Economics Commons^™

Bootstrapping I(1) Data, Peter C.B. Phillips

Cowles Foundation Discussion Papers

A functional law for an I(1) sample data version of the continuous-path block bootstrap of Paparoditis and Politis (2001) is given. The results provide an alternative demonstration that continuous-path block bootstrap unit root tests are consistent under the null.

Mean And Autocovariance Function Estimation Near The Boundary Of Stationarity, Liudas Giraitis, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We analyze the applicability of standard normal asymptotic theory for linear process models near the boundary of stationarity. The concept of stationarity is refined, allowing for sample size dependence in the array and paying special attention to the rate at which the boundary unit root case is approached using a localizing coefficient around unity. The primary focus of the present paper is on estimation of the mean, autocovariance and autocorrelation functions within the broad region of stationarity that includes near boundary cases which vary with the sample size. The rate of consistency and the validity of the normal asymptotic approximation …

Returns To Education In Rural America, Dilyara Jepbarova

Masters Theses

Rural areas are less developed than urban. It is well known that rural workers are more likely to suffer from the lower wages than their counterparts from metro areas. Policymakers wrestle with the issue of "brain drain" in rural areas and, therefore, a loss of tax income in rural counties. "Brain drain" happens when professionals leave rural counties for metropolitans to earn higher returns to education. This thesis will shed light on some sides of rural development connected with the returns to education.

The main goal of this research is to estimate and compare wages and returns to education in …

An Analysis Of The Dismal Theorem, William D. Nordhaus

Cowles Foundation Discussion Papers

In a series of papers, Martin Weitzman has proposed a Dismal Theorem. The general idea is that, under limited conditions concerning the structure of uncertainty and preferences, society has an indefinitely large expected loss from high-consequence, low-probability events. Under such conditions, standard economic analysis cannot be applied. The present study is intended to put the Dismal Theorem in context and examine the range of its applicability, with an application to catastrophic climate change. I conclude that Weitzman makes an important point about selection of distributions in the analysis of decision-making under uncertainty. However, the conditions necessary for the Dismal Theorem …

Asymptotic Theory For Zero Energy Density Estimation With Nonparametric Regression Applications, Qiying Wang, Peter C.B. Phillips

Cowles Foundation Discussion Papers

A local limit theorem is given for the sample mean of a zero energy function of a nonstationary time series involving twin numerical sequences that pass to infinity. The result is applicable in certain nonparametric kernel density estimation and regression problems where the relevant quantities are functions of both sample size and bandwidth. An interesting outcome of the theory in nonparametric regression is that the linear term is eliminated from the asymptotic bias. In consequence and in contrast to the stationary case, the Nadaraya-Watson estimator has the same limit distribution (to the second order including bias) as the local linear …

Cointegrating Rank Selection In Models With Time-Varying Variance, Xu Cheng, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Reduced rank regression (RRR) models with time varying heterogeneity are considered. Standard information criteria for selecting cointegrating rank are shown to be weakly consistent in semiparametric RRR models in which the errors have general nonparametric short memory components and shifting volatility provided the penalty coefficient C n → infinity and C n /n → 0 as n → ∞. The AIC criterion is inconsistent and its limit distribution is given. The results extend those in Cheng and Phillips (2008) and are useful in empirical work where structural breaks or time evolution in the error variances is present. An empirical application …

Efficient Estimation Of Copula-Based Semiparametric Markov Models, Xiaohong Chen, Wei Biao Wu, Yanping Yi

Cowles Foundation Discussion Papers

This paper considers efficient estimation of copula-based semiparametric strictly stationary Markov models. These models are characterized by nonparametric invariant (one-dimensional marginal) distributions and parametric bivariate copula functions; where the copulas capture temporal dependence and tail dependence of the processes. The Markov processes generated via tail dependent copulas may look highly persistent and are useful for financial and economic applications. We first show that Markov processes generated via Clayton, Gumbel and Student’s t $ copulas and their survival copulas are all geometrically ergodic. We then propose a sieve maximum likelihood estimation (MLE) for the copula parameter, the invariant distribution and the …

Crisis Graphs, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Goldner, L. (2009, March 27). Fictitious capital and the transition out of capitalism. Critique: Journal of Socialist Theory, 37(1), 21–36. Taylor & Francis.

2008 Crisis, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes,

• Leonhardt, D. (2009, February 4). Time to steer a “forceful course” for the stimulus bill. The New York Times, p. A1.

• Bajaj, V., & Labaton, S. (2009, February 2). Risks are vast in revaluation of bad assets. The New York Times, p. A1.

• Healy, J. (2009, February 3). As the recession worsens, consumers save more and spend less. The New York Times, p. B1.

• Norris, F. (2009, January 10). Investment tax cuts help mostly the rich. The New York Times, p. B3.

• Hadas, E. (2009, February 23). In this economy, fear is …

Brochures & Linda Note, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Letter to Ann by Linda Pasternack, Unpublished manuscript.
• La crisis global y los mitos del libre comercio by Universidad Nacional Mayor de San Marcos, Facultad de Ciencias Económicas.

Ape Profit Lecture Ii, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2009). Apei 2009 profit lecture (Handwritten folder notes). Anwar Shaikh Papers. Collection of unpublished manuscripts and lecture notes.
• Shaikh, A. (2009). Puzzle of profits (Unpublished presentation slides). Anwar Shaikh Papers. Collection of lecture materials on political economy.
• Shaikh, A. (2008). Chapter 11 stock flow accounts (Unpublished manuscript outline). Anwar Shaikh Papers. Working draft on turbulent macrodynamics.
• Shaikh, A. (2000). Surplus1 (Unpublished manuscript draft). Anwar Shaikh Papers. Academic essay on working time in Marxian analysis.
• Shaikh, A. (Undated). Moc (Handwritten research outline). Anwar Shaikh Papers. Lecture planning and literature review notes on capital measurement.
• Shaikh, A. …

Money Exchange Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, Anwar. Notes on money multipliers, bank notes, and bank credit creation. Unpublished manuscript.
• Shaikh, Anwar. Notes on token convertibility, gold standard exchange rates, and coin debasement. Unpublished manuscript.
• Shaikh, Anwar. Exchange, money and price. Unpublished work.
• Shaikh, Anwar. Chapter five money outline and notes on historical inflation variables. Unpublished manuscript.

Interdisciplinary Readings, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Ormerod, Paul. Economic modelling with low-cognition agents. Physica A, volume three hundred seventy, year two thousand and six. Elsevier B.V.
• Ormerod, Paul. What can agents know? The feasibility of advanced cognition in social and economic systems. Unpublished work.
• Ormerod, Paul, & Rosewell, Bridget. How much can firms know?. Unpublished work.
• Sen, Amartya. Sraffa, Wittgenstein, and Gramsci. Journal of Economic Literature, volume forty-one, year two thousand and three. American Economic Association.
• Gordon, David. Book review of More heat than light: Economics as social physics, physics as nature's economics by Philip Mirowski. …

Corruption And Democracy, Michael T. Rock

Economics Faculty Research and Scholarship

Most models and empirical tests of the relationship between corruption and democracy assume corruption falls as democracy matures. Yet recent theoretical developments and case evidence suggest an inverted U relationship between the two, although so far no one has tested for this relationship. By drawing on a panel data set covering a large number of countries between 1982–1997, substantial empirical support is found for an inverted U relationship between the durability (age) of democracy and corruption. Fortunately, the turning point in corruption occurs rather early in the life of new democracies – between 10–12 years.

U.S. Energy Policy And The Presumption Of Market Failure, Peter Z. Grossman

Scholarship and Professional Work - Business

The article presents an analysis of U.S. energy policy, focusing on the question of whether it is able to correct market failures in terms of alternative energy sources. The question of whether any such market failures exist is said to be a separate question, and an argument is presented that governments generally are not competent to fix such problems even when they do exist. A discussion of U.S. energy policy from the early 1970s to the 21st century is presented. Programs designed to encourage technological innovations such as biofeuls, nuclear fusion, and electric vehicles are analyzed.

Reit Ipos And The Cost Of Going Public, Steven D. Dolvin, Mark Pyles

Scholarship and Professional Work - Business

We examine Initial Public Offerings (IPOs) of Real Estate Investment Trusts (REITs) that went public between 1986 and 2004. Consistent with previous studies, we find that REIT IPOs are associated with lower levels of underpricing relative to traditional issues. We also find that REITs are associated with smaller file price revisions. Both findings are potentially attributable to the lower level of uncertainty associated with pricing REITs. In contrast, using an alternative measure of issuance costs that incorporates the share retention decision by preexisting owners, we find no significant difference between REIT and non-REIT issues, suggesting the results of previous studies …

Exchange And Specialisation As A Discovery Process, Sean Crockett, Vernon L. Smith, Bart J. Wilson

Economics Faculty Articles and Research

In this article we study the performance of an economy that can support specialisation if the participants develop and follow some system of exchange. We define a closed economy in which the participants must discover the ability to exchange, implement it, and ascertain what they are comparatively advantaged in producing. Many of our participants demonstrate the ability to find comparative advantage, capture gains from trade and effectively choose production that is consistent with the choices of others. We explore various treatments to provide insight into the conditions that foster the growth of specialisation and exchange within this weak institutional framework.

The Role Of Nonprofits In Ced, Dana A. Thompson

Book Chapters

Nonprofit institutions play an integral role in community economic development (CED) in the United States. These entities initiate and implement most CED activities, and the CED movement would be significantly weakened without their existence. This chapter briefly explores the historical context of various nonprofit organizations in assisting low- and moderate-income communities across the United States, the ways in which modern-day nonprofit organizations are effecting change in their communities, and the challenges to their effectiveness.

The first section of this chapter discusses community development corporations (CDCs), neighborhood-based organizations that are the primary instruments used to drive and implement revitalization in low- …

The Margins Of Us Trade, Andrew B. Bernard, J. Bradford Jensen, Stephen J. Redding, Peter K. Schott

Dartmouth Scholarship

Recent research in international trade emphasizes the importance of firms’ extensive margins for understanding overall patterns of trade as well as how firms respond to specific events such as trade liberalization. In this paper, we use detailed U.S. trade statistics to provide a broad overview of how the margins of trade contribute to variation in U.S. imports and exports across trading partners, types of trade (i.e. arm’s-length versus related-party) and both short and long time horizons. Among other results, we highlight the differential behaviour of related-party and arm’s-length trade in response to the 1997 Asian financial crisis.

Universidad Nacional Mayor De San Marcos Doctor Honoris, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes,

• Universidad Nacional Mayor de San Marcos. (n.d.). Photograph of A. Shaikh, PhD, with students and faculty [Photograph].

• Universidad Nacional Mayor de San Marcos. (2009, May 15). Rectoral resolution No. 01978-R-09 conferring the distinction of doctor honoris causa on A. Shaikh, PhD [Resolution].

Essays On The Macroeconomics Of Labor Markets, Arindam Mandal

Legacy Theses & Dissertations (2009 - 2024)

This dissertation is a collection of three essays on the theoretical and the empirical aspects of the labor search theory.

A Macroeconomic Analysis Of The Sources Of Economic Growth In India, Sohini Sahu

Legacy Theses & Dissertations (2009 - 2024)

Economic liberalization in 1991 marked a significant turning point for India since its independence in 1947. After decades of slow growth, the economy suddenly took off at a steady and fast pace after 1991. We investigate the factors that propelled India's long-term economic growth and short-run economic cycles pre and post 1991. Using a multi-sector dynamic general equilibrium model specifically tailored for transition economies, we find that service sector productivity, coupled with a structural shift in the economy, have been the drivers of the recent spate of growth in India. In the period 1960-1980, productivity fluctuations in the agricultural sector …

Essays In Education Economics, Kitae Sohn

Legacy Theses & Dissertations (2009 - 2024)

This dissertation consists of three empirical works on labor in general and education in particular.

Examining Tufte's Political Business Cycle Under An Adaptive Expectations Framework, Anna Konradi, '09

Honors Projects

Given that the executive branch's party desires reelection and that the economy is an important variable in the eyes of the electorate, to what extent has the president and his party been able to exert influence over economic variables in the months preceding an election? Much of the existing literature suggests that there may be an important cyclical pattern between the four-year election cycle and economic variables such as real GDP growth and real disposable income. Using data from the Council of Economic Advisors and the Presidential Elections dataset, this paper finds moderate evidence for the existence of a political …

Determining The Future Income Of College Students, Paul Oehrlein, '09

Honors Projects

Many people invest a lot of money in order to go to college with the hope that they will eventually be rewarded with higher salaries. This paper attempts to determine what aspects of college are most important in determining the future income of students. In particular, this paper studies whether GPA is an important determinant of income as well as whether some majors are better investments than others after controlling for other factors. In addition, the effect of math and verbal ability on income and how they interact with different fields of study are studied. The data comes from the …

Explaining Human Influences On Carbon Dioxide Emissions Across Countries, Karin Peterson, '09

Honors Projects

Global climate change is a vital issue facing the planet today, posing significant risks to both humans and the natural environment. This dangerous phenomenon is largely caused by the release of carbon dioxide into the atmosphere, resulting from such activities as energy production and vehicle travel This paper examines the factors leading to differences in carbon dioxide emissions among countries, including income, energy use, and government institutions. A crosssectional regression indicates that an inverted-U relationship exists between per capita income and carbon dioxide emissions, but that the turning point at which pollution begins to decrease occurs at a very high …

Predicting Major League Talent Through The First-Year Player Draft, Kevin Slattery, '09

Honors Projects

The Major League Baseball first-year player draft is a relatively unexplored topic. Until two years ago it was not even televised, even though other major spoils drafts like basketball and football are major television events. I predict the probability of reaching the major leagues and the probability of a player "making it big" in the major leagues for a player drafted based on a series of variables, like draft position, whether a player is lefthanded, and the schooling the amateur has received. This should help a team determine which players are most risky, and which players are most likely to …

Adopted Children"S Outcome As Young Adults In Regards To Educational Attainment And Income, Nicole K. Spear, '09

Honors Projects

This study explains the differences between the outcomes for children adopted by the age of two in comparison to biologically raised children using the National Longitudinal Survey of Youth. It analyzes the educational attainment and income earned through a competing effects framework. The Family Background Effect measures the positive effects caused by higher than average socioeconomic status of the average family with adopted children. The Family Background Effect contrasted with the negative Adoption Effect caused by a number of different factors that could work against an adopted child. Using linear regression analysis, the study finds that the Family Background Effect …

Length Of Contracts And The Effect On The Performance Of Mlb Players, Katie Stankiewicz, '09

Honors Projects

The goal of any professional athlete is to receive a multi-year contract that guarantees them a salary for multiple years. However, a concern that fans, coaches and owners all share is that when a player receives a multi-year contract they may have a strong incentive to shirk. Shirking is when a player purposely does not perform to the best of his ability and may occur when a player has a guaranteed salary. The goal of this paper is to determine if a Major League Baseball player with a multi-year contract will show any pattern of shirking throughout the contract. Each …

Hot Potato: Who Will End Up Paying For Open Access?, Sue Ann Gardner

University of Nebraska-Lincoln Libraries: Faculty Publications

Open access to scholarly content is increasing, and will continue to do so. This phenomenon is driving the economics of publishing to change dramatically. The question is: what will the economics of open access look like when this correction settles into a sustainable model? I will cover some of the ideas that have recently been articulated by economists, information professionals and others regarding retooling the evolving publishing business model, and will present some proposed solutions to the problem of “who is going to pay for it?”