifying assumptions, these figures are several times more accurate than many common but exaggerated estimates. Key ...


Why The World Needs A Reserve Asset With A Hard Anchor, Warren Coats, Dongsheng Di, Yuxuan Zhao Nov 2017

Why The World Needs A Reserve Asset With A Hard Anchor, Warren Coats, Dongsheng Di, Yuxuan Zhao

Warren Coats

From the 1970s, the global currency system has two features: the use of one or a few sovereign currencies as the global reserve asset and the floating exchange rate regime between major currencies.This paper points out that the costs of the dollar’s use as an international reserve currency exceed the benefits for both the US and the rest of the world. These costs include the exporting of American manufacturing as a byproduct of its current account deficit needed to supply its currency to the rest of the world. In addition to the detriment to trade from unpredictable exchange ...


Producer Services: A Hub For Stem And An Engine For Job Growth, Eric Thompson, Kalana Jayanetti Nov 2017

Producer Services: A Hub For Stem And An Engine For Job Growth, Eric Thompson, Kalana Jayanetti

Business in Nebraska

No abstract provided.


Disaster And Recovery: The Effects Of Post-Disaster Aid On Economic Development, Joshua M. Drouin Nov 2017

Disaster And Recovery: The Effects Of Post-Disaster Aid On Economic Development, Joshua M. Drouin

Steeplechase

The effects of aid on economic development is topic typically studied from the perspective of corruption and allocative efficiency. We examine aid to less developed nations from a different viewpoint; assuming aid reaches the intended recipients, does it actually benefit them? We utilize Indonesia and the 2004 earthquake and tsunami as a natural experiment to observe the influx of aid, and compare the regions development before and after the disaster. By establishing a baseline before the disaster, and utilizing a new start point after the destruction, we can gauge the reconstruction efforts and observe whether aid is beneficial or harmful ...


A Guide To Circuit Core Models, Lester G. Telser Nov 2017

A Guide To Circuit Core Models, Lester G. Telser

Lester G Telser

Table of contents to Circuits as Coalitions in the Core


Questioning The Advances In Global Trade: An Assessment Of The Development Chapter In The Trans-Pacific Partnership, Alice Gerow Nov 2017

Questioning The Advances In Global Trade: An Assessment Of The Development Chapter In The Trans-Pacific Partnership, Alice Gerow

SPICE: Student Perspectives on Institutions, Choices and Ethics

The Trans-Pacific Partnership is on its way to becoming the largest trade deal ever made and proposes to write the rules for global trade. The TPP includes several novelties in trade negotiation such as a chapter specifically interested in issues surrounding development. This paper offers a content-based analysis of the TPP’s Development chapter to gauge the value of this symbolic addition. In order to make this assessment, the United Nations Conference for Trade and Development, the intergovernmental organization responsible for assisting developing nations in the negotiation of trade deals, serves as a reference point for the representation of developing ...


The Law And Economics Of Databases: A Balancing Act, Ya Shon Huang Nov 2017

The Law And Economics Of Databases: A Balancing Act, Ya Shon Huang

SPICE: Student Perspectives on Institutions, Choices and Ethics

In this paper, I demonstrate that the existing legal frameworks for database protection are inadequate – the American framework under-protects databases, while the European framework over-protects. This paper presents an economic analysis of the current scope of legal protections for databases versus the ideal, with an especial emphasis on the role of intellectual property rights in providing these protections, and concludes with proposals for an ideal system. After an overview of the current systems of legal protections for databases in the United States (US) and the European Union (EU), there will be an explanation of how different types of laws (competition ...


An Analysis Of The Effect Of Airline Mergers On Airfares: A Case Study Of Delta-Northwest And Continental-United, Avi Grunfeld Nov 2017

An Analysis Of The Effect Of Airline Mergers On Airfares: A Case Study Of Delta-Northwest And Continental-United, Avi Grunfeld

SPICE: Student Perspectives on Institutions, Choices and Ethics

In this paper I analyze the effects of the mergers between Delta-Northwest and Continental-United on airfares. I use data from before the announcement of the mergers to model prices and then forecast what prices would have been after the mergers had the mergers not occurred.

By comparing the actual observed fares and the predicted fares, I find that fares are lower than predicted during the periods of the mergers’ announcements and higher than predicted afterwards. Overall, fares after the announcement of the merger are higher than predicted, and market power effects from the merger dominate efficiency gains. However, I find ...


A New Generation Of Voting: Promoting Youth Voter Turnout Through Applied Behavioral Economics, Jonathan Skekloff Nov 2017

A New Generation Of Voting: Promoting Youth Voter Turnout Through Applied Behavioral Economics, Jonathan Skekloff

SPICE: Student Perspectives on Institutions, Choices and Ethics

The American democratic system is fundamentally based on the idea of a government of the people. At the cornerstone of this system is voting. However, to date, voter turnout among the youth vote (citizens aged 18-29) is very low. This paper explores the historical data of youth voter turnout and subsequently addresses two core questions. First, why is youth voter turnout important? Second, what can we do to increase youth voter turnout in the 21st century? This paper argues that youth voter turnout is important for a number of reasons, from education levels to habitual voting. Primary among these is ...


Entrepreneurship, Women And Development: Case Studies Of Women Entrepreneurs In Tanzania, Maya R. Perl-Kot Nov 2017

Entrepreneurship, Women And Development: Case Studies Of Women Entrepreneurs In Tanzania, Maya R. Perl-Kot

SPICE: Student Perspectives on Institutions, Choices and Ethics

No abstract provided.


The G20 And Global Economic Governance During A Protracted Recession, Evren Celik Wiltse Nov 2017

The G20 And Global Economic Governance During A Protracted Recession, Evren Celik Wiltse

Evren Celik Wiltse

Thus far, the G20 represents the most significant collective attempt to address the 2008 economic crisis by the world’s largest economies. It is the only global platform that could serve as an institutional panacea for the protracted economic slowdown that has been experienced since 2008. This article analyses the G20 by situating it in the general historical-institutional context of the global economic governance. It compares and contrasts the G20 with the Bretton Woods institutions. Subsequently, some of the most pronounced criticisms of G20 are addressed, including concerns about possible “agenda creep” and the lack of a hegemonic underwriter.


Scaling Up Microfinance In Africa: Best Practices And A Case Study From Kenya, Catherine Burns Nov 2017

Scaling Up Microfinance In Africa: Best Practices And A Case Study From Kenya, Catherine Burns

SPICE: Student Perspectives on Institutions, Choices and Ethics

No abstract provided.


Not Too Salt-Y: The Disparate Federal Income Tax Treatment Of Business And Non-Business State And Local Taxes, Michael S. Knoll Nov 2017

Not Too Salt-Y: The Disparate Federal Income Tax Treatment Of Business And Non-Business State And Local Taxes, Michael S. Knoll

Faculty Scholarship

The Tax Cuts and Jobs Act, H.R. 1, would eliminate the federal income tax deduction for nonbusiness state and local taxes while maintaining the deduction for business state and local taxes. That disparate treatment has generated a storm of negative commentary. In this short essay, I consider whether the federal tax law should allow a deduction for business state and local taxes assuming that there is no deduction for nonbusiness state and local taxes. I argue that investors and businesses, including pass-through businesses, should be allowed to deduct state and local property and sales taxes, but not general income ...


Benefits And Obstacles To Purchasing Food From Local Growers And Producers, Mary B. Gregoire, Catherine H. Strohbehn Nov 2017

Benefits And Obstacles To Purchasing Food From Local Growers And Producers, Mary B. Gregoire, Catherine H. Strohbehn

Catherine Strohbehn

Oftentimes, those who are responsible for purchasing food for school foodservice programs have a variety of vendors from whom they choose to purchase. One buying option that is receiving increased support from the U.S. Department of Agriculture (USDA) is the purchase of foods from local growers (those who grow food items on their farm and sell directly to consumers) and producers (those who produce a food item, such as pasta or ground beef, from locally grown or raised foods). Data for this study were collected from individuals responsible for managing school foodservice operations in four Midwestern states to determine ...


Innovations In School Food Purchasing, Catherine H. Strohbehn, Mary B. Gregorie Nov 2017

Innovations In School Food Purchasing, Catherine H. Strohbehn, Mary B. Gregorie

Catherine Strohbehn

There is much local interest in and government support for efforts to develop stronger links between schools and local growers and producers. Several successful programs have been developed that provide models for school foodservice direclors who are interested in this effort. Benefits and challenges do exist in Ihe developmenl of these new markets, both from the perspective of the school foodservice projessional and the producm. Discussions of the benefits, obstacles, and pilot, projects are included in this report.


Teaching About Modern Slavery: Highlighting Human Rights Principles In Evaluating Economic Systems, Barbara E. Hopkins Nov 2017

Teaching About Modern Slavery: Highlighting Human Rights Principles In Evaluating Economic Systems, Barbara E. Hopkins

The Social Practice of Human Rights: Charting the Frontiers of Research and Advocacy

Evaluating economic systems relies on several different criteria, but the current public discourse places a great deal of emphasis on efficiency, which students generally understand as producing at lower cost.

By using the extreme example of modern-day slavery, I am able to introduce students to the human rights framework for thinking about freedom and encourage students to question whether producing at the lowest possible cost is good for human beings and the environment.


The Economic Concept Of Exploitation And Economic Justice, Hee-Young Shin Nov 2017

The Economic Concept Of Exploitation And Economic Justice, Hee-Young Shin

The Social Practice of Human Rights: Charting the Frontiers of Research and Advocacy

This paper explores the concept of exploitation — how it has been interpreted and used in different schools of thought in economics and what it means to abolish exploitation in our contemporary capitalist market economies.


Economic Rights In Catholic Social Teaching, Andrew Beauchamp, Jason Heron Nov 2017

Economic Rights In Catholic Social Teaching, Andrew Beauchamp, Jason Heron

The Social Practice of Human Rights: Charting the Frontiers of Research and Advocacy

Catholic social teaching has a vision of the economy that is very closely aligned with the tradition of civil humanism, dating at least from the Italian Renaissance. In the course of contemporary discussion of economic concerns, Catholic social teaching often asserts human rights in and related to the economic sphere. However, it regards these economic imperatives not in terms of an autonomous, rights-bearing individualism, but rather within the thick web of relationships characterized by civil virtues, including reciprocity and gratuitousness.

Thus the Church conceptualizes the economy as part of a larger social ambit that includes fundamental social virtues. This vision ...


Economic Viability Of Selling Locally Grown Produce To Local Restaurants, Amit Sharma, Catherine Strohbehn, Rama B. Radhakrishna, Allan Ortiz Nov 2017

Economic Viability Of Selling Locally Grown Produce To Local Restaurants, Amit Sharma, Catherine Strohbehn, Rama B. Radhakrishna, Allan Ortiz

Catherine Strohbehn

The purpose of this study was to conduct a qualitative comparative analysis of growers' costs for inputs related to production, processing, packaging, and distribution of local foods to independent restaurants. Growers have been motivated to sell locally due to the asymmetry in farm-retail price spreads. Yet selling locally direct to restaurants may imply new types of processes, costs, and investments. While local farm-to-retail markets may provide opportunities to reduce these price spreads and maximize benefits for growers, it is unclear whether such efforts are economically viable for growers when all input costs are considered. Interviews with local food producers found ...


The Political Economy Of Preparedness: Geographic Variation In Financing, Capabilities And Costs, Glen P. Mays Nov 2017

The Political Economy Of Preparedness: Geographic Variation In Financing, Capabilities And Costs, Glen P. Mays

Glen Mays

OBJECTIVES: Preparedness for health emergencies, outbreaks and disasters varies widely across the U.S., but the causes and consequences of these inequities are poorly understood.  This study uses the National Health Security Preparedness Index to examine how financing mechanisms and health insurance coverage influence preparedness across U.S. states.  METHODS: The Preparedness Index aggregates data from national household surveys, medical records, safety inspection results, and health agency surveys to produce composite measures of preparedness for each U.S. state and the nation overall.  We linked annual Index composite measures for each state and year 2013-16 with contemporaneous measures of federal ...


Negative Impacts Of Illegal, Unreported And Unregulated Fishing Perpetrated By Mozambican Fishers, Catarina Maria Arminda Elias Vasco Nov 2017

Negative Impacts Of Illegal, Unreported And Unregulated Fishing Perpetrated By Mozambican Fishers, Catarina Maria Arminda Elias Vasco

World Maritime University Dissertations

No abstract provided.


The Potential Of Vizhinjam Port As A Regional Hub: A Network Analysis : A Feasibility Analysis From A Network Perspective, Pratichi Rajan Mallick Nov 2017

The Potential Of Vizhinjam Port As A Regional Hub: A Network Analysis : A Feasibility Analysis From A Network Perspective, Pratichi Rajan Mallick

World Maritime University Dissertations

No abstract provided.