Digital Commons Network^™

Examining The Lack Of Consensus On The Minimum Wage, Belma Ramic

University Honors Program Senior Projects

The economic impacts of minimum wage laws have been the subject of debate for over a century within the United States (US). This paper summarizes this and reviews the body of academic literature studying the effects of minimum wage laws, much of which center around their employment effects. This paper also examines how the ongoing debate can be attributed to factors that have not been as comprehensively reviewed, such as disagreements over politics, poverty, and impact on prices. The purpose of this paper is to achieve an understanding of the complexities surrounding the minimum wage and its overall implications. From …

Distillers' Grains: Past, Present, And Future Economic Analyses, Daniel E. Gertner

Department of Agricultural Economics: Dissertations, Theses, and Student Research

This thesis is comprised of four chapters, each of which discusses or conducts economic research related to the distillers’ grains market. The first three chapters are meant to be standalone papers. Chapter four provides potential paths forward in distillers’ grains research based on the findings of the first three chapters and concludes the thesis.

The first chapter conducts a comprehensive literature review that categorizes and summarizes economic research on distillers’ grains products. This section shows how the physical market has moved beyond the current academic understanding of market products and structure. Existing research finds that traditional distillers’ grains products positively …

Movin’ On Up? A Survey Experiment On Mobility Enhancing Policies, Jared Barton, Xiaofei Pan

Economics Faculty Journal Articles

We use a nationwide survey experiment in the United States to measure whether information on intergenerational economic mobility or policy-specific arguments influence support for six pro-mobility policies advocated by political entrepreneurs. We find the information treatments do not affect support, but the argument treatments significantly increase support for three of the policies. We also include a behavioral measure by allowing respondents the opportunity to write their U.S. Senators. We find argument treatments significantly increase the likelihood that letters address economic mobility and significantly promote advocacy for that policy in the letter, but no increase in advocacy from the information treatments. …

Willingness To Pay For Fact-Checking About Immigration: The Effect Of Partisan Cues, Jennifer Morales

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

I analyze the results of an online experiment designed to elicit individuals’ willingness to pay for fact-checking of statements related to immigration. Using a control and treatment group, I test whether individuals’ willingness to pay is affected by partisan cues. First, I outline this research’s position related to existing literature. I then describe the experimental design and analyze the results. Partisan cues are shown to have no statistically significant effect on participants’ willingness to pay for fact-checking.

An Alternative Class Of Ratio-Regression-Type Estimator Under Two-Phase Sampling Scheme, Muhammad Isah, Zakari Yahaya, Audu Ahmed

CBN Journal of Applied Statistics (JAS)

In this study, a new exponential ratio-regression estimator is developed using an auxiliary variable for estimating the finite population mean under a two-phase sampling system. The Bias and Mean Square Error (MSE) of the proposed estimator are derived and compared with some of the estimators in extant literature. Thus, the conditions under which the proposed estimator is better than some existing estimators are provided. Empirically, using four real datasets and simulation study, the proposed estimator performs better than the classical ratio, classical regression, exponential ratio, and exponential regression cum ratio estimator when compared using the criteria of bias, mean square …

Insurgency, Political Risk, And Foreign Direct Investment Inflows In Nigeria: A Sectorial Analysis, Danjuma Iyaji

CBN Journal of Applied Statistics (JAS)

This study examines, among others, the effect of terrorism, political violence, corruption, and religious tension on FDI inflows to the banking, construction, manufacturing, oil and gas, and telecommunication sectors in Nigeria. Thus, empirical models were estimated using the fully modified ordinary least squares (FMOLS) technique. The study spans from 2008Q1 to 2017Q4. Findings show that terrorism adversely affects FDI inflow to telecommunication sector, while corruption positively impacts on the oil and gas sector. Thus, this study among other things, recommends the intensification of effort in the war against terrorism and strengthening of relevant anti-graft agencies to adequately fight corruption in …

Monetary Policy Transmission And Bank Interest Rates In Nigeria, Eleam Victor E., Ekwom Chinyelu G., Ariolu Chibueze C., Umebali Chukwubuzo J., Balogun Adewale T.

CBN Journal of Applied Statistics (JAS)

The paper examines the adjustment of retail and money market interest rates to changes in discount corridor of the monetary policy in Nigeria. A vector error correction model was adopted for this study, using monthly data from 2007:06 to 2019:12. We further accounted for structural breaks in the dataset to improve its policy reliability. The adjustment parameters were found to be significant but with slow speed of adjustment. This finding provides evidence of the weakness of the discount corridor in monetary policy transmission in Nigeria. Furthermore, the results showed no asymmetric adjustment of retail rates to long run equilibria. Lastly, …

Inflations And Its Uncertainty In Some Ecowas Member States: Transfer Entropy Approach, Otoakhia Eric I.

CBN Journal of Applied Statistics (JAS)

This study examines the information flow between inflation and inflation uncertainty (IU) and intrastate inflationary trend among some ECOWAS member states. IU is measured using GARCH models and stochastic volatility model (SV). Transfer entropy was adopted to quantify the extent of information flow. The result showed information flow exists from inflation to the GARCH measure of IU. On the reverse flow from inflation uncertainty to inflation, there is no information flow except for Burkina Faso and Gambia which have asymmetric bidirectional flow between inflation and IU. Adopting SV measure for IU, there are no support for causality from inflation to …

Relationship Between Real Exchange Rate And Consumption In Nigeria: A Nonlinear Approach, Babangida Jamilu S., Sanusi Aliyu R., Yusuf Isah M.

CBN Journal of Applied Statistics (JAS)

This study analyses the relationship between real exchange rate and domestic consumption in Nigeria using the Smooth Transition Autoregressive (STAR) model from 1981Q1 to 2019Q4. Findings show that domestic consumption determines the regime shift in real exchange rate, suggesting a nonlinear linkage with clearly distinct regimes. The lagged exchange rate is shown to have a significant linear effect on the current exchange rate. On the other hand, current foreign consumption is positive but has no significant impact on the exchange rate in the linear part of the model. In the nonlinear part of the model, evidence of a significant negative …

Arbitrage Among Stablecoins, Peiyun Jin

All Dissertations

We examine the trades data and order book from 13 exchanges to study the arbitrage opportunities in stablecoins. Using snapshots of the order book data, we find that occasional prices far from the arbitrage-free prices (flash crashes) are real. Flash crashes invariably are associated with unusually large aggregate trading volume. We also examine arbitrage profitability and fee structure for stablecoin-USD and stablecoin- stablecoin. Our results show that after subtracting fees, there are still positive arbitrage profits. We also compare the efficiency of Decentralized Exchanges (DEXs) and Centralized Exchanges (CEXs). Our results are consistent with DEXs and CEXs being equally efficient.

Essays On The Housing Market In China And Some Evidence On Inflation Targeting, Yanchao Li

All Dissertations

The housing market in China enjoys great prosperity after a continuously rapid development for more than a decade. However, there are growing concerns about possible bubbles as the price continues to rise while ordinary workers cannot afford a house. The government of China has implemented different kinds of regulations to slow rapid price increases and stabilize the market since 2007. The first paper looks at the characteristics and determinants of housing prices in different tiers of cities in China over the period 2002–2017, and then the second paper examines the impact of different types of regulations on the real estate …

The Economic Rationality Of Consumption In The Mycenaean Political Economy And Its Role In The Reproduction Of Social Personae: Modeling Prestige Networks., Devin Alexander Stephens

Electronic Theses and Dissertations

This thesis is a theoretical examination of the economic rationality of consumption as it existed within the Mycenaean political economy. Using a modified paradigm of social network analysis, a semiotic approach is used in the study of identity expression and economic stratification present at three Late Helladic cemeteries. In doing so, the claim that exchange strategies which existed outside of palatial redistribution were present in the Late Helladic was substantiated as a similar logic of mortuary stratification which existed during the palatial era was also found to have existed after the shift to the post-palatial era and the collapse of …

Poultry Producer's Willingness To Invest In On-Farm Carcass Disposal, V. L. Campbell, J. M. Thompson, J. L. Apriesnig, D. L. Pendell, G. T. Tonsor

Michigan Tech Publications, Part 1

Foreign animal diseases (FAD) can cause substantial economic losses in production, consumption, and the supply chain. These diseases are typically highly pathogenic and lead to disruptions in normal business practices and to demands for higher investment in biosecurity practices. For poultry producers this can lead to changes in bird pick-ups, chick placements, and length of out time on farms as well as changes in day-to-day operations. When an FAD is reported, poultry producers that rely on off-premises carcass disposal (e.g., renderers or landfills) may be required to develop on-farm disposal capacity (e.g., incinerators or burial) rapidly if their operation falls …

Harnessing Digitalization For Sustainable Economic Development: Insights For Asia, John Beirne, David Fernandez

Research Collection Lee Kong Chian School Of Business

Digitalization has helped to transform economies by enhancing competitiveness and productivity across a wide range of sectors. The use of big data and the rise of online platforms have accelerated this process over the past decade. In addition, the adoption of digital solutions in the face of social distancing and lockdown measures introduced due to the coronavirus disease 2019 (COVID-19) pandemic has been integral to the economic recovery process. The shift to a digitalized economy has also reduced barriers to market entry for firms, lowered inequality, and led to a promotion of social and economic inclusion. Advances in digital technology …

Does Precise Case Disclosure Limit Precautionary Behavior? Evidence From Covid-19 In Singapore, Aljoscha Janssen, Matthew H. Shapiro

Research Collection School Of Economics

Limiting the spread of contagious diseases can involve both government-managed and voluntary efforts. Governments have a number of policy options beyond direct intervention that can shape individuals’ responses to a pandemic and its associated costs. During its first wave of COVID-19 cases, Singapore was among a few countries that attempted to adjust behavior through the announcement of detailed case information. Singapore's Ministry of Health maintained and shared precise, daily information detailing local travel behavior and residences of COVID-19 cases. We use this policy along with device-level cellphone data to quantify how local and national COVID-19 case announcements trigger differential behavioral …

Vat Treatment Of The Financial Services: Implications For The Real Economy, Ismail Baydur, Fatih Yilmaz

Research Collection School Of Economics

Financial institutions are exempt from the value-added tax (VAT) in most countries. We develop a general equilibrium model with endogenous firm entry and a banking sector to accommodate three key distortions related to exempt treatment: (i) self-supply bias in the banking sector, (ii) under-taxation of payment services, and (iii) input distortions in the business sector and tax cascading. We calibrate our model to the average of Germany, France, and the UK data. Our results show that repealing exempt treatment always increases tax revenues. However, welfare gains occur only at low VAT rates due to the hump-shaped VAT Laffer curve.

A Practical Guide To Harnessing The Har Volatility Model, Adam Clements, Daniel P. A. Preve

Research Collection School Of Economics

The standard heterogeneous autoregressive (HAR) model is perhaps the most popular benchmark model for forecasting return volatility. It is often estimated using raw realized variance (RV) and ordinary least squares (OLS). However, given the stylized facts of RV and well-known properties of OLS, this combination should be far from ideal. The aim of this paper is to investigate how the predictive accuracy of the HAR model depends on the choice of estimator, transformation, or combination scheme made by the market practitioner. In an out-of-sample study, covering the S&P 500 index and 26 frequently traded NYSE stocks, it is found that …

Economic Forecasting In An Epidemic: A Break From The Past?, Hwee Kwan Chow, Keen Meng Choy

Research Collection School Of Economics

This paper aims to investigate whether the predictive ability and behaviour of professional forecasters are different during the Covid-19 epidemic as compared with the global financial crisis of 2008 and normal times. To this end, we utilise a survey of professional forecasters in Singapore collated by the central bank to analyse the forecasting record for GDP growth and CPI inflation. We first examine the point forecasts to document the extent of forecast failure in the pandemic crisis and test for behavioural explanations of the possible sources of forecast errors such as leader following and herding behaviour. Using percentile-based summary measures …

Tapping On Growth Opportunities Through Trade And Investment, Andy Feng, Gerald Foong, Geraldine Lim

Research Collection School Of Economics

As a small and open economy, external developments play a crucial role in shaping Singapore’s growth prospects. In particular, external demand is pivotal in supporting the growth of Singapore’s gross domestic product (GDP) beyond the limits afforded by a small domestic market. Furthermore, due to the resource constraints faced by Singapore, its production of goods and services to meet both external and domestic demand requires a substantial use of imported inputs. Apart from trade, Singapore’s openness and outward-orientation also extend to its embrace of inward and outward investments to grow its economy and create jobs for Singaporeans. In view of …

Pitfalls In Bootstrapping Spurious Regression, Peter C. B. Phillips

Research Collection School Of Economics

The bootstrap is shown to be inconsistent in spurious regression. The failure of the bootstrap is spectacular in that the bootstrap effectively turns a spurious regression into a cointegrating regression. In particular, the serial correlation coefficient of the residuals in the bootstrap regression does not converge to unity, so the bootstrap is not even first order consistent. The block bootstrap serial correlation coefficient does converge to unity and is therefore first order consistent, but has a slower rate of convergence and a different limit distribution from that of the sample data serial correlation coefficient. The analysis covers spurious regressions involving …

Application Of Optimization Techniques In Corporate Cash Management, Venkateswara Reddy Dondeti

Theses and Dissertations in Business Administration

For any individual person or firm, there is a trade-off between carrying too much or too little cash on hand to meet the day-to-day transactions demand for cash. The BAT model, named after three eminent economists, Baumol, Allais, and Tobin, is the foundation for almost all cash management models in use today. The goal of the BAT model is to minimize the total costs involving the brokerage fees and the opportunity cost of interest lost on the cash held on hand. The brokerage fees are incurred in connection with the transactions for liquidating securities and converting them into cash. The …

The Measuring Of Assortativeness In Marriage, Pierre-André Chiappori, Monica Costa-Dias, Costas Meghir

Cowles Foundation Discussion Papers

Measuring the extent to which assortative matching
differs between two economies is challenging when the marginal distributions of the characteristic along which sorting takes place (e.g. education) also changes for either or both sexes. Drawing from the statistics literature we define simple conditions that any index has to satisfy to provide a measure of change in sorting that is not distorted by changes in the marginal distributions of the characteristic. While our characterisation of indices of assortativeness is not complete, and hence cannot exclude the possibility of multiple indices providing contradictory results, in an empirical application to US data we …

Is There Room In The United States Diet For Goat Meat? Analysis Of The 2019 National Goat Meat Survey, Everett Marcus Martin

Graduate Theses/Dissertations

Demand for goat meat has steadily increased in the past decade, but few studies have been conducted addressing goat meat attributes and demographic factors on consumers’ willingness to buy goat meat products. Analyzing a national consumer survey on goat meat preference, a logit modeling is used addressing factors affecting willingness to buy three goat meat products: grass-fed, locally grown, and organically raised. Results indicate that quality and freshness attribute characteristics significantly affect consumer willingness to buy grass-fed, organic, and locally grown goat meat.

Livelihood And Happiness In A Resource (Natural And Cultural)-Rich Rural Municipality In The Philippines, Rosalina Palanca-Tan, Sheila Bayog

Economics Department Faculty Publications

This paper looks at the economic and welfare conditions of residents in Lake Sebu, a largely rural but natural and cultural resource-rich municipality in Southern Mindanao in the Philippines. Two notions of welfare are used in the study: economic welfare, measured in terms of household income and vulnerability to hunger; and social welfare, measured in terms of self-reported happiness. The study uses primary data collected through a household survey and analyzed with statistical and econometric procedures (tests of difference between sub-populations; and ordinary least squares, binary probit, and ordered logistic regressions). The results suggest mixed implications of abundant natural and …

A First Peek At Firms’ Cash Flow Dynamics In The Pandemic Year: A Lesson Learned?, Ana Oblak

Economic and Business Review

Using a comprehensive database of financial data and data on public support, we aim at documenting the actual (and not predicted) effects of the Covid-19 pandemic on firms’ liquidity. A drain of the non-financial corporations’ liquidity was unprecedented and highly asymmetric across sectors. A simple descriptive analysis enables us to evaluate (partially) the effectiveness of support measures and to provide insights on how well-targeted support measures were from the sectoral perspective. Acting in concert, the governments and the European Union (EU) institutions concerned seem to succeed in preventing massive illiquidity (for now). Crisis measures were targeted mostly at firms with …

The Affordable Care Act And Abortion: An Update, Phoebe Steiner

All Theses

The young adult provision of the Affordable Care Act (ACA) requires health insurance providers to offer dependent child coverage until the child of the enrollee turns 26 years old. The purpose of this provision is to increase health care access to a historically underinsured group. Abramowitz (2017) investigates the effect of the ACA’s young adult provision on the abortion rate. I will build on this foundation by including 2014-2018 data, extending the number of years examined. Using a difference-in-difference regression, I find the effect of the young adult provision on abortion rates to have a larger magnitude over an increased …

Interval Estimates: How To Make Them More Adequate And How To Use Them In Economic Analysis And Decision Making, Laura Adriana Berrout-Ramos

Open Access Theses & Dissertations

In many real-life situations, we need to make decisions in situations when we do not have full information about the consequences of different decisions. In particular, instead of the exact values of the relevant quantities, we only know lower and upper bounds on these values – i.e., we know an interval that contains the actual (unknown) value. These interval estimates often come from experts. This fact naturally leads to the following important questions: How should we make decisions under such interval uncertainty? How to gauge the quality of the resulting decisions? And if this quality is not sufficient – because …

General Equilibrium Effects Of Insurance Expansions: Evidence From Long-Term Care Labor Markets, Martin Hackmann, Jӧrg Heining, Roman Klimke, Maria Polyakova, Holger Seibert

Upjohn Institute Working Papers

Arrow (1963) hypothesized that demand-side moral hazard induced by health insurance leads to supply-side expansions in healthcare markets. Capturing these effects empirically has been challenging, as non-marginal insurance expansions are rare and detailed data on healthcare labor and capital is sparse. We combine administrative labor market data with the geographic variation in the rollout of a universal insurance program—the introduction of long-term care (LTC) insurance in Germany in 1995—to document a substantial expansion of the inpatient LTC labor market in response to insurance expansion. A 10 percentage point expansion in the share of insured elderly leads to 0.05 (7%) more …

Tech Innovation Capacity In Mountain West Metros, Ally M. Beckwith, William E. Brown Jr.

Economic Development & Workforce

This fact sheet highlights data on the tech innovation capacity in Mountain West metropolitan areas, as originally reported in 2019 by Robert D. Atkinson, Mark Muro, and Jacob Whiton from the Brookings Institution’s Metropolitan Policy Program. Tech innovation is defined as advanced industries that are America’s 50 high-R&D, high-STEM manufacturing, energy, and services industries ranging from aerospace and automobile manufacturing to solar electricity generation to internet publishing to bio-tech. Tech innovation is essential to the future of America’s economy. However, “superstar” metropolitan areas creating a regional imbalance within the innovation sector. The Brookings report examines metropolitan areas that are potential …

A Study Of Residents’ Perception Of Sustainable Coastal Tourism On Calangute Beach, Goa, Geetanjali C. Achrekar Dr.

Journal of Tourism Insights

. The present study aims to know the resident’s perception regarding the economics and socio-cultural impacts of coastal tourism on the world class tourist destination of Calangute beach, Goa. The purpose of selecting this topic is so far there has been no study focusing on the planning and management of coastal tourism in Goa from the holistic perception of residents, since they are the most vulnerable section facing the negative impacts of rampant expansion of tourism in Goa. The present study identifies the factors influencing coastal tourism sustainability from the local perspective.

Design/Methodology/Approach:

The present study applies research tools like …