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Money And Monetary Policy In The Eurozone: An Empirical Analysis During Crises, Jonathan Benchimol, André Fourçans 2016 Bank of Israel

Money And Monetary Policy In The Eurozone: An Empirical Analysis During Crises, Jonathan Benchimol, André Fourçans

Jonathan Benchimol

This paper analyses the role of money and monetary policy as well as the forecasting performance of New Keynesian dynamic stochastic general equilibrium (DSGE) models with and without separability between consumption and money. The study is conducted over three crisis periods in the Eurozone, namely, the ERM crisis, the Dot-com crisis and the Global Financial Crisis (GFC). The results of successive Bayesian estimations demonstrate that during these crises, the non-separable model generally provides better out of sample output forecasts than the baseline model. We also demonstrate that money shocks have some impact on output variations during crises, especially in the ...


Easing The Encumbered Subject: Security, Speculation, And Capitalist Subjectivity, Kevin S. Amidon, Daniel A. Krier 2016 Iowa State University

Easing The Encumbered Subject: Security, Speculation, And Capitalist Subjectivity, Kevin S. Amidon, Daniel A. Krier

Kevin S. Amidon

Go to Online Edition

Edited by Daniel Krier, Iowa State University and Mark P. Worrell, SUNY Cortland

Capitalisms’ Future: Alienation, Emancipation and Critique frames 21st century economic and social possibilities in a dialogue between two forms of critical social theory: Marx’s critique of political economy that analyzes capitalism and the critique of political psychology that analyzes authoritarianism. Contributions from social theorists in sociology, philosophy, and cultural studies are brought together to dissect and critique capitalist crises, left-liberalism, left-Thatcherism, resistance to risk-pooling, idealist philosophy, undemocratic social character, status wages and authoritarian spectacles. Throughout, Marx’s centrality to critical social theory ...


What Determines Public Pension Investment Risk-Taking Policy, Nancy Mohan, Ting Zhang 2016 University of Dayton

What Determines Public Pension Investment Risk-Taking Policy, Nancy Mohan, Ting Zhang

Nancy Mohan

State public pension plans, mostly defined benefit plans, cover pension benefits for 12.8 million active public employees and 5.9 million retirees and other annuitants. However, by the end of 2009, public pension plans had accumulated a total funding deficit of $697 billion (measured by the difference between actuarial pension assets and liabilities). On average, public pension funds cover 75 percent of their liabilities, but individual state results vary greatly.

The 2008 stock market crash strongly affected pension asset value in that equity allocation on average accounted for 56 percent of invested assets. The average 2009 pension asset beta ...


Persistence In Industrial Policy Impacts: Evidence From Depression-Era Mississippi, Matthew Freedman 2016 Drexel University

Persistence In Industrial Policy Impacts: Evidence From Depression-Era Mississippi, Matthew Freedman

Matthew Freedman

This paper studies the effects of a large-scale industrial policy implemented in 1930s Mississippi on contemporaneous and modern-day labor market outcomes. Attracted by unprecedented government incentives under Mississippi’s Balance Agriculture with Industry (BAWI) Program, 13 large manufacturing plants established operations in the state between 1936 and 1940. Using difference-in-differences and synthetic control matching techniques, I estimate that counties that received these plants experienced an over 15% increase in female labor force participation on average in the short run. Moreover, these effects persisted decades into the future, well after many of the original companies shut down. I also find suggestive ...


Forging A University Research Mission, Joshua L. Rosenbloom 2016 Iowa State University

Forging A University Research Mission, Joshua L. Rosenbloom

Joshua L. Rosenbloom

The university exists to accommodate and implement the whole human learning process, and this must include creative scholarship and research. Thus research is not an optional activity of the university, not merely a legitimate pursuit of those who may be interested and willing to dedicate their spare time, nor an assignment justified to either the university or the professor by the resultant income in dollars and publicity. Rather, research is an inescapable responsibility of the university and an inseparable part of its total educational function. "The Place of Research in the University"


Executive Summary Of The Assessment Of The Iowa Franchise Investment Act, Senate File 522, Mark A. Edelman Dr. 2016 Iowa State University

Executive Summary Of The Assessment Of The Iowa Franchise Investment Act, Senate File 522, Mark A. Edelman Dr.

Mark Edelman

WHAT IS THE ECONOMIC IMPORTANCE: OF FRANCHISING? j :o- Overall sales exceeds $600 billion,-per. year^ accounting for more than a third of all retail sales in the United States. WHY DOES FRANCHISING DEVELOP? . ^ The business format franchise makes economic isense as a business formation strategy when a marketable business concept is developed but the developer . doesn't .have, access jto. all of the _necessary capital-to fully develop aiprofitable. manufacturing, wholesale, and retail system.


Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom 2016 Lawrence University

Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom

Lawrence University Honors Projects

Since the pioneering work of von Neumann and Morgenstern in 1944 there have been many developments in Expected Utility theory. In order to explain decision making behavior economists have created increasingly broad and complex models of utility theory. This paper seeks to describe various utility models, how they model choices among ambiguous and lottery type situations, and how they respond to the Ellsberg and Allais paradoxes. This paper also attempts to communicate the historical development of utility models and provide a fresh perspective on the development of utility models.


Daniel Defoe’S Literary Economies: The Shifting Role Of Narrative Uncertainty, Speculation, And Providence In Robinson Crusoe And Roxana., Terese J. Swords 2016 Lawrence University

Daniel Defoe’S Literary Economies: The Shifting Role Of Narrative Uncertainty, Speculation, And Providence In Robinson Crusoe And Roxana., Terese J. Swords

Lawrence University Honors Projects

In my honors project, I analyze how Daniel Defoe’s first novel, Robinson Crusoe (1719), and his last, Roxana (1724), offer shifting economic commentary regarding England’s emerging 18th century credit economy. This shift does not come as too much of a surprise, as his first and last novel straddle the historic moment of the South Sea Bubble’s burst. Therefore, Defoe’s works, when analyzed sequentially, capture the evolving attitude towards value and credit that was occurring throughout all of England.

In my first chapter, “Crusoe’s Post Facto Journal Editing: ‘How wonderfully we are delivered when we ...


Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov 2016 University of Cambridge

Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov

Undergraduate Economic Review

The 2007 subprime crisis was caused by high demand for subprime mortgage products underpinned by the unrealistic assumption that property prices would keep rising indefinitely. The subprime mortgage market worked as expected as long as prices were rising and demand for property was high. When these two conditions were violated and the housing bubble collapsed, the system became dysfunctional, many subprime borrowers defaulted, and mortgage-backed securities lost much of their value. Prevention could have been achieved through regulatory measures to shift the risk back from taxpayers and investors to loan originators. Fair distribution of risk should be the main objective ...


The Investment Casualties Of War: Global Impacts Of Armed Conflict On Foreign Direct Investment Inflows, Reinhard J. Cate Mr. 2016 University of San Francisco

The Investment Casualties Of War: Global Impacts Of Armed Conflict On Foreign Direct Investment Inflows, Reinhard J. Cate Mr.

Master's Theses

Abstract: Involvement in the outbreak of an armed conflict can present a variety of potential risks to an involved nation’s economy. In this paper I examine if one one of those risks, specifically that a new war could scare away foreign investment actually occurs and whether the intensity of the conflict increases or lessens the potential impact. Using ordinary least squares on panel data from 1966 to 2015, I examine the short and long term impacts of armed conflict on global foreign direct investment (FDI) inflows using two measures of conflict intensity: Large conflicts or ‘wars’, with 1000 or ...


From The Classical School To Today: The Evolution Of Stagnation Theories, Francis J. Lukacovic II 2016 State University of New York College at Buffalo - Buffalo State College

From The Classical School To Today: The Evolution Of Stagnation Theories, Francis J. Lukacovic Ii

Applied Economics Theses

The purpose of this thesis is to study the theory of secular stagnation, which was made famous by the American Keynesian economist Alvin Hansen in his book Full Recovery or Stagnation. The theory of secular stagnation has reappeared in economic circles today due to recent economic conditions since the financial crisis of 2007-2008. The thesis will analyze the history of the stagnation theory dating back to Classical economists in the 19th century. The concept of a stagnating economy has been talked about for centuries with many economists adding important thoughts. Furthermore, the thesis will address the current questions and ...


Transmission Of Banking Crises Using A Proximity Based Learning Model, Steven Yee 2016 Trinity College

Transmission Of Banking Crises Using A Proximity Based Learning Model, Steven Yee

Senior Theses and Projects

In financial markets, banks play a key role in transforming illiquid assets into more liquid assets. However, their ability to spread the risk of liquidity shocks over a body of agents generates a positive probability for non-efficient bank runs. Building off of the classic Diamond-Dybvig framework, this paper uses an agent based model to observe the two equilibria, efficient risk sharing and the bank run. While previous literature has looked at under what conditions could a bank run equilibrium occur, this proximity based learning model (PBLM) focuses on the development of a panic driven bank run in light of limited ...


United In Diversity? The Political Implications Of Intra- Eu Migration, Isabel Monteleone 2016 Trinity College, Hartford Connecticut

United In Diversity? The Political Implications Of Intra- Eu Migration, Isabel Monteleone

Senior Theses and Projects

Intra-EU migration is a phenomenon innate to the structure of the European Union. A politico-economic union of twenty-eight countries, the EU does what no other alliance of countries has endeavored before, serving as a unique product of globalization and integration, in every sense of the word. Bound almost entirely by a common currency, the European Union is established in the belief that economic cooperation in Europe can be achieved through the principle of free movement, despite each member states’ individual way of life, language, and political, religious, and cultural ideology.

Since intra-EU migration allows for the possibility of EU integration ...


From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti 2016 University of Dayton

From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti

Economics Faculty Articles and Research

In Gold Rush–era California, banking and the financial sector evolved in often distinctive ways because of the Gold Rush economy. More importantly, the abundance of gold on the West Coast provided an interesting test case for some of the critical economic arguments of the day, especially for those deriving from the descending—but still powerful—positions of the “hard money” Jacksonians.


Holly Martins And The Impartial Spectator: The Economics Of The Third Man, Alexander W. Pickens 2016 James Madison University

Holly Martins And The Impartial Spectator: The Economics Of The Third Man, Alexander W. Pickens

MAD-RUSH Undergraduate Research Conference

The film The Third Man is often critiqued for its portrayal of post-war Vienna and the abusive nature of totalitarian regimes in a nearly-anarchic state. However, this film does something that few other films do: it tackles the primary dilemmas facing economists using a visual medium and featuring some of the debates that have been plaguing economic thinkers for years (what is a just allocation of resources, competition in free markets, what happens when corrupt governments control resource allocation). Ultimately, the film is a unique analysis tension between the costs and benefits of the philosophies of Keynes and F. A ...


Make America Great Again?, Gregory Brock 2016 georgia southern university

Make America Great Again?, Gregory Brock

Gregory J. Brock

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Aggression In Mixed Martial Arts: An Analysis Of The Likelihood Of Winning A Decision, Trevor Collier, Andrew Johnson, John Ruggiero 2016 University of Dayton

Aggression In Mixed Martial Arts: An Analysis Of The Likelihood Of Winning A Decision, Trevor Collier, Andrew Johnson, John Ruggiero

Trevor Collier

Within the last decade, mixed martial arts has become one of the most popular sports worldwide. The Ultimate Fighting Championship (UFC) is the largest and most successful organization within the industry. In the USA, however, the sport is not sanctioned in all states because some politicians view the sport as too violent. The sport consists of many fighting forms and, unlike boxing, winning a decision requires judging in multiple facets including wrestling, boxing, kickboxing, and jiu-jitsu. In this study, we estimate the likelihood of winning a decision in the UFC. Using data on individual fights, we estimate the probability of ...


Measuring Technical Efficiency In Sports, Trevor Collier, Andrew Johnson, John Ruggiero 2016 University of Dayton

Measuring Technical Efficiency In Sports, Trevor Collier, Andrew Johnson, John Ruggiero

Trevor Collier

Standard economic production theory is the basis for measuring technical efficiency in sports. Using programming or regression models, efficiency is defined as the distance of a given team observation from the technology. In this article, the authors show that the standard measures of efficiency using deterministic models are biased downward due to serial correlation with respect to the efficiency measure. In particular, if the number of observed wins for a given team is affected by the team’s inefficiency, it is necessarily true that another team is able to produce outside of the technology. As a result, the observed frontier ...


Are We Getting Better Or Are They Getting Worse? Draft Position, Strength Of Schedule, And Competitive Balance In The National Football League, Tony Caporale, Trevor Collier 2016 University of Dayton

Are We Getting Better Or Are They Getting Worse? Draft Position, Strength Of Schedule, And Competitive Balance In The National Football League, Tony Caporale, Trevor Collier

Trevor Collier

Monopsonistic labor market institutions, such as amateur drafts and free agency restrictions, are often justified by their competitive balance generating properties. In this paper we re-examine the balancing effect of the amateur draft for the National Football League. We extend an earlier treatment of this issue by Grier and Tollison (J Econ Behav Organ 33: 136–149, 1994) by incorporating the unbalanced scheduling policy of the league, relative team payrolls, and team injury rates into our empirical model. We find that the college draft has a quantitatively strong and statistically significant effect on team performance even when incorporating several significant ...


Scouts Versus Stats: The Impact Of 'Moneyball' On The Major League Baseball Draft, Tony Caporale, Trevor Collier 2016 University of Dayton

Scouts Versus Stats: The Impact Of 'Moneyball' On The Major League Baseball Draft, Tony Caporale, Trevor Collier

Trevor Collier

Michael Lewis’ influential book Moneyball (2003) discusses several sources of inefficiency in the Major League Baseball (MLB) labor market, one of these being the failure of baseball scouts to place a draft premium on college players. We test this implication of the Moneyball thesis – the superiority of college players – by measuring the productivity of players who were drafted in the first round of five MLB drafts covering the years 1995–1999. Employing a variety of specifications, we find that the performance of college draft choices is no better than those of high school picks and argue that this is consistent ...


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