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Full-Text Articles in Economics

Preserving History Or Property Values: Historic Preservation And Housing Prices In Washington, Dc, Lev Klarnet Aug 2020

Preserving History Or Property Values: Historic Preservation And Housing Prices In Washington, Dc, Lev Klarnet

Undergraduate Economic Review

Neighborhood historic preservation has been highly controversial in Washington, DC, as proponents claim it preserves valuable architecture and critics claim in increases unaffordability. Using a dataset of all residential and condominium property sales in DC between 1992 and 2019, I find that the effect of historic designation on property values within historic districts is heterogeneous. While residential property values increase by 9%, condominium prices fall by 6.3% after designation. This paper also uniquely controls for endogeneity—which arises if in response to rising housing prices, neighborhood groups seek historic designation—by researching the party that nominated each historic district.


Predictors Of Social Distancing And Mask-Wearing Behavior: Panel Survey In Seven U.S. States, Plamen Nikolov, Andreas Pape, Ozlem Tonguc, Charlotte Williams Aug 2020

Predictors Of Social Distancing And Mask-Wearing Behavior: Panel Survey In Seven U.S. States, Plamen Nikolov, Andreas Pape, Ozlem Tonguc, Charlotte Williams

Economics Faculty Scholarship

This paper presents preliminary summary results from a longitudinal study of participants in seven U.S. states during the COVID-19 pandemic. In addition to standard socio-economic characteristics, we collect data on various economic preference parameters: time, risk, and social preferences, and risk perception biases. We pay special attention to predictors that are both important drivers of social distancing and are potentially malleable and susceptible to policy levers. We note three important findings: (1) demographic characteristics exert the largest influence on social distancing measures and mask-wearing, (2) we show that individual risk perception and cognitive biases exert a critical role in influencing …


Geography Of Debt In Nevada Counties, Eshaan Vakil, Peter Grema, Caitlin J. Saladino, William E. Brown Jr. Aug 2020

Geography Of Debt In Nevada Counties, Eshaan Vakil, Peter Grema, Caitlin J. Saladino, William E. Brown Jr.

Demography

This Fact Sheet summarizes and expands on the Urban Institute’s Debt in America: An Interactive Map online interactive dataset. The original data source offers statistics on the share of individuals in both white communities and communities of color with debt in collections, as well as the median value of this debt. The dataset further itemizes this information by medical, student loan, and automobile debt organized within counties and states. Data are presented for white communities and communities of color in Nevada’s most populous counties: Clark and Washoe.


New Kid On The Blockchain: The Rise Of Cryptocurrency In The Global Arena: Humanitarian Usage With Blockchain, Rhonda S. Binda Aug 2020

New Kid On The Blockchain: The Rise Of Cryptocurrency In The Global Arena: Humanitarian Usage With Blockchain, Rhonda S. Binda

Open Educational Resources

In 2018, the world was shaken by the fast rise of Bitcoin and other cryptocurrencies that use a decentralized, blockchain technology for payment transfers outside of the traditional banking system. The potential impact this alternative form of banking could have in the medium and long term on the over 2 billion people globally unbanked is tremendous. Additionally, blockchain itself is being used for value transfer combined with bio and genetic tagging technologies in refugee camps for example, bringing to rise a new era where technology for development is disrupting education, healthcare and security programs globally.


Brave New World - The Rise Of Cities Globally: Urbanizationmeets Technological Innovation And Digitization, Rhonda S. Binda Aug 2020

Brave New World - The Rise Of Cities Globally: Urbanizationmeets Technological Innovation And Digitization, Rhonda S. Binda

Open Educational Resources

The trifecta of globalization, urbanization and digitization have created new opportunities and challenges across our nation, cities, boroughs and urban centers. Cities are in a unique position at the center of commerce and technology becoming hubs for innovation and practical application of emerging technology. In this rapidly changing 24/7 digitized world, city governments worldwide are leveraging innovation and technology to become more effective, efficient, transparent and to be able to better plan for and anticipate the needs of its citizens, businesses and community organizations. This class will provide the framework for how cities and communities can become smarter and more …


How Can Mongolia Avoid The Resource Curse?, Batbayar Baatarkhuu Aug 2020

How Can Mongolia Avoid The Resource Curse?, Batbayar Baatarkhuu

International Programs

The resource curse paradox, i.e., that resource rich countries tend to have weaker economies than no-resource countries, causes challenges for low and middle-income countries, including Mongolia (Moran, 2013). To avoid the resource curse, Mongolia should undertake three policy measures: diversifying its economy, establishing a sovereign wealth fund and imposing import restrictions.


Covid-19: Payment Protection Program (Ppp) Loan Impact In The Mountain West, Eshaan Vakil, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr. Aug 2020

Covid-19: Payment Protection Program (Ppp) Loan Impact In The Mountain West, Eshaan Vakil, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet summarizes the impact of COVID-19 relief loans on small businesses in 5 Mountain West states: Arizona, Colorado, Nevada, New Mexico, and Utah. Using data reported by the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), researchers at Brookings report, “across metro areas, COVID-19 relief loans are helping some places more than others.” This fact sheet explores the geographic distribution of PPP loans in 20 “very large,” “large,” “midsize,” and “small” metropolitan statistical areas (MSA) in the Mountain West.


Covid-19: Metro Recovery Index In The Mountain West, Vanessa Booth, Katie M. Gilbertson, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr. Jul 2020

Covid-19: Metro Recovery Index In The Mountain West, Vanessa Booth, Katie M. Gilbertson, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

Amid the COVID-19 pandemic and the economic recession that is developing as a result, researchers at the Brookings Institution created the “Metro Recovery Index dashboard,” an interactive data set that tracks changes in labor, real estate, and other economic indicators for metropolitan areas throughout the U.S. Using data from January – June 2020, this Fact Sheets highlights the impact of the COVID-19 recession on 13 Metropolitan Statistical Areas (MSAs) in 5 Mountain West states: Arizona, Colorado, Nevada, New Mexico, and Utah.


Lessons Learned: A Conversation With Paul A. Volcker, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard Jul 2020

Lessons Learned: A Conversation With Paul A. Volcker, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard

Journal of Financial Crises

On March 26, 2019, Andrew Metrick, the Janet Yellen Professor of Finance at the Yale School of Management and Founder and Director of the Yale Program on Financial Stabilitysat down with Paul A. Volcker to discuss his perspectives on the Federal Reserve, central banking autonomy, “too big to fail,” and how his perspectives on these topics have changed over the decades.It turned out to be one of the last interviews given by the former Chairman of the Federal Reserve System who passed away on December 8, 2019, at the age of 92.


The Federal Reserve’S Financial Crisis Response E: The Term Asset-Backed Securities Loan Facility, Rosalind Z. Wiggins, Andrew Metrick Jul 2020

The Federal Reserve’S Financial Crisis Response E: The Term Asset-Backed Securities Loan Facility, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Securitization is a process that allows banks and other lenders to package loans and sell them as bonds called asset-backed securities (ABS), removing them from their balance sheets and immediately generating cash for new loans. ABS are an important component of the financing cycle for many types of loans to households and small businesses, including mortgages. In the fall of 2008, financial markets began experiencing disturbances as the effects of the U.S. subprime market meltdown spread. The ABS market froze decreasing the volume of new loans to households and small businesses. The Federal Reserve became very concerned about the potential …


The Federal Reserve’S Financial Crisis Response D: Commercial Paper Market Facilities, Rosalind Z. Wiggins, Andrew Metrick Jul 2020

The Federal Reserve’S Financial Crisis Response D: Commercial Paper Market Facilities, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

During the summer of 2007, the U.S. residential mortgage market began to decline sharply negatively impacting the asset-backed commercial paper (ABCP) market, which often relied on mortgages as underlying support. Money Market Mutual Funds (MMMFs), significant investors in commercial paper (CP), quickly retreated from the market, causing a substantial decline in outstanding ABCP. In September 2008, pressures on the markets severely escalated again, when the Reserve Primary Fund MMMF “broke the buck” and prompted run-like redemption requests by many MMMF investors. These disruptions resulted in higher rates and shorter maturities, practically freezing the market for term CP. Concerned about the …


The Federal Reserve’S Financial Crisis Response C: Providing U.S. Dollars To Foreign Central Banks, Rosalind Z. Wiggins, Andrew Metrick Jul 2020

The Federal Reserve’S Financial Crisis Response C: Providing U.S. Dollars To Foreign Central Banks, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

The financial crisis that began in late 2007 with the decline in the United States (U.S.) subprime mortgage markets quickly spread to other markets and eventually disrupted the interbank funding markets in the U.S. as well as overseas. To address the strain in the U.S. dollar (USD) funding markets, the Federal Reserve worked with foreign central banks around the world to provide USD liquidity to affected overseas markets by entering into currency swap agreements. Following the bankruptcy of Lehman Brothers in September 2008, and the resulting further destabilization of the world’s financial systems, the size and utilization of these swaps …


The Federal Reserve’S Financial Crisis Response B: Lending & Credit Programs For Primary Dealers, Rosalind Z. Wiggins, Patricia C. Mosser, Andrew Metrick Jul 2020

The Federal Reserve’S Financial Crisis Response B: Lending & Credit Programs For Primary Dealers, Rosalind Z. Wiggins, Patricia C. Mosser, Andrew Metrick

Journal of Financial Crises

Beginning in the summer 2007 the Federal Reserve (the Fed) deployed numerous conventional and innovative programs to address the credit crisis occurring in the wholesale lending markets that was beginning to affect the broader financial markets and threaten the economy at large. Two of those programs, the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) were aimed at providing liquidity to primary dealers and required the Fed to rely on its authority under Section 13(3) of the Federal Reserve Act. Section 13(3) is a Depression Era amendment that permits the Fed expanded powers in “unusual and …


The Federal Reserve’S Financial Crisis Response A: Lending & Credit Programs For Depository Institutions, Rosalind Z. Wiggins, Andrew Metrick Jul 2020

The Federal Reserve’S Financial Crisis Response A: Lending & Credit Programs For Depository Institutions, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in summer 2007, the Federal Reserve (the Fed) was called upon to address a severe disruption in the interbank lending markets sparked by a downturn in the subprime mortgage market. As these developments began to impact the ability of banks to raise adequate funding, the Fed encouraged them to utilize the Discount Window (DW), its standing facility for lending to depository institutions, and repeatedly decreased the lending rate to make the facility more accessible. Despite the Fed’s efforts, for a number of reasons, including historical perceptions of stigma, banks were reluctant to utilize the DW. In December 2007, the …


Solvency As A Fundamental Constraint On Lolr Policy For Independent Central Banks: Principles, History, Law, Sir Paul M. W. Tucker Jul 2020

Solvency As A Fundamental Constraint On Lolr Policy For Independent Central Banks: Principles, History, Law, Sir Paul M. W. Tucker

Journal of Financial Crises

This paper follows up earlier work advocating a principled modernization of doctrines for central bank lender-of-last-resort policies and operations. It argues for a new Fundamental Constraint on such authorities: namely, “the principle that central banks should not lend to firms that they know (or should know) to be fundamentally bust or broken.” Tucker supports this with commentary from various peers, a review of principles underlying bankruptcy law and resolution schemes, and by deconstructing other common counterarguments. Centrally, he argues that when central banks breach the Fundamental Constraint, they distribute resources to short-term creditors at the expense of longer-term creditors, …


Minority Owned Businesses In The Southwest Megapolitan Triangle, Yanneli Llamas, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr. Jul 2020

Minority Owned Businesses In The Southwest Megapolitan Triangle, Yanneli Llamas, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet presents the potential impact of COVID-19 on minority owned businesses, using data originally published by Brookings researchers Sifan Liu and Joseph Parilla in “Businesses owned by women and minorities have grown. Will COVID-19 undo that?” As noted in the original report, the coronavirus pandemic will shock a variety of industries and communities, but minority-owned businesses are likely to be hardest hit.


Genetic Risks, Adolescent Health And Schooling Attainment, Vikesh Amin, Jere R. Behrman, Jason M. Fletcher, Carlos A. Flores, Alfonso Flores-Lagunes, Hans-Peter Kohler Jul 2020

Genetic Risks, Adolescent Health And Schooling Attainment, Vikesh Amin, Jere R. Behrman, Jason M. Fletcher, Carlos A. Flores, Alfonso Flores-Lagunes, Hans-Peter Kohler

Center for Policy Research

We provide new evidence on the effect of adolescent health behaviors/outcomes (obesity, depression, smoking, and attention deficit hyperactivity disorder (ADHD)) on schooling attainment using the National Longitudinal Study of Adolescent to Adult Health. We take two different approaches to deal with omitted variable bias and reverse causality. Our first approach attends to the issue of reverse causality by using health polygenic scores (PGSs) as proxies for actual adolescent health. Second, we estimate the effect of adolescent health using sibling fixed-effects models that control for unmeasured genetic and family factors shared by siblings. We use the PGSs as additional controls in …


Transportation Affordability In The Mountain West, Saha Salahi, Kelliann Beavers, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr. Jun 2020

Transportation Affordability In The Mountain West, Saha Salahi, Kelliann Beavers, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Transportation & Infrastructure

This Fact Sheet highlights “The Most and Least Affordable Cities For Public Transit” in the Mountain West. Extracting from Paul Reynolds’ analysis of over 70 transit system across the United States from 2014 to 2015, this fact sheet focuses on data for the 7 municipalities in the Mountain West: Albuquerque, NM; Ogden, UT; Boulder, CO; Phoenix, AZ; Las Vegas, NV, Salt Lake City, UT, and Denver, CO.


Covid-19: The Impact On Young, Low-Wage Workers Without College Degrees, Marie A. Falcone, Caitlin J. Saladino, William E. Brown Jr. Jun 2020

Covid-19: The Impact On Young, Low-Wage Workers Without College Degrees, Marie A. Falcone, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This Fact Sheet highlights select data from the Brookings Institution report “We can’t recover from coronavirus recession without helping young workers” released May 7, 2020 by Martha Ross and Nicole Bateman. In the context of the 2020 COVID-19 pandemic, the report includes data on the long-term, near-term, and immediate-term risk for occupations held by young workers without college credentials. This Fact Sheet focuses on data pertaining to the employment demography of young workers without a college degree in Mountain West states (Arizona, Colorado, Nevada, New Mexico, and Utah).


Contemporary High-Skilled Mexican Immigrant Entrepreneurs In Texas, Elizabeth Salamanca, Jorge Alcaraz Jun 2020

Contemporary High-Skilled Mexican Immigrant Entrepreneurs In Texas, Elizabeth Salamanca, Jorge Alcaraz

Mission Foods Texas-Mexico Center Research

The number of Mexican entrepreneurs relocating to the United States has significantly increased during the last decade and their profile, as well as that of their businesses, have changed. This study develops a typology of Mexican migrant entrepreneurs living in the U.S., particularly in Texas, and of the business ventures that they undertake, and it determines the association between the entrepreneurs' profile and the kind of businesses they create. Through the analysis of migrant entrepreneurs' profiles, this paper identifies in what kind of transnational activities these entrepreneurs participate. The research follows both a qualitative approach based on the Gioia methodology …


Growth Empirics: A Bayesian Semiparametric Model With Random Coefficients For A Panel Of Oecd Countries, Badi Baltagi, Georges Bresson, Jean-Michel Etienne Jun 2020

Growth Empirics: A Bayesian Semiparametric Model With Random Coefficients For A Panel Of Oecd Countries, Badi Baltagi, Georges Bresson, Jean-Michel Etienne

Center for Policy Research

This paper proposes semiparametric estimation of the relationship between growth rate of GDP per capita, growth rates of physical and human capital, labor as well as other covariates and common trends for a panel of 23 OECD countries observed over the period 1971-2015. The observed differentiated behaviors by country reveal strong heterogeneity. This is the motivation behind using a mixed fixed and random-coefficients model to estimate this relationship. In particular, this paper uses a semiparametric specification with random intercepts and slopes coefficients. Motivated by Lee and Wand (2016), we estimate a mean field variational Bayes semiparametric model with random coefficients …


Labor Market Policies In A Roy-Rosen Bargaining Economy, Hugo Jales, Zhengfei Yu Jun 2020

Labor Market Policies In A Roy-Rosen Bargaining Economy, Hugo Jales, Zhengfei Yu

Center for Policy Research

We study the effects of labor market policies using a bargaining model featuring compensating differentials (Rosen, 1986) and self-selection (Roy, 1951). The framework allows us to create a taxonomy of formal and informal employment. We use the model to estimate the effects of the minimum wage for the Brazilian economy using the “PNAD" dataset for the years 2001-2005. Our results suggest that, although the minimum wage generates unemployment and reallocation of labor to the informal sector, the policy might be desirable if the employment losses are concentrated in jobs characterized by low surplus.


Building For Culture: How Municipal Ownership Of Cultural Facilities Influences Annual Arts Funding In American Cities, Adam M. Sachs Jun 2020

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 …


Density Deconvolution With Laplace Errors And Unknown Variance, Jun Cai, William C. Horrace, Christopher Parmeter Jun 2020

Density Deconvolution With Laplace Errors And Unknown Variance, Jun Cai, William C. Horrace, Christopher Parmeter

Center for Policy Research

We consider density deconvolution with zero-mean Laplace noise in the context of an error component regression model. We adapt the minimax deconvolution methods of Meister (2006) to allow estimation of the unknown noise variance. We propose a semi-uniformly consistent estimator for an ordinary-smooth target density and a modified “variance truncation device" for the unknown noise variance. We provide a simulation study and practical guidance for the choice of smoothness parameters of the ordinary-smooth target density. We apply restricted versions of our estimator to a stochastic frontier model of US banks and to a measurement error model of daily saturated fat …


Neighborhood Change In Las Vegas, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr. Jun 2020

Neighborhood Change In Las Vegas, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This Fact Sheet analyzes indicators of demographic and economic change in Las Vegas neighborhoods and suburbs, provided by “American Neighborhood Change in the 21st Century,” a study published by the Institute on Metropolitan Opportunity (IMO) at the Minnesota Law School. Researchers reviewed data from the 2000 U.S. Census and the 2016 American Community Survey (ACS) for the top 50 largest metros in the U.S. The study reports levels of neighborhood change, including economic growth, poverty concentration, gentrification, and low-income displacement. Data pertaining to the Las Vegas metropolitan region are synthesized to measure indicators of economic viability and housing availability.


Nonparametric Tests Of Tail Behavior In Stochastic Frontier Models, William C. Horrace, Yulong Wang Jun 2020

Nonparametric Tests Of Tail Behavior In Stochastic Frontier Models, William C. Horrace, Yulong Wang

Center for Policy Research

This article studies tail behavior for the error components in the stochastic frontier model, where one component has bounded support on one side, and the other has unbounded support on both sides. Under weak assumptions on the error components, we derive nonparametric tests that the unbounded component distribution has thin tails and that the component tails are equivalent. The tests are useful diagnostic tools for stochastic frontier analysis and kernel deconvolution density estimation. A simulation study and an application to a stochastic cost frontier for 6,100 US banks from 1998 to 2005 are provided. The new tests reject the normal …


Increasing Odds: The Impact Of Casino Gaming Size, Location, And Economic Stream Style Differences On County Revenue In Pennsylvania, Brandon W. Koch Jun 2020

Increasing Odds: The Impact Of Casino Gaming Size, Location, And Economic Stream Style Differences On County Revenue In Pennsylvania, Brandon W. Koch

Dissertations

As county administrators seek new revenue streams, casino gaming becomes a valuable local revenue production mechanism. Recently, Pennsylvania has been vastly successful with developing a conunercial casino market. The American Gaming Association in 2017 found that Pennsylvania has the largest sole commercial casino industry and highest effective tax rate in the United States. The case study of the Pennsylvania gaming industry is utilized to investigate plannable casino born factor impacts on county revenue. State and local regulations dictate the method and location (plannable factors) of permitted casino gaming via quotas and licensure. Casino born factors created as a result of …


Metro Monitor 2020: Las Vegas & Reno, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr. May 2020

Metro Monitor 2020: Las Vegas & Reno, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This Fact Sheet presents changes in indicators of economic health for the State of Nevada using data provided by the Brookings Institution’s Metro Monitor analysis. Looking beyond gross domestic product (GDP) and job growth, researchers at Brookings’ Metropolitan Policy Program measure various indicators of economic well-being across 192 metropolitan statistical areas (MSAs) for a 1-year period (from 2017-2018) and a 10-year period (from 2008-2018). Metro areas are classified by size: midsized metros (with populations between 250,000 and 500,000), large metros (with populations between 500,000 and 1 million), and very large metros (with populations over 1 million). For the purpose of …


Are Coco Bonds Suitable As Core Capital Instruments?, Kevin Dowd May 2020

Are Coco Bonds Suitable As Core Capital Instruments?, Kevin Dowd

Journal of New Finance

Basel III introduced significant innovations in bank regulation. One of them is the minimum required leverage ratio. To help banks implementing the new measure , Basel III created two different core capital measures: Common Equity Tier 1 (CET1) and Additional Tier 1 (AT1). Since raising capital for CET1 is expensive, other instruments are used to build up AT1 in case of need, like for example Contingent Convertible (CoCo), which can convert to equity or written-down when a bank is under stress. In this paper we show that CoCos are not suitable as regulatory core capital instruments. Problems of timing, incentives, …


Agglomeration Economies: How “Y’Allywood” Became The New Hollywood, Joseph Dugan Walker May 2020

Agglomeration Economies: How “Y’Allywood” Became The New Hollywood, Joseph Dugan Walker

Honors Theses

Agglomeration economies have gained special attention in recent decades. With the increasing connectivity of our world, specialized regional economies are stronger now than ever before. A specific agglomeration economy that has developed in recent years is the Georgia Film Industry. This region surpassed Hollywood as the premier filming location for the first time since the early 1900s when New York was number one. This thesis analyzes the reasons why Georgia was so successful in attracting the film industry and encouraging its development by comparing infrastructure, film tax incentives, population, and labor development to that of competing states like New York, …