Economics Commons^™

Finance And Empire: 'Gentlemanly Capitalism' In Britain's Occupation Of Egypt, Jared Paul Iacolucci

Dissertations, Theses, and Capstone Projects

Toward the beginning of the nineteenth century, Egypt was being led by Mehmed Ali, a reformer eager to build his own dynastic state separate from the Ottoman Empire. Despite his achievements, by the end of the nineteenth century Egypt had been occupied by Great Britain for nearly two decades. This paper will examine the developments in Egypt and Great Britain that drew the two together, with particular emphasis on the growth and expansion of international finance into foreign government lending. As finance became an increasingly profitable career in Britain, financiers entered the gentlemanly class and socialized with the political elite. …

Dollar Democracy: The Politics Of Dollarization In Latin America, Cori Madrid

Dissertations, Theses, and Capstone Projects

The state's right to print money and control monetary policy is among its most powerful abilities: it allows the state to manage the economy, raise revenue, and reward political allies. Since the establishment of the Westphalian state system, the state's monopoly of money within its borders has been a source of wealth and within the last century, influence over the macroeconomy and local actors. Nevertheless, in the year 2000, Ecuador and El Salvador surprised the world by announcing that they would officially dollarize their economies, replacing their national currencies with the dollar. What can explain why countries, such as Ecuador …

Which Extramural Scientists Were Funded By Nih From Its Arra Funds?, Martin D. Sorin, Randall Hannum

Publications and Research

NIH distributed $10 billion of ARRA research funds among Principal Investigators (PIs) in 2009-2010. We studied how well the program achieved the goal of creating and retaining jobs. To analyze the distribution of ARRA funding among PIs, they were categorized in two ways: One was based on their history of research funding; the other on the type of funding, ARRA and non-ARRA, each received in 2009 and 2010. These classifications provide insights into who received ARRA funding and how many research PI jobs were created or retained. We found that the majority of ARRA award recipients already had grants and …

Sovereign Debt And Tax Collection Dynamics In Argentina, Kyle Royal Bauser

Dissertations, Theses, and Capstone Projects

This manuscript examines how the dynamic macroeconomic effects from shocks to taxes and inflation differ between the United States and Argentina. On the fiscal side, wages, private capital, and consumption tax cuts have long-run revenue growth effects (in both countries) that mitigate initial tax receipt losses. These growth effects, however, are larger in Argentina - a country where both the consumption tax rate and sensitivity to wage changes are higher. Specifically, Chapter 2 finds that growth from a U.S. capital tax cut pays for roughly 60% of the initial static loss, whereas the corresponding effect in Argentina is 80%. On …

The Effects Of Fiscal Policy On Savings And Investment, Andrew A. Bossie

Dissertations, Theses, and Capstone Projects

This dissertation contains three essays exploring the effect of fiscal policy shocks on savings and lending behavior of the private economy. Two essays focus on World War II and one essay focuses on the entire postwar period. Essay I looks at the response of monetary policy to fiscal policy shocks and the effect of fiscal policy on the private sector's balance sheet over a period that covers 1954 and 2007. I find a minimal response of the Federal Reserve to fiscal policy shocks. I also find the the main response of the private sector to fiscal policy shocks manifests itself …

For Right And Might: The Militarization Of The Cold War And The Remaking Of American Democracy, Michael Brenes

Dissertations, Theses, and Capstone Projects

This dissertation examines how Cold War defense spending shaped the evolution of American political culture and public policy from the 1940s until the 1990s. It argues that the Cold War economy contributed to the realignment of American politics in the postwar era. The fight against global communism abroad altered the structure, purpose, and public perception of the federal government following World War II, but also subsidized corporations, suburban communities, and individuals affected by defense spending. The militarization of the Cold War therefore created various dependents of America's military and defense apparatus that continuously pressed for more defense spending during the …

Essays On Financial Market Volatility: Applications Of Time-Varying Dynamics, Emily Johnston

Dissertations, Theses, and Capstone Projects

This dissertation examines time-variation in asset volatility surrounding periods of financial market distress. In the first chapter we give a brief introduction of the overall theme of the project, and we outline the models used. The next chapters individually focus on the application of time-varying volatility to important themes in the literature. These include: the behavior of investor risk preferences across periods of stability and distress; inconsistencies in options pricing with regard to the behavior of the underlying asset; and the characterization of time-varying volatility dynamics in equity returns.

The second chapter of this dissertation examines the impact of changing …

Fiscal Decentralization: Does The Source Of Revenue Matter?, Pallavi Jain Govil

Dissertations, Theses, and Capstone Projects

Fiscal Decentralization: does the Source of Revenue Matter?

Evidence from Rural India

Pallavi Jain Govil

Adviser: Professor Timothy J. Goodspeed

Is the pattern of expenditures of village governments related to their sources of revenue? Do village governments use own-source revenues more efficiently than transfer grants to provide public services to their constituents?

This paper begins with the premise that local governments are more participative, more acceptable, and more accountable and hence, deliver better. I use a policy change introduced in 1997 in province of Madhya Pradesh in India, whereby the power to collect royalty and lease rents on minor mineral …

A Simple Treatment Of The Liquidity Trap For Intermediate Macroeconomics Courses, Sebastien Buttet, Udayan Roy

Publications and Research

Several leading undergraduate intermediate macroeconomics textbooks now include a simple reduced-form New Keynesian model of short-run dynamics (alongside the IS-LM model). Unfortunately, there is no accompanying description of how the zero lower bound on nominal interest rates affects the model. In this article, the authors show how the aforementioned model can easily be modified to teach undergraduate students about the significance of the zero lower bound for economic performance and policy. This acquires additional significance because economies such as the United States and Japan have been close to the zero lower bound since 2008 and 1995, respectively. The authors show …

Self- Employment In Cuba After The 6th Party Congress, Mario A. Gonzalez-Corzo, Orlando Justo

Publications and Research

No abstract provided.

Does U.S. Macroeconomic News Make Emerging Financial Markets Riskier?, Esin Cakan, Nadia Doytch, Kamal P. Upadhyaya

Publications and Research

This study analyzes the impacts of US macroeconomic announcement surprises on the volatility of twelve emerging stock markets by employing asymmetric GJR-GARCH model. The model includes both positive and negative surprises about inflation and unemployment rate announcements in the U.S. We find that volatility shocks are persistent and asymmetric. Asymmetric volatility increases with bad news on US inflation in five out of the twelve countries studied and it increases with a bad news on U.S. unemployment in four out of twelve countries. Asymmetric volatility decreases with good news about US employment situation in eight countries out of twelve countries. Such …

Los Efectos De Las Transformaciones Agrícolas En Los Antiguos Países Socialistas: Algunas Consideraciones Para Cuba, Mario A. Gonzalez-Corzo

Publications and Research

Este estudio ofrece una síntesis de los efectos principales de las transformaciones agrícolas en un grupo selecto de antiguos países socialistas de Asia y Europa, tomando en base la importancia de indicadores como la producción física, la productividad laboral y los rendimientos agrícolas, y evalúa algunas consideraciones relevantes en el caso de Cuba. Por razones de espacio, el estudio no incluye otros indicadores de los efectos de las reformas agrícolas como los ingresos rurales, el impacto ambiental y los costos de oportunidad relacionados con la transición. Los países incluidos en el estudio son: China, Vietnam, Rusia, Ucrania, Estonia, La Republica …

Gmm Estimation Of Spatial Autoregressive Models With Autoregressive And Heteroskedastic Disturbances, Osman Dogan, Süleyman Taşpınar

Economics Working Papers

We consider a spatial econometric model containing a spatial lag in the dependent variable and the disturbance term with an unknown form of heteroskedasticity in innovations. We first prove that the maximum likelihood (ML) estimator for spatial autoregressive models is generally inconsistent when heteroskedasticity is not taken into account in the estimation. We show that the necessary condition for the consistency of the ML estimator of spatial autoregressive parameters depends on the structure of the spatial weight matrices. Then, we extend the robust generalized method of moment (GMM) estimation approach in Lin and Lee (2010) for the spatial model allowing …

Estonia's Post-Soviet Agricultural Reforms: Lessons For Cuba, Mario A. Gonzalez-Corzo

Publications and Research

No abstract provided.

The Friedman Rule And The Zero Lower Bound, Sebastien Buttet, Udayan Roy

Publications and Research

We explain why central banks rarely implement the Friedman rule by studying the properties of a simple New Keynesian dynamic macroeconomic model that is generalized to incorporate the zero lower bound on nominal interest rates. We show that two long-run equilibria exist, one stable and the other unstable, and we characterize the conditions under which the economy plunges into a deflation-induced depression following a contractionary demand shock. As long as the sum of the inflation rate and the natural real interest rate stays positive, the economy converges back to the long-run stable equilibrium, even when the zero lower bound is …

Trends In Poverty Rates Among Latinos In New York City And The United States, 1990 - 2011, Justine Calcagno

Center for Latin American, Caribbean, and Latino Studies

Introduction: This study examines demographic and socioeconomic factors regarding Latinos in New York City and the United States between 1990 and 2011 – particularly poverty rates.

Methods: Data on Latinos and other racial/ethnic groups were obtained from the U.S. Census Bureau American Community Survey, reorganized for public use by the Minnesota Population Center, University of Minnesota, IPUMSusa. Cases in the dataset were weighted and analyzed to produce population estimates.

Results: The analyzed data indicate that the poverty rate among the national population over the last two decades increased. However, there were nuanced and complex trends within both New York City …

Trends In Median Household Income Among New York City Latinos In Comparative Perspective, 1990 - 2011, Laird W. Bergad

Center for Latin American, Caribbean, and Latino Studies

Introduction: This report examines trends in median household incomes among New York City’s Latino population between 1990 and 2011, and considers these in comparative perspective with the City’s other major race/ethnic groups as well as with Latinos across the United States.

Methods: Data on Latinos and other racial/ethnic groups were obtained from the U.S. Census Bureau American Community Survey, reorganized for public use by the Minnesota Population Center, University of Minnesota, IPUMSusa. Cases in the dataset were weighted and analyzed to produce population estimates.

Results: Between 1990 and 2011 median household incomes among the City’s entire population fell by -4.7%. …

Latinas In New York City: A Comparison Of Education And Income, 1990 – 2010, Justine Calcagno

Center for Latin American, Caribbean, and Latino Studies

Introduction: This study examines demographic and socioeconomic factors regarding Latinos in New York City between 1990 and 2010 – particularly education and income rates among Hispanic females.

Methods: Data on Latinos and other racial/ethnic groups were obtained from the U.S. Census Bureau American Community Survey, reorganized for public use by the Minnesota Population Center, University of Minnesota, IPUMSusa. Cases in the dataset were weighted and analyzed to produce population estimates.

Results: From 1990 to 2010 Latinas’ educational attainment and income levels both rose. Disparities between Latinas and Latinos in yearly personal income have persisted. From 1990 to 2010, women earned …

Global Futures And Government Towns: Phosphates And The Production Of Western Sahara As A Space Of Contention, Mark Drury

Publications and Research

The study of natural resources lends itself to theorizing the politics of nature and the politics of time. The space of Western Sahara, where both remain highly contested, provides an opportunity to consider the ramifications of resources in political conflict at different historical moments. Drawing from environmental histories of North Africa and the Sahara, as well as the anthropology of time, the author focuses on two historical moments. The first, from 1945 to 1972, concerns the discovery of phosphate deposits during the Spanish colonial period and the implications of this discovery for political authority in the Sahara more broadly. The …

An Accounting Exercise For The Shift In Life-Cycle Employment Profiles Of Married Women Born Between 1940 And 1960, Sebastien Buttet, Alice Schoonbroodt

Publications and Research

Life-cycle employment profiles of married women born between 1940 and 1960 shifted upwards and became flatter. We calibrate a dynamic life-cycle model of employment decisions of married women to assess the quantitative importance of three competing explanations of the change in employment profiles: the decrease and delay in fertility, the increase in relative wages of women to men, and the decline in child-care costs. We find that the decrease and delay in fertility and the decline in child-care cost affect employment very early in life, while increases in relative wages affect employment increasingly with age. Changes in relative wages, in …

"These Illegals": Personhood, Profit, And The Political Economy Of Punishment In Federal-Local Immigration Enforcement Partnerships, Daniel L. Stageman

Publications and Research

Contemporary popular discourse linking immigration and immigrants to crime has proved extremely difficult to dislodge, despite clear evidence that immigrant labor provides broad and direct economic benefits to a significant proportion of the US population. The criminalizing discourse directed at immigrants may in part be functional, by leading to restrictionist immigration policies and practices and subjecting immigrants to intensified economic exploitation.

This study examines the economic context in which state and local governments adopt restrictionist immigration policies and practices, and implicates the political economy of punishment (Rusche and Kirchheimer, Punishment and social structure. New York: Columbia University Press, 1939) …

Terrorism In Nigeria: Culmination Of Economic Disenfranchisement, Social Marginalization And Political Instability, Olalekan Afolabi

Dissertations and Theses

No abstract provided.

How Do Latino Groups Fare In A Changing Economy? Occupation In Latino Groups In The Greater New York City Area, 1980-2009, Stephen Ruszczyk

Center for Latin American, Caribbean, and Latino Studies

Introduction: This study examines demographic and socioeconomic factors of racial/ethnic groups in New York City between 1980 and 2009 – particularly the Latino population.

Methods: Data on Latinos and other racial/ethnic groups were obtained from the U.S. Census Bureau American Community Survey, reorganized for public use by the Minnesota Population Center, University of Minnesota, IPUMSusa. Cases in the dataset were weighted and analyzed to produce population estimates.

Results: Trends from 1990 continued in 2000, with numbers of Puerto Ricans in production dropping to only 14% of that group. More than a fifth of Puerto Ricans worked in management and professional …

Who Defaults On Their Home Mortgage?, Eric Doviak, Sean P. Macdonald

Publications and Research

Since Feb. 13, 2010, detailed information on every home mortgage default and foreclosure in New York State must be filed with the New York State Department of Financial Services (DFS). The data come from pre-foreclosure filing (PFF) notices that mortgage servicers must send to both the borrower and the DFS 90 days prior to initiating the foreclosure process and when a foreclosure has commenced. Pairing the PFF data with data on originations from the Home Mortgage Disclosure Act (HMDA) reveals the race and ethnicity of borrowers who defaulted on their home mortgages. HMDA analyses consistently reveal strong racial and ethnic …

Essays On Firm Behavior, Priya Nagaraj

Dissertations, Theses, and Capstone Projects

The Indian economy has received considerable interest in economic research in the last decade. Economic liberalization, greater participation in world trade and the availability of long panel of firm level data has encouraged empirical work on the Indian economy. My research adds to this growing empirical literature on the behavior and performance of Indian firms post liberalization.

This thesis comprises three chapters. In the first chapter, I provide a brief summary of reforms in India, review some of the papers analyzing firm behavior and performance and put it in the perspective of the liberalization process in India. The literature on …

Essays In Health Economics, Leigh Ann Leung

Dissertations, Theses, and Capstone Projects

Health is defined as an individual's mental or physical condition and being healthy means to be free from illness or injury. Health is relevant to both the supply and demand sides of the national economy. On the demand side, consumers derive satisfaction from being healthy. Consumers purchase goods and services to improve their health but also engage in activities that impair health such as smoking or drinking too much. On the supply side, firms produce health care goods and services to meet the market demand for health care derived from consumers' demand for better health. In addition, health augments labor …

Economic Design Of Acceptance Sampling Plans In A Two-Stage Supply Chain, Lie-Fern Hsu, Jia-Tzer Hsu

Publications and Research

Supply Chain Management, which is concerned with material and information flows between facilities and the final customers, has been considered the most popular operations strategy for improving organizational competitiveness nowadays. With the advanced development of computer technology, it is getting easier to derive an acceptance sampling plan satisfying both the producer’s and consumer’s quality and risk requirements. However, all the available QC tables and computer software determine the sampling plan on a noneconomic basis. In this paper, we design an economic model to determine the optimal sampling plan in a two-stage supply chain that minimizes the producer’s and the consumer’s …

Yankee Whaling In The Caribbean Basin: Its Impact In A Historical Context, Aldemaro Romero Jr.

Publications and Research

No abstract provided.

Whose Budget? Our Budget? Broadening Political Stakeholdership Via Participatory Budgeting, Celina Su

Publications and Research

In this thought piece, I attempt to contextualize New York City’s inaugural participatory budgeting (PB) process in the larger landscape of American political participation. I discuss how the bottom-up way in which stakeholders wrote the process’s rules in the first place, alongside the core role played by the two lead organizations, helped to broaden notions of stakeholdership among constituents. Ultimately, the first year’s primary achievement regarding political participation was not a specific set of outcomes, but a debut as an unfinished form of governance—one that began to engage traditionally marginalized constituents, to trigger their political imagination, and to prompt them …

Advancing The Human Right To Housing In Post-Katrina New Orleans: Discursive Opportunity Structures In Housing And Community Development, Leigh Graham

Publications and Research

In post-Katrina New Orleans, housing and community development (HCD) advocates clashed over the future of public housing. This case study examines the evolution of and limits to a human right to housing frame introduced by one nongovernmental organization (NGO). Ferree’s concept of the discursive opportunity structure and Bourdieu’s social field ground this NGO’s failure to advance a radical economic human rights frame, given its choice of a political inside strategy that opened up for HCD NGOs after Hurricane Katrina. Strategic and ideological differences within the field limited the efficacy of this rights-based frame, which was seen as politically radical and …