Economics Commons^™

Leisure Time In Japan: How Much And For Whom?, Scott M. Fuess Jr.

Department of Economics: Faculty Publications

Japan is famous for long working hours. For decades the Japanese government has tried to influence how people spend their free time. In 5-yearly surveys since 1986, the government has surveyed “quality of life” by gauging how much time people spend daily in various “noneconomic” activities. Using results from the 1986, 1991, 1996, and 2001 surveys, this study determines whether time spent daily on leisure activities has actually changed. Controlling for labor market forces, in recent years Japanese adults have not experienced more leisure time overall. They have increased time spent, one hour per week, in media-oriented leisure; this increase, …

Eliminating Star’S Unintended Consequences, John Yinger

Center for Policy Research

It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.

Evaluating The Long-Run Impacts Of The 9/11 Terrorist Attacks On Us Domestic Airline Travel, Scott S. Blunk, David E. Clark, James Mcgibany

Economics Faculty Research and Publications

Although the US airline industry began 2001 with 24 consecutive profitable quarters, including net profits in 2000 totaling $7.9 billion, the impact of the 9/11 event on the industry was substantial. Whereas the recession that began in early 2001 signaled the end of profitability, the 9/11 terrorist attacks pushed the industry into financial crisis after air travel dropped 20% over the September–December 2001 period compared to the same period in 2000. Given the decline in domestic air travel, an important question is whether the detrimental impact of the attacks was temporary or permanent. That is, did airline travel return to …

Developing An Aggregate Marginal Cost Per Flying Hour Model For The U.S. Air Force's F-15 Fighter Aircraft, Patrick D. Armstrong

Theses and Dissertations

This thesis applies econometric techniques to build a "marginal" cost per flying hour model for the U.S. Air Force's F-15CD and E fleets. It used monthly economic, programmatic, operational, and climatology data from FY01-FY04 to construct Depot Level Reparable (DLR) and Consumable (CONS) models on the aggregate level. It incorporated the use of panel data analysis to explore the effect each of the independent variables had on the CPFH rate by time and by base. This allowed it to capture not only the temporal (time) interactions, but also the spatial (cross-sectional) interactions, providing a more robust analysis of the dynamics …

Imprecise Precision: Rejoinder To Basbøll, John B. Davis, Matthias Klaes

Economics Faculty Research and Publications

No abstract provided.

Profiting From Mean-Reverting Yield Curve Trading Strategies, Choong Tze Chua, Winston T. H. Koh, Krishna Ramaswamy

Research Collection School Of Economics

This article studies a set of yield curve trading strategies that are based on the view that the yield curve mean reverts to an unconditional curve. These mean-reverting trading strategies exploit deviations in the level, slope, and curvature of the yield curve from historical norms. Some mean-reverting strategies were found to have significant positive profits. Furthermore, the profitability of one of these strategies significantly outperforms, on a risk-adjusted basis, alternative strategies of an investment bond or equity index.

Regulation And Freedom In Global Business Education, Stefano Harney, Cliff Oswick

Research Collection Lee Kong Chian School Of Business

Purpose: This paper seeks to confront the orthodoxy of global business education with some insights from postcolonial theory in order to develop a new critical pedagogy adequate for a global sociology of management and accounting. Design/methodology/approach: Reviewing the state of play in postcolonial theory and noting the new politicisation in that field, the paper asks what relevance this politicisation might have for an alternative to orthodox global business education. Findings: The paper finds that the texts available to postcolonial theory present a wealth beyond the regulation of colonial and neo‐colonial regimes and in contrast critical management studies do not have …

The Rise In House Prices In China: Bubbles Or Fundamentals?, Jianying Hu, Liangjun Su, Sainan Jin, Wanjun Jiang

Research Collection School Of Economics

The dramatic rise of house prices in many cities of China has brought huge attention from both the governmental and academic circles. There is a huge debate on whether the increasing house prices are driven by market fundamentals or just by speculation. Like Levin and Wright (1997a, 1997b), we decompose house prices in China into fundamental and non−fundamental components. We also consider potential nonlinear feedback from the historical growth rate of house prices on the current house prices and propose a semiparametric approach to estimate the speculative components in the model. We demonstrate that the non−fundamental part contributes a relatively …

Underpriced Default Spread Exacerbates Market Crashes, Winston T. H. Koh, Roberto S. S. Mariano, Andrey Pavlov, Sock Yong Phang, Augustine H. H. Tan, Susan M. Wachter

Research Collection School Of Economics

In this paper, we develop a specific observable symptom of a banking system that underprices the default spread in non-recourse asset-backed lending. Using three different data sets for 18 countries and property types, we find that, following a negative demand shock, the “underpricing” economies experience far deeper asset market crashes than economies in which the put option is correctly priced. Furthermore, only one of the countries in our sample continues to exhibit the underpricing symptom following a market crash. This indicates that market crashes have a cleansing effect and eliminate underpricing at least for a period of time. This makes …

Singapore's Transition To Innovation-Based Economic Growth: Infrastructure, Institutions And Government's Role, Winston T. H. Koh

Research Collection School Of Economics

Technological progress and innovation plays a central role in a country's economic progress. As an economy advances to the global technological frontier and narrows the technological gap, an innovation-based growth strategy that focuses on investments in R&D and technology creation offers the greatest potential for economic growth. In this paper, we discuss the requirements for a successful transition, in terms of changes to the technology infrastructure, economic institutions and the incentives' structure. This paper outlines the efforts made by Singapore to re-make itself as an innovation-based economy, and the challenges faced by the government in transforming the nation's infrastructure and …

Expectations, Animal Spirits, And Evolutionary Dynamics, Angelo Antoci, Massimiliano Landi, Pier Luigi Sacco

Research Collection School Of Economics

We consider a (deterministic) evolutionary model where players have dynamic expectations about the strategy distribution. We provide a global analysis of the co-evolution of play and expectations for a generic two-by-two game. Besides the the typical indeterminacy of the evolutionary dynamics, we find some other ones: for any initial strategy configuration the dynamics can converge to any asymptotically stable fixed point, for different initial values of the expectations. Moreover, starting from the same initial pair of strategy configuration and values of expectations, the dynamics may lead to different asymptotically stable fixed points for different parameters of the expectations.

Employee Screening: Theory And Evidence, Fali Huang, Peter Cappelli

Research Collection School Of Economics

Arguably the fundamental problem faced by employers is how to elicit effort from employees. Most models suggest that employers meet this challenge by monitoring employees carefully to prevent shirking. But there is another option that relies on heterogeneity across employees, and that is to screen job candidates to find workers with a stronger work ethic who require less monitoring. This should be especially useful in work systems where monitoring by supervisors is more difficult, such as teamwork systems. We analyze the relationship between screening and monitoring in the context of a principal-agent model and test the theoretical results using a …

Multivariate Stochastic Volatility: A Review, Manabu Asai, Michael Mcaleer, Jun Yu

Research Collection School Of Economics

The literature on multivariate stochastic volatility (MSV) models has developed significantly over the last four years. This paper reviews the substantial literature on specification, estimation, and evaluation of MSV models. A wide range of MSV models is presented according to various categories, namely, (i) asymmetric models, (ii) factor models, (iii) time-varying correlation models, and (iv) alternative MSV specifications, including models based on the matrix exponential transformation, the Cholesky decomposition, and the Wishart autoregressive process. Alternative methods of estimation, including quasi-maximum likelihood, simulated maximum likelihood, and Markov chain Monte Carlo methods, are discussed and compared. Various methods of diagnostic checking and …

Investor Reluctance To Invest In Foreign Equities, John A. Sondey, Sarah L. Thompson

Economics Commentator (1972- 2016)

No abstract provided.

The Market For Takeover Defenses, Sharon Hannes

ExpressO

This paper develops a market-based approach to takeover defenses. In this framework, a firm’s decision to go public without defenses is considered a decision to produce an unshielded target. The paper shows that the voluminous classical literature on takeover defenses, which argues either that takeover defenses are good for all firms or that they are bad for all firms, actually ignores both supply and demand considerations. Recent empirical findings that revealed that IPO-stage firms diverge in antitakeover practices led to the rapid development of a new branch in the literature. This branch emphasizes that firms diverge in defense-adopting costs due …

The New Biopolitics: Autonomy, Demography, And Nationality, Jedediah S. Purdy

ExpressO

No abstract provided.

Michigan's Business Taxes And Economic Development: Possible Reforms, Timothy J. Bartik

Testimonies

No abstract provided.

Card Check Recognition: The Ongoing Legal And Legislative Battle, Michael E. Aleo

ExpressO

A great debate has been brewing for years over whether unions should be able to organize employees outside of the traditional election procedures provided by the National Labor Relations Act (“NLRA” or “the Act”). Typically, in an organizing drive, a union solicits support from employees to indicate a desire to run a National Labor Relations Board (“NLRB” or “Board”) election. The union does this by collecting cards from employees affirming the employees’ desire to have a representation election. If the union collects valid cards from at least one-third of eligible employees in the appropriate bargaining unit, the union may then …

Infrastructure And Fdi Inflows Into Mexico: A Panel Data Approach, Andre V. Mollick, Rene Ramos-Duran, Esteban Silva-Ochoa

School of Economics and Finance Faculty Publications

In December 1993, restrictions to foreign ownership across major Mexican economic sectors were abolished. This paper studies output, industrialization intensity, \"international infrastructure\", and government expenditures on infrastructure as determinants of FDI inflows into Mexican states over 1994-2001. We conduct a \"general to specific\" estimation strategy across Mexican states. Telephone lines appear to be very important to FDI as their coefficients are around 2.0 in Random Effects Models. Industrialization is also important, with coefficients varying from 0.62 to 0.67. Allowing for endogeneity between FDI and real output, dynamic GMM panels confirm the robust effects of telephone lines on FDI. International infrastructure …

Regulating Contract Formation: Precontractual Reliance, Sunk Costs, And Market Structure, Ofer Grosskopf, Barak Medina

ExpressO

This Article challenges the plausibility of the prospect of underinvestment in precontractual reliance (PCR). We argue that a negotiating party is motivated to invest in PCR not only through her expectation to extract the benefits that the investment yields (Added-Value Motivation), but also through the effect of the investment on her position vis-à-vis her competitors (Competition-Based Motivation). We demonstrate that under plausible assumptions, when a negotiating party operates in a relatively competitive market, the Competition-Based Motivation is frequently sufficient to induce optimal PCR, even without appropriate contractual provisions or legal intervention.

We suggest several normative implications. First, legal intervention that …

Licensing Occupations: Ensuring Quality Or Restricting Competition?, Morris M. Kleiner

Upjohn Press

This book reveals the impacts of occupational licensing on the economies of the United States and several EU countries. Kleiner provides a thorough examination of the costs and benefits of occupational licensing (OL). He offers an explanation for the growth of OL, defines the winners and losers in terms of earnings and the quality of services provided by licensees, compares the differing labor market and price impacts of OL in the United States and Europe, provides evidence on the overall net impacts of OL for society, and offers policy alternatives to OL.

New York Camp Econometrics I Program, Center For Policy Research

Camp Econometrics-Programs

No abstract provided.

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Value-Based Purchasing Newsletter

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Program Schedule

Value-Based Purchasing Newsletter

No abstract available.

Literature Review, Joshua J. Gagne

Value-Based Purchasing Newsletter

Each issue of Value-Based Purchasing will provide a summary of recent articles from the published VBP literature. In this issue, we spotlight several recent publications regarding pay-for-performance programs and financial incentives for quality care.

News Briefs

Value-Based Purchasing Newsletter

No abstract available.

Improving Health Care Quality Through Value-Based Purchasing: What Can The Pioneers Teach Us?, Christine W. Hartmann, Neil I. Goldfarb, Vittorio Maio, Adam R. Roumm, David B. Nash

Value-Based Purchasing Newsletter

The Department of Health Policy of Jefferson Medical College has been engaged in research on value-based purchasing (VBP) for the past five years. With support from The Commonwealth Fund, the Department’s research team has examined the potential of VBP to improve quality and cost-effectiveness of health care. This article summarizes this work.

Clinical Performance Measurements And Incentives Enable Value Based Purchasing, Jerry Reeves

Value-Based Purchasing Newsletter

No abstract available.

Welcome To Value-Based Purchasing, Neil I. Goldfarb, Dale Shaller

Value-Based Purchasing Newsletter

No abstract available.

How Dangerous Is The U.S. Current Account Deficit?, William Poole

Center for Applied Economics

The U.S. current account deficit has attracted considerable attention from academics, policymakers and market participants. So also has the U.S. international investment position—the difference between U.S.-owned assets abroad and foreign-owned assets in the United States. The net position has become increasingly negative as current account deficits have accumulated over time. I have spoken on international topics several times in recent years, emphasizing the importance of international capital flows for explaining the evolution of the U.S. international accounts. I’ll review some of my prior analysis today, but want to concentrate on the question in my title.