Economics Commons^™

A Theory Of Entangled Political Economy, With Application To Tarp And Nra, Adam Smith

Economics Department Faculty Publications & Research

The recent financial crisis has provoked a raft of contending claims as to whether the cause of the crisis is better attributed to market failure or political failure. Such claims are predicated on a presumption that markets and polities are meaningfully separate entities. To the contrary, we argue that contemporary arrangements create an entangled political economy that renders theorizing based on separation often misleading. Within this alternative framework of entangled political economy, we illuminate both the recent Troubled Assets Relief Program (TARP) and the New Deal’s National Recovery Administration (NRA).

تطوير السياحة ….مدخل للتنمية المستدامة في العراق, Faris Kareeem Buraihi

Muthanna Journal of Administrative and Economics Sciences

تجاوزت السياحة بمفهومها المعاصر من مجرد كونها سفر وفعاليات ترويحية، إلى نوع من الصناعة لها أبعادها الاقتصادية والاجتماعية وضمن إطار نوع من تنظيم العلاقات والمصالح بين دول العالم لذلك تعد التنمية السياحية في الوقت الحاضر أحد أهداف التنمية الاقتصادية والاجتماعية الشاملة لما لها من قدرة على تحسين ميزان المدفوعات وتوفير فرص عمل وخلق فرص مدرة للدخل، فضلا عن المساهمة في تحسبن اسلوب ونمط الحياة الاجتماعية لعموم أفراد المجتمع.وفي العراق، طالما عانى القطاع السياحي في العراق من مشاكل ومعوقات عديدة أبرزها أداء السياسات الحكومية، فضلا عن الحصار الاقتصادي وما تعرض له العراق من حروب ودمار شديدين طالت معظم الأماكن السياحية، وابتعاده …

Historical Foundations Syllabus, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Anwar Shaikh. (2011, Fall). Historical foundations of political economy I: GECO 5104 (syllabus) [Unpublished course syllabus]. Author.

• Shaikh, A. (2010, December). Economics 104: Historical foundations of political economy I (final examination question set) [Unpublished course examination]. Author.

• Shaikh, A. (2011, November 1). GECO 104: Historical foundations of political economy I (midterm examination) [Unpublished course examination]. Author.

Cross-Cultural Risk Behavior In Financial Decisions And The Cushion Hypothesis, Jin Tan

CMC Senior Theses

92 students from a Southern California liberal arts college and two Beijing universities participated in an online questionnaire. Their cultural tendencies (i.e. level of collectivism and perception of family support) and responses to hypothetical investment scenarios were observed. Participants were asked to provide the amount they would invest in each scenario as well as a risk safety rating. The Chinese respondents reported higher cushion and collectivism scores than the Americans. Furthermore, the Chinese sample offered more money for the three riskiest scenarios; they also rated three scenarios safer than the Americans did. The cushion and collectivism scores were not found …

Estimating The Effects Of Integrated Film Production On Box-Office Performance: Do Inhouse Effects Influence Studio Moguls?, Daniel M. Polyakov

CMC Senior Theses

Each year well over one billion movie tickets are sold to an audience who knows very little about what they are getting themselves into. Why is it that despite the uncertainty, people return to the theaters to see what Hollywood has in store for them? In efforts to provide answers regarding the driving forces behind Hollywood’s blockbuster hits, this study takes into account the integration levels of the studios. Specifically, does a movie produced in-house at a large studio have a better chance of being a blockbuster hit than one which is outsourced to an independent production company? Further, I …

Do Nba Fans Discriminate Against Race Or Nationality?, Peter Meyer

CMC Senior Theses

Previous work found evidence that the racial composition of NBA teams was positively correlated with the racial composition of their metropolitan market areas during the 1990s. This paper finds continued evidence of this relationship in the 2000s, with an accompanying attendance boost from the incorporation of white players on teams located in whiter areas. There is also evidence that white players receive a salary premium relative to black players of equal performance quality. An examination of player performance indicates that demand for foreign players with the skill set of a forward or center is higher than demand for players of …

Predicting Enrollment Decisions Of Students Admitted To Claremont Mckenna College, Michael Zaytsev

CMC Senior Theses

College admission has become increasingly competitive in the internet era. This is especially true for the highest caliber of students and institutions. College admission is a process filled with asymmetric information. One of the biggest asymmetries occurs when schools admit students not knowing whether or not students will actually enroll. This uncertainty is economically costly to schools. As national rankings become more and more influential, schools are more sensitive to their rank and the statistics that determine them. One of these is yield, the percentage of admitted students who enroll. This paper examines data on admitted students to Claremont McKenna …

A New Experiment On Rational Behavior, Myles R. Macdonald

CMC Senior Theses

Behavioral economics is widely recognized as a rising field in economics, one whose discoveries and implications are not yet completed or understood. At the same time, economic theory plays an enormous role in our governmental and legal system. In particular, the Coase Theorem and its implications have affected nearly every area in the field of law and economics. This paper proposes a experimental test of Coasean bargaining in situations using two competitive players whose payoffs depend on minimizing their costs of mitigating the externality. A rational player’s action can be predicted ahead of time, and the rationality of the game’s …

Executive Minority Employment And Compensation Gap In The S&P500: Is Compensation Disparity More Prevalent In Certain Industries?, Jason W. Toney

CMC Senior Theses

Minorities hold a significantly smaller percentage of executive positions in companies within the S&P500. However, whether these minorities are under compensated relative to their non-minority counterparts has not been previously investigated. Using Compustat data, this paper documents the differences in compensation between minorities and non-minorities as a whole, minority and non-minority CEOs, and the differences in compensation for minorities and non-minorities within industries. I show that there is no minority/white wage gap overall, and in some cases, minorities earn a premium compared to non-minorities.

Economic Development Under Dominant-Party Regimes, Christopher J. Gorud

Honors Theses

Case studies of economic development in Japan, Mexico, India, and Kenya examine the relationship between dominant-party regimes and developmental outcomes. This paper studies the variables of bureaucratic coherence and cohesion, corporatism, labor relations, and national developmentism as contributing factors to developmental success or failure in these states.

Keeping Nuclear Programs From Becoming Nuclear Weapons: A Game Theoretic And Econometric Analysis, Benjamin Guy Ogden

Honors Theses

There are currently only nine countries which possess nuclear weapons, but twenty-four countries have pursued the requisite technology. The question remains as to why nations ceased their programs, and whether the policies of the international community had anything to do with that decision. This paper uses both a game theoretic and a probit model with limited assumptions to attempt to uncover: a) what are the determinants of a country shuttering their nuclear weapon program, b) when "sticks and carrots" can be credible (subgame perfect), and c) how large of a role they play in the potential nuclear country's decision-making. I …

Inconsistent Var Regression With Common Explosive Roots, Peter C.B. Phillips, Tassos Magdalinos

Cowles Foundation Discussion Papers

Nielsen (2009) shows that vector autoregression is inconsistent when there are common explosive roots with geometric multiplicity greater than unity. This paper discusses that result, provides a co-explosive system extension and an illustrative example that helps to explain the finding, gives a consistent instrumental variable procedure, and reports some simulations. Some exact limit distribution theory is derived and a useful new reverse martingale central limit theorem is proved.

Efficient Search By Committee, Dirk Bergemann, Juuso Välimäki

Cowles Foundation Discussion Papers

This note constructs an efficient mechanism for finding the best candidate for a committee from a sequence of potential candidates. Committee members have independent private values information about the quality of the candidate. The mechanism selects the best candidate according to the standard utilitarian welfare criterion. Furthermore, the mechanism can be modified to have a balanced budget.

Economic & Political Factors For Renewable Energy In The United States, Jeremiah Daniel Yokley

Masters Theses

The results of this study provide some insight to how qualitative regime variables affect the production of renewable energy in the United States. Specifically this paper found that while working with other variables the political affiliation of the President of the United States and the party holding the majority of seats in the United States House of Representatives and Senate can aid in forecasting renewable energy production growth. With this insight it is possible to better prepare for future energy investments by either governments or the private sector. This paper specifically examines total renewable energy production, hydroelectric energy production, solar …

Estimating The Size Of The Informal Sector In Latin America, George T. Lesica

Masters Theses

The informal sector has always been assumed to exist but was not studied intently until the 1970s when economic events in the US and Europe led scholars to consider just how much economic activity was occurring but not being accounted for. Since that time it has been studied more vigorously but very little progress has been made in understanding it.

In this paper I develop estimates of the size of the informal sector using two different methods. First, a panel of estimates for several Latin American countries will be constructed using the Multiple Indicators Multiple Causes (MIMIC) method for several …

Forecasting Exchange Rates Using Neural Networks: A Trader's Approach, Adam Stokes

Masters Theses

This study is to investigate the use of Artificial Neural Networks (ANN) for forecasting exchange rates. The currencies examined in the paper are the Euro, Pound, and Yen. Two different types of ANNs are used in this paper: Feedforward and Nonlinear Autoregressive with Exogenous Input (NARX). Forecasts are made for daily and weekly exchange rates using the open, high, low, and close of the exchange rates. Many standard econometric models cannot deal with daily and weekly forecasts due to many macro economic variables not being available at such frequencies. ANNs are able to deal with daily and weekly data as …

A Marxian Analysis Of Inter-Industry Linkages And The Time Structure Of Production, Jeff Schatz

Symposium on Research and Creative Expression (SORCE)

In this paper we analyze and model the flows of capital in an interlinked economy exhibiting complete simple reproduction. Drawing heavily on Marx's description of circulation in volume 2 of Capital, we graphically and symbolically model the transfer of value between money, productive, and commodity capital. In addition, we allow for the creation of surplus value through production. Combining this with Marx's discussion of simple reproduction and the MELT (Monetary Expression of Labor Time), our model illustrates a capitalist economy in a state of general equilibrium. As a powerful descriptive tool, this mathematical and Maple-coded model combines the insights of …

Structurally Unbalanced: Cyclical And Structural Deficits In Arizona, Matthew Murray, Kristin Borns, Susan Clark-Johnson, Mark Muro, Jennifer Vey, Brookings Mountain West, Morrison Institute For Public Policy

Brookings Mountain West Publications

Though the Great Recession may be officially over, all is not well in Arizona. Three years after the collapse of a massive real estate “bubble,” the deepest economic downturn in memory exposed and exacerbated one of the nation’s most profound state fiscal crises, with disturbing implications for Arizona citizens and the state’s long-term economic health. This brief takes a careful look at the Grand Canyon State’s fiscal situation, examining both Arizona’s serious cyclical budget shortfall—the one resulting from a temporary collapse of revenue due to the recession—as well as the chronic, longer-term, and massive structural imbalances that have developed largely …

A World Macro Saving Fact And An Explanation, Ray C. Fair

Cowles Foundation Discussion Papers

The world macro saving fact concerns the total financial saving of the world’s private sector divided by world GDP. Relative to changes before 1994, there was a huge fall in this ratio between 1995 and 2000, a huge increase between 2000 and 2003, a huge fall between 2003 and 2006, and a huge increase between 2006 and 2009. This fact is documented in this paper. The paper also shows that the fluctuations in this ratio are highly correlated with fluctuations in world stock and housing prices. It thus appears that much of the variation in the world private saving rate …

Bias In Estimating Multivariate And Univariate Diffusions, Xiaohu Wang, Peter C.B. Phillips, Jun Yu

Cowles Foundation Discussion Papers

Multivariate continuous time models are now widely used in economics and finance. Empirical applications typically rely on some process of discretization so that the system may be estimated with discrete data. This paper introduces a framework for discretizing linear multivariate continuous time systems that includes the commonly used Euler and trapezoidal approximations as special cases and leads to a general class of estimators for the mean reversion matrix. Asymptotic distributions and bias formulae are obtained for estimates of the mean reversion parameter. Explicit expressions are given for the discretization bias and its relationship to estimation bias in both multivariate and …

Specification Testing For Nonlinear Cointegrating Regression, Qiying Wang, Peter C.B. Phillips

Cowles Foundation Discussion Papers

We provide a limit theory for a general class of kernel smoothed U statistics that may be used for specification testing in time series regression with nonstationary data. The framework allows for linear and nonlinear models of cointegration and regressors that have autoregressive unit roots or near unit roots. The limit theory for the specification test depends on the self intersection local time of a Gaussian process. A new weak convergence result is developed for certain partial sums of functions involving nonstationary time series that converges to the intersection local time process. This result is of independent interest and useful …

First Difference Mle And Dynamic Panel Estimation, Chirok Han, Peter C.B. Phillips

Cowles Foundation Discussion Papers

First difference maximum likelihood (FDML) seems an attractive estimation methodology in dynamic panel data modeling because differencing eliminates fixed effects and, in the case of a unit root, differencing transforms the data to stationarity, thereby addressing both incidental parameter problems and the possible effects of nonstationarity. This paper draws attention to certain pathologies that arise in the use of FDML that have gone unnoticed in the literature and that affect both finite sample peformance and asymptotics. FDML uses the Gaussian likelihood function for first differenced data and parameter estimation is based on the whole domain over which the log-likelihood is …

Folklore Theorems, Implicit Maps And New Unit Root Limit Theory, Peter C.B. Phillips

Cowles Foundation Discussion Papers

The delta method and continuous mapping theorem are among the most extensively used tools in asymptotic derivations in econometrics. Extensions of these methods are provided for sequences of functions, which are commonly encountered in applications, and where the usual methods sometimes fail. Important examples of failure arise in the use of simulation based estimation methods such as indirect inference. The paper explores the application of these methods to the indirect inference estimator (IIE) in first order autoregressive estimation. The IIE uses a binding function that is sample size dependent. Its limit theory relies on a sequence-based delta method in the …

Geopolitics, Oil Law Reform, And Commodity Market Expectations, Robert Bejesky

Oklahoma Law Review

No abstract provided.

Competition Red, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Classical definition of costs by Anwar Shaikh, PhD
• Notes on fixed capital and joint production by Anwar Shaikh, PhD
• Models of adjustment of mkt prices to POP by Anwar Shaikh, PhD
• Price, marginal cost and the business cycle by Jonathan Haskel, Christopher Martin, and Ian Small
• Four themes present in the discussion of PE by Anwar Shaikh, PhD
• Competition of capital mobility by Anwar Shaikh, PhD
• Profit rates within industry by Anwar Shaikh, PhD
• The structure of Kalecki's theory by Anwar Shaikh, PhD
• Average and incremental profit rates: US and OECD by Anwar Shaikh, PhD
• Correspondence to …

Us Japan Trade Paper, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Notes on cointegration testing procedures for exchange rate models — Shaikh, A., PhD. Unpublished manuscript notes, dated December 2, 2011.
• Notes on OECD aggregate weighting and lag-selection criteria — Shaikh, A., PhD. Unpublished manuscript notes, undated.
• Explaining long term exchange rate behavior in the United States and Japan — Shaikh, A., and Antonopoulos, R. Levy Economics Institute of Bard College Working Paper No. 250, published 1998. This copy is a later revised version with data updated through 2008; the revision itself is undated.
• My XR theory: short run adjustments — Shaikh, A., PhD. Unpublished manuscript notes, dated …

Global Economic Governance Notes, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Global economic governance, global inequality and the role of the united nations presentation script. Shaikh, A. 2011. New York. [Unpublished conference materials].
• Handwritten notes on global economic governance panel speakers. Shaikh, A. 2011. [Unpublished manuscript]. Department of Economics, The New School for Social Research.
• Handwritten prep notes for panel address. Shaikh, A. 2011. [Unpublished manuscript]. Department of Economics, The New School for Social Research.
• Global economic governance, global inequality and the role of the un list of participants. Friedrich Ebert Stiftung, & UBUNTU Forum. 2011. New York. [Unpublished conference materials].
• Global economic governance, …

Microfoundations Revisions, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. March 11, 2011. Chapter 3: microfoundations revisions (Handwritten folder notes). Unpublished work. New York, NY: New School for Social Research.
• Shaikh, A. December 2, 2009. What's left of microeconomics? Microfoundations and emergent macro properties (Unpublished manuscript draft). Unpublished work. New York, NY: New School for Social Research.
• Shaikh, A. July 4, 2012. Micro talk NSSR (Handwritten lecture notes). Unpublished work. New York, NY: New School for Social Research.
• Shaikh, A. December 2, 2009. Rethinking microeconomics: a proposed reconstruction (Unpublished manuscript draft). Unpublished work. New York, NY: New School for Social Research.
• Shaikh, A. December 2, …

Transit In A Border Zone: The Demand For Public Transportation In Three Texas Border Cities, Adam Gregory Walke

Open Access Theses & Dissertations

Factors affecting the demand for public transportation include those, like fares or the level of service, that transit administrators can directly influence as well as those, like gasoline prices, that are beyond administrators' control. This study considers both but focuses on the latter and, more specifically, on how proximity to an international border affects transit ridership. Pedestrian border crossings have a significant effect on ridership levels in El Paso, Brownsville, and Laredo, Texas. Also, ridership correlates positively with the purchasing power of the peso in Laredo and with Mexico's industrial production index in El Paso. In the context of prior …

Transferability Of Child Labor Norms: Examining The Link Between Foreign Direct Investment And Child Labor Practices In Developing Countries, Ijtsuri Anayantzin Viveros

Open Access Theses & Dissertations

Why do child labor norms often fail to be transferred or enforced in developing countries even if the implementation of such norms already proved to have substantially reduced child labor practices in developed regions? In the field of international political economy, a number of studies examine how international trade in general and foreign direct investment (FDI, hereafter) in particular influence economic growth, income equality, and balance of trade in developed and developing countries. Extending the literature on international trade and investment, this thesis examines the relationship between FDI and child labor practices in developing countries.

Specifically, I investigate whether and …