Economics Commons^™

Hedonic Housing Prices In Paris: An Unbalanced Spatial Lag Pseudo-Panel Model With Nested Random Effects, Badi H. Baltagi, Georges Bresson, Jean-Michel Etienne

Center for Policy Research

This paper estimates a hedonic housing model based on flats sold in the city of Paris over the period 1990-2003. This is done using maximum likelihood estimation taking into account the nested structure of the data. Paris is historically divided into 20 arrondissements, each divided into four quartiers (quarters), which in turn contain between 15 and 169 blocks (îlot, in French) per quartier. This is an unbalanced pseudo-panel data containing 156,896 transactions. Despite the richness of the data, many neighborhood characteristics are not observed, and we attempt to capture these neighborhood spill-over effects using a spatial lag model. Using Likelihood …

Influence Of Corruption, Foreign Direct Investment And Net Domestic Credit On Economic Growth, Meng Mi

Applied Economics Theses

In Asia, it is not clear whether governments can attract increased FDI by reducing corruption, or whether corruption is irrelevant to levels of GDP growth, especially if the mechanism of net domestic credit can be used to stimulate economic growth even in the absence of high levels of FDI. The purpose of this study is to examine the potentially distinct effects of both FDI and net domestic credit on economic growth, as well as the relationship between corruption and economic growth. This relationship is studied using ex post facto data from a sample of Asian countries from the years 1980-2012. …

The Financial Determinants Of College Football, Mitchell Adams

HIM 1990-2015

There is a certain tradition, pageantry, rivalry, and glory in college football. It is well known that college football can be a big time money maker and sometimes covers the costs of other athletic teams within a school. However, it is also recognized that many college football programs lose money or struggle to break even. Thus, there is tremendous variability that exists in the amount of resources a school may have and the outcomes in athletic success, while there is not always a one to one correspondence between the two. The purpose of this study is to examine and analyze …

Federal Funding And The Rise Of University Tuition Costs, Megan Kizzort

HIM 1990-2015

Access to education is a central part of federal higher education policy, and federal grant and loan programs are in place to make college degrees more attainable for students. However, there is still controversy about whether there are unintended consequences of implementing and maintaining these programs, and whether they are effectively achieving the goal of increased accessibility. In order to answer questions about whether three specific types of federal aid cause higher tuition rates and whether these programs increase graduation rates, four ordinary least squares regression models were estimated. They include changes in both in-state and out-of-state tuition sticker prices, …

A Critical Examination Of Green Economic Development As A Post-Disaster Recovery Approach: The Case Of Greensburg, Kansas 2007-2012, David Edgardo Leiva

Master's Theses

In May 2007, an EF-5 tornado ripped through and annihilated 95% of Greensburg, Kansas, a town of about 1,500 people in the southwestern portion of the state. On the heels of the disastrous Hurricane Katrina federal response and with the promise of two sitting presidents to use all of the federal support available, the town vowed not only to "survive, but thrive." Months later, Greensburg civic, business and elected leaders - with a host of external expertise - unveiled a recovery plan that not only set in motion the rebuilding of the two-square mile town but also offered the opportunity …

Domestic Credit Growth And International Capital Flows: Implications For Monetary Policy Management In Nigeria, Moses K. Tule

Economic and Financial Review

This paper investigates the effect of foreign capital flows on domestic credit growth, specifically, and its implication for monetary policy. The paper is structured into 6 sections. Section 2 provides the review of related theoretical and empirical literature. Section 3 provides stylized facts on the structure and changing structure of domestic credit and international capital flows in Nigeria while section 4 deals with capital flows and the dynamics of monetary policy in Nigeria. Section 5 provides the empirical analysis, while section 6 concludes the study.

Managing The Downside Risks Of Surging Capital Flows On Financial Stability For Sub-Saharan African Countries, Veronica Kalema

Economic and Financial Review

This paper discusses how capital flows has affected the sub-Saharan Africa. It also highlights the fundamental and growth prospects that are likely to continue drawing capital inflow in the future as well as the risk associated with it.

Coping With Capital Flow Volatility: Policy Consideration For Nigeria, Mike I. Obadan

Economic and Financial Review

Foreign capital flows have, from time to time, elicited deep concerns and debates because of their tendency to be volatile besides various macroeconomic and other related effects. Generally, the volatility of capital flows, especially in the form of huge surges pose significant risks and raise concerns about excessive exchange rate appreciation and the corresponding adverse impact on exports and growth.

Keynote Address By Sanusi L. Sanusi, Sanusi Lamido Sanusi

Economic and Financial Review

The keynote address of the Governor, Central Bank of Nigeria at the CBN Executive seminar with the theme Global Capital Flows, Financial Markets and Macroeconomic Stability at Golden Tulip Hotel, Festac Town, Lagos, December 2-5, 2013.

Capital Flows And Macroeconomic Stability: Theoretical And Conceptual Considerations, Ndubuisi I. Nwokoma

Economic and Financial Review

This article examines the impact of foreign capital flow in industrialised countries. The theoretical foundation for the proposition that capital flows can promote macroeconomic performance and stability of emerging economies was entrenched in the 2-gap model, which posits that development may be hampered by the existence of both the savings and foreign exchange gaps in the developing countries.

Capital Flows, Capital Control And Exchange Rate Regimes, Jonathan A. Aremu

Economic and Financial Review

The objective of this presentation is to examine the importance of capital controls on the flow of foreign capital under the current circumstance for the benefit of the Nigerian economy. Part II of the paper will look into some critical issues in the global capital flows by identifying the principal agents; structure and trends of the flows; effects; and policy options in managing the flows. In Part III, an attempt is made to review the historical developments of global governance of capital controls since the pre-World War I, while Part IV examines the policy challenges in capital control management strategies. …

Policy Space For Capital Controls And Macroeconomic Stability: Lessons From Emerging Economies, Christiana E. E. Okojie

Economic and Financial Review

The paper discusses the concept of policy space and the factors influencing policy space in developing economies. It also discusses changing attitudes towards capital controls by researchers and agencies with emphasis on the International Monetary Fund (IMF).

Capital Flows And Macroeconomic Stability: Theoretical And Conceptual Considerations, I. Nwokoma Ndubisi

Economic and Financial Review

This paper discusses both conceptual and theoretical perspectives of capital flows and their macroeconomic stabilisation strands.

Empirical Examination Of Foreign Capital Flows And Growth Nexus In Emerging Economies, Bassem Kamar

Economic and Financial Review

The purpose of this paper is to analyse the effect of foreign capital flows on economic performance in three ways. First, it analyses empirically the direct effect of capital account liberalisation on growth; second, it continues to explore the subject by testing one of the indirect effects of capital flows on economic welfare, namely their influence on competitiveness; and finally, it breaks down the issue further by decomposing capital flows into their specific elements – FDI, portfolio investments, aid, debt, remittances and tests their effect on competitiveness.

An Examination Of The Governance Policies Of Maine Nonprofits As They Relate To Endowment And Cash Reseve Accounts, Kenneth S. Spirer

Muskie School Capstones and Dissertations

For my Capstone project, I examined whether Maine nonprofit organizations have established policies to manage their endowment and cash reserve funds. Based on survey responses and a literature review, I have identified governance policies that represent best practices for nonprofit organization’s responsibilities for the endowment assets. I also have drafted a sample Investment Policy Statement “template” for small nonprofits to use as a basis for developing their own policies.

Metropolitan Report - December 2013, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans

UNO Metropolitan Report (1986-2017)

No abstract provided.

Promises And Expectations, Florian Ederer, Alexander Stremitzer

Cowles Foundation Discussion Papers

We investigate why people keep their promises in the absence of external enforcement mechanisms and reputational effects. In a controlled laboratory experiment we show that exogenous variation of second-order expectations (promisors’ expectations about promisees’ expectations that the promise will be kept) leads to a significant change in promisor behavior. We provide clean evidence that a promisor’s aversion to disappointing a promisee’s expectation leads her to keep her promise. We propose a simple theory of lexicographic promise keeping that is supported by our results and nests the findings of previous contributions as special cases.

Measurement Of Working Experience And Education Level In Earning Models Among African-American And Whites, Zhuang Zheqi

All Theses

Labor market attachment differs significantly between African-American males and white males; there are various reasons that account for the wage differential. It has long been agreed that the Mincer equation method, which analyzes earnings by using experience and education levels, is very reliable. Is it only these two variables that account for the wage inequality? For instance, does discrimination exist in the labor market? And is there any improvement in the measurement of experience variables that will affect the result? In this paper, I will generate accumulated experience variables in order to compare them to potential experience variables. I will …

Mountain Monitor - 3rd Quarter 2013, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

The quarter’s Mountain Monitor marks the four-year anniversary of Brookings Mountain West's quarterly tracking of the uneven pace of recovery across the major metro areas of the Intermountain West and it finds that, although the region continues to outperform the national economy the rate of recovery slowed moderately in the region’s metro areas.

As a group, Mountain region metro areas advanced on all four indicators of economic recovery tracked by the Monitor—employment, output, unemployment, and house prices—but their progress was more restrained in the third quarter of 2013 than it was in the second.

Beneath the regional headline of moderating …

The Impact Of The Great Recession On Nevada’S Latino Community, John P. Tuman, David F. Damore, Maria J.F. Agreda

Brookings Mountain West Publications

The emergence of the Great Recession of 2008 had a profound impact in Nevada. The economic downturn generated high unemployment levels and led to turbulence in many sectors, particularly residential home construction and the hospitality industry. In the wake of the crisis, median home prices in Nevada plunged, while the residential foreclosure rate increased and remains one of the highest rates in the country. By 2009, it was evident that a tightening of commercial bank lending for new mortgages, combined with the impact of rising joblessness and plunging housing values, was hampering recovery efforts in the housing sector and Nevada’s …

Health Information And Social Security Entitlements, Perry Singleton

Center for Policy Research

This study examines whether new health information, obtained through medical screening, affects entitlements to Social Security benefits. Random assignment of information is derived from a unique feature of the Continuous National Health and Nutrition Examination Survey. To examine the effect of information on entitlements, the survey data are matched to administrative data from the Social Security Administration. The results suggest that new health information leads to delayed entitlements, particularly among workers near the early retirement age.

Chin Music: A Statistical Analysis Of Retaliation Pitches In Major League Baseball, Peter Jurewicz

All Theses

This paper is focused on hit batsmen in Major League Baseball from the 2008 season through August 20th of the 2013 season. More specifically, this paper examines the characteristics of retaliation pitches and attempts to determine the intent of the pitcher. The paper also takes into account moral hazard and cost-benefit analysis of hitting an opposing batsman. There has been a vast amount of literature in economics with regard to hit batsmen in Major League Baseball. However, very few of these papers have been able to evaluate economic theories in Major League Baseball using Pitchf/x data. Pitchf/x technology became fully …

Differences Between For-Profit, Non-Profit, And Public Hospitals In Medical And Non-Medical Categories: Costs And Outsourcing Decisions, Justin Knutter

All Theses

The purpose of this study is to measure and compare several potential differences between for-profit, non-profit, and public hospitals in medical and non-medical cost categories. To do this, costs associated with two medical and two non-medical categories for California short-term general care hospitals were broken down into several subsets in order to better understand exactly how and why each category behaves as it does. The results show significant differences for total costs between for-profits and the other hospital types across the board and a difference for outsourcing decisions between for-profits and the other hospital types for the medical categories but …

An Efficient Two Sample Capture-Recapture Model With High Recaptures, Danjuma Jibasen, Yusuf J. Adams

CBN Journal of Applied Statistics (JAS)

This paper proposed an efficient two sample capture-recapture model (Ma) with high recaptures and compared it with the existing models like the model of no factor effect (Mo), behavioral response model (Mb) and the Petersen model (Ms), using simulated data. We found that the Petersen model provides a better estimate of the population size when the observations follow a hypergeometric distribution and the population is overestimated when recapture is high. It was also found that the proposed model provides a better estimator of the population size than the existing ones when the recapture is high. This model is particularly useful …

Causal Relationship Between Stock Market Index And Exchange Rate: Evidence From Nigeria, Abdulrasheed Zubair

CBN Journal of Applied Statistics (JAS)

This paper uses Johansen’s cointegration to test for the possibility of cointegration and Granger-causality to estimate the causal relationship between stock market index and monetary indicators (exchange rate and M2) before and during the global financial crisis for Nigeria, using monthly data for the period 2001–2011. Results suggest absence of long-run relationship before and during the crisis. The Granger-causality tests show a uni-directional causality running from M2 to ASI before the crisis while during the period of the crisis there is absence of causality between the variables. This suggests that ASI show responsiveness to M2. Thus, absence of the direct …

Investigating Chaos In The Nigerian Asset And Resource Management (Arm) Discovery Fund, Ibiyinka A. Fuwape, Samuel T. Ogunjo

CBN Journal of Applied Statistics (JAS)

This paper investigates chaos in a Nigerian mutual fund, Asset and Resource Management Company Limited (ARM) for a period of eleven years. The existence of chaotic signals in the data was identified by the reconstruction of the phase space of the daily closing price of the fund and the delay time was quantified using mutual information function and the embedding dimension by the false nearest neighbours, where the values were identified to be 15 and 20 respectively. The presence of chaotic signals in the ARM data was further confirmed by the correlation dimension method which yielded a dimension of 2.2 …

Modeling The Nigerian Inflation Rates Using Periodogram And Fourier Series Analysis, Chukwuemeka O. Omekara,, Emmanuel J. Ekpenyong, Micheal P. Ekerete

CBN Journal of Applied Statistics (JAS)

This work considers the application of Periodogram and Fourier Series Analysis to model all-items monthly inflation rates in Nigeria from 2003 to 2011. The main objectives are to identify inflation cycles, fit a suitable model to the data and make forecasts of future values. To achieve these objectives, monthly all-items inflation rates for the period were obtained from the Central Bank of Nigeria (CBN) website. Periodogram and Fourier series methods of analysis are used to analyze the data. Based on the analysis, it was found that inflation cycle within the period was fifty one (51) months, which coincides with the …

Nigerian Stock Index: A Search For Optimal Garch Model Using High Frequency Data, Olaoluwa Simon Yaya

CBN Journal of Applied Statistics (JAS)

This paper attempts to fit the best Generalized Autoregressive Conditional Heteroscedastic (GARCH) model for All Share Index (ASI) of Nigerian Stock Exchange (NSE) returns. A search is made on various GARCH variants specified on the assumptions of stationarity and asymmetry. Fractionally integrated types are also considered to capture the possibility of return series having property of long range dependency. The parameter estimations are carried out on the assumptions of normality and non-normality of GARCH innovations, with models and forecasts evaluated using information criteria and loss functions respectively. Under normality assumption, Hyperbolic GARCH (HYGARCH(1,d,1)) model is selected and Integrated GARCH (IGARCH(1,1)) …

Time Series Modeling Of Nigeria External Reserves, Iheanyichukwu S. Iwueze, Eleazar C. Nwogu, Valentine U. Nlebedim

CBN Journal of Applied Statistics (JAS)

This paper discusses the levels and trend of external reserves in Nigeria. The relevance of this lies in the fact that it could help to monitor the reserves and throw early warning signal about any economic crisis. Monthly data on Nigeria external reserves for the period January 1999 to December, 2008 derived from the 2008 CBN Statistical Bulletin was analyzed using ARIMA model. Results of the analyses show that (i) the data requires logarithmic transformation to stabilize the variance and make the distribution normal (ii) the appropriate model that best describes the pattern in the transformed data is the Autoregressive- …

A Markov Decision Process Approach To Optimal Control Of A Multi-Level Hierarchical Manpower System, Akaninyene U. Udom

CBN Journal of Applied Statistics (JAS)

A recurrent problem in manpower control is how to attain the desired structural configuration in an optimal way, since it is possible to reach a desired structural configuration using different control inputs. The major aim of this paper is to develop a Markov Decision Process for optimal control of a Multi-level Hierarchical Manpower System (MHMS) by promotion and interdepartmental transfers. This is examined under control by intervention and contraction cost Markov Decision Process.