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2005 Full-Text Articles 1099 Authors 349598 Downloads 74 Institutions

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2005 full-text articles. Page 1 of 47.

Essays On The Law Of One Price In Financial Markets And The Recent Financial Crisis, Igor Sorkin 2017 The Graduate Center, City University of New York

Essays On The Law Of One Price In Financial Markets And The Recent Financial Crisis, Igor Sorkin

All Graduate Works by Year: Dissertations, Theses, and Capstone Projects

Essay 1: The theory of the Law of One Price (LOOP) is one of the most important theories in International Economics. I use financial markets to revisit the validity of the LOOP in the short run, and then extend the analysis into the long-run to examine whether events such as the Financial Crisis of 2007-2009 can lead to the failure of the LOOP or worsen deviations from it. Using the data on Canadian companies cross-listed on the New York Stock Exchange, I find strong support that the LOOP holds in a cross-sectional framework despite the fact that the sample includes ...


Partial Disability And Labor Market Adjustment: The Case Of Spain, José Ignacio Silva, Judit Vall 2017 Universitat Pompeu Fabra

Partial Disability And Labor Market Adjustment: The Case Of Spain, José Ignacio Silva, Judit Vall

José Ignacio Silva


Although partially disabled individuals in Spain are allowed to combine disability benefits with a job, the empirical evidence shows that the employment rate of this group of individuals is very low because they have a much lower job finding and a higher job separation rates than nondisabled workers. Moreover, a decomposition analysis of the equilibrium employment rate shows that the differences in the job finding rates explain 85 percent of the disabled employment gap. To explain these facts, we construct a labor market model with search intensity and matching frictions to identify the incentives and disincentives to work in Spain ...


What Goes Up Must Come Down: The Relationship Between The Housing Market Boom And The Subsequent Economic Downturn: Evidence From The Msa Level, Bruce Dale Service 2017 Claremont McKenna College

What Goes Up Must Come Down: The Relationship Between The Housing Market Boom And The Subsequent Economic Downturn: Evidence From The Msa Level, Bruce Dale Service

CMC Senior Theses

Using MSA level data, the paper shows, that geographic areas which experienced the largest housing bubble generally suffered a more serious subsequent economic downturn. More specifically, the paper establishes that MSAs with larger declines in housing permits had larger increases in unemployment. There also appears to be strong evidence of a correlation between the magnitude of a housing boom and the timing of the decline in housing permits. MSAs which experienced larger real housing inflation offered early indications of the subsequent Great Recession.


Are Oil Prices Important To U.S. Manufacturers?, Austin Perez Schoff 2017 Claremont McKenna College

Are Oil Prices Important To U.S. Manufacturers?, Austin Perez Schoff

CMC Senior Theses

Very little has been written about the effect that oil prices have on manufacturing output in the United States. This paper aims to shed light about the effect of oil prices, oil imports, and GDP on U.S. manufacturing output through a four-variable vector autoregression and explain the timing of these shocks through impulse response functions. Empirical results find that oil prices are significant in determining manufacturing output, but manufacturing output is also significant in determining oil prices.


The End Of The Three Percent Rule: How Structural Changes In The U.S. Economy Have Impacted Economic Growth, Maxwell J. Urman 2017 Claremont McKenna College

The End Of The Three Percent Rule: How Structural Changes In The U.S. Economy Have Impacted Economic Growth, Maxwell J. Urman

CMC Senior Theses

Using data from government sources (FRED, BEA, BLS), the thesis explores the underlying reasons for declining U.S. economic growth. A long standing trend of annual 3% growth no longer seems to hold true for the economy. The paper summarizes current theory as to why the growth has slowed and finds new explanations by analyzing the various major industries which make up GDP. The results show that sectoral shifts in employment from high paying industries to low paying industries help to explain a significant portion of the decline in national growth rates. The decline in growth is primarily driven by ...


Degree Matters: The Impact Of A Leader’S Foreign Education On His Country’S Economic Development, Zhongyi Yu 2017 Claremont McKenna College

Degree Matters: The Impact Of A Leader’S Foreign Education On His Country’S Economic Development, Zhongyi Yu

CMC Senior Theses

I analyze the correlation between a nation leader’s foreign education experience and their nation’s GDP growth and economic freedom in African, Asian, and South American countries. There is a statistically significant correlation between a leader’s foreign education and the country’s GDP growth rate, especially in Africa. Data also shows that a leader’s foreign education is positively correlated with his country’s economic freedom. Despite the fact that the regressions can only demonstrate correlation as opposed to causation relationships among variables, further analysis of the results concludes that a leader’s education and the country’s ...


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 ...


Maintenance Of Value In The General Account And Valuation Of The Sdr In The Special Drawing Account Of The Imf, Robert C. Effros 2016 University of Georgia School of Law

Maintenance Of Value In The General Account And Valuation Of The Sdr In The Special Drawing Account Of The Imf, Robert C. Effros

Georgia Journal of International & Comparative Law

No abstract provided.


Education And Economic Dominance, Daniil Kashkarov 2016 University of Economics, Prague

Education And Economic Dominance, Daniil Kashkarov

Undergraduate Economic Review

The paper examines the role of national education in achieving leading positions in global economic relations. Theoretical part uses stock of knowledge accumulated by scholars in the sphere related to human capital. Empirical part uses logistic regressions in order to test for relationship between global economic dominance and national education. Membership in the G20 is used in the models as a dependent categorical variable indicating the fact of the worldwide leadership. The models indicate that human capital and its educational part have statistically significant influence on the probability of becoming worldwide economic leader.


Malthusian Stagnation Is Efficient, Juan C. Cordoba, Xiying Liu 2016 Iowa State University

Malthusian Stagnation Is Efficient, Juan C. Cordoba, Xiying Liu

Economics Working Papers

Malthusian economies are generally deemed inefficient: stagnated, highly unequal, and densely populated by a labouring class prone to high fertility. This article defines and characterizes efficient allocations in Malthusian environments of fixed resources and endogenous fertility. We show, that under general conditions, efficient allocations exhibit stagnation in standards of living, inequality, differential fertility, and a high population density of poorer individuals.


Highly Probable Paradox, Lester G. Telser 2016 University of Chicago

Highly Probable Paradox, Lester G. Telser

Lester G Telser

If a bad event occurs with probability 1/n in a size n sample, then you are inclined to believe that the bigger the sample, the less likely the bad event will occur. On the contrary as the sample becomes bigger and bigger, the probability that at least one bad event will occur gets closer and closer to 1-1/e. I was led to this surprising result in my study of financial crises, Two Certainties: Death, Taxes and an Honorable Mention, Financial Crises.


Rural Population Growth, 1950–1990: The Roles Of Human Capital, Industry Structure, And Government Policy, Tzu-Ling Huang, Peter F. Orazem, Darin Wohlgemuth 2016 Chung Yuan Christian University

Rural Population Growth, 1950–1990: The Roles Of Human Capital, Industry Structure, And Government Policy, Tzu-Ling Huang, Peter F. Orazem, Darin Wohlgemuth

Peter Orazem

Human capital raises rural incomes, but this effect is swamped by higher returns to human capital in urban markets. This leads to “brain drain” from rural areas. Populations grow more rapidly in rural counties that have a diversified employment base. Farm population grows faster (or declines more slowly) in counties with relatively high farm income, and nonfarm populations grow faster in counties with relatively high nonfarm income. However, higher farm incomes lead to slower nonfarm population growth and vice versa. Rural county government services financed by local taxes or debt have neutral or negative effects on population growth.


The Impact Of Culture, Institutions, And The Euro On Trade Flows In Europe, James Aylward 2016 University of California, Berkeley

The Impact Of Culture, Institutions, And The Euro On Trade Flows In Europe, James Aylward

Undergraduate Economic Review

This paper sets out to study the role of cultural and institutional differences across European countries in explaining patterns of bilateral trade within Europe by using a gravity model approach on panel data for 24 European countries, covering the years 2002 through 2006. It may be expected that cultural and institutional “distance” between Eurozone countries would have a comparatively smaller impact on bilateral trade flows by virtue of the countries’ shared currency relative to the impact of such determinants on bilateral trade flows between two countries that do not share a currency. Alternatively, such determinants could have a significant impact ...


Why Ireland: How Bank Failure Was Their Key To Success, Nia R. Gillenwater 2016 Scripps College

Why Ireland: How Bank Failure Was Their Key To Success, Nia R. Gillenwater

Claremont-UC Undergraduate Research Conference on the European Union

Despite Ireland’s status as the first EU country to receive a bailout, Ireland appears to be bouncing back extremely well from the ongoing financial crisis in Europe and the EU. Looking at recent Irish economic statistics it begs the question whether the government’s complete guarantee of all Irish debts was the best response. Ireland’s financial crisis seemed quite similar to America’s: for both the root causes are freely lending for real estate and property. The responses however, were very different. While America let Lehman Brothers fail and only provided a partial guarantee to its banks, Ireland ...


Industrial Ecology Analysis Of The Potential For An Eastern Nebraska Industrial Symbiosis Network (Enisn): A Comparative Study, Bradley A. Behne 2016 University of Nebraska-Lincoln

Industrial Ecology Analysis Of The Potential For An Eastern Nebraska Industrial Symbiosis Network (Enisn): A Comparative Study, Bradley A. Behne

Dissertations & Theses in Natural Resources

The area of Eastern Nebraska north of Omaha, including the municipality of Blair is host to a collection of unique companies and industries. These industries, driven by the agricultural and urban economy of the area, as well as the geographic proximity to each other, make it an advantageous area to study the potential for a network where individual entities utilize the concept of industrial symbiosis. This potential network is referred to as the Eastern Nebraska Industrial Symbiosis Network (ENISN). Industrial symbiosis, a sub-set of industrial ecology, engages separate industries in a collaborative and collective approach, concerning itself with the flow ...


Essays On Environmental Policy Instruments, Emissions Leakage And Public Policy, Shreekar Pradhan 2016 University of Tennessee, Knoxville

Essays On Environmental Policy Instruments, Emissions Leakage And Public Policy, Shreekar Pradhan

Doctoral Dissertations

This dissertation consists of three essays related to my research on environmental policy, emissions leakage, and public policy. In the first essay, I address how open economies respond to environmental policy instruments under uncertainty. I develop a dynamic stochastic general equilibrium model for a small open economy (SOE) and evaluate the macroeconomic fluctuations in response to cap-and-trade, pollution tax, and emissions intensity standard under two shocks: productivity and terms of trade. My findings suggest that cap-and-trade policies are most effective in dampening the macroeconomic volatility from productivity shock. However, under the terms-of-trade shock, pollution tax, and intensity target policies are ...


Natural Disasters In Latin America: The Role Of Disaster Type And Productive Sector On The Urban-Rural Income Gap And Rural To Urban Migration, Madeline Alice Messick 2016 University of Southern Mississippi

Natural Disasters In Latin America: The Role Of Disaster Type And Productive Sector On The Urban-Rural Income Gap And Rural To Urban Migration, Madeline Alice Messick

Dissertations

This research provides insight into the impact of natural disasters as drivers of rural to urban migration in Latin America and the Caribbean (LAC). Disasters of varying types are predicted to have differing impacts on the productive sectors of agriculture, industry, and services; which due to the concentration of the various productive sectors in either urban or rural areas, subsequently changes the urban-rural wage differential. Changes to the wage differential (as measured by the urban-rural income gap) are predicted to lead to movement between urban and rural areas until a new equilibrium wage is reached.

This dissertation first identifies a ...


A Macroeconomic Approach To Optimal Unemployment Insurance: Theory, Camille Landais, Pascal Michaillat, Emmanuel Saez 2016 London School of Economics and Political Science

A Macroeconomic Approach To Optimal Unemployment Insurance: Theory, Camille Landais, Pascal Michaillat, Emmanuel Saez

Pascal Michaillat

This paper develops a theory of optimal unemployment insurance (UI) in matching models. The optimal UI replacement rate is the conventional Baily-Chetty replacement rate, which solves the tradeoff between insurance and job-search incentives, plus a correction term, which is positive when an increase in UI pushes the labor market tightness toward its efficient level. In matching models most wage mechanisms do not ensure efficiency so tightness is generally inefficient. The effect of UI on tightness depends on the model: increasing UI may raise tightness by alleviating the rat race for jobs or lower tightness by increasing wages through bargaining. 


Can Capital-Energy Substitution Foster Economic Growth?, Itziar Lazkano, Linh Pham 2016 University of Wisconsin - Milwaukee

Can Capital-Energy Substitution Foster Economic Growth?, Itziar Lazkano, Linh Pham

Itzi Lazkano

This paper studies the ease of substitution between energy and other production inputs over time. We first develop a Solow growth model with energy where our general production function allows for a non-constant elasticity of substitution between production inputs. Our focus thus differs from previous work as we depart from the standard assumption of constant elasticity of substitution between production inputs. Our theoretical results show that the ease of substitution between capital and energy improves over time with energy intensity. We also find that the long-run growth rate directly depends on the speed at which the elasticity of substitution increases ...


Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti 2016 Universidad Carlos III de Madrid

Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti

Economics Faculty Articles and Research

We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule ...


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