Economics Commons^™

Limit Theory For Explosively Cointegrated Systems, Peter C. B. Phillips, Tassos Magdalinos

Research Collection School Of Economics

A limit theory is developed for multivariate regression in an explosive cointegrated system. The asymptotic behavior of the least squares estimator of the cointegrating coefficients is found to depend upon the precise relationship between the explosive regressors. When the eigenvalues of the autoregressive matrix Θ are distinct, the centered least squares estimator has an exponential Θn rate of convergence and a mixed normal limit distribution. No central limit theory is applicable here, and Gaussian innovations are assumed. On the other hand, when some regressors exhibit common explosive behavior, a different mixed normal limiting distribution is derived with rate of convergence …

Regression Asymptotics Using Martingale Convergence Methods, Rustam Ibragimov, Peter C. B. Phillips

Research Collection School Of Economics

Weak convergence of partial sums and multilinear forms in independent random variables and linear processes and their nonlinear analogues to stochastic integrals now plays a major role in nonstationary time series and has been central to the development of unit root econometrics. The present paper develops a new and conceptually simple method for obtaining such forms of convergence. The method relies on the fact that the econometric quantities of interest involve discrete time martingales or semimartingales and shows how in the limit these quantities become continuous martingales and semimartingales. The limit theory itself uses very general convergence results for semimartingales …

A Welfare Analysis Of Capital Account Liberalization, Jürgen Von Hagen, Haiping Zhang

Research Collection School Of Economics

We develop a model of a small open economy with credit market frictions to analyze the consequences of capital account liberalization. We show that financial opening facilitates the inflows of cheap foreign funds and improves production efficiency. Reforms increasing labor market exibility can further improve such efficiency gains. However, capital account liberalization also has important distributional consequences. Specifically, it may be impossible to use public transfers to fully compensate the loss of those negatively affected by capital account liberalization. This explains why financial opening often meets fierce opposition even though it leads to efficiency gains for the economy as a …

A Nonparametric Hellinger Metric Test For Conditional Independence, Liangjun Su, Halbert White

Research Collection School Of Economics

We propose a nonparametric test of conditional independence based on the weighted Hellinger distance between the two conditional densities, f(y|x,z) and f(y|x), which is identically zero under the null. We use the functional delta method to expand the test statistic around the population value and establish asymptotic normality under β-mixing conditions. We show that the test is consistent and has power against alternatives at distance n^−1/2h^−d/4. The cases for which not all random variables of interest are continuously valued or observable are also discussed. Monte Carlo simulation results indicate that the test behaves reasonably well in …

New Mexico Labor Market Review 07-31-2008, New Mexico Department Of Workforce Solutions

Historic Publications

The New Mexico Labor Market Review is a monthly publication presenting statistical data and analysis on labor market conditions throughout New Mexico. Issues examine statewide and regional trends in employment, unemployment, labor force estimates, industry activity, wages, occupational demand, and related economic conditions, often accompanied by feature articles on topics affecting the state’s economy. This issue covers June 2008.

Cooperative Federal Structure: A Workable Political-Economy Approach For A New Nepal, Alok Bohara

Himalayan Research Papers Archive

The two main ethnocentric proposals for a federal structure –9 ethnic enclaves [CPN (M)] and the 1000 KM long east-west narrow corridor(s) [e.g., Madhesi parties’ demand for a single Terai state] as state(s)— are the two formal proposals that have drawn much attention of the lawmakers. Many, including this author, are of the view that the restructuring of the state needs to go beyond the cultural sentiment to incorporate many other issues such as: ecological interdependence, economy of scale, ethnic harmony, and comparative resource endowments. To that end, a cooperative federal structure proposed here takes the twelve ethnic regional enclaves …

The Effect Of Compulsory Voting Laws On Government Spending, James Brookie

All Theses

The United States' voter turnout is often cited as being disappointingly low. Compulsory voting laws are offered as a possible solution to increase voter turnout and overall political participation. Opponents of the law complain that voters affected will be more politically liberal and in turn seek to enlarge the size and scope of the government. In order to determine whether this is true, a test was run on the effect compulsory voting laws have on the government revenue of 109 nations. The data held that no significant relationship exists between the two variables observed. This paper will discuss compulsory laws …

The Negative Consequences Of Alcohol Consumption And The Analysis Of Variables That Can Affect Or Reduce Alcohol Consumption, Zapora Johnson

All Theses

Alcoholic beverages are consumed all over the world and have been consumed for centuries. The excessive consumption of alcohol many times results in negative consequences. These consequences not only can affect the individual consuming the alcohol, but also others around them. This research looks at some of the negative medical consequences that can develop from an individual consuming alcohol excessively. The cost of an average hospital stay for an individual with liver cirrhosis, liver cancer, and esophageal cancer was analyzed along with the opportunity cost for the wages that would be lost if an individual could not attend his place …

Taking Distribution Seriously, Robert C. Hockett

Cornell Law Faculty Working Papers

It is common for legal theorists and policy analysts to think and communicate mainly in maximizing terms. What is less common is for them to notice that each time we speak explicitly of socially maximizing one thing, we speak implicitly of distributing another thing and equalizing yet another thing. We also, moreover, effectively define ourselves and our fellow citizens by reference to that which we equalize; for it is in virtue of the latter that our social welfare formulations treat us as “counting” for purposes of socially aggregating and maximizing.

To attend systematically to the inter-translatability of maximization language on …

Calhoun County Casino Baseline Study Committee: Recommended Indicators And Baseline Data Report, George A. Erickcek, Bridget Timmeney, Brad R. Watts

Reports

No abstract provided.

Economic Impact Of Kalamazoo-Battle Creek International Airport, George A. Erickcek, Brad R. Watts

Reports

No abstract provided.

Discussion Of Do The Biggest Aisles Serve Brighter Future? Implications Of Global Retail Chains' Presence For Romania, Davin Chor, Beata Javor, Li Xue

Research Collection School Of Economics

No abstract provided.

Rhode Island Current Conditions Index — July 2008, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Import Source Reallocation And Us Manufacturing Employment, 1972-2001, Roger White

Economics

Examining the US manufacturing sector, we focus on the potential employment effects of shifts in import sources from relatively high- to low-income nations. Data for 384 6-digit NAICS US manufacturing industries that span the years 1972–2001 are utilized. Increased import penetration is found to reduce both production and non-production employment; however, such job loss is countered by export-led job creation. Extending the literature, we report that reallocation of import sources from high- to low-income nations reduces manufacturing employment, and when shifts in import sources coincide with rising import penetration the result is an acceleration of job loss.

Sexual Orientation Wage Gap: The Role Of Occupational Sorting And Human Capital, Heather Antecol, Anneke Jong, Michael Steinberger

CMC Faculty Publications and Research

Using data from the 2000 U.S. Census, the authors explore two alternative explanations for the sexual orientation wage gap: occupational sorting, and human capital differences. They find that lesbian women earned more than heterosexual women irrespective of marital status, while gay men earned less than their married heterosexual counterparts but more than their cohabitating heterosexual counterparts. Results of a Oaxaca-Blinder decomposition indicate that the relative wage advantages observed for some groups of lesbians and gay men were mainly owing to greater levels of human capital accumulation (particularly education), while occupational sorting had little or no influence. The relative wage penalties …

Expected Utility Inequalities: Theory And Applications, Eduardo Zambrano

Economics

Suppose we know the utility function of a risk averse decision maker who values a risky prospect X at a price CE. Based on this information alone I develop upper bounds for the tails of the probabilistic belief about X of the decision maker. In the paper I also illustrate how to use these expected utility bounds in a variety of applications, which include the estimation of risk measures from observed data, option valuation, and the study of credit risk.

Ua7 Ored Quarterly Newsletter, Sadiq Shah

ORED Quarterly Newsletter

Connecting Knowledge with Businesses and Society to Promote Economic Growth and to Enhance the Quality of Life

The Persistent Problem: Inequality, Difference, And The Challenge Of Development, Aseema Sinha, John Echeverri-Gent, Leslie Elliott Armijo, Marc Blecher, Daniel Brumberg, Valerie Bunce, Kiren A. Chaudhry, John W. Harbeson, Evelyne Huber, Bronwyn Leebaw, Susanne Hoeber Rudolph, Loren Ryter, Susan L. Woodward

CMC Faculty Publications and Research

This report highlights the complex, multidimensional nature of inequality in the era of globalization. It documents that despite the impressive strides by nations like China and India, absolute inequality between the richest and poorest countries is greater than ever before in history. It demonstrates that the rise of China and India creates a new dimension to the persistent problem of inequality.

An Empirical Investigation Of The Fairtax As An Alternative To The Federal Personal Income, Corporate Income, Estate And Gift, And Payroll Taxes, Yingxu Kuang

Doctoral Dissertations

Dissatisfaction with the current federal tax system is fostering serious interest in a national retail sales tax. Specifically, the FairTax Plan intends to replace most of the federal taxes with a national retail sales tax and is gaining momentum in Congress because of its purported progressive features. The FairTax is promoted as being progressive but there is considerable opposition to this claim.

Using the most recent 2005 Consumer Expenditure Survey (CES) data and estimating lifetime income from a Panel Study of Income Dynamics (PSID) panel tracked over 1968-2005, the distribution impacts of the FairTax Plan are examined, as well as …

Shaikh, Melbu Seminar Readings, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Anonymous. (2008-07-09). Melbu seminar [Handwritten notes].

• Kuhlman, W. (2008-07-09). Melbu I Wolfgang Kuhlman [Handwritten notes].

• Skarsten, R. (2008-07-10). Melbu Rune Skarsten: Methodological individualism in NC [Handwritten notes].

• Nillsen, H. (2008-07-10). Melbu II Harvard Nillsen: Ayn Rand [Handwritten notes].

• Andersen, J. O. (2008-07-11). Melbu III I Jan Otto Andersen: Economics of freedom and care [Handwritten notes].

• Zinn, K. G. (2008-07-11). II Karl Georg Zinn: Normative economics as superior to neoliberal economics [Handwritten notes].

• Hesse, R. (2008-07-11). III Reinhard Hesse: Transcendental-pragmatic [Handwritten notes].

• Østerberg, D. (2008-07-11). Melbu III IV Dag Østerberg: Von Mises [Handwritten notes].

• Anonymous. (2008-07-10). Philosophy & …

  ---

  Go to article

Bootstrap For Interval Endpoints Defined By Moment Inequalities, Donald W.K. Andrews, Sukjin Han

Cowles Foundation Discussion Papers

This paper analyzes the finite-sample and asymptotic properties of several bootstrap and m out of n bootstrap methods for constructing confidence interval (CI) endpoints in models defined by moment inequalities. In particular, we consider using these methods directly to construct CI endpoints. By considering two very simple models, the paper shows that neither the bootstrap nor the m out of n bootstrap is valid in finite samples or in a uniform asymptotic sense in general when applied directly to construct CI endpoints. In contrast, other results in the literature show that other ways of applying the bootstrap, m out of …

Can Offshoring Reduce Unemployment?, Devashish Mitra, Priya Ranjan

Economics - All Scholarship

In this paper, in order to study the impact offshoring on sectoral and economywide rates of unemployment, we construct a two-sector, general-equilibrium model in which labor is mobile across the two sectors, and unemployment is caused by search frictions. We find that, contrary to general perception, wage increases and sectoral unemployment decreases due to offshoring. This result can be understood to arise from the productivity enhancing (cost reducing) effect of offshoring. If the search cost is identical in the two sectors, or is higher in the sector which experiences offshoring, the economywide rate of unemployment decreases. When we modify the …

Bowling In Hawaii: Examining The Effectiveness Of Sports-Based Tourism Strategies, Robert Baumann, Victor Matheson, Chihiro Muroi

Economics Department Working Papers

We use daily airplane arrival data from Hawaii’s Department of Business, Economic Development, and Tourism to determine the net change in tourism for a variety of sporting events. We find two events generate a positive and significant net impact on arrivals: Honolulu Marathon and Pro Bowl. We estimate that the Honolulu Marathon produces between 2,183 and 6,519 in net arrivals while the Pro Bowl attracts about 5,595 to 6,725 in net arrivals. At the upper end of our estimates, the Honolulu Marathon and the Pro Bowl attract a nearly identical number of visitors despite the fact that the HTA spends …

Eerc Economic Impact, University Of North Dakota. Energy And Environmental Research Center

EERC Brochures and Fact Sheets

Brochure summarizing the economic impact of the Energy & Environmental Research Center (EERC). Includes global partnerships, job opportunities, and statistics relating to economic impact. [This item is an outdated or superseded version and retained for historical purposes only. It may no longer reflect current information, policies, or practices.]

Dampak Perubahan Kurs (Pass-Through Effect) Terhadap Tujuh Kelompok Indeks Harga Konsumen Di Indonesia, Noer Azham Achsani, Herry Frenky Nababan

Jurnal Ekonomi dan Pembangunan Indonesia

The impacts of exchange rate to an economy both domestically and internationally are an interesting discussion. One of the examples for discussion is exchange rate pass-through (ERPT). ERPT is defined as the rate of change of prices (domestic, imported or exported) as a result of change in exchange rate. Consumer price index (CPI) is one of the most frequent indicators used for measuring domestic price. This paper analyzes the impacts of exchange rate change (ERPT) to seven group of CPI in Indonesia. The Cholesky Decomposition is employed to identify structural shock of Structural Vector Autoregression (SVAR) which then combined with …

Analisis Arah Pergerakan Aktivitas Ekonomi Jakarta Terhadap Daerah Sekitarnya Dengan Menggunakan Pendekatan Urban Sprawl, Sonny Harry B. Harmadi, Mh Yudhistira

Jurnal Ekonomi dan Pembangunan Indonesia

The economy of Jakarta which vastly grows has changed its area into a complex and highly dense urbanized area, indicated almost all covered by office blocks, manufacturing activities, and residential area while left relatively small for non-urban activity area. Furthermore, in the last decade, the economy of Jakarta has not only influenced in its administrative area, but also has moved across its surrounding area, such as Bogor, Depok, Tangerang and Bekasi. As a consequence, it has changed the allocation of land using in those areas, from the exertion of rice field using to office, manufacturing and residential activities in such …

Optimal Rules Bagi Instrumen Kebijakan Moneter Di Indonesia: Pengujian Empiris Model Guender, Zenathan Adnin, Eugenia Mardanugraha

Jurnal Ekonomi dan Pembangunan Indonesia

This study aims to test model developed by Guender (2002) in determining optimal rules for monetary policy instrument in Indonesia. The test is conducted by estimating parameters of IS equation and Forward Looking Phillips Curve. The result expected is rules for determining the optimal interest rate which is influenced by the gap between actual and targeted inflation. The result shows that in the era of inflation targeting the interest rate setting policy as monetary policy instrument has focus on output stability rather than inflation stability. Finally, the study concludes that the interest rate targeting as BI rate has not being …

The Rise Of Agrarian Capitalism With Chinese Characteristics: Agricultural Modernization, Agribusiness And Collective Land Rights, Qian Forrest Zhang, John A. Donaldson

Research Collection School of Social Sciences

The article discusses the agricultural transformation taking place in the rural areas of China. Details about the Chinese laws regarding rural reform and the effect they have had on rural Chinese farmers and families are included. The authors examine the expansion of agrarian capitalism in China and describe the rise of agribusiness in rural Chinese areas. The practices of Chinese agribusinesses and the Chinese land rights laws are explored. The relationships between individual farmers and agribusinesses is also examined.

Smoke-Free Laws And Employee Turnover, Eric C. Thompson, Ellen J. Hahn, Glenn Blomquist, John Garen, Don Mullineaux, Nola Ogunro, Mary K. Rayens

Department of Economics: Faculty Publications

This study examines how smoke-free laws influence turnover among restaurant workers. The study uses a unique data set of payroll records of a franchisee of a national full-service restaurant chain operating 23 restaurants in the state of Arizona, a state where several communities have adopted smoke-free laws. Municipal smoke-free laws did not, on average, have a statistically significant effect on the probability of employee separation in the years after implementation. These results suggest that training costs associated with employee turnover would not rise for full-service restaurants in municipalities that adopt smoke-free laws.

Benchmarking The Home Pages Of The Top Multinational Manufacturing Corporations In The Philippines, Jeden O. Tolentino

DLSU Business & Economics Review

In the information age, having a presence on the World Wide Web is critical for firms to establish and maintain competitive advantage. This study evaluated the Web presence of the top multinational manufacturing corporations in the Philippines. A sample of 70 Web sites of companies in BusinessWorld’s list of the Top 1000 Corporations in the Philippines for 2006 was subjected to a framework of ten critical factors; and comparisons were made against existing benchmarks. Thereafter, the functionality of the Web sites of the three top-ranked companies was analyzed using a two-dimensional grid for Web site evaluation. Results indicate that there …