Social and Behavioral Sciences Commons^™

A Defense And Expansion Of The Theory Of Capitalist Ground Rent: Speculation, Securitization, And Struggles Over Land And Housing, Francesca Manning

Dissertations, Theses, and Capstone Projects

Why are the rents so high? Who is responsible for homelessness, for urban and rural displacement? How can these problems be combatted?

Recent literature addressing these questions has pointed to gentrification and the financialization of land and housing, faulted financialized landlords, hedge funds, and the irredeemable logic of finance, and pointed to the importance of land and housing regulation to prevent displacement.

However, theories of displacement—in both land and housing, on both urban and rural terrain—suffer from a lack of an underlying theory of the logic, tendencies, and limits of ground rent extraction in capitalism.

This dissertation develops a theory …

Essays On The Short-Term Impact Of Minimum Unit Pricing Policy In Scotland, Irena P. Xhurxhi

Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters, and it evaluates the short-term impact of Scotland’s Minimum Unit Pricing (MUP) policy on a variety of outcome measures. Excessive alcohol consumption has long been considered one of Scotland’s greatest public health challenges, and in an attempt to change this harmful relationship with alcohol, the Scottish Government proposed an alcohol strategy comprising of over 40 measures, a central part of which was the introduction of a statutory minimum price of 50 pence per unit (10ml/8gr) of alcohol known as Minimum Unit Pricing (MUP). This policy aims to reduce alcohol consumption, and in turn, alcohol …

Fiscal And Monetary Policies And Stock Market, Ilhami Gunduz

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters.

The first chapter analyzes the stock market transmission channel of the monetary policy of the Turkish economy not only at the aggregate but also at the sectoral level in a structural vector autoregression (SVAR) framework. I adopt alternative variables as a policy instrument. When the spread is used as a policy instrument, I find that contractionary monetary policy has a significant negative effect on both output and the price level and it appreciates the Turkish Lira. In addition, tight monetary policy reduces both aggregate and sectoral market returns. Hence, the results suggest that policymakers …

Three Essays On Natural Rates, Huseyin U. Demir

Dissertations, Theses, and Capstone Projects

Chapter 1. Non-accelerating inflation rate of unemployment and Non-accelerating inflation rate of output We followed Ball and Mankiw (2002) to estimate the natural rates of output and unemployment. The primary purposes of this paper are to provide more accurate estimates of a varying non-accelerating inflation rate of unemployment (NAIRU) than currently exist and to nd a new measure for the nonaccelerating inflation rate of output so we can estimate the output gap more accurately. Our contributions are adding time-varying coefficients estimated with a break test and finding more accurate measurements for the natural rate of unemployment. We also estimated the …

Essays On Trade Liberalization, Structural Change, And Technical Efficiency, Li Zhao

Dissertations, Theses, and Capstone Projects

A recent and growing literature analyzes differential growth across regions of Asia, Latin America, and Sub Saharan Africa. The structural change of labor reallocation is an important determinant of growth in developing countries having large productivity gaps across sectors within the border. Therefore, sectoral characteristics are still an important determinant of cross-region studies. In addition, it is well-known that labor reallocation across economic sectors does not automatically occur without external shocks, especially from international trade.

However, recent studies debate the importance of trade policy as more research focuses on the cost of transportation and communication in international trade and economic …

The Effects Of Eighth Years Of Compulsory Schooling Enforcement In Turkey, Muhammed Tumay

Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters that cover Education, Labor and Health Economics.

Chapter 1. Impacts of Compulsory Schooling Reform on Higher Education and Intergenerational Educational Mobility: we estimate the effects of an exogenous increase in mandatory schooling (5 years to 8 years of schooling), as a result of a change in compulsory schooling law, on higher education, potential intergenerational educational mobility, and labor market outcomes among women in Turkey. Our empirical strategy addresses a well-known identification problem where women’s years of schooling are endogenous to individual characteristics. The Law took effect in 1997, whereby girls born before January …

Essays In Applied Microeconomics, Eric Osborne-Christenson

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters and covers topics in applied microeconomics broadly defined as health and labor. The precise topics are varied, with their unifying thread being that they are all related to marginalized or at-risk communities. The first chapter estimates the impact of Daylight Saving Time (DST) on deaths of despair (DoD) in the United States. Using Multiple Cause-of-Death Mortality Data from the National Vital Statistics System of the National Center for Health Statistics from 1979-1988, the effect is identified in two ways: a regression discontinuity design (RDD) that exploits discrete time changes in the Spring and Fall; …

Essays On Paid Sick Leave In The United States, Shaoying Ma

Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters.

Chapter 1 This study estimates the causal effect of access to paid sick leave on worker mobility, by exploiting variation in the implementation of local paid sick leave mandates over time in the U.S. I use May 2004 - June 2019 Current Population Survey (CPS) basic monthly data, and by taking a Difference-in-Differences approach, I find that the local mandates significantly reduce private sector employees' monthly job turnover. This study is, to the best of my knowledge, the first to present the effect of local paid sick leave mandates in the U.S. on worker …

Essays In Financial Economics And Applied Macroeconomics, Marius Mihai

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that cover topics in finance and macroeconomics.

Chapter 1 - Do Credit Booms Predict U.S. Recessions?

This paper investigates the role of bank credit in predicting U.S. recessions since the 1960s in the context of a bivariate probit model. A set of results emerge. First, credit booms are shown to have strong positive effects in predicting declines in the business cycle at horizons ranging from six to nine months. Second, by isolating the effect of credit booms, I identify their contributions to recession probabilities which range between three and four percentage points at a …

Applications Of Machine Learning And Deep Learning In Macroeconomic And Financial Forecasting, Andi Cupallari

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters.

In the first chapter I propose a novel approach to forecast risk premia selecting relevant predictors among hundreds of correlated stock characteristics. I adapt a recently developed method from the deep learning literature, Deep Neural Networks with Group Lasso Regular- ization. This method achieves high out of sample R2, and at the same time yields a sparse representation of the characteristics space that allows for interpretability of the otherwise black box deep learning model. For each period, the model chooses a subset of characteris- tics to be relevant for the risk premia forecast. Our …

Essays On The Education Production Function, Daniel Dench

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters which test interventions along several dimensions of the education production function. In chapter one, I run a field experiment comparing the effect of two interventions, (1) an email nudge telling students similar problems to their homework will be on the exam and (2) grading the homework, on attempting homework. I find both interventions increase homework attempts: nudging by 3 percentage points and grading by 72 percentage points. Instrumenting for the effect of attempting the homework using grading, I find that attempting problems from the homework leads to an increase in the probability of getting …

Essays In Retirement Economics, Gunnar Poppe Yanez

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters.

Chapter 1

The discrepancy between the high demand for annuities predicted by economic theory and the empirical low holdings of these assets, known as the annuity puzzle, is still not completely understood in economic studies of retirement finance. This paper assesses the effect of individuals' mortality risk learning process on annuitization. I isolate this effect by building a life-cycle model in which individuals have imperfect information of their true survival probability distribution, and therefore have to update their beliefs about it in a Bayesian manner. Using data on subjective mortality by the Health and …

Red Sea, White Tides, And Blue Horizons, John P. Devine

Dissertations, Theses, and Capstone Projects

Eric Hobsbawm, in his effort to explain the fundamental divide which produced the Second World War, convincingly argues that “the crucial lines in this civil war were not drawn between capitalism as such and communist social revolution, but between ideological families: on the one hand the descendants of the eighteenth-century Enlightenment and the great revolutions including, obviously the Russian revolution’, on the other hand, its opponents.” This thesis argues that the American Civil War was a “great revolution” that represented a crucial transformative point in the formation of these two waring factions. The struggle was especially influential on the theory …

Original Gangsters: Genre, Crime, And The Violences Of Settler Democracy, Sean M. Kennedy

Dissertations, Theses, and Capstone Projects

Building upon examinations of genericity, subalternity, and carcerality by Black, Indigenous, and women-of-color feminist scholars, my dissertation offers an account of how truth claims are produced and sustained to limit social change in representatively governed societies. Taking the gangster genre as my lens, I first resituate the form, assumed to depict white-ethnic conflict in the U.S. and Europe, as a type of resistance to race-based political economic policies imposed by imperial regimes. After linking the subaltern classes of pre-20th-century southern Europe, southern Africa, South Asia, and the U.S. South—all subjected to criminalization as a mode of colonial and capitalist control—I …

Economics Of Higher Education Productivity, Uchenna K. Oparah

Dissertations, Theses, and Capstone Projects

How does spending affect academic outcomes in higher education institutions? Postsecondary schools incur costs to provide services to its student body. In this study, I introduce multiple outcome variables, a two-stage production function, and current-year expenditures on core services to evaluate how school spending affects academic outcomes.

The empirical analysis includes 28 group sample parameter estimates from four outcome variables, the pooled sample, and group samples for each of six sectors. The fixed effects/instrumental variable (FE-IV) instructional expenditure parameter estimates were positive for 20 of the 28 group samples. The sign and size of the estimated academic output effects varied …

Essays In Macroeconomics Of Emerging Markets, Miguel Acosta Henao

Dissertations, Theses, and Capstone Projects

Chapter 1. Law enforcement and the size of the informal sector.

I assemble new cross-country evidence showing that contrary to the standard view, the relationship between the size of the informal sector and tax rates is, at best, ambiguous. Law enforcement and informality also show no clear relation. Motivated by these findings, I augment a standard two-sector (formal and informal) small open economy model with endogenous law enforcement that depends on the size of the informal sector (measured by its assets) and government expenditure. I use a micro-dataset from Colombia to show that both taxes and law enforcement are necessary …

Building For Culture: How Municipal Ownership Of Cultural Facilities Influences Annual Arts Funding In American Cities, Adam M. Sachs

Dissertations, Theses, and Capstone Projects

This thesis explores how local government support for arts and culture varies across 24 American cities. It has proven to be challenging for researchers to accurately measure municipal arts support. Research on cultural policy has also often focused on the federal level, despite total city expenditures far exceeding national or state government support. This thesis attempts to take an accurate pulse of city expenditures in 2017 and correlates those spending levels to the variation in city ownership of arts facilities. Rooted in the historical perspectives of the ‘new institutionalism’ and path-dependency, this paper argues that past decisions about taking ownership …

Reclaiming Indiana: The Politics Of Crisis Amid The Failures Of Liberal Capitalist Modernity, Chris Grove

Dissertations, Theses, and Capstone Projects

This ethnography examines grassroots political responses to the economic crisis that began in 2008, foremost in the US Midwest, which arguably laid the groundwork both for the election of President Donald Trump and presidential candidacy of Senator Bernie Sanders. President Obama launched his $787 billion stimulus plan in Elkhart, Indiana, in early 2009. At the height of the crisis, unemployment skyrocketed from four to 20 percent in Elkhart, and it became central to struggles over the political direction of the US. With few safety nets, Elkhart residents struggled to meet their basic needs, creating conditions for political organizing on both …

Essays On Anomalies In International Equity Markets, Xiao Cheng

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters related to empirical asset pricing in the international stock market.

Chapter 1: "Loss of International Sales and Stock Performance" Using international firm-level data from 1990-2015, I show that when global firms' total international sales drop to zero, this conveys an important signal about future firm operations. An equal-weighted portfolio that sells stocks of firms that completely lost international sales and buys stocks of global firms earns up to 86 basis points per month (over 10% per year). This return predictability cannot be explained by the Fama-French international three- or five-factor models. Further examination suggests …

Essays On Macroeconomic Uncertainty And Capital Flows, Luis E. Silva-Yanez

Dissertations, Theses, and Capstone Projects

This dissertation studies the effects of uncertainty shocks in emerging economies in a context where these economies increased their participation in international financial markets. The first chapter provides a review of the literature on how the study of uncertainty shocks recently became more relevant as a result of higher financial integration experienced by emerging economies. The second chapter aims to investigate the quantitative effects on key domestic macroeconomic variables of implementing a foreign reserves accumulation policy with full sterilization. It extends an asymmetric two-country model by introducing a global interbank market and an active domestic central bank. The goal of …

Essays On The Application Of The Machine Learning Methods In Finance And Policy Evaluation, Olga Guska

Dissertations, Theses, and Capstone Projects

In the age when "Big Data" is becoming almost a household word, such abundance of information in different forms and representations can be of a great help for one's decision-making let it be a trader betting on a stock, or a policy-maker assessing the potential impact of proposed regulation. Whereas traditional economic research is primarily based on the use of numerical data continuous or discrete, there is a great deal of useful information that can be extracted from text data. Such information can power novel identification strategies or help perceive solutions from a different angle, but observed volumes of such …