Economics Commons^™

How Technology-Based Start-Ups Support U.S. Economic Growth, Mary Blankenship, Caitlin Saladino, William E. Brown

Economic Development & Workforce

This Fact Sheet examines the trends of technology-based start-ups within the United States and specific states in the Mountain West (Arizona, Colorado, Nevada, Utah, and New Mexico) across the top 10 technology industries in 2016, using data provided by a report from the Information Technology and Innovation Foundation.

Lessons Learned: Ray Dalio, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard

Journal of Financial Crises

Insights from a discussion with Ray Dalio, Founder, Chairman, and Co-Chief Investment Officer of Bridgewater Associates, one of the largest hedge funds in the world. Topics range from monetary policy to communications strategy when responding to a financial crisis.

Basel Iii G: Shadow Banking And Project Finance, Christian M. Mcnamara, Andrew Metrick

Journal of Financial Crises

The Net Stable Funding Ratio (NSFR), a liquidity standard introduced by Basel III, seeks to promote a better match between the liquidity of a bank’s assets and the manner in which the bank funds those assets. The NSFR requires banks to maintain a minimum amount of funding deemed “stable” by the Basel framework based on the liquidity of the banks’ assets and activities over a one-year timeframe. One of the areas seen as most affected by this development may be bank participation in project finance for infrastructure development. Since the global demand for infrastructure development remains robust, the shadow banking …

Basel Iii F: Callable Commercial Paper, Christian M. Mcnamara, Rosalind Bennett, Andrew Metrick

Journal of Financial Crises

One of the Basel Committee on Banking Supervision’s responses to the global financial crisis of 2007-09 was to introduce the Liquidity Coverage Ratio (LCR), a short-term measure that evaluates whether a bank has enough liquidity to meet expected cash outflows during a 30-day stress scenario. One area in which this incentive has already resulted in changed practices is in the market for commercial paper. Banks often provide backup liquidity facilities to the issuers of commercial paper that the issuers can draw upon to repay a maturing issue of commercial paper if they are unable to sell a new issue to …

Basel Iii D: Swiss Finish To Basel Iii, Christian M. Mcnamara, Natalia Tente, Andrew Metrick

Journal of Financial Crises

After the Basel Committee on Banking Supervision (BCBS) introduced the Basel III framework in 2010, individual countries confronted the question of how best to implement the framework given their unique circumstances. Switzerland, with a banking industry that is both heavily concentrated and very large relative to the size of its overall economy, faced a special challenge. It ultimately adopted what is sometimes referred to as the “Swiss Finish” to Basel III—enhanced requirements applicable to Switzerland’s “too-big-to-fail” banks Credit Suisse and UBS that go beyond the base requirements established by the BCBS. Yet the prominent role played by relatively new contingent …

Basel Iii B: Basel Iii Overview, Christian M. Mcnamara, Michael Wedow, Andrew Metrick

Journal of Financial Crises

In the wake of the financial crisis of 2007-09, the Basel Committee on Banking Supervision (BCBS) faced the critical task of diagnosing what went wrong and then updating regulatory standards aimed at preventing it from occurring again. In seeking to strengthen the microprudential regulation associated with the earlier Basel Accords while also adding a macroprudential overlay, Basel III consists of proposals in three main areas intended to address 1) capital reform, 2) liquidity standards, and 3) systemic risk and interconnectedness. This case considers the causes of the 2007-09 financial crisis and what they suggest about weaknesses in the Basel regime …

Basel Iii A: Regulatory History, Christian M. Mcnamara, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

From the earliest efforts to mandate the amount of capital banks must maintain, regulators have grappled with how best to accomplish this task. Until the 1980s, regulation had been based largely on discretion and judgment. In the wake of two bank failures, the central bank governors of the G10 countries established the Basel Committee on Banking Supervision (BCBS) and in 1988, the BCBS introduced a capital measurement system, Basel I. The system represented a triumph of the fixed numerical approach, however, critics worried that it was too blunt an instrument. In 1999, the BCBS issued Basel II, a proposal to …

Jpmorgan Chase London Whale Z: Background & Overview, Arwin G. Zeissler, Rosalind Bennett, Andrew Metrick

Journal of Financial Crises

In December 2011, the Chief Executive Officer and Chief Financial Officer of JPMorgan Chase (JPM) instructed the bank’s Chief Investment Office to reduce the size of its Synthetic Credit Portfolio (SCP) during 2012, so that JPM could decrease its Risk-Weighted Assets as the bank prepared to adopt the impending Basel III bank capital regulations. However, the SCP traders were also told to minimize the trading costs incurred to reduce Risk-Weighted Assets, while still maintaining the opportunity to profit from unexpected corporate bankruptcies. In an attempt to balance these competing objectives, head SCP derivatives trader Bruno Iksil suggested in January 2012 …

Incorporating Macroprudential Financial Regulation Into Monetary Policy, Aaron Klein

Journal of Financial Crises

This paper proposes two insights into financial regulation and monetary policy. The first enhances understanding the relationship between them, building on the automobile metaphor that describes monetary policy: when to accelerate or brake for curves miles ahead. Enhancing the metaphor, financial markets are the transmission. In a financial crisis, markets cease to function, equivalent to a transmission shifting into neutral. This explains both monetary policy’s diminished effectiveness in stimulating the economy and why the financial crisis shock to real economic output greatly exceeded central bank forecasts.

The second insight is that both excess leverage and fundamental mispricing of asset values …

Best Performing Cities: Where America's Jobs Are Created And Sustained, Peter Grema, Caitlin Saladino, William E. Brown

Economic Development & Workforce

This Fact Sheet summarizes and expands upon the findings of the Milken Institute’s 2018 Best Performing Cities series report on the top 200 large cities and top 200 small cities in the United States in 2018. For the purposes of this Fact Sheet, the report focuses on 26 metropolitan areas located within the Mountain West region of the United States (Nevada, Arizona, Utah, Colorado, and New Mexico).

Brain Drain In The Mountain West, Ember Smith, Caitlin Saladino, William E. Brown

Economic Development & Workforce

This Fact Sheet highlights the effects of major shifts in geographic mobility patterns of highly-educated citizens in the Mountain West (Nevada, Utah, Arizona, New Mexico, and Colorado). The phenomenon, dubbed “brain drain” by experts, is characterized by the out-migration of a group of highly-educated people. “Brain gain” describes the opposite: when a location attracts highly-educated people. Several states are keeping and welcoming more highly-educated adults, while other states are rapidly losing talent. This migration pattern has important implications for social, political, and economic issues facing the country.

The Global Child: A Roadmap For Becoming Culturally Responsive Educators, Ana I. Berdecia Med, Caitlin Kosec Mpp, Kamili O. Leath Ms, The John S. Watson Institute For Public Policy For Thomas Edison State College

Center for the Positive Development of Urban Children

The program strategies and the assessment tools encourage early childhood teachers to adopt 26 strategies across three competency areas: 1) classroom design; 2) teachers’ rhythm and temperament; and 3) instructional strategies during the 10-month program year. Mentors are assigned to each teaching team and through supportive site visits and assessment visits help the teams change their thinking and practices to be more culturally and linguistically responsive.

What Happens When Cross-Sector Partnerships Are Mandated? Analyzing Trust Through A Transaction Cost Approach, Vanessa Hubbard Rastberger Dr

Theses and Dissertations

Cross-sector partnerships that combine the perspectives and needs of public, private, and nonprofit sectors have been used to address public policy challenges. Research has shown that trust and reputation among partners play an important role in the performance of partnerships. Trust has been positively associated with the reduction of transaction costs of partnerships, and therefore, this study used a Transaction Cost Economics (TCE) approach as the theoretical framework.

Some partnerships are volitional while others are the results of legal or other mandates. Does this volitional or non-volitional (mandated) status affect how collaboration is perceived? For instance, will collaboration and trust …

Essentializing Labor Before, During, And After The Coronavirus Pandemic, Deepa Das Acevedo

Faculty Articles

In the era of COVID-19, the term essential labor has become part of our daily lexicon. Between March and May 2020, essential labor was not just the only kind of paid labor occurring across most of the United States; it was also, many argued, the only thing preventing utter economic and humanitarian collapse. As a result of this sudden significance, legal scholars, workers’ advocates, and politicians have scrambled to articulate exactly what makes essential labor “essential.” Some commentators have also argued that the rise of essential labor as a conceptual category disrupts—or should disrupt—longstanding patterns in the way the nation …

The Value Of Carbon Sequestration In The Developing World: Making The Economic Case For Tree Planting In Laos, Vongdalone Vongsikeo

Dissertations, Master's Theses and Master's Reports

Tree plantations in developing countries are mostly driven by private sectors, mainly to increase forest cover and meet the timber demand. However, research studies on tree plantations in Laos, for instance, show that despite high profitability tree farmers and private companies face many challenges such as low timber quality, low timber selling price and slow plantation expansion. These challenges could be the result of slow policy improvement processes or the lack of basis on the justification of government intervention. This study uses a policy decision tool - a cost-benefit analysis to evaluate social costs and social benefits from private tree …

New York State Economic Status Of Regions And Development Programs, Michael J. Wasylenko

Center for Policy Research

No abstract provided.

Forecasting With Unbalanced Panel Data, Badi Baltagi, Long Liu

Center for Policy Research

This paper derives the best linear unbiased prediction (BLUP) for an unbalanced panel data model. Starting with a simple error component regression model with unbalanced panel data and random effects, it generalizes the BLUP derived by Taub (1979) to unbalanced panels. Next it derives the BLUP for an unequally spaced panel data model with serial correlation of the AR(1) type in the remainder disturbances considered by Baltagi and Wu (1999). This in turn extends the BLUP for a panel data model with AR(1) type remainder disturbances derived by Baltagi and Li (1992) from the balanced to the unequally spaced panel …

Nonparametric Sample Splitting, Yoonseok Lee, Yulong Wang

Center for Policy Research

This paper develops a threshold regression model where an unknown relationship between two variables nonparametrically determines the threshold. We allow the observations to be crosssectionally dependent so that the model can be applied to determine an unknown spatial border for sample splitting over a random field. We derive the uniform rate of convergence and the nonstandard limiting distribution of the nonparametric threshold estimator. We also obtain the root-n consistency and the asymptotic normality of the regression coefficient estimator. Our model has broad empirical relevance as illustrated by estimating the tipping point in social segregation problems as a function of demographic …

Do Foster Care Agencies Discriminate Against Gay Couples? Evidence From A Correspondence Study, Mattie Mackenzie-Oiu, David Schwegman, Leonard M. Lopoo

Center for Policy Research

There has been considerable recent debate regarding proposed policies that would allow foster care administrators to discriminate on the basis of the sexual orientation of the foster parent. To date, however, we know very little about the level of discrimination on the basis of sexual orientation in the foster care system. To the best of our knowledge, this is the first empirical investigation to ask whether foster care agencies, the public and nonprofit firms that facilitate foster care placements, respond similarly to emails sent by fictitious same-sex and heterosexual couples who inquire about becoming foster parents. Our results suggest that …

Healthy And Unhealthy Responses To American Democratic Institutional Failure, Thomas D'Anieri

CMC Senior Theses

I have set out on the hunch that politics in America “feels different,” that we are frustrated both with our institutions as well as with one another. First, I will seek to empirically verify this claim beyond mere “feelings.” If it can be shown that these kinds of discontent genuinely exist to the extent that I believe they do, I will then explain why people feel this way and why things are different this time from the economic, political, and social points of view. Next, I will examine two potential responses, what I will call the populist and the institutional …

Policies And Politics Of Reform : The Governmentality Of Structural Adjustment In Urban And Rural Egypt, Gabriel Gluskin-Braun

CMC Senior Theses

This analysis explores the unique and tumultuous approach to reform in Egypt and addresses

the effects of the implementation of neoliberal policy tools. These tools included privatization, price

liberalization, deregulation, and land reform in both urban and rural areas. Based on these effects, this

analysis will argue that the benefits accrued by the political-economic elite created opportunities for

new patronage networks that upheld elite economic privilege through the process of liberalization

while a wide swath of Egyptians suffered the loss of limited privileges and protections from the state

established by Nasr and upheld by his successors. Consequently, the socialist-statist ‘social …

Inference In Threshold Models, Yoonseok Lee, Yulong Wang

Center for Policy Research

This paper develops new statistical inference methods for the parameters in threshold regression models. In particular, we develop a test for homogeneity of the threshold parameter and a test for linear restrictions on the regression coefficients. The tests are built upon a transformed partial-sum process after re-ordering the observations based on the rank of the threshold variable, which recasts the crosssectional threshold problem into the time-series structural break analogue. The asymptotic distributions of the test statistics are derived using this novel approach, and the finite sample properties are studied in Monte Carlo simulations. We apply the new tests to the …

Three Essays On Health Economics And Policy Evaluation, Shishir Shakya

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation consists of three essays on the U.S. Health care policy. Each paragraph below refers to the three abstracts for the three chapters in this dissertation, respectively. I provide quantitative evidence on how much Prescription Drug Monitoring Programs (PDMPs) affects the retail opioid prescribing behaviors. Using the American Community Survey (ACS), I retrieve county-level high dimensional panel data set from 2010 to 2017. I employ three separate identification strategies: difference-in-difference, double selection post-LASSO, and spatial difference-in-difference. I compare how the retail opioid prescribing behaviors of counties, that are mandatory for prescribers to check the PDMP before prescribing controlled substances …

Rethinking State Economic Development Strategies: Or, How To Maximize Benefits For State Residents’ Earnings Per Capita, Timothy J. Bartik

Presentations

No abstract provided.

From Muhammed To The Jobup: Engaging Malemployed Immigrants Through Journalism, Tiziana Rinaldi

Capstones

I focused my graduate work on the local community of malemployed immigrants. They are foreign-educated newcomers — medical doctors, pharmacists, teachers, lawyers and engineers, to name a few of their professions — who lack the resources to find skill- appropriate work in the U.S. They end up either unemployed or working at "jobs for which they’re overqualified or overeducated or both,” I wrote for NJSpotlight in 20171.

Using the social journalism method2 of engaging members of a chosen group to fill important if not crucial information gaps, I developed The JobUp, a series of free, offline educational events, as my …

Travel To Cuba: A Case Study Of Media Branding In A Politicized Context, Yaneisis Infante

Student Theses and Dissertations

The purpose of this research is to detail a case study of U.S. tourism to Cuba in a politicized context; specifically, to compare and contrast the Obama and Trump administrations. This study seeks to examine how the Cuban “brand” and the island’s overall tourism strategy is formulated, circulated, shaped and reshaped by various actors and the public in the changing context of the newly antagonistic bilateral U.S.-Cuba political relationship. The research questions explore issues of how diplomatic relations impact Cuban tourism and advertising messaging. This paper also discusses the changes in the U.S. news media coverage of Cuba as a …

Economic Prosperity Of Nevada Counties And Southwest Metros, Madison Frazee-Bench, William E. Brown, Caitlin Saladino

Economic Development & Workforce

This Fact Sheet highlights the economic and social disparities of Nevada’s counties as well as the counties in the Southwest Metro Area. By using data from The Hamilton Project, the following tables illustrate disparities within each county in Nevada and in the Southwest Metros.

Megachurches And Economic Development: Pastoral Interpretations Of Internal And External Expectations On Church Behavior, Ashley E. English

The Journal of Faith, Education, and Community

What sorts of economic development activities do megachurches engage in, and what rationale do leaders give for this behavior? This study provides theoretical guidance for answering this research question through an investigation of megachurches’ extra-role behaviors (ERB) in economic development activities. ERB is a “behavior that attempts to benefit the organization and that goes beyond existing role expectations” (Organ, Podsakoff & MacKenzie, 2006, p. 33). This field study includes an online survey completed by 42 megachurch senior or executive pastors in the Dallas-Fort Worth and Houston-Sugar Land-Baytown Metropolitan Statistical Areas and 23 follow-up telephone interviews. The researcher used these data …

Strategies To Build Economic Strength In Lagging Areas: Investment, Tax Incentives, Wage Subsidies, Worker Training, And Education, Michael J. Wasylenko

Center for Policy Research

No abstract provided.

Examining Racial & Ethnic Disparities In The Reach Of The Medicare Shared Savings Program, Lindsey Arneson

Capstone Experience: Master of Public Health

It is important to understand the quality of health care for racial and ethnic minorities covered under the largest U.S. government-run insurance program, Medicare, because the demographics of the U.S. are becoming older and more diverse. A new value-based program under Medicare is the Shared Savings Program (MSSP), which creates incentives to improve care quality and health outcomes for Medicare beneficiaries with a specific focus on increasing the provision of preventive care services. This capstone project aims to understand the representation of racial/ethnic minority Medicare beneficiaries, namely African Americans/Blacks and Hispanics/Latinxs, that receive care from providers or facilities (i.e., Accountable …