Economics Commons^™

The Effect Of Changes In The Federal Funds Rate On Stock Markets: A Sector-Wise Analysis, Kunaey Garg

Undergraduate Economic Review

The federal funds rate is an indicator of monetary policy that investors in the stock market scrutinize very closely. This paper determines the relationship between changes in the federal funds rate and sector stock indexes. The paper goes on to determine why particular sectors are more sensitive to interest rate changes than others. Weekly returns of the Dow Jones ICB classified financial, energy, utilities, materials, industrials, consumer goods, consumer services, information technology, healthcare and telecommunications sectors are analyzed using separate OLS regression models for each sector. The results show that the utilities, financials, telecom and basic materials sectors are the …

The Impact Of Revenue Diversification And Economic Base On Revenue Stability: An Empirical Analysis Of County And State Governments, Wenli Yan

University of Kentucky Doctoral Dissertations

In recent decades, revenue diversification has become a prevalent practice in state and local government finance. The trend of revenue diversification, according to the portfolio theory, has far-reaching implication for public financial management as it may change revenue stability, which has been an important policy objective for state and local government administrators. This study explores how revenue diversification affects revenue stability from both empirical and theoretical perspectives. Drawing on portfolio theory and regional science literature, this study develops a theoretical framework to explain how the effect of revenue diversification on revenue volatility of sub-national governments varies in terms of its …

Testing For Heteroskedasticity And Serial Correlation In A Random Effects Panel Data Model, Badi H. Baltagi, Byoung Cheol Jung, Seuck Heun Song

Center for Policy Research

This paper considers a panel data regression model with heteroskedastic as well as serially correlated disturbances, and derives a joint LM test for homoskedasticity and no first order serial correlation. The restricted model is the standard random individual error component model. It also derives a conditional LM test for homoskedasticity given serial correlation, as well as a conditional LM test for no first order serial correlation given heteroskedasticity, all in the context of a random effects panel data model. Monte Carlo results show that these tests, along with their likelihood ratio alternatives, have good size and power under various forms …

Financial Development And Openness: Evidence From Panel Data, Badi H. Baltagi, Panicos O. Demetriades, Siong Hook Law

Center for Policy Research

This paper addresses the empirical question of whether trade and financial openness can help explain the recent pace in financial development, as well as its variation across countries in recent years. Utilizing annual data from developing and industrialized countries and dynamic panel estimation techniques, we provide evidence which suggests that both types of openness are statistically significant determinants of banking sector development. Our findings reveal that the marginal effects of trade (financial) openness are negatively related to the degree of financial (trade) openness, indicating that relatively closed economies stand to benefit most from opening up their trade and/or capital accounts. …

Public School Choice And Integration: Evidence From Durham, North Carolina, Robert Bifulco, Helen F. Ladd, Stephen Ross

Center for Policy Research

Using evidence from Durham, North Carolina, we examine the impact of school choice programs on racial and class-based segregation across schools. Theoretical considerations suggest that how choice programs affect segregation will depend not only on the family preferences emphasized in the sociology literature but also on the linkages between student composition, school quality and student achievement emphasized in the economics literature. Reasonable assumptions about the distribution of preferences over race, class, and school characteristics suggest that the segregating choices of students from advantaged backgrounds are likely to outweigh any integrating choices by disadvantaged students. The results of our empirical analysis …

[Introduction To] The Street Porter And The Philosopher : Conversations On Analytical Egalitarianism, Sandra J. Peart, David M. Levy

Bookshelf

Adam Smith, asserting the common humanity of the street porter and the philosopher, articulated the classical economists' model of social interactions as exchanges among equals. This model had largely fallen out of favor until, recently, a number of scholars in the avant-garde of economic thought rediscovered it and rechristened it "analytical egalitarianism." In this volume, Sandra J. Peart and David M. Levy bring together an impressive array of authors to explore the ramifications of this analytical ideal and to discuss the ways in which an egalitarian theory of individuality can enable economists to reconcile ideas from opposite ends of the …

Cost Benefit Analysis Of Wind Turbine Investment In Oberlin, Ohio, Saul Domingo Flores

Honors Papers

As concern over global climate change and fears of rising energy costs permeate our collective and individual decision making, more and more private institutions are seeking out innovative and feasible solutions to meet these issues. Many colleges and universities throughout the United States have been among the first private and public institutions to dedicate themselves to positions of climate neutrality and have begun to incorporate the ethics of conservation and commitment to environmental sustainability into their primary objectives. To date nearly five hundred institutions of higher education have signed the American College and Universities Climate Change Commitment, pledging to take …

The Impact Of Colleges On House Prices In Ohio, Graham Mathieu Johnson

Honors Papers

Using a hedonic pricing model, I estimated the effects of changes in college and university characteristics on house prices in three regions of Ohio. I used cross-sectional housing and census data for the year 2000, compiled by David M. Brasington of Louisiana State University, and college data from Barron’s Profiles of American Colleges 2001. I measured college and university impact within radii ranging from one to two miles around a campus admissions office, allowing for an investigation of how the impact of academic institutions changes with distance. I found that changes in campus size, undergraduate student population, graduate student population, …

The Effect Of Teach For America Teachers Outside Their Classrooms, Sarah Prenovitz

Honors Papers

Teach for America (TFA) aims to some day make it possible for every American child to receive a great education. As means to that end TFA attempts to get teachers "willing to go above and beyond the constraints of the system to ensure that their students excel" into classrooms, to encourage "long-term, sustained leadership in education;" and to "change the prevailing ideology around educational inequity," which supports a rationalization that poor children achieve less than others because they are unmotivated and do not receive support at home (see www.teachforamerica.org). The organization argues that teachers alone cannot change the system, but …

Dr.Ishrat Husain Speech At Bma Funds Investor Forum, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Bismillah. Thank you very much for inviting me here to share my thoughts with you. It's nice to see such a large gathering of investors and this is a very good opportunity for me to put a different spin on the air of despondency and almost a state of depression which I came across the entire country and I think we have to put this whole thing in perspective. Let me start by saying the economic conditions of any country are determined not by one single set of variables, it is an interplay of a number of complex inter-related variables …

Jack Kingston Papers, Zach S. Henderson Library Special Collections

Finding Aids

The collection consists of papers of Representative Jack Kingston from 1991-2008. Includes correspondence, newspaper clippings, speeches, minutes of meetings. There are also a number of cassettes and videos both on general subjects of public interest as well as Representative Kingston's radio and TV spots; also a number by Senator Saxby Chambliss of Moultrie.

Find this collection in the University Libraries' catalog.

The Ethical Lacunae In Friedman's Concept Of The Manager, Jonathan B. Wight, Martin Calkins

Economics Faculty Publications

This article challenges along two lines Milton Friedman's injunction that the sole role of the business manager is to maximize profits for shareholders using all legal and ethical means. First, it shows how Friedman overly narrows the manager's moral duties to consequentialist profit maximization and thereby fails to account for a wide range of values and virtues necessary for good management. Second, it illustrates how more oblique approaches to management as well as Adam Smith's virtue-based model better capture the moral imagination and relational aspects of leadership that are critical to good management today. In the end, this article suggests …

Loose Pricing And Profit Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Oliveira Martins, J., Scarpetta, S., & Pilat, D. (1996). Mark-up pricing, market structure and the business cycle. OECD Economic Studies, 27, 71–105. Organisation for Economic Co-operation and Development.
• Felipe, J., & McCombie, J. S. L. (1999, February 26). Markups in U.S. industry: What does the recent literature tell us? [First draft]. Unpublished manuscript. Georgia Institute of Technology; Downing College, Cambridge University.
• Bain, J. S. (1951). Relation of profit rate to industry concentration: American manufacturing, 1936–1940. The Quarterly Journal of Economics, 65(3), 293–324. Oxford University Press.
• Shaikh, A. (1979, May). Empirical results on concentration and industry profit …

K Stock Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• K stock notes. Unpublished manuscript notes. Author: Anwar Shaikh, PhD.
  • Contents include:
    • Notes on capital stock measurement and the construction of capital stock series.
    • Notes on the perpetual inventory method (PIM) and related capital stock calculations.
    • Notes on deflators, price indexes, and the relationship between nominal and real capital measures.
    • Notes on chain-weighted capital stock measurement and aggregation problems.
    • Notes on quality adjustment and the measurement of real capital stock.
    • Mathematical derivations and equations concerning capital accumulation, depreciation, investment, and capital-output relationships.
    • Typed and handwritten annotations concerning theoretical and empirical approaches to capital measurement.
    • Handwritten notes …

The Impact Of The Common Agricultural Policy On Agricultural Productivity, Flemming Schneider Rhode

Honors Theses

In 2004 10 new countries, primarily Eastern European countries, joined the European Union (EU) with much media speculation concerning how this would affect their economies. This paper will look at how the Common Agricultural Program (CAP) affects agricultural productivity by measuring four independent variables and by using the 2004 entry as a natural experiment. The paper will estimate how the CAP affects the average farm size, fallow land area, proportion of farming dedicated to organic farming, and GOP growth. This is expected to impact agricultural productivity through increasing returns to scale, input availability, efficiency of land use and the Environmental …

Textbook Bundling : Is It Really Worth The Sum Of Its Parts, Kati Simmons

Honors Theses

Studies have been conducted examining the impact of commodity bundling on company profits and the premium prices charged for these bundles. With recent news of the skyrocketing costs of higher education, it is critical to highlight the specific effects of commodity bundling on the prices of textbooks. A study performed by the Government Accountability Office in 2005 cited that a main cause of increasing textbook prices is the recent inclusion of textbook supplements such as software and workbooks. This paper investigates the impact that different types of supplements have on the overall price paid for the bundle. Aggregate sales data …

Domestic Bonds, Credit Derivatives, And The Next Transformation Of Sovereign Debt, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Not long ago, financial markets in most poor and middle-income countries were shallow to nonexistent, and closed to foreigners. Governments often had to rely on risky borrowing abroad; the private sector had even fewer options. But between 1995 and 2005, domestic debt in the emerging markets grew from $1 trillion to $4 trillion. In Mexico, domestic debt went from just over 20% of the total government debt stock in 1995 to nearly 80% in 2007. Foreign and local investors are buying. Over the same period, derivative contracts to transfer emerging market credit risk surpassed the market capitalization of the benchmark …

The Elusive Cap And Gown: The Impact Of Tax Policy On Access To Higher Education For Law-Income Individuals And Families, Phyllis C. Taite

Faculty Articles

No abstract provided.

Between War And Poverty: Whaling In Eighteenth Century Bermuda, Aldemaro Romero Jr.

Publications and Research

No abstract provided.

Testing Maquiladora Forecast Accuracy, George Novela

Open Access Theses & Dissertations

This study examines the historical accuracy of the structural equation maquiladora forecasts generated using the UTEP Borderplex Econometric Forecasting Model. The eight variables that are included come from the Maquiladora block of this Model for both Ciudad Juarez, Chihuahua and Chihuahua, Chihuahua. These forecasts are three year simulations that appear in the Borderplex Economic Outlook reports published from 1999 through 2006. Combined, they provide a total of 21 observations for each variable. The specific data series are total maquiladora employment, operating plants, average hourly wages, and total value added.

Lessons From The Emu For Asian Regional Integration, Sarkis Joseph Khoury, Clas Wihlborg

Business Faculty Articles and Research

Critical costs and benefits of creating an EMU-like structure in Asia are identified. Analyzing the EU, we pay particular attention to two kinds of economic benefits and costs that do not appear much in conventional economic analysis. First, there are benefits and costs of harmonization in different areas including the monetary area. Second, giving up sovereignty within a policy area can provide many countries with a kind of insurance against domestic institutional, legal, and political weaknesses. Although we emphasize economic arguments it is necessary to recognize that the EU is very much a politically motivated project. Politics may well be …

Institutions Matter: Why The Herder Problem Is Not A Prisoner's Dilemma, Daniel H. C., Peter Z. Grossman

Scholarship and Professional Work - Business

In the game theory literature, Garrett Hardin’s famous allegory of the “tragedy of the commons” has been modeled as a variant of the Prisoner’s Dilemma, labeled the Herder Problem (or, sometimes, the Commons Dilemma). This brief paper argues that important differences in the institutional structures of the standard Prisoner’s Dilemma and Herder Problem render the two games different in kind. Specifically, institutional impediments to communication and cooperation that ensure a dominant strategy of defection in the classic Prisoner’s Dilemma are absent in the Herder Problem. Their absence does not ensure that players will achieve a welfare-enhancing, cooperative solution to the …

The Philippine 'Diasporic Dividend': Maximizing The Development Potentials Of International Migration, Fernando T. Aldaba, Jeremaiah Opiniano

Economics Department Faculty Publications

The annual Globalization Index produced by A.T. Kearney and ForeignPolicy magazine has consistently evaluated remittances as the prime feature of the Philippines’ performance in the global economy. Index results from 2004 to 2007 reveal that “remittances and personal transfers” are the main strengths of the Philippines’ role and participation in globalization, ranking either first or second in these categories. This is a significant record considering the Philippines remains at the bottom of the standings in other categories, such as foreign direct investments and investment income (A.T. Kearney, 2004, 2005, 2006 2007). It must be noted, however, that such globalization surveys …

Is There A Role For Public Support Of Incumbent Worker On-The-Job Training?, Kevin Hollenbeck

Upjohn Institute Policy Papers

States have begun to use training subsidies as a policy tool for employment retention and business competitiveness. This paper summarizes a survey of states concerning their investments in incumbent worker training. Altogether, states are investing about $550 to $800 million, which is perhaps one percent or less of total private sector training costs. The paper further discusses a study conducted for one state in which we found significant fiscal returns implying that underinvestment of public funds for incumbent worker training may be occurring. In this state, primary sector jobs were created or retained at a public cost of less than …

Cultural Advantages In China: Tale Of Six Cities, Florentin Smarandache, Fu Yuhua, Victor Christianto

Branch Mathematics and Statistics Faculty and Staff Publications

Nowadays, plenty of factories from Europe and other developed countries have been relocated to this country, considering its tremendous economic scale and rapid growth rate during the past three decades. But most of what happens inside the China nowadays is deeply hidden from the outside world (“the foreigners” as China people would call). This fact is partly because most reports on China were written by the so‐called fly‐high experts who are busy completing their reports despite a busy schedule. Very few books or reports were written by people inside, or at least “foreigners” who spent a few years in China. …

Economic Systems In Africa, Michael Kevane

Economics

An enormous variety of experiences and possibilities characterized African economic systems at the beginning of the twenty-first century. Small village communities continued to till the soil and raise goats, sheep, cows, and chickens using the same techniques of their grandfathers, renewing all the while traditions of social solidarity and hospitality that have characterized rural Africa for centuries.Overhead, however,multinational corporations owned and operated by African nationals organized transcontinental air travel, microwave and satellite transmissions, and cell phone networks. Africa globalized with the rest of the world, though in different ways. Exports of goods and services stagnated even as migration generated new …

Diminished Access, Diverted Exclusion: Women And Land Tenure In Sub-Saharan Africa, Michael Kevane, Leslie C. Gray

Economics

Increasing commercialization, population growth and concurrent increases in land value have affected women's land rights in Africa. Most of the literature concentrates on how these changes have led to an erosion of women's rights. This paper examines some of the processes by which women's rights to land are diminishing. First, we examine cases where rights previously utilized have become less important; that is, the incidence of exercising rights has decreased. Second, we investigate how women's rights to land decrease as the public meanings underlying the social interpretation and enforcement of rights are manipulated. Third, we examine women's diminishing access to …

Lang Courses, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection contains:

• Intermediate economics: growth, unemployment and inflation [Midterm exam]. (2008, March 25).

• Shaikh, A., PhD. (2011, October 19). LECO Eatwell’s lecture [Handwritten notes].

• Hour money coupons with quotes from Adam Smith [Coupons]. (n.d.).

• Donadio, R. (2011, October 1). Battered by economic crisis, Greeks turn to barter networks. The New York Times.

• Shaikh, A. (2011, October 5). A. Shaikh EADC book chapter 2: Materials and figures on GDP, productivity, unemployment, and business cycles [Working materials].

• Economic patterns in capitalism [Title slide]. (2011, Fall).

• Shaikh, A., PhD. (2011, September 19). Background and …

Regional Real Property Valuation Forecast Accuracy, Katherine Nicole Cote

Open Access Theses & Dissertations

The purpose of this study is to identify, evaluate, and critique four econometric and statistical alternatives to present forecasting practices for property valuation forecasts: (1) a traditional income elasticity method, (2) a regional structural econometric model, (3) a statistical ARIMA method, and (4) trend analysis. Forecast evaluation for 2001-2007 will be conducted for the property valuations of Single and Multi-Family residences and Commercial and Industrial properties in El Paso, Texas (MSA).

Net Investment And Disaggregated Investment Demand Functions, Conan Gray Baldwin

Master's Theses and Doctoral Dissertations

Few topics in the field of economics have been as extensively researched as private business fixed investment. This paper examines investment using regression analysis and descriptive statistics. This study focuses on investment in structures and investment, with these two broad categories ultimately being further disaggregated into eleven relatively narrow categories.

The approach to modeling investment taken in this paper differs from the approach typically seen in economic literature in three important ways: this paper models net, rather than gross, investment; this paper uses a broad general econometric model, rather than a narrow theoretical model like the majority of papers modeling …