Social and Behavioral Sciences Commons^™

Impact Of Monetary Policy On Inflation Rate In Nigeria: Vector Autoregressive Analysis, Eggon Ahmed Henry, Ajidani Moses Sabo

Bullion

The Nigerian monetary authorities have implemented several monetary management policies with the aim of achieving price stability and economic growth in the country, but without success. This study was conducted to examine the impact of monetary policy management on inflation in Nigeria during the 1985- 2019. Autoregressive distributed lag analysis was employed on time series data covering the period. It was found that while monetary policy rate and foreign exchange rate impacted negatively on inflation; broad money supply impact positively on it. Therefore, the study recommended that monetary authorities should fix the exchange rate at where the value of Naira …

The Political Economy Of Small Medium Enterprise Development: Characteristics, Productive Value, And Market Constraints In Industrial Manufacturing, Christine Ngo, Miao Chi

Faculty Journal Articles

This paper highlights the importance of small and medium-sized enterprise (SME) development and introduces the theoretical concept of productive value for qualitative analysis of firms. Vietnam’s industrial development experience is used as a case study. Although the Vietnamese government has channelled rents and business opportunities towards the state sector, the domestic private sector has been crucial to the country’s industrial development. Given this context, this study analyses how Vietnamese SMEs in the private sector generate productive value and overcome market failures that constrain their growth. Research findings demonstrate that most local SMEs in the industrial sectors rely on low pricing …

Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk

Bullion

The paper examines the relationship between volatility in domestic oil production, oil prices, and exchange rate in Nigeria. The study employs monthly time series data, from January 2006 to August 2018. Data for the Nigerian Bonny light oil prices (COP), Domestic Oil Production (DOP) and Exchange Rate (EXC) are obtained from the Central Bank of Nigeria (CBN) website. While, dummy variable (DUM) represents stability and instability in the Niger-Delta oil-rich region was traced from historic oil disruptions in the region. Autoregres s i ve Di s tributed Lag (ARDL)/bound testing method and pairwise granger causality were employed. Unit root test …

Borderplex Business Barometer, Volume 4, Number 12, Thomas M. Fullerton Jr., Steven L. Fullerton, Ana Gutierrez Zubiate, Ignacio Santana

Border Region Modeling Project

No abstract provided.

Highlights From The Borderplex Economic Outlook To 2022, Thomas M. Fullerton Jr., Steven L. Fullerton

Border Region Modeling Project

No abstract provided.

Does Attending A More Elite School Lead To Better Labor Market Outcomes?: Evidence From The College Football Labor Market Using Screening Information, Kyle Brookman

Boise State University Theses and Dissertations

College football prospects in the market for an athletic scholarship face similar career-altering choices as traditional academic students when selecting a college, however, the market they operate in is very different. They are actively recruited by university coaches and closely observed by a college sports scouting industry. Their choice of school is highly anticipated and publicized within college sport culture. College football is no doubt a lucrative industry, particularly for the elite university football programs, but one may want to know if the athletic scholars themselves gain in any career measurable way by attending a more elite university football program. …

An Economic Analysis Of Using Retired Vessels To Create Artificial Reefs In Costa Rica, Josué González

Electronic Theses and Dissertations

ABSTRACT

The Republic of Costa Rica is a Central American country with only 0.03% of the world’s landmass, but 5% of the world’s biodiversity, making it a leading ecotourism destination. Ecotourism is one of the main sources of revenue for the country, but the degradation of coastal reefs has resulted in a significant loss of financial income for developing areas. As a result, many of these areas are searching for methods to revert the degradation of coral reefs.

Artificial reefs play an important ecological role in marine ecosystems due to their complexity and size. They help in the development of …

The Media Industry In Oregon: Incentive And Impact Analysis 2020 Update, Emma Brophy, Peter Hulseman, Northwest Economic Research Center

Northwest Economic Research Center Publications and Reports

Oregon’s media industries have become increasingly well-known over the last several years, thanks in large part to successful feature length films and television series produced in the state. It is widely known that such productions offer visibility, tourism interest, and a boost to local merchants during their visits. More economically important, but less immediately obvious, are the impacts of a home grown industry of professionals and businesses that thrive in regions able to maintain a reliable stream of production activity. Numerous states now offer incentives to visiting media productions, some focused on big-ticket features and visiting series. In Oregon, the …

Gender Differences In The Mental Health Of Parents During The Covid-19 Pandemic, Lucia Regina Gomes

Economics

The global COVID-19 pandemic has impacted the mental health of many in the world. With stay-at-home orders and schools transitioning to remote learning, the mental health of parents specifically has become an important topic for research. This paper utilizes Ordinary Least Squares Regression to examine the effect of gender on depleted mental health among U.S. parents. The results indicate an association between mothers and worsened mental health during the onset of the pandemic in the U.S.

The Relationship Between The Earning Of Career And Technical Industry Credentials And The Virginia Economy, Anjanette Mcfadden Hendricks

Educational Leadership & Workforce Development Theses & Dissertations

Nationally, the labor market is calling out for workers to fill the increasing number of job vacancies, but those qualified, skilled, and able to fill them are limited in supply or retiring in large numbers. As America’s key industries offer high salaries in return for candidates with the necessary skills and credentials to fill their vacancies, the skills learned and third-party industry credentials earned in secondary Career and Technical Education (CTE) programs seem to make a perfect fit for the student, employer, and the economy. However, unlike the favored US educational model of the four-year degree, the continued outdated perception …

Effect Of Monetary Policy On The Nigerian Stock Market: A Smooth Transition Autoregressive Approach, Babaginda Jamilu S., Khan Asad-Ul I.

CBN Journal of Applied Statistics (JAS)

This paper examines the nonlinear effect of monetary policy decisions on the performance of the Nigerian Stock Exchange market, by employing the Smooth Transition Autoregressive (STAR) model on monthly data from 2013 M4 to 2019 M12 for the All Share Index and monetary policy instrument. This study considers the two regimes characterizing the stock market, which are the lower regime (the bear market) and the upper regime (the bull market). The results show evidence of nonlinear effect of monetary policy on the stock exchange market. Monetary policy rate, money supply, lagged monetary policy rate and lagged treasury bill rate are …

Markovian Approach To Stock Price Modelling In The Nigerian Oil And Gas Sector, Ayo Adekunle S., Uwabor Eboigbe S.

CBN Journal of Applied Statistics (JAS)

The study investigates the stock price movement of quoted Nigerian oil and gas firms using the Markovian model. Specifically, the study estimates the change in likelihoods and steady-state distribution of the share prices of the firms to determine the average time spent by the share price to move to another state and the turnover rate of the selected stocks. Markov chain-based stochastic modelling approach was employed by using the daily closing share prices of all the seven oil and gas firms quoted on the Nigerian Stock Exchange from April 2017 to January 2020. The study finds that the transition probabilities …

Purchasing Power Parity Approach To Exchange Rate Misalignment In Nigeria, Nakorji Musa, Agboegbulem Ngozi T. I., Gaiya Blessing A., Atoi Ngozi V.

CBN Journal of Applied Statistics (JAS)

This study examines the purchasing power parity (PPP) approach to the determination of exchange rate misalignment in Nigeria by using two variants of the PPP: the absolute PPP (aPPP) and the relative PPP (rPPP). Data on the Nigerian Naira to US Dollar (N/$), British Pound (N/£) and Chinese Yuan (N/¥) interbank exchange rates, Nigeria consumer price index and Inflation as well as the US, UK and China consumer price indices and inflation rates spanning 2008:M1 to 2018:M12 were utilized. A recently modified fractional cointegration framework was employed, taking care of smooth structural breaks and nonlinearity, while the unit root tests …

Analysing User Experience Of Mobile Banking Applications In Nigeria: A Text Mining Approach, Omotosho Babatunde S.

CBN Journal of Applied Statistics (JAS)

This paper analyses textual data mined from 37,460 reviews written by mobile banking application users in Nigeria over the period November 2012 – July 2020. On a scale of 1 to 5 (5 being the best), the average user rating for the twenty-two apps included in our sample is 3.5; with the apps deployed by non-interest banks having the highest average rating of 4.0 and those by commercial banks with national authorisation having the least rating of 3.4. Results from the sentiment analysis reveal that the share of positive sentiment words (17.8%) in the corpus more than double that of …

Money And Foreign Exchange Markets Dynamics In Nigeria: A Multivariate Garch Approach, Atoi Ngozi V., Nwambeke Chinedu G.

CBN Journal of Applied Statistics (JAS)

This study examines the money market and foreign exchange market dynamics in Nigeria by estimating the dynamic correlation and volatility spillovers between the Nigeria Naira/US Dollar Bureau De Change (BDC) exchange rate and interbank call rate with data from January 2007 to August 2019. The study employs a dynamic conditional correlation form of the GARCH model (DCC-GARCH) to assess the nature of correlation, while an unrestricted bivariate BEKK-GARCH (1, 1) form of the multivariate GARCH model is utilized to investigate shocks and volatility spillover of the rates. The estimated DCC-GARCH (1, 1) reveals that interest rate and exchange rate are …

Impact Of Government Expenditure On Economic Growth In Nigeria, 1970-2019, Aluthge Chandana, Jibir Adamu, Abdu Musa

CBN Journal of Applied Statistics (JAS)

This study investigates the impact of Nigerian government expenditure (disaggregated into capital and recurrent) on economic growth using time series data for the period 1970-2019. The paper employs Autoregressive Distributed Lag (ARDL) model. To ensure robustness of results, the study accounts for structural breaks in the unit root test and the co-integration analysis. The key findings of the study are that capital expenditure has positive and significant impact on economic growth both in the short run and long run while recurrent expenditure does not have significant impact on economic growth both in the short run and long run. The study …

Environmental Regulation And The Cost Of Bank Loans: International Evidence, Amirhossein Fard, Siamak Javadi, Incheol Kim

School of Economics and Finance Faculty Publications

Using a sample of 27 countries between 1990 and 2014, we find that banks charge a higher interest rate on their loans when lending to firms that face more stringent environmental regulations. Further, we show that firms facing such regulations maintain lower financial leverage, incur more operating expenses, and have fewer banks participating in their loan syndicate. The results of the subsample analysis suggest that the increase in the cost of bank loans is more pronounced for financially constrained firms, firms in industries with high environmental litigation risk, and those located in bank-based economies. Overall, our results provide evidence that …

Urbanization Policy And Economic Development: A Quantitative Analysis Of China's Differential Hukou Reforms, Wen-Tai Hsu, Lin Ma

Research Collection School Of Economics

The household registration system (hukou system) in China has hampered rural-urban migration by posing large migration friction. The system has been gradually relaxed in the past few decades, but the reforms have been differential in city size and by the coastal-inland divide. We find a striking contrast in the migration patterns between years 2005 and 2015; rural people tended to move more to the coastal urban region in 2005, but more to the inland urban region in 2015. We calibrate a spatial quantitative model to the world economy in both years with China being divided into the rural, coastal urban, …

Causal Change Detection In Possibly Integrated Systems: Revisiting The Money-Income Relationship, Shuping Shi, Stan Hurn, Peter C. B. Phillips

Research Collection School Of Economics

This paper re-examines changes in the causal link between money and income in the United States over the past half century (1959-2014). Three methods for the data-driven discovery of change points in causal relationships are proposed, all of which can be implemented without prior detrending of the data. These methods are a forward recursive algorithm, a rolling window algorithm, and a recursive evolving algorithm all of which utilize subsample tests of Granger causality within a lagaugmented vector autoregressive framework. The limit distributions for these subsample Wald tests are provided. Bootstrap methods are developed to control family-wise size in the implementation …

The Convergence Of Water, Electricity And Gas Industries: Implications For Ppp Design And Regulation, Sock Yong Phang

Research Collection School Of Economics

In several countries that have privatised their utilities, power and water are separate industries regulated by sector-specific regulators. In a parallel development, desalination has become an important source of water supply in countries where there is a shortage of cheap and clean freshwater. Where the energy source is gas, the use of gas-fired power plants to supply electricity for desalination links the water, electricity and gas industries. We use the case of the financial collapse of an integrated water and power project to illustrate the problems that can arise from such convergence, and to draw lessons for firms, Public-Private Partnerships …

Asymptotic Properties Of Least Squares Estimator In Local To Unity Processes With Fractional Gaussian Noises, Xiaohu Wang, Weilin Xiao, Jun Yu

Research Collection School Of Economics

This paper derives asymptotic properties of the least squares estimator of the autoregressive parameter in local to unity processes with errors being fractional Gaussian noises with the Hurst parameter H. It is shown that the estimator is consistent when H ∈ (0, 1). Moreover, the rate of convergence is n when H ∈ [0.5, 1). The rate of convergence is n^2H when H ∈ (0, 0.5). Furthermore, the limit distribution of the centered least squares estimator depends on H. When H = 0.5, the limit distribution is the same as that obtained in Phillips (1987a) for the local to …

Testing For Structural Changes In Factor Models Via A Nonparametric Regression, Liangjun Su, Xia Wang

Research Collection School Of Economics

We propose a model-free test for structural changes in factor models. The basic idea is to regress the data on commonly estimated factors by local smoothing and compare the fitted values of time-varying factor loadings with those of time-invariant factor loadings estimated via principal component analysis. By construction, the test is designed to be powerful against both smooth structural changes and sudden structural breaks with a possibly unknown number of breaks and unknown break dates in the factor loadings. No restrictions on the form of alternatives or trimming of boundary regions near the beginning or end of the sample period …

Diagnostic Tests For Homoskedasticity In Spatial Cross-Sectional Or Panel Models, Badi K. Baltagi, Alain Pirotte, Zhenlin Yang

Research Collection School Of Economics

We propose an Adjusted Quasi-Score (AQS) method for constructing tests for homoskedasticity in spatial econometric models. We first obtain an AQS function by adjusting the score-type function from the given model to achieve unbiasedness, and then develop an Outer-Product-of-Martingale-Difference (OPMD) estimate of its variance. In standard problems where a genuine (quasi) score vector is available, the AQS-OPMD method leads to finite sample improved tests over the usual methods. More importantly in non-standard problems where a genuine (quasi) score is not available and the usual methods fail, the proposed AQS-OPMD method provides feasible solutions. The AQS tests are formally derived and …

Firm Productivity And The Variety Of Inputs And Outputs: Evidence From Chinese Trade Data, Ken Onishi, Jianhuan Xu, Guang Yang

Research Collection School Of Economics

This paper studies how the trade liberalization in China changes the firm productivity. We develop a framework to estimate revenue productivity (TFPR) and real productivity (TFPQ) with multi-product firms. We find that the aggregate TFPR increases 30\% from 2002-2007 and TFPQ increases 22\%, suggesting that the observed TFPR increase is mainly driven by real productivity change rather than the markup change. We further decompose the change of productivity into three channels: (1) access to foreign inputs; (2) technology upgrade; (3) resource re-allocation within the firm. We find the most significant channel is the last one, which explains half of the …

Quasi-Bayesian Inference For Production Frontiers, Xiaobin Liu, Thomas Tao Yang, Yichong Zhang

Research Collection School Of Economics

We propose a quasi-Bayesian method to conduct inference for the production frontier. This approach combines multiple first-stage extreme quantile estimates by the quasi-Bayesian method to produce the point estimate and confidence interval for the production frontier. We show the asymptotic properties of the proposed estimator and the validity of the inference procedure. The finite sample performance of our method is illustrated through simulations and an empirical application.

Density Of Demand And The Consumer Benefit From Uber, Matthew H. Shapiro

Research Collection School Of Economics

Uber has attracted the attention of economists and policy makers for its innovations in the taxicab market and its potential for significant consumer welfare gains. The size of this gain depends in part on whether these innovations permit transactions previously costly or infeasible. Using New York City — the largest taxi market in the country — as its context, this paper estimates the level of any technological advantage Uber has over hail taxis in matching to consumers. I combine publicly available transportation data with data scraped from Uber and traffic cameras to estimate a model of the demand for transportation …

A Model Of Sequential Crisis Management, Fei Li, Jidong Zhou

Cowles Foundation Discussion Papers

We propose a model of how multiple societies respond to a common crisis. A government faces a "damned-either-way" policymaking dilemma: aggressive intervention contains the crisis, but the resulting good outcome makes people skeptical about the costly response; light intervention worsens the crisis and causes the government to be faulted for not doing enough. When multiple societies encounter the crisis sequentially, due to this policymaking dilemma, late societies may underperform despite having more information, while early societies can benefit from a dynamic counterfactual effect.

The Economic And Health Impacts Of Community Gardens On Refugee Populations: Cric Garden Case Study, Joseph Montoya

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

The purpose of this paper is to examine the economic benefits of community gardens and incubator farms, both of which support the populations they serve from an economic viewpoint as well as socially, and as a benefit to public health and nutrition. The findings were gathered from the large body of research concerning the benefits of community gardens as well as program evaluation responses conducted with gardeners at the Cache Refugee and Immigrant Connection (CRIC) garden in Logan, Utah in 2020. They are also informed by experiences had and lessons learned while working as the garden manager. There is a …

Selling To Reference-Dependent Consumers, Hin Shing Leung

Lingnan Theses (MPhil & PhD)

This research studies the optimal price charged by a monopoly firm when it is facing reference-dependent consumers (Kőszegi and Rabin, 2006). In the model, a consumer’s total utility from purchasing a good consists of intrinsic utility and gainloss utility, the latter of which is determined by an exogenously determined reference point. The firm’s optimal pricing depends on the level of the reference point. In particular, the firm optimally adopts a gain-type pricing strategy when the reference point is low. In this equilibrium, all consumers who purchase enjoy gain utility (gaintype consumers). When the reference point is high the firm optimally …

Staying Connected: The Importance Of Social Integration On The Well-Being Of Older Adults, Paulin T. Straughan, Vincent Chua, Stephen Hoskins, Frosch Quek

ROSA Research Briefs

It has been about a year since COVID-19 first emerged and reshaped the daily lives of people around the globe, including Singaporeans. Since moving past the circuit breaker in June, Singapore has gradually re-opened and relaxed its restrictions in different phases. As Singapore prepares for Phase 3- the final and least restrictive phase, it is important to examine how Singaporeans have coped and responded with the circuit breaker (7 April 2020) and its gradual easing of restriction in Phase 1 (2nd June 2020) and Phase 2 (19 June 2020), and identify the groups which have fallen through the gaps in …