Economics Commons^™

The Stock Market As A Leading Indicator: An Application Of Granger Causality, Brad Comincioli

University Avenue Undergraduate Journal of Economics

The purpose of this paper, then, is to evaluate stock prices as a leading indicator of economic activity. Time-series analysis and the notion of "Granger causality" are used in this project to estimate relationships between stock prices and the economy, and to see if they are consistent with theory. In this paper, we will explore the following questions. First, does the stock market lead the real economy, in the sense that variation in its past values explains some of the variation in the real economy? Second, does the stock market "Granger-cause" the real economy, in which case past values of …

An Economic Analysis Of The Death Penalty, Martin Kasten

University Avenue Undergraduate Journal of Economics

From an economic perspective, society should only use capital punishment if the marginal benefits outweigh the marginal costs. In the course of analyzing the economic efficiency of capital punishment, and before providing any recommendations, both the benefits and costs of the death penalty must be evaluated. Since the death penalty has been implemented for centuries, many people believe its benefits outweigh its costs. The evaluation of benefits in Part II will be compared to the costs assessed in Part III to determine if this long held assertion is correct.

Cultural Wage Differentials Among United States Immigrants, Bill Takahashi

University Avenue Undergraduate Journal of Economics

This project will attempt to take a modern 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: What is the role of cultural factors in determining the standard of living of immigrants.

Editor's Note: Figures are missing from this article. We apologize for the inconvenience.

Environmental Injustice: Evidence And Economic Implications, Heidi Y. Willers

University Avenue Undergraduate Journal of Economics

Some economic analyses find evidence of environmental injustice--minorities and/or low-income persons are exposed to environmental dangers (locally undesirable land uses, or LULUs) more than their non-minority or more affluent counterparts. Such inefficient allocations result from a violation of perfect property rights. This paper does not determine efficient levels of various environmental dangers, but rather examines and compares several studies in an effort to find a consensus among researchers. No consensus emerges, as differences in research techniques prevent consistent results from being found. Future research must have well-defined methodologies before it can be effectively used by policy makers.