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Articles 91 - 120 of 533
Full-Text Articles in Economics
Free Trade Agreements And Volatility Of Stock Returns And Exchange Rates: Evidence From Nafta, Bram Daelemans, Joseph P. Daniels, Farrokh Nourzad
Free Trade Agreements And Volatility Of Stock Returns And Exchange Rates: Evidence From Nafta, Bram Daelemans, Joseph P. Daniels, Farrokh Nourzad
Economics Faculty Research and Publications
This paper uses GARCH models and daily data to investigate the effect of the Canada – U.S. Free Trade Agreement (CUSFTA) and NAFTA on the volatility of, and the relationship between stock market returns and changes in bilateral exchange rates of the member countries. Empirical results indicate that the CUSFTA had a stabilizing effect on the Canadian and U.S. equity markets while increasing the volatility of the CAD/USD exchange rate. NAFTA further reduced the two stock markets’ volatility, however unlike CUSFTA, NAFTA also reduced the volatility of the CAD/USD exchange rate. Additional results indicate that during NAFTA, the Mexican stock …
Religious Identity Formation: Constraints Imposed On Religious Institutions And Implications For The Meaning Of Religious Affiliation, Marc Von Der Ruhr, Paul Ngo, Joseph P. Daniels
Religious Identity Formation: Constraints Imposed On Religious Institutions And Implications For The Meaning Of Religious Affiliation, Marc Von Der Ruhr, Paul Ngo, Joseph P. Daniels
Economics Faculty Research and Publications
Religiosity in the United States remains a strong social force. The United States persistently demonstrates higher religious participation than Europe. Some recent trends documented by the Pew Research Center in its 2008 and 2015 publications on the U.S. religious landscape, however, cite evidence that different religious groups are experiencing very different trends in participation. These trends show a recent and significant decline among many moderate Protestant denominations but a modest increase in participation at fundamentalist churches. The Pew Research Center similarly documents significant inconsistencies between what a religious hierarchy teaches versus what individuals personally choose to believe. For example, and …
Revenue Sharing And Player Salaries In Major League Baseball, James Richard Hill, Nicholas A. Jolly
Revenue Sharing And Player Salaries In Major League Baseball, James Richard Hill, Nicholas A. Jolly
Economics Faculty Research and Publications
This article analyzes how changes made to the revenue sharing agreement in the 2007 Major League Baseball collective bargaining agreement influenced the salaries of position players and pitchers. The tax rates associated with revenue sharing decreased following ratification of the 2007 agreement. Theoretically, these changes should increase players’ marginal revenue product and, therefore, salaries. Results indicate that position players experienced an increase in salary following the 2007 agreement. Pitchers’ salaries also increased, but by a smaller amount. The effect of the 2007 agreement was different throughout the salary distribution for position players, but uniform throughout the distribution for pitchers.
Does Athletic Success Influence Persistence At Higher Education Institutions? New Evidence Using Panel Data, Daniel C. Hickman, Andrew G. Meyer
Does Athletic Success Influence Persistence At Higher Education Institutions? New Evidence Using Panel Data, Daniel C. Hickman, Andrew G. Meyer
Economics Faculty Research and Publications
This study examines the relationship between athletic success and student persistence toward a degree. We build an updated panel of National Collegiate Athletic Association (NCAA) Division I institutions and utilize within-institution variation to identify the effects of athletic success. Using a ranking of all institutions, we find that having more successful men's basketball and football teams has a significant positive effect on first-year retention rates. We also find some evidence that improved basketball rankings increase graduation rates, and that success in the NCAA tournament may have a sizable impact on retention. Although the estimated effects are generally modest in scale, …
Perceptions Of Institutional Quality: Evidence Of Limited Attention To Higher Education Rankings, Andrew G. Meyer, Andrew R. Hanson, Daniel C. Hickman
Perceptions Of Institutional Quality: Evidence Of Limited Attention To Higher Education Rankings, Andrew G. Meyer, Andrew R. Hanson, Daniel C. Hickman
Economics Faculty Research and Publications
Rankings of colleges and universities provide information about quality and potentially affect where prospective students send applications for admission. We find evidence of limited attention to the popular U.S. News and World Report rankings of America’s Best Colleges. We estimate that applications discontinuously drop by 2%–6% when the rank moves from inside the top 50 to outside the top 50 whereas there is no evidence of a corresponding discontinuous drop in institutional quality. Notably, the ranking of 50 corresponds to the first page cutoff of the printed U.S. News guides. The choice of college is typically a one-time decision with …
Do College Admissions Counselors Discriminate? Evidence From A Correspondence-Based Field Experiment, Andrew R. Hanson
Do College Admissions Counselors Discriminate? Evidence From A Correspondence-Based Field Experiment, Andrew R. Hanson
Economics Faculty Research and Publications
I design and implement a correspondence based field experiment to test for race and gender discrimination among college admissions counselors in the student information gathering stage. The experiment uses names to identify student race and gender, and student grade, SAT score, and writing differences to reflect varying levels of applicant quality. I find that counselors do not respond differently by race in most cases, but there are measurable differences in response/non-response and in the type of correspondence sent that favor female students. I also find that the quality of the student induces large differences in the type of response.
(Wp 2017-04) Behavioral Economics And The Positive-Normative Distinction: Sunstein’S Choosing Not To Choose And Behavioral Economics Imperialism, John B. Davis
Economics Working Papers
This paper examines behavioral economics’ use of the positive-normative distinction in its critique of standard rational choice theory as normative, and argues that it departs from Robbins’ understanding of that distinction in ways that suggest behavioral economists themselves do not observe that distinction. One implication of this is that behavioral economists generally do not recognize Putnam’s fact-value ‘entanglement thesis’ while a second implication is that the charge that rational choice theory is descriptively inadequate paradoxically appears to mean that it does not employ the implicit value basis and normative vision that behavioral economics recommends, thus actually violating Robbins’ distinction. This …
Corporate Income Taxes And Labor: An Investigation Of Empirical Evidence, Andrew R. Hanson, Ike Brannon
Corporate Income Taxes And Labor: An Investigation Of Empirical Evidence, Andrew R. Hanson, Ike Brannon
Economics Faculty Research and Publications
With the highest top marginal corporate tax rate among OECD nations and the third-highest in the world at 35 percent, it is not surprising that policymakers have long evinced a desire to lower the U.S. federal corporate income tax rate. Reducing the corporate income tax rate has implications for a wide-range of outcomes – from federal revenues to foreign direct investment, but the effects of such a change on workers is less understood. This paper examines the empirical literature on the effect of corporate income taxes on labor, specifically on employment and worker incomes. In general, empirical work with the …
(Wp 2017-03) Agent-Based Modeling’S Open Methodology Approach: Simulation, Reflexivity, And Abduction, John B. Davis
(Wp 2017-03) Agent-Based Modeling’S Open Methodology Approach: Simulation, Reflexivity, And Abduction, John B. Davis
Economics Working Papers
This paper argues that agent-based modeling’s innovations in method developed in terms of simulation techniques also involve an innovation in economic methodology. It shows how Epstein’s generative science conception departs from conventional methodological reasoning, and employs what I term an open rather than closed approach to economic methodology associated with the roles that reflexivity, counterfactual reasoning, and abduction play in ABM. Central to this idea is that improvements in how we know something, a matter of method, determine whether we know something, a matter of methodology. The paper links this alternative view of economics and economic methodology to a social …
Safety Regulation In Professional Football: Empirical Evidence Of Intended And Unintended Consequences, Andrew R. Hanson, Nicholas A. Jolly, Jeremy Peterson
Safety Regulation In Professional Football: Empirical Evidence Of Intended And Unintended Consequences, Andrew R. Hanson, Nicholas A. Jolly, Jeremy Peterson
Economics Faculty Research and Publications
In response to increasing public awareness and negative long-term health effects of concussions, the National Football League implemented the “Crown-of-the-Helmet Rule” (CHR). The CHR imposes penalties on players who initiate contact using the top of the helmet. This paper examines the intended effect of this policy and its potential for unintended consequences. We find evidence supporting the intended effect of the policy- a reduction in weekly concussion reports among defensive players by as much as 32% (34% for all head and neck injuries), but also evidence of an increase in weekly lower extremity injury reports for offensive players by as …
“No Shut-Off” Policies And Natural Gas Consumption, David E. Clark, Catherine Dybicz, Andrew R. Hanson, Farrokh Nourzad
“No Shut-Off” Policies And Natural Gas Consumption, David E. Clark, Catherine Dybicz, Andrew R. Hanson, Farrokh Nourzad
Economics Faculty Research and Publications
Many U.S. states have regulations that prevent natural gas utility companies from turning off service to non-paying consumers. The goal of these policies, termed “no shut-off” (NSO) regulations, is to provide a guaranteed minimum level of residential comfort by reducing the marginal cost of consumption to zero for a period of time. This paper employs a difference-in-difference approach applied to residential U.S. Energy Information Administration data to evaluate whether NSO policies generate higher levels of gas usage. Our preferred specifications suggest that activation of a NSO policy increases natural gas consumption by between 4.7–4.8%, resulting in a total increase of …
Analyzing The Characteristics Of Plants Choosing To Opt-Out Of The Large Combustion Plant Directive, Andrew G. Meyer, Grzegorz Pac
Analyzing The Characteristics Of Plants Choosing To Opt-Out Of The Large Combustion Plant Directive, Andrew G. Meyer, Grzegorz Pac
Economics Faculty Research and Publications
The EU Large Combustion Plant Directive (LCPD) is a major but largely unstudied environmental regulation. Most of the 1585 large combustion plants in this analysis are electricity supply plants or combined heat and power plants. We find that, controlling for country characteristics and plant size, plants in the electricity supply, combined heat and power, district heating, and paper industries have a higher probability of being opted-out of the emission limit values (ELVs), which necessitates eventual plant closure. Controlling for plant size and industry, increasing the amount of solid fuel or natural gas utilized at a plant is associated with a …
The Impact Of Education On Political Ideology: Evidence From European Compulsory Education Reforms, Andrew G. Meyer
The Impact Of Education On Political Ideology: Evidence From European Compulsory Education Reforms, Andrew G. Meyer
Economics Faculty Research and Publications
Previous research documents a correlation between education and political ideology, usually indicating a positive relationship between education and left-wing political views. In this paper, I examine to what extent this association is causal. I merge political ideology data from 25 waves of Eurobarometer surveys with information on 18 educational reforms in 11 European countries. I then instrument for educational attainment with a regression discontinuity design that estimates the increase in education due to compulsory educational reforms. Notably, it appears that omitted variables bias is important here. I find a significant causal effect of education moving individuals to the right when …
(Wp 2017-02) The Great Recession And Public Education, William N. Evans, Robert M. Schwab, Kathryn L. Wagner
(Wp 2017-02) The Great Recession And Public Education, William N. Evans, Robert M. Schwab, Kathryn L. Wagner
Economics Working Papers
We examine the impact of the Great Recession on K-12 education finance and employment and generate five key results. First, nearly 300,000 school employees lost their jobs. Second, schools that were heavily dependent financially on state governments were particularly vulnerable to the recession. Third local revenues from the property tax actually increased during the recession, primarily because millage rates rose in response to declining property values. Fourth, inequality in school spending rose sharply during the Great Recession. Fifth, the federal government’s efforts to shield education from some of the worst effects of the recession achieved their major goal.
(Wp 2017-01) The Continuing Relevance Of Keynes's Philosophical Thinking: Reflexivity, Complexity, And Uncertainty, John B. Davis
(Wp 2017-01) The Continuing Relevance Of Keynes's Philosophical Thinking: Reflexivity, Complexity, And Uncertainty, John B. Davis
Economics Working Papers
This paper explains the continuing relevance of Keynes’s philosophical thinking in terms of his anticipation of complexity thinking in economics. It argues that that reflexivity is a central feature of the philosophical foundations of complexity theory, and shows that Keynes employed an understanding of reflexivity in both his philosophical and economic thinking. This argument is first developed in terms of his moral science conception of economics and General Theory beauty contest analysis. The paper advances a causal model that distinguishes direct causal relationships and reflexive feedback channels, uses this to distinguish Say’s Law economics and Keynes’s economics, and explains the …
Job-Destroying Effects Of $15 Minimum Wage By Metro, Industry And Occupation, Andrew R. Hanson, Zackary Hawley
Job-Destroying Effects Of $15 Minimum Wage By Metro, Industry And Occupation, Andrew R. Hanson, Zackary Hawley
Economics Faculty Research and Publications
No abstract provided.
Does Eco-Labeling Of Services Matter? Evidence From Higher Education, Daniel C. Hickman, Andrew G. Meyer
Does Eco-Labeling Of Services Matter? Evidence From Higher Education, Daniel C. Hickman, Andrew G. Meyer
Economics Faculty Research and Publications
Eco-labeling of services has become increasingly common, yet little empirical evidence exists concerning its effectiveness. We address this gap in the literature by analyzing a highly visible eco-label, the American College and University Presidents’ Climate Commitment (ACUPCC), in the sector of higher education. We match information about the ACUPCC to the US Department of Education IPEDS database to examine the impact of signing on student applications, admissions, and enrollment. We mainly utilize a difference-in-difference approach to identify the effects of interest but confirm results with an interrupted time series model. We find that signing the ACUPCC increases applications and admitted …
Shock, But No Shift: Hospitals' Responses To Changes In Patient Insurance Mix, Kathryn L. Wagner
Shock, But No Shift: Hospitals' Responses To Changes In Patient Insurance Mix, Kathryn L. Wagner
Economics Faculty Research and Publications
Medicaid reimburses healthcare providers for services at a lower rate than any other type of insurance coverage. To account for the burden of treating Medicaid patients, providers claim that they must cost-shift by raising the rates of individuals covered by private insurance. Previous investigations of cost-shifting has produced mixed results. In this paper, I exploit a disabled Medicaid expansion where crowd-out was complete to investigate cost-shifting. I find that hospitals reduce the charge rates of the privately insured. Given that Medicaid is expanding in several states under the Affordable Care Act, these results may alleviate cost-shifting concerns of the reform.
Effects Of Foreign Direct Investment On Firm-Level Technical Efficiency: Stochastic Frontier Model Evidence From Chinese Manufacturing Firms, Miao Grace Wang, Sunny Wong
Effects Of Foreign Direct Investment On Firm-Level Technical Efficiency: Stochastic Frontier Model Evidence From Chinese Manufacturing Firms, Miao Grace Wang, Sunny Wong
Economics Faculty Research and Publications
It has been recognized that multinational corporations can spill over to non-affiliated firms in host economies. Existing studies of foreign direct investment (FDI) and productivity growth often assume firms are perfectly efficient. Our paper relaxes this assumption and explores how FDI affects a firm’s technical efficiency improvement as well as its technical progress in a stochastic frontier model. The stochastic frontier model estimates a firm’s production frontier given a set of production inputs. The deviation of a firm’s actual output level from its maximum level of output is defined as technical inefficiency. Using data from more than 12,000 Chinese manufacturing …
(Wp 2016-05) Hodgson, Cumulative Causation, And Reflexive Economic Agents, John B. Davis
(Wp 2016-05) Hodgson, Cumulative Causation, And Reflexive Economic Agents, John B. Davis
Economics Working Papers
This paper examines Geoff Hodgson’s interpretation of Veblen in agency-structure terms, and argues it produces a conception of reflexive economic agents. It then sets out an account of cumulative causation processes using this reflexive agent conception, modeling them as a two-part causal process, one part involving a linear causal relation and one part involving a circular causal relation. The paper compares the reflexive agent conception to the standard expected utility conception of economic agents, and argues that on a cumulative causation view of the world the completeness assumption essential to the standard view of rationality cannot be applied. The final …
(Wp 2016-06) The Effectiveness Of Central Bank Forward Guidance Under Inflation And Price-Level Targeting, Stephen J. Cole
(Wp 2016-06) The Effectiveness Of Central Bank Forward Guidance Under Inflation And Price-Level Targeting, Stephen J. Cole
Economics Working Papers
This paper examines the effectiveness of central bank forward guidance under inflation and price-level targeting monetary policies. The results show that the attenuation of the effects of forward guidance can be solved if a central bank switches from inflation targeting to price-level targeting. Output and inflation respond more favorably to forward guidance with price-level targeting than inflation targeting. A monetary policy rule that aggressively reacts to inflation and includes interest rate inertia narrows the performance gap between the two policy regimes. However, forward guidance with price-level targeting is still preferred to forward guidance with inflation targeting after performing multiple robustness …
Is Unemployment Good For The Environment?, Andrew G. Meyer
Is Unemployment Good For The Environment?, Andrew G. Meyer
Economics Faculty Research and Publications
Environmental quality is a public good, potentially impacted by everybody. Individual level pro-environmental behavior affects environmental quality in the aggregate. Therefore, it is important to understand what causes individual’s pro-environmental behaviors to change. We quantify the causal effect of one determinant, unemployment, using an EU-27 population representative Eurobarometer survey. Drawing on results from the theory of the private provision of public goods, and recognizing that unemployment decreases income and the opportunity cost of time, we formulate testable predictions that unemployment will decrease the extent of pro-environmental behaviors that require monetary contributions and increase the extent of pro-environmental behaviors that mainly …
Metropolitan Area Home Prices And The Mortgage Interest Deduction: Estimates And Simulations From Policy Change, Hal Martin, Andrew R. Hanson
Metropolitan Area Home Prices And The Mortgage Interest Deduction: Estimates And Simulations From Policy Change, Hal Martin, Andrew R. Hanson
Economics Faculty Research and Publications
We simulate changes to metropolitan area home prices from reforming the Mortgage Interest Deduction (MID). Price simulations are based on an extended user cost model that incorporates two dimensions of behavioral change in home buyers: sensitivity of borrowing and the propensity to use tax deductions. We simulate prices with both inelastic and elastic supply. Our results show a wide range of price effects across metropolitan areas and prospective policies. Considering behavioral change and no supply elasticity, eliminating the MID results in average home price declines as steep as 13.5% in Washington, D.C., and as small as 3.5% in Miami-Fort Lauderdale, …
(Wp 2016-04) Shock, But No Shift: Hospitals' Responses To Changes In Patient Insurance Mix, Kathryn L. Wagner
(Wp 2016-04) Shock, But No Shift: Hospitals' Responses To Changes In Patient Insurance Mix, Kathryn L. Wagner
Economics Working Papers
Medicaid reimburses healthcare providers for services at a lower rate than any other type of insurance coverage. To account for the burden of treating Medicaid patients, providers claim that they must cost-shift by raising the rates of individuals covered by private insurance. Previous investigations of cost-shifting has produced mixed results. In this paper, I exploit a disabled Medicaid expansion where crowd-out was complete to investigate cost-shifting. I find that hospitals reduce the charge rates of the privately insured. Given that Medicaid is expanding in several states under the Affordable Care Act, these results may alleviate cost-shifting concerns of the reform.
Competition, Cost Innovation, And X-Inefficiency In Experimental Markets, Andrew Smyth
Competition, Cost Innovation, And X-Inefficiency In Experimental Markets, Andrew Smyth
Economics Faculty Research and Publications
This paper examines the relationship between competition, cost innovation, and x-inefficiency in experimental markets. In the lab, oligopolists make closer-to-optimal cost innovation expenditures than do monopolists, which result in lower x-inefficiency in oligopoly than in monopoly. Oligopolies also increase total surplus relative to monopoly, and consumer surplus makes up a larger portion of total surplus in oligopoly than monopoly. The data illustrate how x-inefficiency affects surplus dynamically and suggest price as a mechanism by which competitive pressure increases cost efficiency.
The Economic Trinity: Communion With The Triune God In A Market Economy, David Glenn Butner Jr.
The Economic Trinity: Communion With The Triune God In A Market Economy, David Glenn Butner Jr.
Dissertations (1934 -)
Many theological approaches to economics claim that the market economy can help develop an economic agent in virtue, while others argue that market economies undermine virtue, impede authentic spirituality, or result in injustice. Similarly, experimental and behavioral economists have identified market constructions that influence economic agents in terms of their motivations, perceptions, actions, and self-understanding in positive or negative ways. This dissertation theologically analyzes these two bodies of literature under the conviction that any redemptively significant development that an economic agent undergoes in the economy must be attributed to God’s grace. This project develops a Reformed and trinitarian theology of …
(Wp 2016-03) Economics, Neuroeconomics, And The Problem Of Identity, John B. Davis
(Wp 2016-03) Economics, Neuroeconomics, And The Problem Of Identity, John B. Davis
Economics Working Papers
This paper reviews the debate in economics over neuroeconomics’ contribution to economics. It distinguishes majority and minority views, argues that this debate has been framed by mainstream economics’ conception of itself as an isolated science, and argues that this framing has put off the agenda in economics issues such as individual identity that are increasingly important in connection with the social and historical context of economic explanations in a changing complex world. The paper first discusses how the debate over neuroeconomics has been limited to the question of what information from other sciences might be employed in economics. It then …
(Wp 2016-02) The Limits Of Central Bank Forward Guidance Under Learning, Stephen J. Cole
(Wp 2016-02) The Limits Of Central Bank Forward Guidance Under Learning, Stephen J. Cole
Economics Working Papers
Central bank forward guidance emerged as a pertinent tool for monetary policymakers since the Great Recession. Nevertheless, the effects of forward guidance remain unclear. This paper investigates the effectiveness of forward guidance while relaxing two standard macroeconomic assumptions: rational expectations and frictionless financial markets. Agents forecast future macroeconomic variables via either the rational expectations hypothesis or a more plausible theory of expectations formation called adaptive learning. A standard Dynamic Stochastic General Equilibrium (DSGE) model is extended to include the financial accelerator mechanism. The results show that the addition of financial frictions amplifies the differences between rational expectations and adaptive learning …
Explaining The Fixed Cost Component Of Discounting: The Importance Of Students' Liquidity Constraints, Andrew G. Meyer
Explaining The Fixed Cost Component Of Discounting: The Importance Of Students' Liquidity Constraints, Andrew G. Meyer
Economics Faculty Research and Publications
Utilizing experimental data on choices over real monetary rewards made by university students, we provide evidence that two measures of liquidity, income and employment status, significantly explain differences in patterns of discounting. We find an average fixed cost component of discounting in the range of $5 for unemployed students and near $0 for employed students. An increase in annual disposable income of $1000 decreases the fixed cost component of discounting by approximately $0.20 to $0.25. These findings can help resolve the puzzle that some studies in the literature find evidence of present-bias and magnitude effects and some do not.
Discrimination In Mortgage Lending: Evidence From A Correspondence Experiment, Andrew R. Hanson, Zackary Hawley, Hal Martin, Bo Liu
Discrimination In Mortgage Lending: Evidence From A Correspondence Experiment, Andrew R. Hanson, Zackary Hawley, Hal Martin, Bo Liu
Economics Faculty Research and Publications
We design and implement an experimental test for differential response by mortgage loan originators (MLOs) to requests for information about loans. Our e-mail correspondence experiment is designed to analyze differential treatment by client race and credit score. Our results show net discrimination by 1.8% of MLOs through non-response. We also find that MLOs offer more details about loans and are more likely to send follow up correspondence to whites. The effect of being African American on MLO response is equivalent to the effect of having a credit score that is 71 points lower.