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Articles 1 - 29 of 29
Full-Text Articles in Social and Behavioral Sciences
The Gettysburg Economic Review, Volume 12, Spring 2023
The Gettysburg Economic Review, Volume 12, Spring 2023
Gettysburg Economic Review
No abstract provided.
Up In Smoke: Wildfires And Economic Growth, Nicholas Silvis
Up In Smoke: Wildfires And Economic Growth, Nicholas Silvis
Gettysburg Economic Review
Do wildfires have a causal effect on economic development? Using satellite data, I analyze every country's exposure to wildfire exposure from 1982-2018. I use synthetic controls to model the impact of wildfire exposure on GDP per capita having controlled for population density, trade, agriculture, Foreign Direct Investment (FDI), and polity score. I find that the impacts of wildfires are fairly localized, impacting parts of Africa that both experience high numbers of wildfires and are developing.
Are Price-Earnings Ratios Mean Reverting? An Empirical Study, Kevin Klassen
Are Price-Earnings Ratios Mean Reverting? An Empirical Study, Kevin Klassen
Gettysburg Economic Review
Mean reversion in stock prices is a highly studied area in the financial literature with controversial findings. While some economists have found evidence of mean reverting processes in stock prices, many argue in favor of the Efficient Market Hypothesis which states stock prices are random walk processes. This paper seeks to add to the literature on mean reversion but testing for evidence in price-earnings ratios rather than stock prices. The study employs a robust regression model controlling for company-specific and general market factors that influence price-earnings ratio deviations. After correcting for heteroskedasticity, serial correlation, and unit root processes, the results …
Blockchain Technology - China's Bid To High Long-Run Growth, Tyler J. Mann
Blockchain Technology - China's Bid To High Long-Run Growth, Tyler J. Mann
Gettysburg Economic Review
Despite having the second largest economy at $13 trillion, China has only recently surpassed the World Bank’s definition of the ‘middle-income range’ which is a gross national income per capita between $1,000 to $12,000 (constant 2011 international $). This is a noteworthy accomplishment since many other developing nations have fallen victim to economic stagnation within this range leading to the term “middle-income trap”. This paper will argue that one of the ways in which China escaped the middle-income trap and will continue to grow its economic influence is through the support of blockchain technology. Research and development, early technological adoption …
The Impact Of Aid On The Economic Growth Of Developing Countries (Ldcs) In Sub-Saharan Africa, Maurice W. Phiri
The Impact Of Aid On The Economic Growth Of Developing Countries (Ldcs) In Sub-Saharan Africa, Maurice W. Phiri
Gettysburg Economic Review
Least Developed Countries (LDCs) of Sub-Saharan African have been recipients of official development assistance for more than 5 decades; however they are still characterized by chronic problems of poverty, low living standards and weak economic growth. The hot question is: Is aid effective in promoting economic growth? Thus, this paper investigates the impact of aid on the economic growth of 12 least developed countries in Sub-Saharan Africa over a period of 20 years. I take a fixed effects instrumental variable approach and the results imply that aid has a statistically insignificant negative impact on economic growth. I therefore conclude that …
The Gettysburg Economic Review, Volume 10, Spring 2017
The Gettysburg Economic Review, Volume 10, Spring 2017
Gettysburg Economic Review
No abstract provided.
The Rise Of Technology And Its Influence On Labor Market Outcomes, Maja K. Thomas
The Rise Of Technology And Its Influence On Labor Market Outcomes, Maja K. Thomas
Gettysburg Economic Review
Technological progress has significantly changed the inputs and production processes utilized by firms. Such shifts have led to warnings throughout the past few decades that substantial numbers of jobs, particularly things belonging to the middle class, would be eliminated and replaced by technology. This paper examines the validity of this argument by estimating the impact of technology investment on local labor markets during that period. I find evidence for a positive, rather than negative, relationship between technology and employment. Furthermore, my estimates suggest there exists a complementary relationship between technology investment and growth in labor opportunities, rather than a substitution …
Is There A Path For Green Growth? Evidence From India, Thuc Anh Thi Trinh
Is There A Path For Green Growth? Evidence From India, Thuc Anh Thi Trinh
Gettysburg Economic Review
This paper uses historical temperature fluctuations in India to identify its effects on economic growth rates. Using a climate-adjusted form of the Solow growth model, I find that one degree Celsius increase in temperature decreases GDP per capita growth by 0.71%. This finding informs debates over the role of climate on economic development and suggests the possibility of a green path for economic growth, a policy agenda that is both sustainable and pro-growth.
The Gettysburg Economic Review, Volume 9, Spring 2016
The Gettysburg Economic Review, Volume 9, Spring 2016
Gettysburg Economic Review
No abstract provided.
Negative Interest Rates: Analyses Abroad And Their Applicability To The U.S. Economy, Danielle Cupp
Negative Interest Rates: Analyses Abroad And Their Applicability To The U.S. Economy, Danielle Cupp
Gettysburg Economic Review
The twenty-first century has thus far posed some of the most difficult economic challenges for policy makers that the world has ever seen. The most recent recession, the Global Financial Crisis of 2007-8, is considered the worst economic downturn in recent history. In light of unique challenges such as the recession, central banks around the world are coming up with new tools or new ways of thinking about tools in order to mediate financial crises. This paper investigates the possibility of eliminating the zero lower bound on nominal interest rates to stimulate the economy in reaction to severe financial crises. …
Flooding In The Kashmir Valley: Macroeconomic Effects Of A Natural Disaster In India, Danielle Cupp
Flooding In The Kashmir Valley: Macroeconomic Effects Of A Natural Disaster In India, Danielle Cupp
Gettysburg Economic Review
This paper presents India’s economic growth by comparing it to that of the United States. In addition, this paper analyzes current events in India under a macroeconomic lens as it provides the macroeconomic impacts of said events. More specifically, this paper focuses on the ways in which unexpected severe flooding have impacted Northern India in the short-, medium-, and long-run. Analyses conclude with policy recommendations based on the goals of India’s central bank, the Reserve Bank of India (RBI).
2014 Fed Challenge Script: Current State Of The Economy, Jieran Liu, William W. Northrop, Matthew Nadler, Owen J. Rothe, Ryan M. Williams
2014 Fed Challenge Script: Current State Of The Economy, Jieran Liu, William W. Northrop, Matthew Nadler, Owen J. Rothe, Ryan M. Williams
Gettysburg Economic Review
Good afternoon everyone and thank you for having us here today. Though the recession began in 2007 and officially ended in 2009, recovery has been painfully slow. GDP growth has been insufficient to close the output gap, there continues to be slack in the labor market and inflation has stabilized below the Federal Reserve percent target. We are not meeting our dual mandate of full employment and stable prices even 6 years after the end of the recession. Despite some signs of strengthening in the economy during the past year, we do not believe that economy is on a self-sustaining …
The Gettysburg Economic Review, Volume 8, Spring 2015
The Gettysburg Economic Review, Volume 8, Spring 2015
Gettysburg Economic Review
No abstract provided.
Nominal Gdp Targeting: A Policy Recommendation To Meet The Fed’S Dual Mandate, R. Shaw Bridges
Nominal Gdp Targeting: A Policy Recommendation To Meet The Fed’S Dual Mandate, R. Shaw Bridges
Gettysburg Economic Review
This paper was written in early December 2014 in response to the Federal Reserve Challenge Team’s argument for a regime change in the Federal Reserve to nominal GDP targeting as the appropriate policy to return the U.S. economy to long-term sustainable economic growth. After the 2007 recession, the FOMC took extraordinary measures to minimize the collateral damage caused by bank balance sheets weighed down with mortgage-backed securities and other below-investment grade assets. The periodic “stress tests” and use of emergency lending facilities were historically unprecedented, however, the economy six years later was still growing slowly in part due to market …
Price Barriers In The Stock Market And Their Effect On The Black-Scholes Option Pricing Model, Nathan A. Blyler
Price Barriers In The Stock Market And Their Effect On The Black-Scholes Option Pricing Model, Nathan A. Blyler
Gettysburg Economic Review
The predicted price of an American option by the Black-Scholes (B-S) Option Pricing Model is known to differ from the market price of that option systematically with respect to time to expiration, distance in- or out-of-the-money, and liquidity of the option. We examine the possibility of price barriers in the stock market causing further systemic pricing differences between the market price and B-S predicted price. These differences occur when an option’s strike price is near a price barrier and differ in effect and significance depending on the position of the barrier relative to the underlying stocks’ price. We find round …
The Gettysburg Economic Review, Volume 7, Spring 2013
The Gettysburg Economic Review, Volume 7, Spring 2013
Gettysburg Economic Review
No abstract provided.
The Gettysburg Economic Review, Volume 6, Spring 2012
The Gettysburg Economic Review, Volume 6, Spring 2012
Gettysburg Economic Review
No abstract provided.
The Rise Of American Industrial And Financial Corporations, Elizabeth A. Laughlin
The Rise Of American Industrial And Financial Corporations, Elizabeth A. Laughlin
Gettysburg Economic Review
This paper identifies and analyzes the steps the United States took in its progression to an industrial nation. Launched by the merger movement in the late nineteenth century, vertical and horizontal integration lead to trusts and monopolies in a number of industries. Simultaneously, the labor market was undergoing a number of reforms with the deskilling of workers. The rise of big business was made possible through the growth of the financial sectors and companies such as J.P Morgan. The case study of The Standard Oil Co. highlights the wealth and power that robber barons such as J.D. Rockefeller held during …
The Gettysburg Economic Review, Volume 5, 2011
The Gettysburg Economic Review, Volume 5, 2011
Gettysburg Economic Review
No abstract provided.
"Does It Pay To Be Informed?" Expenditure Efficiency In The Us Mutual Fund Industry, Jan Cerny
"Does It Pay To Be Informed?" Expenditure Efficiency In The Us Mutual Fund Industry, Jan Cerny
Gettysburg Economic Review
The mutual fund industry would like us to believe that fund expenses are justifiable by their extensive management expertise, security analysis and the consequent delivery of returns that exceed the market performance. Management know-how is costly and thus it drives up the expenditure of actively managed mutual funds and potentially lowers their net returns. Nevertheless the fund managers argue that their contributions to the returns fully outweigh their costs and in general their trading strategies add value to the investors. On the other hand many academics hold that such claims are fundamentally misleading and actively managed funds cannot continuously outperform …
The Trend Of The Gender Wage Gap Over The Business Cycle, Nicholas J. Finio
The Trend Of The Gender Wage Gap Over The Business Cycle, Nicholas J. Finio
Gettysburg Economic Review
Even after the close of the first decade of the 21st century, there is still significant gender bias in labor market composition and compensation. As the events of the last two years have proven, even drastic efforts of monetary and fiscal policy have not tamed the business cycle. Previous research has reached no definite conclusions on the effect of business cycle trends on the gender wage gap. Over the period from 1979:1 to 2009:3, it is found that increases in the growth rate of GDP yield decreases in women‘s earnings relative to men‘s, and it is also found that increases …
The Gettysburg Economic Review, Volume 4, Spring 2010
The Gettysburg Economic Review, Volume 4, Spring 2010
Gettysburg Economic Review
No abstract provided.
Globalization And Economic Growth In Sub-Saharan Africa, Hadiatou Barry
Globalization And Economic Growth In Sub-Saharan Africa, Hadiatou Barry
Gettysburg Economic Review
This study analyzes Sub-Saharan Africa through the framework of globalization. The study‘s objective is to determine whether globalization is a significant factor when associated with economic growth in the region. Using panel data from 1995-2005 for 41 countries and the KOF globalization index, an Ordinary Least Squares (OLS) model was employed to examine the relationship between globalization and other traditional factors of economic growth such as trade, foreign direct investment, loans, aid, natural resources, corruption, and rule of law. The study shows that globalization has a positive, though statistically insignificant impact on the economic growth of Sub-Saharan Africa. However, globalization …
The Gettysburg Economic Review, Volume 3, Spring 2009
The Gettysburg Economic Review, Volume 3, Spring 2009
Gettysburg Economic Review
No abstract provided.
The Gettysburg Economic Review, Volume 2, Spring 2008
The Gettysburg Economic Review, Volume 2, Spring 2008
Gettysburg Economic Review
No abstract provided.
Industry Structure Similarities, Trade Agreements, And Business Cycle Synchronization, Samuel D. Marll
Industry Structure Similarities, Trade Agreements, And Business Cycle Synchronization, Samuel D. Marll
Gettysburg Economic Review
This paper analyzes the effects of industry structure similarities, free trade agreements, and geographic borders on regional business cycle correlation, using fifty US states, 10 Canadian provinces, and 1 Canadian territory as a case study. Using two cross-sectional OLS regressions and one panel data OLS regression, this study finds that pair-wise gross territorial product growth correlation decreased significantly after NAFTA ratification for state-state, province-province, and state-province territorial pairs, contrary to previous literature’s results. NAFTA effectively decoupled intra-national business cycles in the US and Canada while also desynchronizing cross-border pair-wise GSP growth correlation, but cross-border pair-wise GSP growth correlation was much …
The Macroeconomy And Long-Term Interest Rates: An Examination Of Recent Treasury Yields, Hans W. Hardisty
The Macroeconomy And Long-Term Interest Rates: An Examination Of Recent Treasury Yields, Hans W. Hardisty
Gettysburg Economic Review
From 2001 to 2006, U.S. long-term interest rates have remained steady while the federal funds rate has both declined and increased, as Figure 1 shows. Historically, long term interest rates tend to respond to changes in short term rates, but recently this does not appear to be the case. Former chairman of the Federal Reserve, Alan Greenspan, recently dubbed this occurrence a “conundrum,” because no one can provide a distinct explanation concerning this phenomenon. There are several noteworthy incentives for why long-term yields should have increased from 2004 to 2006, but they have remained constant during this time period. According …
Efficiency Of The Mutual Fund Industry: An Examination Of U.S. Domestic Equity Funds: 1995-2004, Chase J. Stewart
Efficiency Of The Mutual Fund Industry: An Examination Of U.S. Domestic Equity Funds: 1995-2004, Chase J. Stewart
Gettysburg Economic Review
Investors have the ability to choose between two different management styles in the mutual fund industry. These two management styles differ in both the investment strategy type the fund executes and management costs, which are charged to the funds’ investors. First, investors may invest their funds in index funds, which employ a passive investment strategy. Here, investors expect to earn a rate of return equivalent to the market index—minus a small management fee—which the fund seeks to track. Alternatively, investors may choose active fund management. The returns of these mutual funds rely on stock selection ability of portfolio managers. Active …
The Gettysburg Economic Review, Volume 1, Spring 2006
The Gettysburg Economic Review, Volume 1, Spring 2006
Gettysburg Economic Review
No abstract provided.