Digital Commons Network^™

Assessing Community Needs: City Of Toledo And Lucas County, Ohio, Jim Robey, Stephen Biddle, Don Edgerly, Marie Holler, Brian Pittelko, Claudette Robey, Kathleen Bolter, Tom Schorgl

Reports

At the core of issues in Lucas County and, in particular, the City of Toledo is poverty. While this does not necessarily provide an “Aha!” moment, current conditions that contribute to being economically disadvantaged in many areas of the city and county affect not only current residents but will also affect future residents—without meaningful and targeted interventions. It is beyond the scope of the Toledo Community Foundation, or any single institution for that matter, to unilaterally address the range of issues presented in this study. Remedying these issues must be accomplished through the coordination and leveraging of resources, including public, …

Lessons Learned: A Conversation With Paul A. Volcker, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard

Journal of Financial Crises

On March 26, 2019, Andrew Metrick, the Janet Yellen Professor of Finance at the Yale School of Management and Founder and Director of the Yale Program on Financial Stabilitysat down with Paul A. Volcker to discuss his perspectives on the Federal Reserve, central banking autonomy, “too big to fail,” and how his perspectives on these topics have changed over the decades.It turned out to be one of the last interviews given by the former Chairman of the Federal Reserve System who passed away on December 8, 2019, at the age of 92.

The Federal Reserve’S Financial Crisis Response B: Lending & Credit Programs For Primary Dealers, Rosalind Z. Wiggins, Patricia C. Mosser, Andrew Metrick

Journal of Financial Crises

Beginning in the summer 2007 the Federal Reserve (the Fed) deployed numerous conventional and innovative programs to address the credit crisis occurring in the wholesale lending markets that was beginning to affect the broader financial markets and threaten the economy at large. Two of those programs, the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) were aimed at providing liquidity to primary dealers and required the Fed to rely on its authority under Section 13(3) of the Federal Reserve Act. Section 13(3) is a Depression Era amendment that permits the Fed expanded powers in “unusual and …

The Federal Reserve’S Financial Crisis Response A: Lending & Credit Programs For Depository Institutions, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in summer 2007, the Federal Reserve (the Fed) was called upon to address a severe disruption in the interbank lending markets sparked by a downturn in the subprime mortgage market. As these developments began to impact the ability of banks to raise adequate funding, the Fed encouraged them to utilize the Discount Window (DW), its standing facility for lending to depository institutions, and repeatedly decreased the lending rate to make the facility more accessible. Despite the Fed’s efforts, for a number of reasons, including historical perceptions of stigma, banks were reluctant to utilize the DW. In December 2007, the …

Solvency As A Fundamental Constraint On Lolr Policy For Independent Central Banks: Principles, History, Law, Sir Paul M. W. Tucker

Journal of Financial Crises

This paper follows up earlier work advocating a principled modernization of doctrines for central bank lender-of-last-resort policies and operations. It argues for a new Fundamental Constraint on such authorities: namely, “the principle that central banks should not lend to firms that they know (or should know) to be fundamentally bust or broken.” Tucker supports this with commentary from various peers, a review of principles underlying bankruptcy law and resolution schemes, and by deconstructing other common counterarguments. Centrally, he argues that when central banks breach the Fundamental Constraint, they distribute resources to short-term creditors at the expense of longer-term creditors, …

Copula-Based Time Series With Filtered Nonstationarity, Xiaohong Chen, Zhijie Xiao, Bo Wang

Cowles Foundation Discussion Papers

Economic and financial time series data can exhibit nonstationary and nonlinear patterns simultaneously. This paper studies copula-based time series models that capture both patterns. We propose a procedure where nonstationarity is removed via a filtration, and then the nonlinear temporal dependence in the filtered data is captured via a flexible Markov copula. We study the asymptotic properties of two estimators of the parametric copula dependence parameters: the parametric (two-step) copula estimator where the marginal distribution of the filtered series is estimated parametrically; and the semiparametric (two-step) copula estimator where the marginal distribution is estimated via a rescaled empirical distribution of …

Data Science In The Public Interest: Improving Government Performance In The Workforce, Joshua D. Hawley

Upjohn Press

This book is about how new and underutilized types of big data sources can inform public policy decisions related to workforce development. Hawley describes how government is currently using data to inform decisions about the workforce at the state and local levels. He then moves beyond standardized performance metrics designed to serve federal agency requirements and discusses how government can improve data gathering and analysis to provide better, up-to-date information for government decision making.

Warding Off Development: Local Control, Housing Supply, And Nimbys, Evan Mast

Upjohn Institute Working Papers

Local control of land-use regulation creates a not-in-my-backyard (NIMBY) problem that can suppress housing construction, contributing to rising prices and potentially slowing economic growth. I study how increased local control affects housing production by exploiting a common electoral reform—changing from “at-large” to “ward” elections for town council. These reforms, which are not typically motivated by housing markets, shrink each representative’s constituency from the entire town to one ward. Difference-in-differences estimates show that this decentralization decreases housing units permitted by 24 percent, with 47 percent and 12 percent effects on multi- and single-family units. The effect on multifamily is larger in …

Towards An Economic Geography Of Fintech, Karen P. Y. Lai, Michael Samers

Geography Faculty Publications

In this paper, we identify the ways in which the existing literature has examined financial technology (FinTech). Using the frame of the ‘FinTech Cube’, we examine how FinTech unfolds through the intersections of key actors, technologies and institutions. We demonstrate the relevance of FinTech for two areas of geographical enquiry: i) the reshaping of global production and financial networks, and ii) financial inclusion and poverty reduction in poorer countries. In doing so, we accord particular attention to the significance of FinTech for theoretical and empirical research in economic geography.

Foundational Research And Nih Funding Enabling Emergency Use Authorization Of Remdesivir For Covid-19, Ekaterina Galkina Cleary, Matthew J. Jackson, Zoë Folchman-Wagner, Fred D. Ledley

Natural & Applied Sciences Faculty Publications

Emergency Use Authorization for remdesivir months after discovery of COVID-19 is unprecedented. Typically, decades of research and public-sector funding are required to establish the mature body of foundational research requisite for efficient, targeted drug discovery and development. This work quantifies the body of research related to remdesivir’s biological target, RNA-dependent RNA polymerase (RdRp), or parent chemical structure, nucleoside analogs (NcAn), through 2019, as well as NIH funding for this research 2000–2019. There were 6,567 RdRp-related publications in PubMed, including 1,263 with NIH support, and 11,073 NcAn-related publications, including 2,319 with NIH support. NIH support for RdRp research comprised 2,203 Project …

The Ocean Climate Action Plan, Jason Scorse, David Helvarg

Working Papers

Climate change and ocean health are often thought about as separate silos, when the two are interconnected.

Climate change is warming the oceans and changing their chemistry. Without ocean health, the entire planetary water cycle and oxygen cycle are in danger. The oceans sequester huge amounts of carbon dioxide helping to cool the planet, but that may not continue with “business as usual.” Climate change affects even those far from any coastline. We must solve the ocean climate challenge together, and we have a short window of time to take action.

The Center for the Blue Economy has partnered with …

La “Doña” È Mobile: The Role Of Women In Social Mobility In A Pre-Modern Economy, José-Antonio Espín-Sánchez, Salvador Gil-Guirado, Chris Vickers

Discussion Papers

We use data from marriage records in Murcia, Spain, in the 18th century to study the role of women in social mobility in the pre-modern era. Our measure of socioeconomic standing is identification as a don or doña, an honorific denoting high, though not neccesarily, noble status. We show that this measure, which is acquired over the lifecycle, shows gendered transmission patters. In particular, same-sex transmission is stronger than opposite-sex, for both sons and daughters. The relative transmission from fathers versus mothers varies over the lifecycle, and grandparents may have an effect on the status of their grandchildren.

International Disease Epidemics And The Shadow Economy, Aziz N. Berdiev, Rajeev K. Goel, James W. Saunoris

Economics Faculty Working Papers

Adding to the emerging body of research related to the current coronavirus crisis, this paper studies the impact of disease epidemics on the worldwide prevalence of the shadow or the underground economy. The informal sector undermines compliance with government regulations and lowers tax collections. Our main hypothesis is that epidemics positively impacts the spread of the shadow economy. Using data on nearly 130 nations and nesting the empirical analysis in the broader literature on the drivers of the shadow sector, we find that both the incidence and the intensity of epidemics positively and significantly contribute to the spread of the …

The U.S Dollar And Canada Dollar Exchange Rate, Emily Iehl

Proceedings of the Jepson Undergraduate Conference on International Economics

This paper explores the U.S and Canada Dollar monthly exchange rates from 1/1/1986 to 9/1/2019. The model shows that the U.S Dollar and Canada Dollar monthly exchange rate at time can be estimated using the Canada three month interest rate, U.S inflation rate, the price of oil, and U.S net exports. Ferraro, Rogoff, and Rossi (2011) explore the idea of forecasting exchange rates between Canada solely based on oil prices. Batten and Thornton (1985 p.22-23) discuss theory on inflation and interest rates determining currency exchanges. This paper will show that including all of these variables can be helpful in explaining …

The Impact Of Record Low Interest Rates In Brazilian Capital Markets, Allan F. Brenner

Proceedings of the Jepson Undergraduate Conference on International Economics

At a time in which most countries have been experiencing low to negative interest rates, Brazil is just now joining the global trend. The Selic rate (equivalent to the Fed Funds Rate) is the key tool for monitoring monetary policy by the Brazilian Central Bank (BCB). With recent cuts, the Selic has landed in 4.25%, a rate never experienced before in the Brazilian economy (Brazilian Central Bank, n.d.). This paper seeks to analyze the impact of record low interest rates in the Brazilian capital markets. The paper approaches the impacts of low interest rates from the perspective of individual investors …

How Can Econometrics Help Fight The Covid'19 Pandemic?, Kevin Alvarez, Vladik Kreinovich

Departmental Technical Reports (CS)

The current pandemic is difficult to model -- and thus, difficult to control. In contrast to the previous epidemics whose dynamics was smooth and well described by the existing models, the statistics of the current pandemic is highly oscillating. In this paper, we show that these oscillations can be explained if we take into account the disease's long incubation period -- as a result of which our control measures are determined by outdated data, showing number of infected people two weeks ago. To better control the pandemic, we propose to use the experience of economics, where also the effect of …

The Full Impact Of The Affordable Care Act On Political Participation, Charles J. Courtemanche, James Marton, Aaron Yelowitz

Economics Faculty Publications

This article examines the impact of both the Medicaid expansion and the private insurance-related components of the Affordable Care Act (ACA) on voter turnout and registration. We employ a difference-in-difference-in-differences identification strategy exploiting variation over time, state Medicaid expansion status, and within-state local area pre-ACA uninsured rates. Using data between 2006 and 2016 from the November Current Population Survey and the Census Bureau's Small Area Health Insurance Estimates, our results suggest little effect of the ACA on voter turnout or registration.

Health Care Financial Literacy Among Nurses: A Qualitative Intrinsic Case Study, Kory Scott Holt

Doctoral Dissertations and Projects

Nurses have to perform many clinical services that require efficient decision-making processes in support of quality patient care. Alongside staff nurse clinical literacy, health care financial literacy was described as an important, but vaguely defined component of the nursing role. The significance of having financially competent nurses to efficient hospital operations and financial management continues to increase. However, the topic of health care financial literacy and financial decision-making among nurses remains disproportionately represented in existing scholarly research. To address this knowledge gap, this study integrated a single-site instrumental case study research design to examine health care financial literacy among nurses …

Racial And Ethnic Disparities In Covid-19: Evidence From Six Large Cities, Joseph Benitez, Charles J. Courtemanche, Aaron Yelowitz

Institute for the Study of Free Enterprise Working Papers

As of June 2020, the coronavirus pandemic has led to more than 2.3 million confirmed infections and 121 thousand fatalities in the United States, with starkly different incidence by race and ethnicity. Our study examines racial and ethnic disparities in confirmed COVID-19 cases across six diverse cities – Atlanta, Baltimore, Chicago, New York City, San Diego, and St. Louis – at the ZIP code level (covering 436 “neighborhoods” with a population of 17.7 million). Our analysis links these outcomes to six separate data sources to control for demographics; housing; socioeconomic status; occupation; transportation modes; health care access; long-run opportunity, as …

Forecasting Skills In Experimental Markets: Illusion Or Reality?, Brice Corgnet, Cary Deck, Mark Desantis, David Porter

ESI Working Papers

Using experimental asset markets, we study the situation of a financial analyst who is trying to infer the fundamental value of an asset by observing the market’s history. We find that such capacity requires both standard cognitive skills (IQ) as well as social and emotional skills. However, forecasters with high emotional skills tend to perform worse when market mispricing is high as they tend to give too much emphasis to the noisy signals from market data. By contrast, forecasters with high social skills perform especially well in markets with high levels of mispricing in which their skills could help them …

The Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

An Analysis Of Factors That Affect Audit Opinions: The Case Of The Local Government Units In The Metro Luzon Urban Beltway, Florenz C. Tugas, Maria Corazon P. Gomez, Roselle Marie A. Sacorum, Rica Angela M. Lipana, Geneva Leecea M. Barawid

DLSU Business & Economics Review

The audit is performed to give assurance to the public that financial statements are fairly presented. Accurate issuances of audit opinions show how compliant firms are to auditing standards. Receiving an unfavorable audit opinion will signal firms to improve internal control. Given this, it is important for the top management to assess the factors that can lead to misrepresentation of financial statements and result in adverse opinions. The same principle can be applied to government units and offices. With this in mind, the study was performed to investigate the influences of qualitative and quantitative factors on audit opinions received by …

Do Food Assistance And Welfare Of Rice Farmers Affect Food Security?, -- Suriani, -- Sartiyah

DLSU Business & Economics Review

Poverty is always accompanying unmet food needs; hence it can disrupt food security. Efforts to improve food security can be made with government policy through food assistance, namely, rice for the poor and also increasing the amount of rice production from rice farmers to meet the adequacy of rice in an area. The purpose of this study is to analyze the effect of food assistance (Rastra) and farmers’ welfare on food security in terms of rice availability in Aceh-Indonesia in the short and long term. The model used is auto regression distributed lag (ARDL), and the determinant variables that are …

Eco 230 / Mgt 230 Introduction To Economic And Managerial Statistics, George Vachadze

Open Educational Resources

Development and application of modern statistical methods, including such elements of descriptive statistics and statistical inference as correlation and regression analysis, probability theory, sampling procedures, normal distribution and binomial distribution, estimation, and testing of hypotheses.

Calculating Life And Death In A Time Of Covid, Larry Hirschhorn, Phd

School of Continuing and Professional Studies Coronavirus Papers

The current pandemic makes us feel helpless. We can respond to its predation pragmatically but its silent march through the population promotes dread. Our helplessness undermines our belief in our culture as the source of our self-esteem and felt significance. One response to our experience of helplessness is the omnipotent stance, the idea that we can master the virus, stop it in its tracks, command one another to comply with injunctions and wreak a path of destruction by devastating the economy. Omnipotence promotes magical thinking. In the service of defeating death, we ignore actual suffering; deaths of despair and deaths …

Essays On Multivariate Stochastic Volatility Models, Han Chen

Dissertations and Theses Collection (Open Access)

In this dissertation, I have made several contributions to the literature on the multivariate stochastic volatility model. First, I have considered a new multivariate stochastic volatility (MSV) model based on a recently proposed novel parameterization of the correlation matrix. This modeling design is a generalization of Fisher's z-transformation to the high-dimensional case. It is fully flexible as the validity of the resulting correlation matrix is guaranteed automatically. It allows me to completely separate the driving factors of volatilities and correlations. To conduct an econometric analysis of the proposed model, I develop a new Bayesian method that relies on the Markov …

Ketimpangan Penghasilan Berdasarkan Status Pekerjaan Dalam Model Imbal Jasa Pendidikan, Nenny Hendajany, Deden Rizal

Jurnal Ekonomi dan Pembangunan Indonesia

The study aimed to see income disparities between employment status in return on education from 2000 to 2014 using IFLS data. First, this study analyzes the choice of worker status with the multinomial logit method. Second, this study estimating return on education by entering a correction from the first stage. The results show marginal differences in effects between job status. The smallest return on educational was on the status of self-employed employment, and the biggest was working with the help of permanent workers. Differences return indicate income inequality based on their employment status. Return on education declined from 2000 to …

Fraud And Error Misstatements And Auditor Liability: The Moderating Role Of The Evaluator’S Auditing Knowledge, Thanyawee Pratoomsuwan, Orapan Yolrabil

DLSU Business & Economics Review

Although a restatement is usually assumed to result from fraudulent behavior, Plumlee and Yohn (2010) studied whether a restatement might be attributed to both errors in the corporation’s internal controls and intentional misrepresentation. Moreover, prior research supports the notion that investors, regulators, boards, and other stockholders differentiate between fraud and error (Hennes et al., 2008). This study provides a preliminary understanding of how undetected fraud and error misstatements affect auditor liability, given the same outcome severity. A 2x2 between-subject experiment was conducted using undergraduate accounting students to represent evaluators who have high levels of auditing knowledge and nonaccounting students to …

An Analysis Of The Effects Of Foreign Ownership On The Level Of Tax Avoidance Across Philippine Publicly Listed Firms, Ailyn A. Shi, Francis R. Concepcion, Cheri Mae R. Laguinday, Trisha Amber T. Ong Hian Huy, Angelo A. Unite

DLSU Business & Economics Review

Tax avoidance schemes used by firms to lessen their tax burden have long attracted widespread concern in the Philippines, where poor tax collection due to tax leakages has contributed to chronic fiscal deficits in the country. In this regard, corporate governance mechanisms, such as the firm’s ownership structure, play a significant role in ensuring that management acts ethically and in the best interest of the firm’s owners. In this study, we examine the effect of foreign ownership on corporate tax avoidance for non-financial firms listed in the Philippine Stock Exchange (PSE) from 2009 to 2015. Using three different measures of …

An Evaluation Of A New Investors-Based System Information Application In The Indonesian Stock Exchange, Berto Usman, Willy Abdillah, Ruth Yendra Indriyatmi

DLSU Business & Economics Review

This study investigates the implementation of AKSes Application at the Indonesian Central Securities Depository (KSEI), adopting the Information System Success Model developed by DeLone and McLean, (2003). This model employs system quality (SYSQUAL), information quality (IQ), services quality (SERVQ), system use (SU), and user satisfaction (US) so as to evaluate the effectiveness and successful model of AKSes application. In particular, we empirically tested the relationship among the employed dimensions, in which we investigated the variance in SU and US as the dependent variables. Using a quantitative study with survey design, we used primary data that was collected by circulating questionnaires …