Economics Commons^™

The Housing Ladder And Hong Kong Housing Market's Boom And Bust Cycle, Lok Sang Ho, Wai Chung, Gary Wong

Centre for Public Policy Studies : CPPS Working Paper Series

This paper presents evidence, based on the recent Hong Kong experience, for the existence of a “housing ladder effect.” An increase of housing equity at the bottom of the ladder tends to translate into a trading up activity that will both increase housing market turnover and buoy up the entire housing market. Based on a natural experiment through the introduction of a public housing privatization scheme, this papers presents evidence supporting this story using a logit model and a price-volume causality test.

Risk Preferences And The Timing Of Marriage And Childbearing, Lucie Schmidt

Economics: Faculty Publications

The existing literature on marriage and fertility decisions pays little attention to the roles played by risk preferences and uncertainty. However, given uncertainty regarding the availability of suitable marriage partners, the ability to contracept, and the ability to conceive, women's risk preferences might be expected to play an important role in marriage and fertility timing decisions. By using data from the Panel Study of Income Dynamics (PSID), I find that measured risk preferences have a significant effect on the timing of both marriage and fertility. Highly risk-tolerant women are more likely to delay marriage, consistent with either a search model …

Anatomy Of Foreign Aid To Ethiopia: 1960-2003, Adugna Lemi

Economics Faculty Publication Series

The purpose of this study is to present a portrait of the foreign aid flow to Ethiopia during the 1960 to 2003 period. Since the launch of Marshal Plan after World War II, the flow of foreign aid has been seen as the panacea to overcome underdevelopment. Ethiopia is not an exception to this view, and Ethiopia is one of the recipients of foreign aid not only to provide emergency relief but also to support longterm economic development. This study shows the flow of aid to Ethiopia in terms of major donors (bilateral and multilateral), method of delivery, and major …

National Woes Test Bay State Economy, Alan Clayton-Matthews

Public Policy and Public Affairs Faculty Publication Series

Economic growth is slowing, and is projected to continue to decelerate into the second half of 2008, and then to rebound moderately. The slowdown is directly related to the impact of the declining housing market, the sub-prime mortgage shakeout in the finance sector, and the high cost of heating oil and gasoline. Credit tightening is threatening to curtail business activity and the solvency of investors and households involved in sub-prime lending or borrowing. High energy prices are reducing non-energy consumer spending. The impact of the declining housing market has already affected the state’s economy. Massachusetts is experiencing declines in housing …

The Year In Review: 2007 Marks Start Of Slowdown, Alan Clayton-Matthews

Public Policy and Public Affairs Faculty Publication Series

The state’s economy slowed moderately in 2007, the beginning of a slowdown that may last several years. The deceleration was precipitated by a downturn in the housing market that, in Massachusetts, began in late 2005, and gained downward momentum in 2006. Last summer, fi nancial havoc from sub-prime mortgage defaults and falling prices throughout most of the nation tipped the nation’s economy to the brink of recession. This year, soaring energy prices threaten to weigh down the economy further, neutralizing the fi scal stimulus package that is coming on line now.

Antidotes To High School Economics (Mis-)Education On World Hunger, Julie A. Nelson

Economics Faculty Publication Series

No abstract provided.

The State Of New England: Economic Slowdown And Recovery After The Dotcom Bust, Arindam Bandopadhyaya, College Of Management, University Of Massachusetts Boston

Financial Services Forum Publications

What follows is an analysis of the key macroeconomic trends in the six New England states. Using data publicly available in 2007, we examine trends in GDP growth, population, personal income and unemployment rate in each state. We provide a breakdown of each state by GDP category and provide an overall weighting by super sectors.

The Interaction Of Metropolitan Area Costs And The Federal Earned Income Tax Credit: One Size Fits All?, Katie Fitzpatrick, Jeffrey P. Thompson

Center for Policy Research

The Federal Earned Income Tax Credoit (EITC) contributed to increasing employment rates for single women during the 1990s. This paper expands on what is known about the labor supply response to the EITC by exploiting differences in the cost-of-living faced by potentially eligible recipients in different geographic areas. Using the 1993 EITC expansion, we demonstrate that the labor supply response varies considerably with metropolitan area cost-of-living. We identify an increase in labor force participation among single mothers of as much as 10 percentage points in the lowest cost metropolitan areas. There is no discernable participation response in metropolitan areas with …

Testing For Heteroskedasticity And Spatial Correlation In A Random Effects Panel Data Model, Badi H. Baltagi, Seuck Heun Song, Jae Hyeok Kwon

Center for Policy Research

A panel data regression model with heteroskedastic as well as spatially correlated disturbance is considered, and a joint LM test for homoskedasticity and no spatial correlation is derived. In addition, a conditional LM test for no spatial correlation given heteroskedasticity, as well as a conditional LM test for homoskedasticity given spatial correlation, are also derived. These LM tests are compared with marginal LM tests that ignore heteroskedasticity in testing for spatial correlation, or spatial correlation in testing for homoskedasticity. Monte Carlo results show that these LM tests as well as their LR counterparts perform well even for small N and …

New Evidence On The Dynamic Wage Curve For Western Germany: 1980-2004, Badi H. Baltagi, Uwe Blien, Katja Wolf

Center for Policy Research

Blanchflower and Oswald (1994) reported that they have found an 'empirical law of economics'--the Wage Curve. Our paper reconsiders the western German Wage Curve using disaggregated regional data and is based on almost one million employees drawn from the Federal Employment Services of Germany over the period 1980-2004. We find that the wage equation is highly autoregressive but far from unit root. The unemployment elasticity is significant but relatively small: only between -0.02 and -0.04. We also check the sensitivity of this elasticity for different population groups (young versus old, men versus women, less educated versus highly educated, German native …

Regional Electricity In The United States, Sergio Luis Contreras

Open Access Theses & Dissertations

Elasticity coefficients are estimated for the different regions in the United States. Residential, commercial, industrial, and the nonprofit sectors are examined. Demographic, climatic, and regional variables are used to estimate electricity demand. The negative income estimator that appears when paired with the number of households estimator implies that residential electricity is an inferior good. Even though it is a substitute good, natural gas does not show any significance for any sectors in the economy.

Stock Market Paper, Anwar S Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (1997, August 16). Notes for a paper on the stock market [Handwritten notes]. Anwar Shaikh, PhD, personal archives.

• Kunz, K. (1998, March 18). Total corporate investment data [Government statistical tables with handwritten annotations by Anwar Shaikh, PhD]. Bureau of Economic Analysis.

• Shiller, R. J. (2008, February 20). A history of home values [Graphic with handwritten annotations]. The New York Times.

• Shaikh, A. (1995, August 9). Stock market analysis: Theories, empirical studies, and reading notes [Manuscript]. Anwar Shaikh, PhD, personal archives.

• Ibbotson Associates. (1994). SSSI yearbook: Key variables in estimating the cost of capital [Statistical …

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Fall 2008 Historical Foundations Ge 5104, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Anwar Shaikh. (2008, Fall). Historical foundations: GE 5104 (file folder label) [Unpublished file folder label]. Author.

• Shaikh, A. (2000, November). Average and incremental profit rates: U.S. and OECD [Unpublished manuscript]. Author.

• Shaikh, A. (1997). Balance of trade and real effective exchange rates (charts) [Unpublished charts]. Author.

• Shaikh, A. (n.d.). Ricardo’s numerical example: Chapter 1, section 4 (analytic breakdown) [Unpublished research notes]. Author.

• Shaikh, A. (n.d.). Chronology of the works of Marx and Engels [Unpublished chronology]. Author.

• Shaikh, A. (n.d.). Planned structure of Marx’s “economics” [Unpublished conceptual diagram]. Author.

• Shaikh, A. …

Exchange Rates, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (2008, April 27). Handwritten notes titled “trade, dependency, and unequal exchange (Cortland–Cornell)” [Unpublished handwritten notes].

• Shaikh, A., PhD. (1995, July 6). Summary of my XR theory [Unpublished manuscript].

• Shaikh, A., PhD. (1992, November 19). Notes on exchange rates [Unpublished notes].

Economics Of Science, Arthur M. Diamond Jr.

Economics Faculty Publications

No abstract provided.

Another Example Of A Credit System That Coexists With Money, Gabriele Camera, Yiting Li

Economics Faculty Articles and Research

We study an economy in which exchange occurs pairwise, there is no commitment, and anonymous agents choose between random monetary trade or deterministic credit trade. To accomplish the latter, agents can exploit a costly technology that allows limited recordkeeping and enforcement. An equilibrium with money and credit is shown to exist if the cost of using the technology is sufficiently small. Anonymity, record-keeping and enforcement limitations also permit some incidence of default, in equilibrium.

Endogenous Money And David Hume, Maria Pia Paganelli

Economics Faculty Research

David Hume's monetary theory has two standard yet inconsistent readings. As a forefather of the quantity theory of money, Hume sees money as neutral. As an inflationist, Hume sees an active positive role for monetary policy. This paper reads Hume consistently instead, by showing that for Hume money is endogenous and demand driven. Hume would read the money equation as reverse causation and the co-presence of inflation and output growth as driven by demand. The 18th century knowledge of monetary theory corroborates this reading.

Law And Economic Change During The Short Twentieth Century, John Henry Schlegel

Contributions to Books

Published as Chapter 16 in Cambridge History of Law in America, Volume 3: The Twentieth Century and After (1920–), Michael Grossberg & Christopher Tomlins, eds.

The brief recounting of the American economy in the twenties and thirties raises obvious questions about law and economic change. Economic change is the shift from one enacted, in both senses, understanding of economic life to another, in the case of the short twentieth century, from an associationalist economy to an impatient economy. This chapter explicates this economic change, and interrogates it in order to understand the role of law in its occurrence. Despite the …

2008 Northeast Ohio Barometer Of Economic Attitudes, Kathryn W. Hexter, Molly Schnoke, John F. Brennan

All Maxine Goodman Levin School of Urban Affairs Publications

The primary goal of the Northeast Ohio Barometer of Economic Attitudes (NEO Barometer) is to provide meaningful information about what the public knows and perceives about the region. The Barometer is designed to provide a reliable and objective opinion-gauge of the people in Northeast Ohio. Since 2004, it has been tracking the public’s perception of the region’s general economic development progress, as well as opinions on regionalism and economic development initiatives. The 2008 survey added a new section that begins to track public perceptions about the importance of education, to inform strategies for addressing the persistently low levels of educational …

Paths To Success: The Critical Role Of Nonprofits In Developing Leadership In The African American Community Of Cleveland, Ohio, Stuart Mendel

All Maxine Goodman Levin School of Urban Affairs Publications

Paths to success: The critical role of nonprofits in developing leadership in the African American community of Cleveland, Ohio. Presentation at the 37th Annual Conference Proceedings, Association for Research on Nonprofit Organizations and Voluntary Action (ARNOVA), November 2008.

Ral, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2008, November 18). RAL (Eco 104) [Unpublished handwritten manuscript].

• Shaikh, A. (n.d.). Labor process transformation (RAL) [Unpublished handwritten manuscript].

• Shaikh, A. (1998, March 12). Inflation and unemployment (Lang 6061) [Unpublished handwritten manuscript].

• Shaikh, A. (n.d.). Causes of unemployment [Unpublished handwritten manuscript].

• Shaikh, A. (n.d.). RAL: Eco 105 [Unpublished handwritten manuscript].

Misc., Anwar Shaikh Phd2

Archives of Anwar Shaikh

This collection includes:

• Yee, C., Shaikh, A., & Gardens by Joan. (2008, March 26). Email correspondence regarding a landscaping consultation [Email correspondence].

• Shaikh, A., & Vicente, M. A. (2008, February 8). Email correspondence regarding an invitation to be a keynote speaker at ECON 2008 at the University of Buenos Aires [Email correspondence].

• Barbieri, A. E. (2007, December 17). Letter to Anwar Shaikh inviting him as a keynote speaker for ECON 2008 [Letter].

• Universidad de Buenos Aires. (n.d.). Envelope addressed to Anwar Shaikh [Envelope].

• Gorton, G. (2007). Banks, banking, and crises. NBER Reporter, 2007(4). National …

Ape205, Section 4, Real Competition, Comp. And Indust. Rates Of Return, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• A paper titled "Competition and industrial rates of return" (v.4) presented at the Conference to mark Ajit Singh's retirement (September 2007) (Shaikh, A. M. (2008). Competition and industrial rates of return. Issues in Finance and Industry)

• A document titled "Profit rate equalization theory and evidence.doc" outlining empirical testing models (January 13, 2008)

Assessing Competition Policy Performance Metrics: Concerns About Cross-Country Generalisability, Lesley Denardis, A. E. Rodriguez

Political Science & Global Affairs Faculty Publications

Recent interest in competition policy performance has typically relied on subjective performance metrics that have undergone little direct scrutiny by users. We examine the quality of the popular World Economic Forum's antitrust performance metric and assess whether it is immune from perception-bias. A bias-free metric is required to ensure cross-country consistency in its intended performance assessment.

We note various instances where the WEF's competition policy performance survey was completed but where there existed neither competition legislation nor an associated enforcement agency at the time. This seeming inconsistency is neither amenable to traditional econometric heterogeneity treatment nor instrumentable; importantly, it is …

Institutional Issues Impeding Progress Of The Free Trade Area Of The Americas Agreement (Ftaa), Sivakumar Venkataramany, Balbir B. Bhasin

WCBT Faculty Publications

For any bilateral or multilateral trade agreement to be effective, it is imperative that all participants derive maximum benefit. This paper examines the institutional issues facing the partners of the Free Trade of the Area of the Americas (FTAA), analyzes some of the current areas of conflict and suggests action to reduce tensions and promote harmony, cooperation and accommodation which is a necessity when multiple countries attempt to foster such an agreement.

Lung Cancer Mortality Is Elevated In Coal Mining Areas Of Appalachia, Michael Hendryx, Kathryn O'Donnell, Kimberly Horn

Regional Research Institute Working Papers

Previous research has documented increased lung cancer incidence and mortality in Appalachia. The current study tests whether residence in coal mining areas of Appalachia is a contributing factor. We conducted a national county-level analysis to identify contributions of smoking rates, socioeconomic variables, coal mining intensity and other variables to age-adjusted lung cancer mortality. Results demonstrate that lung cancer mortality for the years 2000-2004 is higher in areas of heavy Appalachian coal mining after adjustments for smoking, poverty, education, age, sex, race and other covariates. Higher mortality may be the result of exposure to environmental contaminates associated with the coal mining …

Valuing Community Attributes In Rural Counties In West Virginia: An Application Of Data Envelopment Analysis, Maribel N. Mojica, Tesfa Gebremedhin, Peter V. Schaeffer

Regional Research Institute Working Papers

The study used Data Envelopment Analysis (DEA) to examine community attributes of rural counties in West Virginia using variables determining quality of life. This analysis was done to understand the value of the social and economic characteristics associated with different communities as migration patterns in the US are mostly attributed to community characteristics determining the residents’ valuation of the quality of life in an area. County level data was used to identify counties that are inefficient, measured in terms of socioeconomic factors. The data is composed of output variables representing desirable community attributes and input variables representing the undesirable characteristics. …

Modeling Regional Recycling And Remanufacturing Processes: From Micro To Macro, Joyce Cooper, Randall Jackson, Nancey Green Leigh

Regional Research Institute Working Papers

This paper reports progress in modeling recycling and remanufacturing processes within metropolitan regional economies at the micro and macro levels. The paper presents interim results from a multi-year, inter-institutional research project funded by the National Science Foundation. We identify a number of issues that have arisen from an in-depth industry level analysis of obsolete and waste products generated in the Seattle, WA and Atlanta, GA metro regions from waste electronics (e-waste) and carpet production and consumption. The two metro regions were selected for comparative analysis because Seattle is a recognized leader in e-waste recycling and sustainable development programs, while Atlanta …

Recycling And Remanufacturing In Input-Output Models, Randall Jackson, Taelim Choi, Nancey Green Leigh

Regional Research Institute Working Papers

Recycling and remanufacturing activities are gaining in importance, as a growing population and economy use up and wear out modern products, exhaust landfill capacity, threaten the environment, and discard potentially valuable and increasingly scarce resources. As an example, an estimated five billion pounds of carpet were sent to landfills in 2003 (CARE, 2003). Likewise, Americans discard computers, cell phones, LCDs and other electronic devices at an alarming rate. Estimates range from 100 to 250 million such items each year. As discard volumes rise and as resource scarcity becomes more critical, recycling, re-use, and remanufacturing have begun to take hold at …

Energy In A Resource-Based Regional Economy: A Dynamic General Equilibrium Analysis, Hodjat Ghadimi

Regional Research Institute Working Papers

States and even local governments are increasingly realizing the need for long-term sustainable energy-environment planning as an integral part of their economic development program. These sub-national units are progressively playing a more active role in advancing policies for the reliability, environmental sustainability, and exploring the economic development impact of their energy resources and supplies. This article outlines a modeling framework for an integrated analysis of the energy-environment-economy system in an energy resource-based region within a developed economy. The theoretical structure and mathematical skeletal of this dynamic optimal depletion computable general equilibrium model as the core of this modeling framework is …