Digital Commons Network^™

Essays On Investment Fluctuation And Market Volatility, Chaoqun Lai

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This dissertation includes two different groups of objects in macroeconomics and financial economics. In macroeconomics, the aggregate investment fluctuation and its relation to an individual firm's behavior have been extensively studied for the past three decades. Most studies on the interdependence behavior of firms' investment focus on the key issue of separating a firm's reaction to others' behavior from reaction to common shocks. However, few researchers have addressed the issue of isolating this endogenous effect from a statistical and econometrical approach. The first essay starts with a comprehensive review of the investment fluctuation and firms' interdependence behavior, followed by an …

Washington Pension System Review, Peter S. Barth, Heather Grob, Henry George Harder, H. Allan Hunt, Michael Silverstein

Upjohn Institute Technical Reports

The purpose of this study is to analyze the incidence of Total Permanent Disability (TPD) pensions in Washington State's workers' compensation program. Concerns exist at both the legislature and in the Department of Labor and Industries as there appears to have been a sharp upturn in the number of pensions awarded since late in the 1990s. This report examines the factors that may be causally related to any upsurge in such awards. Our task is to evaluate pension incidence for both the state fund and the self-insured populations, with a view towards identifying causes of the trend in both sectors, …

Greenspan’S Monetary Policy In Retrospect: Discretion Or Rules?, Jeffrey Rogers Hummel, David R. Henderson

Faculty Publications

No abstract provided.

Distributing Discipline: Race, Politics, And Punishment At The Frontlines Of Welfare Reform, Richard Fording, Joe Soss, Sanford F. Schram

University of Kentucky Center for Poverty Research Discussion Paper Series

Numerous studies have confirmed that race plays an important role in shaping public preferences toward both redistribution and punishment. Likewise, studies suggest that punitive policy tools tend to be adopted by state governments in a pattern that tracks with the racial composition of state populations. Such evidence testifies to the enduring power of race in American politics, yet it has limited value for understanding how disciplinary policies get applied to individuals in implementation settings. To illuminate the relationship between race and the application of punitive policy tools, we analyze sanction patterns in the TANF program. Drawing on a model of …

A Study Of Colorado's Tabor Law And Its Influence On Public Finance During The 2001 Recession, Zak Brewer

Electronic Theses and Dissertations

Colorado's constitutional Taxpayer Bill of Rights (TABOR) is a product of the citizen initiative process, a mechanism of direct democracy that allows citizens to circumvent legislatures and enact laws themselves. A prominent argument against this process is that such a mode of lawmaking can generate conflicts within state constitutions and bring about unintended consequences. This paper considers the Colorado state budget difficulties that arose during the 2001 recession, the relationship of TABOR and those difficulties, and finds that TABOR resulted in unintended consequences that were unforeseen by voters who approved the measure. Examples of these unanticipated, unintended consequences include: significant …

The Effect Of Managed And Traditional Care Insurance Plans On Horizontal Inequity In Access To Health Care In The United States, Frank Puffer, Elizabeth Pitney Seidler

Economics Department Working Papers

This study examines income inequity in access to health care in the United States. Given the predominant and growing presence of managed care organizations as a source of medical insurance and care in both the private and public settings, replacing traditional indemnity plans as a lower cost prophylactic alternative, we speculate that the presence of Managed Care Organizations would reduce, if not eliminate, any pro wealthy bias in access to health care for the insured population in the U.S. We rely on previously developed methodology from the EcuityII project, incorporating the health inequity index (HIWV), to estimate income inequity in …

Estimation And Model Selection Of Semiparametric Multivariate Survival Functions Under General Censorship, Xiaohong Chen, Yanqin Fan, Demian Pouzo, Zhiliang Ying

Cowles Foundation Discussion Papers

Many models of semiparametric multivariate survival functions are characterized by nonparametric marginal survival functions and parametric copula functions, where different copulas imply different dependence structures. This paper considers estimation and model selection for these semiparametric multivariate survival functions, allowing for misspecified parametric copulas and data subject to general censoring. We first establish convergence of the two-step estimator of the copula parameter to the pseudo-true value defined as the value of the parameter that minimizes the KLIC between the parametric copula induced multivariate density and the unknown true density. We then derive its root–n asymptotically normal distribution and provide a simple …

The Role Of Northeast Ohio Central Cities In The Regional Economy, 2000-2007, Ziona Austrian, Candice Clouse, Eric J. Mundy, Frank Akpadock, Thomas Jr. Finnerty, John R. Bralich

All Maxine Goodman Levin School of Urban Affairs Publications

This report examines the four central cities in Northeast Ohio – Akron, Canton, Cleveland, and Youngstown — in the context of their metropolitan areas. A central city is the largest or most important city of a metropolitan area. A metropolitan area combines a large city with adjacent urbanized areas and peripheral areas that are closely bound to the center with strong ties to commuting, commerce, and a common labor market.

Fits & Starts: The Difficult Path For Working Single Parents, Rebecca Loya, Ruth J. Liberman, Randy Albelda, Elisabeth Babcock

Center for Social Policy Publications

With dramatic shifts in the economy in recent years, it has become increasingly difficult for families to move into or stay in the middle class without access to higher education and skills training. Government-sponsored work supports help by providing direct assistance to working families to meet basic needs, such as child care, food, and housing. Yet, many supports do not reach low-wage working families in Massachusetts because of low eligibility thresholds, inadequate funding, limited availability, limited awareness, and numerous barriers to accessing such supports. Even for low-wage workers who do receive key work supports, such as subsidized child care and …

The Revitalization Of Older Industrial Cities: A Review Essay Of Retooling For Growth, Timothy J. Bartik

Upjohn Institute Working Papers

This review essay debates the policy issues raised by the book Retooling for Growth: Building a 21st Century Economy in America's Older Industrial Areas, edited by Richard M. McGahey and Jennifer S. Vey (Brookings Institution Press, 2008). I argue that the main rationale for adopting policies to revitalize older industrial cities is to improve the per capita earnings of urban residents. Therefore, urban economic development policy should be seen as urban labor market policy. Increasing city residents' earnings requires progress on two fronts: increasing metropolitan labor demand; increasing the quantity and quality of the effective labor supply of city residents …

Borderplex Economic Outlook: 2008-2010, Thomas M. Fullerton Jr.

Border Region Modeling Project

No abstract provided.

Aristotle's Difficult Relationship With Modern Economic Theory, Spencer J. Pack

Economics Faculty Publications

This paper reviews Aristotle's problematic relationship with modern economic theory. It argues that in terms of value and income distribution theory, Aristotle should probably be seen as a precursor to neither classical nor neoclassical economic thought. Indeed, there are strong arguments to be made that Aristotle's views are completely at odds with all modern economic theory, since, among other things, he was not necessarily concerned with flexible market prices, opposed the use of money to acquire more money, and did not think that the unintended consequences of human activity were generally beneficial. The paper argues however, that this interpretation goes …

Pakistan’S Trade Liberalization Experience: Lessons And Way Forward, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistanhas been one of the fastest growing economies inAsiafor last five years. Economic growth rates have risen from 1.8 percent in 2000/01 to average 6-7 percent a year. ForPakistanthese rates are not spectacular but a reversion to mean. It may be recalled that the average annual growth rate of GDP over 60 year period ofPakistanhas been 5.2 percent. Manufacturing sector output growth was over 15 percent, exports have doubled in US dollar terms in 5 years and an open trade regime has allowed imports to triple. Tax revenues have risen by 14 percent a year reducing fiscal deficit which used …

Pakistan's Trade Liberalisation Experience And The Way Forward, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The article reviews Pakistan's economic growth and trade liberalisation reforms over the preceding decade, noting reduced tariffs, eliminated quantitative restrictions and improved export performance. It draws five lessons from Pakistan's reform experience, including the importance of political stability, effective communication, inter-agency coordination, adaptable policy objectives, and institution building at provincial and local levels. The author also discusses prospects for greater regional trade integration with India and South Asia.

Growth Is Good For Whom, When, How? Economic Growth And Poverty Reduction In Exceptional Cases, John A. Donaldson

Research Collection School of Social Sciences

Economic growth and liberal economic policies often help the poor, but what about the numerous cases in which they do not? This article analyzes two types of cases: those in which income growth of the poor was significantly lower than expectations (negative exceptions) and those in which income growth of the poor significantly exceeded expectations (positive exceptions). Insights from these cases inform our theoretical understanding of poverty reduction. In addition, this article contributes a typology of strategies used in these cases, including alternative pathways to economic growth and neoliberal prescriptions for poverty reduction.

Income Volatility And Food Assistance In The United States, Dean Jolliffe Editor, James P. Ziliak Editor

Upjohn Press

This book provides a much-needed look at recent trends in income volatility and its effects on the design of and participation in the nation's food assistance programs.

New Mexico Labor Market Review 10-31-2008, New Mexico Department Of Workforce Solutions

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers September 2008.

The U.S. Economic Crisis And A Revised New Jobs Tax Credit, Timothy J. Bartik

Upjohn Institute Policy Papers

An efficacious economic stimulus to help the U.S. economy recover from its current recession is the revival of the New Jobs Tax Credit. Unlike the original credit utilized by the federal government in 1977– 1978, the new version should be a refundable credit but at a lower current dollar value. My 2001 book, Jobs for the Poor: Can Labor Demand Policies Help? proposed a permanent version f the New Jobs Tax Credit that would be automatically triggered when the unemployment rate is high. My estimates, updated to 2008, suggest that such a revised credit might increase aggregate U.S. employment by …

Nebraska’S Immigrant Population: Economic And Fiscal Impacts - Ollas Report No. 5, Christopher Decker, Jerry Deichert, Lourdes Gouveia

Latino/Latin American Studies Reports

Immigration issues have once again assumed center stage in policy circles at every level of government in the United States, as the number of new immigrants, many undocumented and many from Latin American nations, has risen markedly in recent years. This is certainly true in Nebraska. According to US Census figures for 2000, the total immigrant population in Nebraska was estimated to be 74,638. By 2006, this figure had risen to 99,500, a 33.3 percent increase. By comparison, the total native-born population in the state grew less than 2.0 percent over the same six-year period.

This study attempts to quantitatively …

The Effects Of Food Stamps On Exiting Welfare And Becoming Employed For Welfare Recipients, Charles Baum

University of Kentucky Center for Poverty Research Discussion Paper Series

Welfare reform’s success encouraging employment may be affected by the federal Food Stamp program because many households receive welfare and Food Stamps. Food Stamp benefits could discourage employment because benefits are reduced proportionally with income; alternatively, it could encourage employment by increasing stability and allowing more resources to be allocated toward employment-related expenses. I examine the effects of Food Stamps on exiting welfare and becoming employed for welfare recipients. Results suggest, if anything, that Food Stamps discourage employment, and such benefits may discourage transitions off welfare, too. If so, then it may be necessary to study the determinants of welfare …

Welfare Reform And Juvenile Arrests, Tami Gurley-Calvez, Bethany Claus Widick

University of Kentucky Center for Poverty Research Discussion Paper Series

Social policy, such as the legalization of abortion and the federal bans on lead in the 1970s, has been shown to significantly impact crime rates. With recent increases in juvenile arrests and violent crime rates, we explore whether further social policy—namely the 1996 Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) welfare reform—has had an impact on crime.

There are various mechanisms by which the Temporary Assistance for Needy Families (TANF) program, created by the 1996 PRWORA welfare reform, may influence criminal activity, especially among older children. Many welfare recipients were required to participate in work and education activities, which …

Distributional Effects Of Programmatic Features Of Medicaid/Schip On Transitions From Private Insurance Coverage Among Us Low-Income Children: A Dynamic Approach, Adetokunbo B. Oluwole

University of Kentucky Center for Poverty Research Discussion Paper Series

The goal of this study is to evaluate the effects of Medicaid/SCHIP eligibility and programmatic features on transitions from private insurance coverage among samples of American low-income children using monthly data from the 2001 panel of the Survey of Income and Program Participation (SIPP), a nationally representative data set. The estimation approach combines multilevel modeling and event history analysis, including a robust array of variables measuring programmatic features, individual child, family, and state attributes. Logistic regression results do not indicate an adverse effect of expanded Medicaid/SCHIP eligibility on private insurance coverage. Results also suggest that states which established stand-alone SCHIP …

American Challenges, Jim Gomes

Mosakowski Institute for Public Enterprise

In the autumn of 2008, with the United States facing myriad problems both foreign and domestic and entering the final stage of a historic election, The Boston Globe asked Mosakowski Institute Director Jim Gomes to write a series of op-ed pieces about critical issues on the nation’s agenda. The result is the six columns collected here in American Challenges. “When I wrote these pieces,” said Gomes, “the country had entered a period of great uncertainty. So much of what had been taken as a given in the last half of the 20th century, from broadly shared prosperity to the health …

City Of El Paso: Cross Sectional Comparison Of Bilingualism In The Workplace, Elizabeth K. Gibson, Carlos Olmedo, Mario E. Caire

IPED Technical Reports

The Institute for Policy and Economic Development (IPED) at the University of Texas at El Paso conducted an analysis of bilingualism in the workplace between El Paso and other regions. This study, performed for the City of El Paso Department of Economic Development, highlights El Paso’s bilingual workforce in 22 occupational groups and 20 industry sectors and makes cross-sectional comparisons to 19 Metropolitan Statistical Areas (MSAs) that are in geographic proximity or contain a high number or percentage of Spanish-speaking populations. In addition, detailed occupations and detailed industries are reported for El Paso that offer English-Spanish bilinguals good wages, contain …

Strategies For Improving Economic Mobility Of Workers, Maude Toussaint-Comeau

Employment Research Newsletter

No abstract provided.

Smarter Mothers, Healthy Children, Smaller Families: A Look At The Impact Of Women’S Education On Family Planning Decisions In The Sultanate Of Oman, Kerala Hise

Independent Study Project (ISP) Collection

Is there a single, perfect, cure-all policy that a government can enact to achieve sustained development? This is a question international organizations and individual leaders ask themselves every day. There will always be ‘less-developed’ nations, this is a reality of having ‘developed’ nations, but there is no reason that humanity should allow there to be ‘under-developed’ nations, not when we have at hand the tools and knowledge to enact immediate, sweeping changes now. However, because different people, different groups feel that their idea or proposal is of the utmost importance, that change is often never realized. Often, too much value …

The Evolution Of Decision And Experienced Utilities, Arthur Robson, Larry Samuelson

Cowles Foundation Discussion Papers

Psychologists report that people make choices on the basis of “decision utilities” that routinely overestimate the “experienced utility” consequences of these choices. This paper argues that this dichotomy between decision and experienced utilities may be the solution to an evolutionary design problem. We examine a setting in which evolution designs agents with utility functions that must mediate intertemporal choices, and in which there is an incentive to condition current utilities on the agent’s previous experience. Anticipating future utility adjustments can distort intertemporal incentives, a conflict that is attenuated by separating decision and experienced utilities.

In The Balance: Immigrant Economic Contributions And The Advancement Of Human Rights In Nebraska - Ollas Policy Brief No. 1, Jonathan Benjamin-Alvarado, Lourdes Gouveia

Latino/Latin American Studies Policy Briefs

No abstract provided.

Impacts Of Information And Communication Technologies On Country Development: Accounting For Area Interrelationships, Robert J. Kauffman, Ajay Kumar

Research Collection School Of Computing and Information Systems

Single-item composite indices gauge ICT readiness at the country level but do not represent the direct impact of ICTs on a country's development. This paper describes a new approach to measuring the macrolevel impacts of ICTs across a range of development areas. The indirect effects of one area on others is taken into consideration by a simultaneous equation model that permits the inclusion of multiple development areas. The model is applied to data pertaining to four development areas in 64 countries: trade flows, agricultural productivity, R&D, and quality of life. ICT readiness is found to have a positive association with …

The State Of The Region: Hampton Roads 2008, James V. Koch, Vinod Agarwal, John R. Broderick, Grace Chen, Chris Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Elizabeth Janik, Terry Lindvall, Sharon Lomax, Janet Molinaro, Ken Plum, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's ninth annual State of the Region report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion or it's president, John R. Broderick. The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we are" and a …