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Articles 1 - 30 of 64
Full-Text Articles in Business
Alienation, Resonance, And Experience In Theories Of Well-Being, Andrew Alwood
Alienation, Resonance, And Experience In Theories Of Well-Being, Andrew Alwood
Economics Faculty Publications
Each person has a special relation to his or her own well-being. This rough thought, which can be sharpened in different ways, is supposed to substantially count against objectivist theories on which one can intrinsically benefit from, or be harmed by, factors that are independent of one’s desires, beliefs, and other attitudes. It is often claimed, contra objectivism, that one cannot be _alienated_ from one’s own interests, or that improvements in a person’s well-being must _resonate_ with that person. However, I argue that every theory of well-being must allow that we can be alienated from our own well-being, and that …
Fast Poisson Estimation With High-Dimensional Fixed Effects, Sergio Correia, Paulo Guimarães, Thomas Zylkin
Fast Poisson Estimation With High-Dimensional Fixed Effects, Sergio Correia, Paulo Guimarães, Thomas Zylkin
Economics Faculty Publications
In this paper we present ppmlhdfe, a new Stata command for estimation of (pseudo) Poisson regression models with multiple high-dimensional fixed effects (HDFE). Estimation is implemented using a modified version of the iteratively reweighted least-squares (IRLS) algorithm that allows for fast estimation in the presence of HDFE. Because the code is built around the reghdfe package, it has similar syntax, supports many of the same functionalities, and benefits from reghdfe’s fast convergence properties for computing high-dimensional least squares problems. Performance is further enhanced by some new techniques we introduce for accelerating HDFE-IRLS estimation specifically ppmlhdfe also implements a novel and …
Teaching Courses In Macroeconomics And Monetary Policy With Bloomberg Analytics, Dean D. Croushore, Hossein S. Kazemi
Teaching Courses In Macroeconomics And Monetary Policy With Bloomberg Analytics, Dean D. Croushore, Hossein S. Kazemi
Economics Faculty Publications
In this article, the authors illustrate the use of Bloomberg for analyzing topics in macroeconomics and monetary policy in economics and finance courses. The hands-on experience that students gain from such a course has many benefits, including deeper learning and clearer understanding of data. The authors describe goals and learning objectives, then compare Bloomberg with Federal Reserve Economic Data (FRED). In addition, they provide examples of how to use Bloomberg in the classroom, describe how to have students perform sector analysis, show how Bloomberg tools are useful for analyzing monetary policy, discuss how to use Bloomberg to analyze the financial …
Fiscal Surprises At The Fomc, Dean D. Croushore, Simon Van Norden
Fiscal Surprises At The Fomc, Dean D. Croushore, Simon Van Norden
Economics Faculty Publications
We examine a new set of U.S. fiscal forecasts from FOMC briefing books. The forecasts were precisely those presented to monetary policymakers and include frequently updated estimates covering six complete business cycles and several fiscal-policy regimes. We detail the performance of forecast federal expenditures, revenues, surpluses, and structural surpluses in terms of accuracy, bias, and efficiency. We find that forecast errors can be economically large, even at relatively short forecast horizons. While economic activity became less volatile after 1990, fiscal policy became harder to forecast. Finally, cyclically adjusted deficit forecasts appear to be overoptimistic around both business cycle peaks and …
Currency Unions And Trade: A Ppml Re-Assessment With High-Dimensional Fixed Effects, Mario Larch, Joschka Wanner, Yoto V. Yotov, Thomas Zylkin
Currency Unions And Trade: A Ppml Re-Assessment With High-Dimensional Fixed Effects, Mario Larch, Joschka Wanner, Yoto V. Yotov, Thomas Zylkin
Economics Faculty Publications
Recent work on the effects of currency unions (CUs) on trade stresses the importance of using many countries and years in order to obtain reliable estimates. However, for large samples, computational issues associated with the three-way (exporter-time, importer-time, and country-pair) fixed effects currently recommended in the gravity literature have heretofore limited the choice of estimator, leaving an important methodological gap. To address this gap, we introduce an iterative Poisson Pseudo-Maximum Likelihood (PPML) estimation procedure that facilitates the inclusion of these fixed effects for large data sets and also allows for correlated errors across countries and time. When applied to a …
What Should We Teach In Intermediate Macroeconomics?, Dean D. Croushore
What Should We Teach In Intermediate Macroeconomics?, Dean D. Croushore
Economics Faculty Publications
The major focus of a course in Intermediate Macroeconomics is building and understanding macroeconomic models and how they work. The course is the most analytical course in the curriculum and should lead students to embark on deep thinking about models and equilibrium. Students learn the essentials of a model and develop the concept of how to simplify a model to understand key concepts. Once the core of a model is developed, additional model features can be added to increase realism. Perhaps the most important macroeconomic concept in the course is that of general equilibrium—students learn to go beyond examining initial …
50 Years Of Economic Instruction In The Journal Of Economic Education, Gail M. Hoyt, Kimmarie Mcgoldrick
50 Years Of Economic Instruction In The Journal Of Economic Education, Gail M. Hoyt, Kimmarie Mcgoldrick
Economics Faculty Publications
With 2019 marking the fiftieth year of publication of the Journal of Economic Education (JEE), it seems fitting to examine the evolution of economic instruction as portrayed in the Journal. Born of the American Economic Association (AEA), and first edited by members of the AEA’s Committee on Economic Education (Saunders 2012), it is not surprising that the Journal’s focus as chronicler, proponent, and outlet for economic education activity reflects the educational component of the American Economic Association’s mission. The creation of the Journal signaled a self-awareness in the discipline that we needed to be more deliberate in …
On The Widely Differing Effects Of Free Trade Agreements: Lessons From Twenty Years Of Trade Integration, Scott L. Baier, Yoto V. Yotov, Thomas Zylkin
On The Widely Differing Effects Of Free Trade Agreements: Lessons From Twenty Years Of Trade Integration, Scott L. Baier, Yoto V. Yotov, Thomas Zylkin
Economics Faculty Publications
We develop a novel two stage methodology that allows us to study the empirical determinants of the ex post effects of past free trade agreements (FTAs) as well as obtain ex ante predictions for the effects of future FTAs. We first identify 908 unique estimates of the effects of FTAs on different trading pairs for the years 1986-2006. We then employ these estimates as our dependent variable in a “second stage” analysis characterizing the heterogeneity in these effects. Interestingly, most of this heterogeneity (∼ 2/3) occurs within FTAs (rather than across different FTAs), with asymmetric effects within pairs (on exports …
I'M Retiring ... Well, Sort Of, Kevin F. Hallock
I'M Retiring ... Well, Sort Of, Kevin F. Hallock
Economics Faculty Publications
I’m 45 years old and I’m retiring ... from writing regular columns for workspan. And that has me thinking about retirement and incentives as part of a total rewards system.
Quotas On Boards And The Gender Gap, Kevin F. Hallock
Quotas On Boards And The Gender Gap, Kevin F. Hallock
Economics Faculty Publications
Back in the late 1990s, Marianne Bertrand and the author examined the pay gap between male and female executives listed in the proxy statements of publicly traded US firms from 1992 in 1997, which they later published in the October 2011 edition of Industrial and Labor Relations Review. They found that, taken as a whole, women in these top five positions earned about 45% less than men in these positions. At the same time, they found that as much as 75% of this gap could be explained by the fact that women managed smaller companies, and were less likely to …
Sabbaticals, Kevin F. Hallock
Sabbaticals, Kevin F. Hallock
Economics Faculty Publications
With the year end upon you and many workplaces closing, reducing hours or accommodating employee vacations because of the holidays, this column focuses on rewards in the form of time away from work that is not so common -- sabbaticals. Sabbaticals are a generous benefit to those workers who have them. And they can clearly be an important part of a total rewards package. According to inc.com, while 5% of firms in the US offer sabbaticals, 25% of the companies listed in "Best Companies to Work For" offer them. Corporate sabbaticals, however, aren't typically as generous in length as those …
Retention Pay, Kevin F. Hallock
Retention Pay, Kevin F. Hallock
Economics Faculty Publications
In many seasonal jobs, such as store clerks during the holiday shopping season, retention is about employers wanting as little employee turnover as possible during the small window they have each year to earn a big part of their profits. One way seasonal businesses might persuade workers to stay is with some sort of cash bonus paid for staying until the season's end or by paying a substantially higher wage at the very end. While the summer beach of Cape Cod may feel worlds away from the corporate office, the need to consider retention strategies for key employees is universal. …
Paid Workers And Volunteers, Side By Side, Kevin F. Hallock
Paid Workers And Volunteers, Side By Side, Kevin F. Hallock
Economics Faculty Publications
Millions of Americans volunteer annually and, on average, volunteers are highly skilled individuals. With unpaid volunteers working alongside W2-paid employees, sometimes it is difficult in a workplace to distinguish one from the other. Motivations for volunteering are many and the author does not intend to fully explore the myriad reasons identified by social scientists for this behavior, including to gain experience, create a path to a paid job, offer service to others or gain personal recognition. An interesting study of volunteerism is Richard Freeman's Working for Nothing: The Supply of Volunteer Labor. Using data from a unique survey, Freeman showed …
Pay, Corporate Location And Donations To Charity, Kevin F. Hallock
Pay, Corporate Location And Donations To Charity, Kevin F. Hallock
Economics Faculty Publications
State and local governments direct a great deal of effort (and resources) toward incenting companies to locate in their particular jurisdictions. The cited reasons for this effort are often the increase in jobs and boost to the local tax base. In "The Geography of Giving: The Effect of Corporate Headquarters on Local Charities", David Card, Enrico Moretti and the author investigated a number of issues related to the geographical location of corporate headquarters and charitable giving. It turns out that location does matter and the movement of highly paid employees does, too. There are at least two main channels through …
Paying To Put Out Fires, Kevin F. Hallock
Paying To Put Out Fires, Kevin F. Hallock
Economics Faculty Publications
There is surprisingly little academic work on the compensation of firefighters. This may be, in part, because their wages are often set by collective bargaining agreements and that those paid as firefighters are regularly paid by seniority. But many aspects of the labor market can still be studied through this interesting occupation, including labor unions, compensation for job risk and even volunteerism. Consider the mountains of papers on Fortune 500 CEOs relative to the number (500) of employees doing this job in the US. In contrast, consider the tiny number of papers on firefighters relative to the large numbers who …
Ceo Pay Over The Very Long Run, Kevin F. Hallock
Ceo Pay Over The Very Long Run, Kevin F. Hallock
Economics Faculty Publications
Recent work by economic historians shows people that while CEO pay has risen dramatically since the 1990s, such a trend was all but nonexistent from World War II through the mid-1970s. Imagine coming upon an article in a prestigious business publication titled "Another Decade of Deterioration in Top Executive Pay Compared to the Economy as a Whole." Its author, Arch Patton, reports data from a set of more than 400 "top managers" from 1953-1964. What is particularly startling is the size of the deterioration relative to the average. People know from piles of recent evidence that executive compensation has increased …
Incentive Compensation For Ministers?, Kevin F. Hallock
Incentive Compensation For Ministers?, Kevin F. Hallock
Economics Faculty Publications
Paying leaders of for-profit organizations is difficult. And this is even the case when there is some agreement regarding the objectives of the organizations (e.g., returns to shareholders in publicly held companies). But as they step away from the most obvious objective of maximizing shareholder return or profit, things can get more complicated. Three authors shed considerable light on this by using a rich data set of more than 2,000 Methodist ministers over 43 years. To be sure, the data are from one specific religious group in one region of the US, but the data are absolutely extraordinary. In "Is …
Tipping, Technology And Lessons In Compensation Design, Kevin F. Hallock
Tipping, Technology And Lessons In Compensation Design, Kevin F. Hallock
Economics Faculty Publications
New technologies seem to be popping up everywhere to make it easier for customers to exercise their power to pay. From personal phone apps to iPad kiosks in restaurants to video screens in taxis, a tip amount is instantly calculated for you just choose the percent or level you wish to tip. All this technological assistance on tipping is also creating exciting, new data sources. Increasingly, labor economists and other social scientists are using such data sources to better understand how people respond to incentives and the resulting workplace implications. The tipping examples described in this article offer some interesting …
What Have You Done For Me Lately?, Kevin F. Hallock
What Have You Done For Me Lately?, Kevin F. Hallock
Economics Faculty Publications
The author considers the question of whether some occupations or pay plans can create incentives to strategically time employees' best performance and what problems that might create. There certainly is plenty of evidence across a set of industries that the timing of performance can have real effects on the compensation of employees. To the extent that this gives employees (athletes, salespeople, executives, and others) incentives to shift the timing of effort in ways that may not be in the best interests of the employer, shareholders, and other constituents is certainly something worth thinking about if you want to better curb …
Pay And Time Of Day, Kevin F. Hallock
Pay And Time Of Day, Kevin F. Hallock
Economics Faculty Publications
Is when we work an important part of total rewards? Total rewards are important to workers and organizations.
Titles As Compensation, Kevin F. Hallock
Titles As Compensation, Kevin F. Hallock
Economics Faculty Publications
Wages and salaries are just part of total rewards. Insurance, vacation time, bonuses, and working conditions are other important forms of compensation. Each of these costs the organization something. But there are other attributes of jobs -- less easily measured in dollars -- that employees value. These can include colleagues, company reputation, and even job titles. At the margin it is possible to imagine a tradeoff between a higher salary and a job title. In fact, some have argued that some firms offer titles in absence of raises where salary budgets are slim. When thinking about job titles as a …
The Wage Gap Vs. The Total Compensation Gap, Kevin F. Hallock
The Wage Gap Vs. The Total Compensation Gap, Kevin F. Hallock
Economics Faculty Publications
Clearly, most organizations seek to have fair and objective pay practices. And, as a check, they sometimes take a data-driven look inside their companies to consider whether employees of different demographic characteristics are paid similarly or if there is some pay gap. But most organizations only consider wages or salaries in looking for such gaps. Existing research on pay preferences, however, shows that employees can value differently different kinds of pay. There are many massive demographic surveys of individuals which record, along with wage and salary earnings, information on individuals' schooling, gender, race, work hours, occupation, geographic location, etc. These …
Employee Choice Over Pay Mix, Kevin F. Hallock
Employee Choice Over Pay Mix, Kevin F. Hallock
Economics Faculty Publications
Suppose the company set the level of pay and then let employees choose the fractions they wanted as guaranteed salary, stock options and at-risk bonus. The fraction in at-risk bonus was capped at 20% of total pay and the payout was between 0 and 2.5 times the amount put at-risk and was a function of individual and group performance. This is not a theoretical example; it's real. And, it is interesting for a variety of reasons, including that it is so extreme and because the organization invited some researchers inside to study the fascinating choices made by employees. They were …
Compensation Research Summer Camp, Kevin F. Hallock
Compensation Research Summer Camp, Kevin F. Hallock
Economics Faculty Publications
This summer, the Institute for Compensation Studies at Cornell's ILR School hosted its first Emerging Scholars Conference, which the author affectionately calls Comp Camp. Their conference, funded in part by WorldatWork, hosted a dozen junior scholars, three PhD students, a few senior scholars and some leaders from the practical world (including some from WorldatWork). They convened experts from fields like sociology, psychology, economics, industrial relations and business on the Cornell campus in Ithaca, NY, for robust discussions of several as-yet-unpublished research studies. The conference had three interesting papers on gender by scholars from three fields using data from three countries. …
Compensation Tournaments, Kevin F. Hallock
Compensation Tournaments, Kevin F. Hallock
Economics Faculty Publications
From beach volleyball and soccer to tennis and golf to playoffs for the Little League World Series, tournament play has lessons for workplace compensation. A tournament scheme can motivate workers the same if workers are risk neutral. A rich place to study tournament pay, performance, output, effort and the like is professional golf, because so much is measured. Great data are available on the incentive structure; for example, the distance in dollars between the first place price and the second place prize, and the distance in dollars between the second place prize and the third place prize, and so on.
Ceo Pay And Layoffs, Kevin F. Hallock
Ceo Pay And Layoffs, Kevin F. Hallock
Economics Faculty Publications
Whether CEO pay is linked with job loss or mass layoffs is not really a new question. The study that got the author started, and raised very interesting issues about job loss and compensation, looked at CEOs at a few dozen companies over one year. Separating companies into those that made a layoff announcement in the previous year and those that didn't, you will find that the CEOs who made at least one large layoff the previous year make a lot more than those who made no layoffs in the previous year. But, once one starts controlling for company and …
Baseball And Thoughts On Pay Dispersion In Teams, Kevin F. Hallock
Baseball And Thoughts On Pay Dispersion In Teams, Kevin F. Hallock
Economics Faculty Publications
The author really likes thinking about compensation, and he really likes thinking about baseball. He loves it when he can watch baseball and think about compensation. Some baseball teams pay relatively evenly across the team and others have wide dispersion (some players are paid at the league minimum and others are earning "superstar" rewards). There is research on whether teams with one of those strategies is relatively better off (in terms of, say, wins or profits) than the other, even after controlling for total payroll, players' quality and the like. A great virtue of studying baseball -- and perhaps one …
Pay In Nonprofits, Kevin F. Hallock
Pay In Nonprofits, Kevin F. Hallock
Economics Faculty Publications
In the US, April 21-April 27 is National Volunteer Week, a time to recognize all those who work without pay to support important missions or causes championed by nonprofits. Many of the issues that come up when designing pay systems in for-profits (strategy, internal equity, performance, motivation, fairness, transparency, etc.) are as important to consider in nonprofits as they are in for-profits. But some of the facts and issues differ. Using a sample of data from the 2000 US Census of Population about approximately 3 million people between the ages of 16 and 65 who worked full year and full …
Valuing Employee Stock Options, Kevin F. Hallock
Valuing Employee Stock Options, Kevin F. Hallock
Economics Faculty Publications
It helps to remember that employee options and market-traded options are quite different. The difference between them makes valuing employee options more complicated, but it also offers a lesson about how the employer's cost for a given piece of the total rewards package may not be the same as its value to a given employee. Organizations too often miss this and, as a result, can find themselves leaving money on the table. A stock option is the right to buy a share of stock at a specific price (called the strike or exercise price) at some point in the future. …
Pay And Relative Income Within Couples, Kevin F. Hallock
Pay And Relative Income Within Couples, Kevin F. Hallock
Economics Faculty Publications
In "U.S. Labor Market Challenges Over the Longer Term," labor economist David Autor shows that the fraction of young adults who are currently married plummeted, dropping by 30% to 70% depending on gender, education and race/ethnicity (paper prepared for the Federal Reserve Board of Governors, 2010). At the same time, women's labor earnings have steadily increased. An interesting and provocative new working paper, "Gender Identity and Relative Income Within Households", by Marianne Bertrand, Emir Kamenica and Jessica Pan (working paper, November 2012), tries to determine how these two trends are related. One of the things Bertrand, Kamenica and Pan focus …