Economics Commons^™

The Disparate Neighborhood Impacts Of The Great Recession: Evidence From Chicago, Sonya Williams, George C. Galster, Nandita Verma

Urban Studies and Planning Faculty Research Publications

We advance scholarship about how macroeconomic forces differentially manifest themselves across local spaces by developing a holistic conceptual framework and empirical analyses involving multilevel change modeling. Unlike prior work, we examine differential rates of change in neighborhood indicators. We illustrate our approach with Chicago data measuring the crime, housing, and economic domains of neighborhood quality- of-life over the 2000-2009 period. We find that the local dynamic manifestations of macroeconomic cycles were far more nuanced than have been previously observed. Neighborhood indicators moved along distinct trajectories, sometimes but not necessarily tracking each other or the overall business cycle, and they changed …

Structural Change And Real Output Growth In Nigeria: A Cointegration Analysis, P. D. Golit

Economic and Financial Review

The study employed the Johansen (1988) and the Johansen and Juselius (1990) multivariate maximum likelihood method within a Vector Autoregressive framework to explore the impact of structural reforms on the level of real output in Nigeria. We fit the equation separately for two sub-samples, the pre-reform and the market-reform periods, to enable comparisons of the outcomes under alternative policy regimes. We further estimate the model using data that covered the entire sample period to evaluate the total effects and include a dummy variable to capture the impact of the policy shift. The Johansen cointegration test confirms the existence of long-run …

Cost-Effective Estimation Of The Population Mean Using Prediction Estimators, Tomoki Fujii, Roy Van Der Weide

Research Collection School Of Economics

This paper considers the prediction estimator as an efficient estimator for the population mean. The study may be viewed as an earlier study that proved that the prediction estimator based on the iteratively weighted least squares estimator outperforms the sample mean. The analysis finds that a certain moment condition must hold in general for the prediction estimator based on a Generalized-Method-of-Moment estimator to be at least as efficient as the sample mean. In an application to cost-effective double sampling, the authors show how prediction estimators may be adopted to maximize statistical precision (minimize financial costs) under a budget constraint (statistical …

Inflation Targeting And Growth: The Role Of The Tradable Sector, Luis Monroy Gómez Franco

Undergraduate Economic Review

This paper provides an analytical explanation to the empirical association between monetary policy conducted according to the inflation targeting (IT) framework and the appreciation of the exchange rate, relating it to the literature on the effects of the exchange rate on growth. A two sector small open economy model is developed in which the behavior of the non tradable inflation and the nominal exchange rate are analyzed. The results indicate that the response to inflation variance under the IT regime causes the appreciation trend. Since this trend is not reversed immediately, increasing returns in the tradable sector affect capital accumulation.

Can Neoclassical Trade Theory Explain Congressional Voting?, John Dellipriscoli

Master's Theses

The neoclassical trade model has notoriously been unable to empirically predict trade flows throughout the world, however there has been a notion that the same theories and predictions could also be applied to democratic voting on free trade legislation. Using roll-call votes on three 2011 United States bilateral trade agreements with Colombia, Panama, and South Korea, respectively, a simple empirical model based on the neoclassical concepts, specifically the Heckscher-Ohlin and Stolper-Samuelson corollary theorems, is outlined. After an analysis using a logit estimation method, it is revealed that there is conflicting evidence whether the voting on the 2011 free trade agreements …

The Changing Dynamics Of The Employment Gap And Its Macroeconomic Implications, William Brian Gowen

Honors Projects in Economics

There has been much discussion about the sluggish economic recovery out of the recent recession. However, the lag in employment growth is not unique to the most recent recovery. Jobless recoveries have plagued the U.S. economy over the last three business cycles. The reasons for this change have remained largely inconclusive, with several factors highlighted in the current literature. This paper uses Vector Autoregression (VAR) to analyze the employment gap in the United States over the past six decades. Unlike previous studies, it accounts for the most recent recession while also addressing alternative explanations - trade and globalization, government employment, …

Jobs Don’T Grow On Trees, Nicholas Johnson

Undergraduate Research Symposium 2013

Most contemporary macroeconomic models account for unemployment by making the simplifying assumptions that 1) there is an equilibrium level of unemployment and that 2) when the economy is not at that level it will tend towards equilibrium. Implicit in these models is also the assumption that the actual behavior of unemployment does not affect the equilibrium level. This paper joins a growing number of economists pointing out that such assumptions are false: the equilibrium does depend on past behavior, a trait called hysteresis. This paper considers the hysteresis hypothesis by using an iterated version of OLS to construct a series …

[Sabbatical Report], Claudia Strow

Sabbatical Reports

This document summarizes my sabbatical leave activities for spring semester, 2014. Below my accomplishments are discussed, and the value of the sabbatical leave to my teaching and research is assessed. The main activities I conducted during my sabbatical leave period included work on a new research project examining FMLA's impact on breastfeeding, the writing of a second edition of a textbook, substantial revisions for an accepted publication for the Journal of 'Markets and Morality, a revise and resubmit of a manuscript for the Journal of Applied Economics and Public Policy, an interview for Voice of America, the presentation of a …

Decomposing The Changes Of The Divisia Price Index: Application To Inflation In The Philippines, Tomoki Fujii

Research Collection School Of Economics

We decompose the logarithmic change in the Divisia price index into the pure price, substitution, and preference effects, although the latter two effects are hard to distinguish in practice. This decomposition allows us to identify the incidence and contributing factors of inflation. In the Philippines, we find that the preference effect is much smaller than the pure price effect in all provinces. We also find that rich deciles have experienced a higher inflation than poor deciles between 1988 and 2006. However, the gap in the standards of living has actually widened because poor deciles lagged behind in consumption growth.

The Macroeconomic Effect Of Currency Union Dissolution: Evidence From The Narrative, Marcus Josefsson

Honors Theses

In the face of the growing importance of alternative monetary arrangements throughout the world, the economics literature contains contradictory explanations for the impact of currency union dissolution. Some argue that dissolving a union removes limitations to growth, while others contend that the ensuing uncertainty drives weaker macroeconomic performance. In this paper, I present empirical analysis of the macroeconomic effect of dissolving currency unions. I utilize a narrative approach to address asymmetries in the underlying motivations for different dissolutions, and find that the absence of economic concerns driving dissolution leads to improved growth in the post dissolution period. Further, evidence for …

Does Exchange Market React To Central Bank Governor Replacements: Evidence From A New Dataset Using Narrative Approach, Siyang Xu

Honors Theses

This paper contributes to the literature that analyzes the exchange market reaction to the event of a central bank governor replacement. In order to solve the endogeneity problem, we develop a narrative approach-based on reports from credible newspapers-that classifies central bank governor replacements by their nature and causes. Using this new dataset on central bank independence for 31 countries over the period 1967-2012, we decompose all replacements into endogenous and exogenous cases with respect to inflation and financial market performance. We find that such a distinction is critical in understanding the exchange market reactions. We show that i) endogenous replacements, …

Rob Johnson Meeeting, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2012). Turbulent Dynamics and Hidden Patterns: Economic Analysis in a Global Context (Unpublished manuscript) (23-44_Meet... p. 10). Cambridge University Press (forthcoming) (23-44_Meet... p. 11).
• Institute for New Economic Thinking. (2012, July 3). Grant change form (Grant ID #INO1100056) (Manuscript) (23-44_Meet... p. 2). New School University Archives.
• Institute for New Economic Thinking. (2012, November 17). Grant agreement letter to Dr. Anwar Shaikh (RE: INO12-00040) (Manuscript signed by Anwar Shaikh, PhD) (23-44_Meet... pp. 4-5). New School University Archives.
• Shaikh, A. (2013, March 5). Meeting with Rob: Eminent economists due in fall (Handwritten note by Anwar Shaikh, PhD) …

Loose Notes, Articles, Newspapers, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Wassener, B., Bradsher, K., & Reuters. (2012). Trade data confirms economic slowdown in China (and other articles). The New York Times, September 11, 2012. The New York Times Company.
• Campbell, I. (2011). The limitations on central banks (and other articles). The New York Times, August 15, 2011. The New York Times Company.
• Shaikh, A. (n.d.). The arc of modern macroeconomics (Unpublished manuscript notes).
• Shaikh, A. (n.d.). Kalecki and monopoly power theory (Unpublished manuscript notes).
• Shaikh, A. (2013). Bellafiore on Sweezy and Mattick (Unpublished manuscript notes).
• Shaikh, A. (n.d.). Kaleckian distribution and trade balance dynamics (Unpublished …

Macro General Notes I, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Surowiecki, J. (2013). Stockmania. The New Yorker, 38. Condé Nast. (22-13_Macr... p. 2)
• Shaikh, A. (2008). Wray on government finance (Unpublished manuscript notes). (22-13_Macr... p. 3)
• Shaikh, A. (2012). Firms collectively decide to raise investment (Unpublished manuscript notes). (22-13_Macr... p. 4)
• Shaikh, A. (n.d.). Government bond finance and consumer sacrifice (Unpublished manuscript notes). (22-13_Macr... p. 5)
• Shaikh, A. (n.d.). Mathematical formulations on prices and wages (Unpublished manuscript notes). (22-13_Macr... p. 6)
• Davis, J. (2011). The crypto-currency: Bitcoin and its mysterious inventor. The New Yorker, 62–70. Condé Nast. (22-13_Macr... p. 7)
• Lohr, S. (2011). More jobs …

Argentina Talk, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2013). Argentina talk CB: Session I (with Jaime Galbraith) (Unpublished manuscript) (22-20_Arge... pp. 1-2).
• Shaikh, A. (2010). Crisis and distribution. New School Economic Review, 4(1), 72–76. New School for Social Research (22-20_Arge... p. 3).
• Shaikh, A. (2010). Revised figures (Unpublished dataset) (22-20_Arge... p. 8).
• Shaikh, A. (2012). Notes on conference presentations by John Weeks, Javier Iguíñiz, and Bill Lazonick (Unpublished manuscript) (22-20_Arge... p. 13).
• Shaikh, A. (2012). Notes on conference presentations by James K. Galbraith, Stuart Holland, and Romain Rancière (Unpublished manuscript) (22-20_Arge... p. 15).

Essays On Capital Controls And Exchange Rate Regimes, Yu You

Theses and Dissertations--Economics

This dissertation consists of three essays on capital controls and exchange rate regimes. The first essay, under the background of international monetary policy trilemma, empirically investigates the validity of the proposition that holding the degree of exchange rate stability constant, a decrease in capital mobility through imposition of capital controls will enhance monetary independence. Using a panel dataset covering 88 countries for the 1995-2010 period and system GMM estimation, this paper finds that 1) capital controls help improve a country’s monetary independence; 2) the effectiveness of capital controls depends on the types of assets and the direction of flows they …

Commodity Prices (Chapter 10), Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (n.d.). Ch 10 commodity prices / industrial prices (Unpublished manuscript notes) (p. 1).
• Shaikh, A. (2011, January 11). Fixcapesample.xmcd (Unpublished manuscript notes) (p. 2).
• Shaikh, A. (n.d.). Production function notes.docx (Unpublished manuscript notes) (p. 4).
• Shaikh, A. (2010, August 28). Petri reswitching.xmcd (Unpublished manuscript notes) (p. 22).
• Shaikh, A. (2013, November 24). Price and value aggregates (Unpublished manuscript notes) (p. 26).
• Shaikh, A. (2009, January 6). Three lines of inquiry w/r linear std prices (Unpublished manuscript notes) (p. 27).
• Shaikh, A. (2010, January 20). Subdominant eigenvalues of a (Unpublished manuscript notes) (p. 28).
• Shaikh, A. …

Eminent Economist Galleys, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2013). Order in and through disorder: the invisible hand as a turbulent regulator (Unpublished manuscript) (p. 2).
• Shaikh, A. (2013). No question market (Handwritten note) (p. 2).
• Shaikh, A. (2013). Up (Handwritten note) (p. 4).
• Shaikh, A. (2013). S(?) (Handwritten note) (p. 5).
• Shaikh, A. (2013). And more recently of rob johnson and the institute for new economic thinking (inet) (Handwritten note) (p. 7).
• Shaikh, A. (2013). Le (Handwritten note) (p. 9).
• Shaikh, A. (2013). E (Handwritten note) (p. 9).
• Becker, G. S. (1962). Irrational behavior and economic theory. Journal of Political Economy, …

The Organization Of Banking And Supervision, Introduction And Overview, Clas Wihlborg

Business Faculty Articles and Research

"The focus of this Special Issue is on organizational reforms in the financial sector in the aftermath of the financial crisis 2007-2009 and the subsequent euro-zone crisis. In particular, the perception that many banks were too big and too complex to fail during the crisis, which led to very costly bailouts at tax-payers expense in several countries, has fueled a number of proposals to limit the size and the complexity of financial institutions, as well as proposals to reorganize public authorities responsible for supervision and crisis management."

A Study Of Corruption, Foreign Aid, And Economic Growth, Amanda Deerfield

Theses and Dissertations--Public Policy and Administration

Foreign aid donors increasingly demand that aid is used efficiently and effectively. This study examines the effect of corruption levels, measured by the Corruption Perceptions Index, within a recipient country on the levels of economic growth. A growing literature outlines the mechanisms through which corruption impedes economic growth and is summarized within. Additionally, as longevity gains may result from foreign aid but are not captured in economic growth, this study computes a variable called the Life Quality Indicator (LQI) that combines such gains with economic growth and examines corruption’s effect on LQI growth. As any windfall, foreign aid has been …

Cafio-Prg Develops Novel Approach To Policy Research, Konstantinos Giannakas

CAFIO: Policy Research Group Policy Pagers

The University of Nebraska-Lincoln has received a grant from the United States Department of Agriculture under the Policy Research Centers Program. This grant has supported the establishment of a Policy Research Group (PRG) as part of the Center for Agricultural and Food Industrial Organization (CAFIO) in the Department of Agricultural Economics. CAFIO-PRG is led by the Project Director, Professor Konstantinos Giannakas, and its main focus is on the development of a novel, empirically relevant, integrated, multi-market framework of policy analysis.

Consumer Attitudes And Labeling Regime Key To The Market Potential Of Food Nanotechnology, Miah Tran, Amalia Yiannaka, Konstantinos Giannakas

CAFIO: Policy Research Group Policy Pagers

Research shows that, even though most consumers lack knowledge and understanding of the technology, they nevertheless have strong opinions as to its potential risks and benefits. Advocates are determined to not repeat the mistakes of biotechnology. Understanding the factors determining the market acceptance of food nanotechnology and its potential impact on the different interest groups involved can inform the design of effective policies and strategies governing food nanotechnology innovations.

Country-Of-Origin-Labeling Creates Winners And Losers Among Consumers, Producers, And Retailers, Konstantinos Giannakas, Alejandro Plastina, Daniel Pick

CAFIO: Policy Research Group Policy Pagers

Public Law 107-171, the United States Farm Security and Rural Investment Act of 2002, required country-of-origin labeling (COOL) for beef, lamb, pork, fish, perishable agricultural commodities, and peanuts. While the aim is to benefit domestic consumers by allowing them to make informed decisions, the effects of COOL have been the subject of a heated on-going debate. Advocates of COOL argue the existence of an “overwhelming” consumer support for country of origin information and benefits that substantially outweigh the costs of this labeling regime. Opposing groups have expressed concerns about the potential competitive disadvantage that non-integrated producers might face due to …

Consumer-Oriented Gm Products Can Hurt Producers, Konstantinos Giannakas, Rim Lassoued

CAFIO: Policy Research Group Policy Pagers

Despite their important agronomic benefits to agricultural producers, GM products (GMPs) have been facing a, rather strong, consumer opposition. This opposition varies significantly between countries and so does the countries’ regulatory response to products of biotechnology. While the US treats biotech products as substantially equivalent to their conventional counterparts and does not require their segregation and labeling, the European Union (EU), based on its “precautionary principle” and consumers’ “right to know,” has instituted a mandatory labeling regime that is regarded as the strictest in the world.

Food Labeling Standards Have Significant Welfare And Distributional Impacts, Konstantinos Giannakas, Nicholas Kalaitzandonakes, Alexandre Magnier

CAFIO: Policy Research Group Policy Pagers

Discussions on the appropriate regulatory norms for genetically modified (GM) foods date back to the early 1980s. Thirty years later, a consensus on what such norms should be remains elusive. Some countries, including the United States and Canada, consider GM foods substantially equivalent to their conventional counterparts and do not require segregation and labeling of these products. Others, including the European Union, Japan, South Korea, New Zealand, Australia, and China have introduced mandatory labeling regimes.

Empathy Nudging Increases Conservation Of Farming Land, Natalia V. Czap, Hans J. Czap, Gary D. Lynne, Mark E. Burbach

CAFIO: Policy Research Group Policy Pagers

One of the major challenges of environmental policy with regard to conservation is that it must often rely on voluntary and non-selfish actions of individuals. Traditionally policy makers rely on direct regulation and financial incentives, but both approaches face problems. Regulations may lead to resentment and the costs of perfect enforcement are prohibitively high. Financial incentives can be perverse and may lead to unintended consequences, including crowding out of intrinsic motivation. In addition, behavioral economics and economic psychology studies demonstrate that the assumptions of the neoclassical economic models (such as self-interest only, rationality, and willpower) on which the policy design …

2013 Farm Bill: An Experimental Test Of The Senate And House Proposals, Natalia V. Czap, Hans J. Czap, Gary Lynne, Mark E. Burbach

CAFIO: Policy Research Group Policy Pagers

The 2008 Farm Bill currently guides agricultural and related environmental/conservation policy. Versions proposed by the United States Senate and the House of Representatives, to be implemented in the 2013 Farm Bill after differences are resolved, aim to achieve environmental (and other food related) goals, while also seeking significant spending cuts. While both versions propose to eliminate the Direct Payments program, they differ with respect to how other crop supports should work and whether crop insurance subsidies should be linked to conservation practices. The Senate Bill supports a policy design based on cross‐compliance, that is, crop insurance subsidies are conditional on …

How Many Barack Obamas Does It Take: An Analysis Of The Effect Of Charter Schools On Real Estate And Crime, Aananditaa Kakkar

CMC Senior Theses

This study looks at the relationship between charter school presence and neighborhood quality in Los Angeles. Using data from the Los Angeles Department of Education, Zillow Real Estate, and the Los Angeles Sheriff, this paper attempts to find whether changes in charter presence influence the price of surrounding real estate or the occurrence of serious and petty crimes. The results find that charter schools tend to be associated with a decrease in home sale prices. The results on crime imply that crime increases upon the opening of charter schools, however they are statistically insignificant.

The Price Discounts Of Chinese Cross-Listed Companies And Their Variation Across Sectors, Tom Guo

CMC Senior Theses

This study builds on the paper by Arquette, Brown, and Burdekin (2008) and asks whether the factors which they find to be significant in influencing the differential between the share prices of Chinese securities traded on their home market in Shanghai versus share prices observed offshore in Hong Kong and New York have varying degrees of influence when compared across industries. This paper focuses on Chinese companies listed on both the Shanghai and Hong Kong Stock Exchanges and finds that the proxy variables of expected exchange rate change, relative market sentiment, and relative company sentiment are significant in determining the …

Fossil Fuel Subsidies: Impacts And Reform Strategies, Jennifer E. Good

CMC Senior Theses

This thesis uses cross-country panel regressions to identify the effects of fossil-fuel subsidies for both oil importers and oil exporters on GDP growth, industry growth, crowding out of government expenditures in education, health, and infrastructure, government debt, carbon dioxide emissions, inequality and poverty. Fossil-fuel subsidies are found to be associated with lower levels of growth and industry growth, less government expenditure on health and education, poorer infrastructure quality, more government debt, and higher rates of carbon dioxide emissions. No relationship is found between fossil fuel subsidies and poverty and inequality. These results confirm the arguments of those that argue that …