Social and Behavioral Sciences Commons^™

Order On Types Based On Monotone Comparative Statics, Takashi Kunimoto, Takuro Yamashita

Research Collection School Of Economics

This paper introduces a novel concept of orders on types by which the so-called monotone comparative statics is valid in all supermodular games with incomplete information. We fully characterize this order in terms of what we call common optimism, providing a sense in which our order has a sharp epistemic interpretation. We say that type ti′ is higher than type ti in the order of the common optimism if ti′ is more optimistic about state than ti; ti′ is more optimistic that all players are more optimistic about state than ti; and so on, ad infinitum. First, we show that …

Estimation Of Conditional Average Treatment Effects With High-Dimensional Data, Qingliang Fan, Yu-Chin Hsu, Robert P. Lieli, Yichong Zhang

Research Collection School Of Economics

Given the unconfoundedness assumption, we propose new nonparametric estimators for the reduced dimensional conditional average treatment effect (CATE) function. In the first stage, the nuisance functions necessary for identifying CATE are estimated by machine learning methods, allowing the number of covariates to be comparable to or larger than the sample size. This is a key feature since identification is generally more credible if the full vector of conditioning variables, including possible transformations, is high-dimensional. The second stage consists of a low-dimensional kernel regression, reducing CATE to a function of the covariate(s) of interest. We consider two variants of the estimator …

Income Inequality And Crime: Consumption Channel, Ishak Nur Annizah

Student Works (2020-2029)

The general objective of this study is to examine the relationship between income inequality and crime. Many studies have discussed the relationship between inequality and crime. However, all the literature focused on ‘absolute’ measurements, such as income, poverty, Gini index, education, and employment. They neglected the importance of ‘relative concept’ - a missing element of the way economists analyze inequality. This study argues income inequality is visible through conspicuous consumption. Hence this study proposes conspicuous consumption as another possible channel that could explain the relationship between inequality and crime. Specifically, this study comprises of four specific research objectives. The first …

The Influence Of Learning And Price-Level Targeting On Central Bank Forward Guidance, Stephen J. Cole

Economics Faculty Research and Publications

This paper examines how the effectiveness of central bank forward guidance depends on two key channels: the expectations formation process and the monetary policy regime. The results show that rational expectations relative to an adaptive learning rule amplifies the positive benefits a price-level targeting central bank creates for forward guidance. Specifically, forward guidance generates greater amounts of output and inflation under a price-level than inflation targeting monetary policy regime, but rational expectations overstates these positive benefits compared to adaptive learning. The different responses of expectations between rational expectations and adaptive learning to forward guidance are driving this performance gap. Thus, …

The Limits Of Central Bank Forward Guidance Under Learning, Stephen J. Cole

Economics Faculty Research and Publications

This paper investigates the effectiveness of central bank forward guidance while relaxing two standard macroeconomic assumptions: rational expectations and frictionless financial markets. The results show that the addition of financial frictions amplifies the differences between rational expectations and adaptive learning to forward guidance. During a period of economic crisis, output under rational expectations displays more favorable responses to forward guidance than under adaptive learning. These differences are exacerbated when compared with a similar analysis without financial frictions. Thus, monetary policymakers should consider the way in which expectations and credit frictions are modeled when examining the effects of forward guidance.

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 …

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 …

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 …

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 …

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 …

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 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 …

Maximum Likelihood Estimation For The Fractional Vasicek Model, Katsuto Tanaka, Weilin Xiao, Jun Yu

Research Collection School Of Economics

This paper estimates the drift parameters in the fractional Vasicek model from a continuous record of observations via maximum likelihood (ML). The asymptotic theory for the ML estimates (MLE) is established in the stationary case, the explosive case, and the boundary case for the entire range of the Hurst parameter, providing a complete treatment of asymptotic analysis. It is shown that changing the sign of the persistence parameter changes the asymptotic theory for the MLE, including the rate of convergence and the limiting distribution. It is also found that the asymptotic theory depends on the value of the Hurst parameter.

Spending Impact Of Covid-19 Stimulus Payments: Evidence From Card Transaction Data In South Korea, Kim, Kanghyock Koh, Wonjun Lyou

Research Collection School Of Economics

Various countries have implemented transfer programs to individuals since the Covid-19 outbreaks. However, the extent to which such transfers alleviate economic recessions is unclear. This paper analyzes a South Korean program, which provided vouchers redeemable only at small local businesses. We find that, due to the program, over 30% of households across all income groups increased their food and overall household spending, but the usage restriction may have affected consumer choice, distorting business competition. While the employment and sales of small businesses improved, the program’s fiscal sustainability is in question because of the large tax exemption.

The Optimal Degree Of Reciprocity In Tariff Reduction, Pao-Li Chang

Research Collection School Of Economics

This paper characterizes the optimal reciprocal trade policy in the environment of Melitz (2003) with firm productivity heterogeneity. In particular, without making parametric assumptions on firm productivity distribution, this paper derives the optimal degree of reciprocal tariff reductions that maximize the world welfare. A reciprocal import subsidy raises the industry productivity, lowering aggregate price; a reciprocal import tariff helps correct the markup distortion, increasing nominal income. With all the conflicting effects of import tariffs on welfare considered, the optimal degree of reciprocity in multilateral tariff reduction is shown to be free trade.

Capital Controls And Macro-Prudential Housing Policies In Small Open Economies, Taojun Xie, Guay C. Lim, Hwee Kwan Chow

Research Collection School Of Economics

We evaluate the effects of capital controls and macro-prudential policies in small open economies with a housing sector that is open to foreign ownership. The work is motivated by concerns that foreign investments also respond to housing investment opportunities resulting in potential house price inflation and issues about housing affordability. Our dynamic stochastic general equilibrium model features housing as an internationally traded investment. We also consider macro-prudential policies that are combinations of monetary and fiscal instruments. We investigate whether foreign investments in the housing markets are de-stabilising and whether there are appropriate policy responses to mitigate the negative effects of …

Selective Reshaping: China's Paradigm Shift In International Economic Governance, Heng Wang

Research Collection Yong Pung How School Of Law

In contrast with the selective adaptation approach toward external norms seen in its accession to the World Trade Organization, China increasingly plays a proactive role on the international stage, with the Belt and Road Initiative at the center of these activities. How can we understand this new approach by China toward international economic governance? What is responsible for China's shifting approach, and what are the implications of this shift? The paper presents selective reshaping as a new theoretical framework, and argues that China is shifting toward the selective reshaping of institutions and rules within the global economic order. Within this …

What Are Total Export Commitments Telling Us About Beef’S Potential In 2020: Positive Signs?, Elliott James Dennis

Extension Farm and Ranch Management News

Overarching Market Conditions

The recent cattle on feed report suggests that cattle feedlots are coming closer to sorting through much of the backlog associated with plant closures and shutdowns as a result of plant workers testing positive for COVID-19 and plants implementing CDC and OSHA worker health recommendations. For example, the number of cattle on feed over 90 days has dipped below 2019 levels for the first time since April. However, cattle on feed over 120 days is still about 10% higher than 2019. The result of cattle being on feed longer is sustained record level dressed weights for both …

A Notion Of Prominence For Games With Natural-Language Labels, Alessandro Sontuoso, Sudeep Bhatia

ESI Working Papers

We study games with natural-language labels (i.e., strategic problems where options are denoted by words), for which we propose and test a measurable characterization of prominence. We assume that – ceteris paribus – players find particularly prominent those strategies that are denoted by words more frequently used in their everyday language. To operationalize this assumption, we suggest that the prominence of a strategy-label is correlated with its frequency of occurrence in large text corpora, such as the Google Books corpus (“n-gram” frequency). In testing for the strategic use of word frequency, we consider experimental games with different incentive structures (such …

Identification And Inference In First-Price Auctions With Risk Averse Bidders And Selective Entry, Xiaohong Chen, Matthew Gentry, Tong Li, Jingfeng Lu

Cowles Foundation Discussion Papers

We study identification and inference in first-price auctions with risk averse bidders and selective entry, building on a flexible entry and bidding framework we call the Affiliated Signal with Risk Aversion (AS-RA) model. Assuming that the econometrician observes either exogenous variation in the number of potential bidders (N) or a continuous instrument (z) shifting opportunity costs of entry, we provide a sharp characterization of the nonparametric restrictions implied by equilibrium bidding. Given variation in either competition or costs, this characterization implies that risk neutrality is nonparametrically testable in the sense that if bidders are strictly risk averse, then no risk …

Covid-19: Nevada Counties With Low-Income Job Loss, Katie M. Gilbertson, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

The purpose of this fact sheet is to highlight low-income job loss due to COVID-19 in Nevada’s 17 counties. This fact sheet features data originally reported by the Urban Institute in the publication, “Where Low-Income Jobs are Being Lost to COVID-19,” which highlights data as of June 5, 2020.

Freedom Indices And Capital Asset Pricing Model: Malaysian Evidence Influence Policy?, Tay Lee Ying, Devinaga Rasiah, Lai Ming Ming

International Journal of Management, Finance and Accounting

Human rights and fundamental freedoms such as economic, political, and press freedoms vary widely from country to country. It creates opportunity and risk in investment decisions. Thus, this study is carried out to examine if the explanatory power of the model for capital asset pricing could be improved when these human rights movement indices are included in the model. The sample for this study comprises of 495 stocks listed in Bursa Malaysia, covering the sampling period from 2003 to 2013. The model applied in this study employed the pooled ordinary least square regression estimation. In addition, the robustness of the …

The Nexus Of Female Labour Force Participation, Economic Growth, Education And Fertility Rate: Empirical Evidence In Malaysia, Goh Han Hwa, Vishalini Macharagai, Thai Siew Bee, Teh Boon Heng, Ong Tze San

International Journal of Management, Finance and Accounting

Malaysia, a fast-growing developing country in Asia, has envisioned Shared Prosperity Vision 2030 to become a developed economy with highincome via sustainable and inclusive economic growth by the year 2030. To accomplish this vision, femalelabour participation isneeded as the femalepopulation constitutesalmost half of Malaysia’s total population. However, female labour participation rate iswaylower than Malaysia’s overall labour force participation rate.The relatively low female labour participation rate can be a barrier to Malaysia’s economic development and thus the realization of its goal of a high income nation.Therefore, this paper makes an attempt to examine empirically the long-run causal association amongfemale labour force …

Effect Of Short- And Long-Term Use Of Home And In-Office Bleaching With Carbamide Peroxide And Hydrogen Peroxide On Enamel Microhardness, Nazila Ameli, Niloofar Kianvash Rad, Farzane Nikpour, Raheb Ghorbani, Shadi Mohebi

Journal of Dentistry Indonesia

Bleaching is a well-known esthetic dental treatment performed to lighten the tooth shade. Among different cosmetic dental procedures, including direct and indirect tooth-colored restorations, bleaching is likely the most conservative approach. Bleaching has been accepted well by patients and proven as a safe and effective approach. Objective: Tooth bleaching can be conducted at home or in offices. This study was performed to compare the enamel microhardness before bleaching and one and eight weeks after the application of different bleaching agents. Methods: Forty human premolars were randomly divided into four groups, and their buccal surface underwent a Vickers microhardness test …

Oral Rehabilitation Of A Patient With Congenital Erythropoietic Porphyria: A Rare Case Report, Raif Alan, Hakkı Çelebi, Fahriye Kilinc, Recep Dursun

Journal of Dentistry Indonesia

Congenital erythropoietic porphyria (CEP) is an extremely rare disorder involved in chronic porphyrias. One of the recommended evaluations to determine disease severity and needs of a person with CEP is dental assessment. Objective: To present a case of CEP and its oral rehabilitation. Case Report: A 32-year-old female patient was admitted to the clinic with hyperkeratinization, skin fragility, fissures, and wounds in her perioral region and hands. Intraoral gingival bleeding, mucogingival stress, and missing teeth were recorded. After medical consultation, phase I and II periodontal therapies were performed. The patient expressed satisfaction of the results of the procedures in terms …

Treatment Of A Class I Malocclusion With Severe Crowding Using Passive Self-Ligating Brackets, Agita Pramustika, Retno Widayati

Journal of Dentistry Indonesia

Presently, dental crowding is the most common problem among orthodontic patients. The prevalence of crowding in the dental arch is significantly increased in modern dentitions, and it is the most common reason why patients pursue orthodontic treatment. Objective: To report an advanced bracket systems, namely self-ligating brackets, to increase the efficacy of orthodontic treatment especially in patients with severe crowding. Case Report: A 22-year-old female patient presented with severe crowding of the maxillary and mandibular arches. In the upper arch, both second premolars were palatally positioned; in the lower arch, the lower right canine was lingually positioned and the lower …

Direct Composite Resin Restoration Of Anterior Maxillary Teeth And Esthetic Smile Design: A Case Report, Christina Widya Nugrohowati, Wignyo Hadriyanto, Tunjung Nugraheni

Journal of Dentistry Indonesia

Dental esthetic complex involves more than one caries with malformed shape and malposition. Dental trauma most commonly affects maxillary anterior teeth, and subsequently affects the esthetics, functions, and psychological well-being of the individual. Composite resins have become an integral part of contemporary restorative and minimally invasive dentistry. Objective: To summarize the successful use of direct composite resin restoration in the management of a 29-year old male patient. Case Report: A 29-year old male patient presenting with multiple secondary caries and crown fractures in the anterior maxillary teeth, resulting in an unaesthetic smile. Comprehensive esthetic dental treatment was carried out. The …

Revisiting A Funding Model For University-Led Dental Clinics: The Case Of Complete Denture Fabrication, Rohana Ahmad, Nur Amalina Zul, Siti Anisah Mohtar, Marc Tennant, Tuti Ningseh Mohd-Dom

Journal of Dentistry Indonesia

Objectives: University-led dental clinics are rarely seen as core to the national healthcare system. Thus, when publicly funded universities experience a decline in government support, dental clinic services operated by students are confronted by a potentially inadequate operating budget. Prompted by the need for strategic resource allocation, this study seeks to quantify the resources consumed in the construction of complete dentures by undergraduate students in an effort to identify opportunities for cost-cutting measures. Methods: Clinical cases were retrieved from the logbooks of graduating students of Class 2015, and patient records were reviewed to identify and quantify all clinical …

Effectiveness Of Lentinus Edodes Mushroom Extract On Eradication Of Enterococcus Faecalis Biofilm, Putri Lestari Anggiarini, Meiny F Amin, Juanita A Gunawan, Armelia Sari Widyarman

Journal of Dentistry Indonesia

Sodium hypochlorite is a commonly used irrigation solution in endodontic procedures, but it irritates tissues and has toxic effects. Lentinus edodes is a mushroom that has antibacterial properties. Enterococcus faecalis is an anaerobic bacterium that can cause root canal treatment failure. Objective: This study aimed to determine the effect of L. edodes extract on the eradication of E. faecalis biofilms. Methods: Phytochemical tests of L. edodes were performed to analyze alkaloids, steroids, triterpenoids, phenolics, tannins, flavonoids, and glycosides from this extract qualitatively. E. faecalis ATCC 29212 was cultured in brain heart infusion broth for 24 h at 37°C …