Economics Commons^™

Can Commodity Prices Be Negative? Revisiting The Events In The Crude Oil Market In April., Fabio Mattos

Cornhusker Economics

Preventive measures adopted during the COVID-19 pandemic have changed our lives and businesses in many ways. Commodity markets have also witnessed unique events that were partially influenced by those changes. In April, for the first time in history, prices in a large exchange-traded futures market turned negative. Crude oil futures prices for May 2020 delivery were traded below zero on April 20 and 21, reaching a minimum of –$40.32/barrel. If I am selling crude oil to you for –$40.32/barrel, it means that I am giving you the contracted amount of crude oil and paying you $40.32/barrel to take my oil. …

Adaptive, Rate-Optimal Testing In Instrumental Variables Models, Christoph Breunig, Xiaohong Chen

Cowles Foundation Discussion Papers

This paper proposes simple, data-driven, optimal rate-adaptive inferences on a structural function in semi-nonparametric conditional moment restrictions. We consider two types of hypothesis tests based on leave-one-out sieve estimators. A structure- space test (ST) uses a quadratic distance between the structural functions of endogenous variables; while an image-space test (IT) uses a quadratic distance of the conditional moment from zero. For both tests, we analyze their respective classes of nonparametric alternative models that are separated from the null hypothesis by the minimax rate of testing. That is, the sum of the type I and the type II errors of the …

Adaptive, Rate-Optimal Hypothesis Testing In Nonparametric Iv Models, Christoph Breunig, Xiaohong Chen

Cowles Foundation Discussion Papers

We propose a new adaptive hypothesis test for polyhedral cone (e.g., monotonicity, convexity) and equality (e.g., parametric, semiparametric) restrictions on a structural function in a nonparametric instrumental variables (NPIV) model. Our test statistic is based on a modified leave-one-out sample analog of a quadratic distance between the restricted and unrestricted sieve NPIV estimators. We provide computationally simple, data-driven choices of sieve tuning parameters and adjusted chi-squared critical values. Our test adapts to the unknown smoothness of alternative functions in the presence of unknown degree of endogeneity and unknown strength of the instruments. It attains the adaptive minimax rate of testing …

Utilizing Annual Forage Crops In Rotations, John Hewlett, Jay Parsons, Jeff Tranel

Extension Farm and Ranch Management News

First paragraph

Approximately 60 million acres of forage are harvested annually in the United States, according to the National Agricultural Statistical Service (NASS). With lower commodity grain and oilseed prices along with high pasture rental rates and/or difficulty finding range and pasture to rent, some producers are considering ways to incorporate more forages into their crop rotations.

From Imitation To Innovation: Where Is All That Chinese R&D Going?, König D. König, Kjetil Storesletten, Zheng Song, Fabrizio Zilibotti

Cowles Foundation Discussion Papers

We construct a model of rm dynamics with heterogenous productivity and distortions. The productivity distribution evolves endogenously as the result of the decisions of firms seeking to upgrade their productivity over time. Firms can adopt two strategies toward that end: imitation and innovation. The theory bears predictions about the evolution of the productivity distribution. We structurally estimate the stationary state of the dynamic model targeting moments of the empirical distribution of R&D and TFP growth in China during the period 2007-2012. The estimated model ts the Chinese data well. We compare the estimates with those obtained using data for Taiwan …

St. Cloud Area Quarterly Business Report, Vol. 22, No. 2, King Banaian, Richard Macdonald

St. Cloud Area Quarterly Business Report

Events associated with the COVID-19 pandemic have driven the local economy into recession. As has been seen throughout the U.S. (and the world), the temporary closing of many area businesses has caused an economic shock that has torn through the entire economy. Nearly all data measures have turned south as the human toll of the coronavirus has extended beyond deaths and hospitalizations to unemployment, business closures, and uncertainty that spans virtually all sectors of the regional economy. St. Cloud area employment contracted 11.5 percent in April 2020 compared to one year earlier. All sectors of the local economy shed jobs, …

Working Paper No. 44, The Evolution Of The Landlord, Jaye Balentine

Working Papers in Economics

This inquiry seeks to establish that the meaning of the term ‘the landlord’ has evolved over the course of history. In this sense, this inquiry contributes not only to the disciplines of History and Politics, but also to the field of the History of Economic Thought and the subfield of Evolutionary-Institutional Economics, carrying on the tradition established by Thorstein Veblen. A pervasive and dominant institution during the feudal era, the landlord has since evolved considerably, shifting away from the position of a predominantly political institution into a more economically oriented, capitalist institution. As a figure and agent operating within societies, …

Working Paper No. 49, On Joseph Schumpeter And Economic Development, Serene Mistkawi

Working Papers in Economics

In his writings Joseph Schumpeter stresses the important role played by the entrepreneur, serving as the agent bringing about change and contributing dynamic activities to an economy. Also, Schumpeter views capitalism as an evolving system, with his entrepreneur contributing to this evolution. Schumpeter also stresses the importance of innovation for enabling an entrepreneur to earn and accumulate profits. Related to innovation, Schumpeter’s entrepreneur can help bring about a “creative destruction.” This is thought to take place as outmoded businesses fail and their productive assets are bought up and creatively reorganized and brought back into production. In this manner, Schumpeter’s entrepreneur …

Medical Resource Use And Costs Of Treating Sickle Cell-Related Vaso-Occlusive Crisis Episodes: A Retrospective Claims Study, Nirmish Shah, Menaka Bhor, Lin Xie, Jincy Paulose, Huseyin Yuce

Publications and Research

Background: The study investigated the economic burden of vaso-occlusive crisis (VOC) among sickle cell disease (SCD) patients, through assessment of overall utilization and costs and costs per VOC episode (regarding the number of VOC episodes and health care setting, respectively).

Methods: Using the Medicaid Analytic Extracts database, the first SCD-related diagnosis claim (index claim) between June 1, 2009–December 31, 2012 was identified among eligible adults. Patients were required to have continuous medical and pharmacy benefits for 6 months pre- and 12 months post-index. Discrete VOC claims identified within a 3-day gap were combined as a single VOC episode. Annual all-cause …

Remittances And Development: Local Empowerment And National Dependency, Abby Foy

International Political Economy Theses

Remittances, or money that is sent by a migrant to their home country, have been increasingly viewed as a potential way to economically develop low to middle income countries. Presently, the level of remittances sent is higher than that of official developmental aid. Considering that remittances are private capital utilized by locals, the intervention of a non-profit or large international financial organization to spur developmental projects is perhaps not needed. For countries that are reliant on remittances, there are a considerable number of tradeoffs associated with this inflow of capital. Firstly, although difficult to quantify on a large scale, remittances …

Shift-Share Analysis: Alabama, 2005 - 2018, Randall Jackson, Peter Jarosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five parts of An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of further impact. …

Shift-Share Analysis: Ohio, 2005 - 2018, Randall Jackson, Péter Járosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five parts of An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of further impact. …

Shift-Share Analysis: New York, 2005 - 2018, Randall Jackson, Péter Járosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five parts of An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of further impact. …

Shift-Share Analysis: North Carolina, 2005 - 2018, Randall Jackson, Péter Járosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five parts of An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of further impact. …

Shift-Share Analysis: South Carolina, 2005 - 2018, Randall Jackson, Péter Járosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five parts of An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of further impact. …

Shift-Share Analysis: Maryland, 2005 - 2018, Randall Jackson, Péter Járosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five p arts o f An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of …

Shift-Share Analysis: Mississippi, 2005 - 2018, Randall Jackson, Péter Járosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five parts of An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of further impact. …

Shift-Share Analysis: Georgia, 2005 - 2018, Randall Jackson, Péter Járosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five parts of An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of further impact. …

Shift-Share Analysis: Pennsylvania, 2005 - 2018, Randall Jackson, Péter Járosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five parts of An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of further impact. …

Shift-Share Analysis: Kentucky, 2005 - 2018, Randall Jackson, Péter Járosi

Shift Share Analyses

In County-level CIE Supply Chain Analysis, the second of five p arts o f An Economic Analysis of the Appalachian Coal Industry Ecosystem posted to the Commission’s website in January of 2018, we developed a set of metrics that were used to provide insights on the past and future supply chain implications of long-term coal industry decline in Appalachia.[1] These metrics were used to identify counties that have been heavily impacted by the decline of the coal industry, those that remain dependent on the coal industry ecosystem (CIE), and among the dependent counties, those that are at greatest risk of …