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Selecting An Alternative National Banking System Against Fractional Reserve Free Banking: The Greatest Modern Fraud?, Josiah J. Bardy 2017 Liberty University

Selecting An Alternative National Banking System Against Fractional Reserve Free Banking: The Greatest Modern Fraud?, Josiah J. Bardy

Senior Honors Theses

This paper serves as a compilation and analysis of different banking systems with an emphasis on fractional reserve free banking. Contemporary academic literature has debated fractional reserve banking with revisited scrutiny since the 2007–2009 financial crisis. The Austrian School, drawing conclusions from the Austrian business cycle theory, blames central banking for boom-bust economics. One proposed solution, fractional reserve free banking, eliminates the central bank’s control for a purer form of fractional reserve practice; however, this system may be inherently fraudulent and unethical. After completing an economic analysis of the western world’s banking system, this paper then explores ...


Zero Textbook Cost Syllabus For Economics 201 (Macroeconomic Theory), Bettina E. Berch 2017 CUNY Borough of Manhattan Community College

Zero Textbook Cost Syllabus For Economics 201 (Macroeconomic Theory), Bettina E. Berch

Open Educational Resources

This is a zero textbook cost syllabus for teaching macroeconomic theory at the 200 level at a community college. It is designed for a one semester course, using a creative commons textbook and a variety of open source podcasts, newspaper articles, and other materials available to CUNY students.


Sovereign Debt Crises: Domestically Engineered Or Foreignly Influenced?, Michael C. Selfe 2017 Trinity College, Hartford Connecticut

Sovereign Debt Crises: Domestically Engineered Or Foreignly Influenced?, Michael C. Selfe

Senior Theses and Projects

Throughout the last half century, the world has seen its fair share of systemic banking crises covering every corner of the globe. Recently, the Eurozone crisis of 2010 and ongoing Argentinian debt crisis have continued to plague the global economy. The motivation behind this thesis is to examine what causes these sovereign debt crises. More specifically, it aims to examine whether these crises are caused by monetary and fiscal policy decisions implemented by central banks or if outside factors including the role of financial institutions are to blame. This thesis examines a number of individual case studies with regards to ...


The Economics Of Refugees: How Refugees Influence The Economies Of Spain And England, Mary K. Bovard 2017 Gettysburg College

The Economics Of Refugees: How Refugees Influence The Economies Of Spain And England, Mary K. Bovard

Student Publications

The economic impact of refugee movements is a topic disputed throughout the world, but even more highly disputed in the European Union. In this last Syrian refugee movement, we have heard many different interpretations of how the movement would affect the European economy. Whether based on factual data or speculation, this paper aims to unpack several of the main economic arguments for and against the movement of refugees into European countries, particularly Spain and England. This paper argues that the perceived economic impacts of the refugee movement in Europe does not match the measured economic impacts.


Discretionary Policy And Multiple Equilibria In A New Keynesian Model, Volker Hahn 2017 University of Konstanz

Discretionary Policy And Multiple Equilibria In A New Keynesian Model, Volker Hahn

Volker Hahn

We show that discretionary policy-making can lead to multiple rational-expectations equilibria where the central bank responds to inflation sentiments, which are not directly related to economic fundamentals. Some equilibria have favorable consequences for welfare, resulting in outcomes superior even to those achieved under timeless-perspective commitment. Moreover, we show that our framework can explain several moments of US data reasonably well. In particular, it provides an alternative explanation for the high degree of inflation persistence found in the data.


The Effects Of Commodity Disturbances On Open Economics, Richard Whitaker 2017 Florida International University

The Effects Of Commodity Disturbances On Open Economics, Richard Whitaker

FIU Electronic Theses and Dissertations

This dissertation investigates the effects of commodity disturbances on underlying economies. The analysis conducted in this dissertation comprises of two main themes. The first is investigating which commodity disturbances affect a country's GDP. I examine twenty three OECD countries and nineteen primary commodities in the energy, metal, food and timber sectors using a New Keynesian model that was estimated using the DSGE method. It was found the oil disturbances and to a lesser extend natural gas were the only commodity disturbances that affect a country's GDP. Also, it was found that a country's openness plays an important ...


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 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 ...


Occam's Razor Vol. 7 - Full (2017), 2017 Western Washington University

Occam's Razor Vol. 7 - Full (2017)

Occam's Razor

No abstract provided.


From The Fair Labor Standards Act To Individual State Minimum Wages: Measuring State Minimum Wages And Economic Performance, Adam Charles Carafotes 2017 Bard College

From The Fair Labor Standards Act To Individual State Minimum Wages: Measuring State Minimum Wages And Economic Performance, Adam Charles Carafotes

Senior Projects Spring 2017

This project will analyze the historical foundation of the minimum wage in the United States prior to the first federal wage enactment in 1938 to the current federal wage as well as individual state wages. This paper will offer a historical overview along with economic ideology in determining appropriate minimum wage floors on state and federal levels of the economy. The question of raising either state or federal minimum wages has drawn great importance in the eyes of our country and in the eyes of economic thinkers, policymakers, and individuals. The minimum wage has been the backbone for working individuals ...


Three Essays On Population Dynamics, Trade And Growth, Anna Maximova 2017 University of Kentucky

Three Essays On Population Dynamics, Trade And Growth, Anna Maximova

Theses and Dissertations--Economics

Changes in immigration patterns and differential fertility choices shape the economies of both developed and developing countries. However, these changes affect the economies of developed and developing nations in different ways. This study aims to understand the changes in population dynamics, brought about by differences in cross--country differential fertility choices and migration patterns, and how these changes affect economic development via the channels of international trade and cross--country human capital accumulation.

Chapter 1 discusses the background, data and literature on the patterns and composition of immigration and international trade, which are further explored in Chapter 2 for the world sample ...


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 ...


Master's Tools And The Master's House: A Historical Analysis Exploring The Myth Of Educating For Democracy In The United States, Timothy Scott 2017 University of Massachusetts Amherst

Master's Tools And The Master's House: A Historical Analysis Exploring The Myth Of Educating For Democracy In The United States, Timothy Scott

Doctoral Dissertations

Over the past forty-years, neoliberal education reform policies in the U.S. have spurred significant resistance, often galvanized by claims that such policies undermine public education as a vital institution of U.S. democracy. Within this narrative, many activists call to “save our schools” and return them to a time when public schools served the common good. With these narratives in mind, I explore the foundational and persistent power structures that characterize the U.S. as a means to reveal the fundamental purpose of its public education system. The questions that guide my research include: (1) With an understanding that ...


The Hall Memorial Lectures, Lewis Karstensson 2017 University of Nevada, Las Vegas

The Hall Memorial Lectures, Lewis Karstensson

Economics Faculty Publications

This publication is a record of the Hall Memorial Lectures in Economics delivered at the University of Nevada, Las Vegas, in the 1980s.

Contents include:

Wallace C. Peterson, "Contemporary Macroeconomics: A House Divided" (Dec. 1, 1983)

Wallace C. Peterson, "Economic Stabilization and Inflation" (May 8, 1984)

Murray N. Rothbard, "The Five Faces of Reaganomics" (Nov. 27, 1984)

Murray N. Rothbard, "The Terrible Simplifiers: The Case Against the Flat Tax" (May 7, 1985)

Larry D. Singell, "Youth Unemployment: An American Crisis" (May 14, 1986)

Murray N. Rothbard, "Is There Life After Reaganomics?" (Oct. 22, 1987)

Murray N. Rothbard, "Deficits and Taxes ...


An Exploration Of Stock-Flow Consistent Models: An Analysis Of Fiscal Policy Effectiveness, Quinn Patrick McInerney 2017 Bard College

An Exploration Of Stock-Flow Consistent Models: An Analysis Of Fiscal Policy Effectiveness, Quinn Patrick Mcinerney

Senior Projects Spring 2017

This project explores the stock-flow consistent (SFC) approach to modeling with the goal of examining the effectiveness of different fiscal policy tools, specifically tax policies and government expenditure. By exploring the historical and theoretical elements of stock-flow consistent models, we aim to gather insight on past successful models proven to predict crises. This paper begins with a history and continues into a simple SFC model thought experiment, which emphasizes the flexibility of the models as well as a precursor to the shock approach we employ at the end of the paper. We create Model ECONOMY with several strong assumptions, such ...


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 ...


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 Fiscal Theory Of The Price Level In Sub-Saharan Africa: A Structural Break Analysis, Christian Tchamda 2017 South Dakota State University

The Fiscal Theory Of The Price Level In Sub-Saharan Africa: A Structural Break Analysis, Christian Tchamda

Electronic Theses and Dissertations

In this paper, I provide empirical evidence of the fiscal theory of the price level (FTPL) using sub-Saharan African countries. While the traditional view of the inflation is driven and explained by the quantity theory of money, the FTPL argues that the government deficit has an impact on the price level. However, the empirical literature of the FTPL is not extensive. This paper adds to this literature in that it substantiates this theory. I determine using primary balance and liabilities data when available to classify a country as under either a monetary dominant regime (the traditional view) or under a ...


The Political Economy Of State-Level Emergency Unemployment Relief: The Case Of The New York Tera, 1931-37, Hasani J. Gunn 2017 Bard College

The Political Economy Of State-Level Emergency Unemployment Relief: The Case Of The New York Tera, 1931-37, Hasani J. Gunn

Senior Projects Fall 2017

Governor Franklin D. Roosevelt created The New York State Temporary Emergency Relief Administration (TERA) in response to the Great Depression. Operating from 1931-37, this state-level jobs-and-income style policy featured comprehensive in-kind assistance, “home relief,” and emergency unemployment relief, “work relief.” Though the program is fascinating just in this respect, it has been systematically overshadowed by the alphabet soup of New Deal era relief policies. We revisit the TERA to shed light on what it offered to the people of NY and, overall, what it offered to the economy. We find significant evidence that the program stabilized the State economy by ...


Two Essays On The Stability Of The Auto Lending Market, Sam Martin Grumet 2017 Bard College

Two Essays On The Stability Of The Auto Lending Market, Sam Martin Grumet

Senior Projects Spring 2017

This project is composed of two essays examining the credit markets for the finance of automobiles. In particular, both chapters focus on subprime loans for the purchase of used cars, often financed by independent finance companies. In the first chapter, I review Hyman P. Minsky’s writing on credit and securitization to create a theoretical framework that explains how auto finance has evolved. This chapter’s analysis primarily compares the current period of subprime auto finance with short boom and bust cycle experienced by the auto finance sector in the 1990s. The second chapter reviews various evidence of discrimination in ...


Modernization Losers, Political Winners: Assessing The Role Of The Declining Position Of Labor In Right-Wing Electoral Successes Across Western Europe, Eva-Marie C. Quinones 2017 Bard College

Modernization Losers, Political Winners: Assessing The Role Of The Declining Position Of Labor In Right-Wing Electoral Successes Across Western Europe, Eva-Marie C. Quinones

Senior Projects Spring 2017

This Senior Project advances the modernization losers thesis, wherein the electoral successes of the far right in Western Europe are attributable to neoliberal fiscal policy, labor market shifts, and the institutional structure of the euro. Building on an existing body of literature that primarily assesses voting behavior through survey research, this paper assesses the relationship between right-wing electoral successes and the socioeconomic status of semi-skilled, blue-collar laborers thought to comprise the core voting base of extreme right parties, by using panel data at the national and provincial levels to answer the question, “To what extent has the declining position of ...


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