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2015

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Articles 301 - 330 of 1621

Full-Text Articles in Economics

Many Happy Returns? The Pro-Bowl, Mega-Events, And Tourism In Hawaii, Robert Baumann, Victor Matheson Sep 2015

Many Happy Returns? The Pro-Bowl, Mega-Events, And Tourism In Hawaii, Robert Baumann, Victor Matheson

Economics Department Working Papers

We use daily airplane arrival data from 2004 to 2015 from Hawaii’s Department of Business, Economic Development, and Tourism to determine the net change in arrivals around a variety of sporting events. We find only one event generates a positive and significant net impact on arrivals: the Honolulu Marathon, which generates roughly 3,900 additional arrivals. No other sporting events result in a measurable increase in tourist arrivals including, notably, the NFL’s Pro Bowl, which receives a large subsidy from the state’s tourism authority.

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Crude Oil Price Volatility: Implications For External Reserves And Exchange Rate Management In Nigeria, Moses K. Tule Sep 2015

Crude Oil Price Volatility: Implications For External Reserves And Exchange Rate Management In Nigeria, Moses K. Tule

Bullion

Following recent development in the world oil market, emphasis will be placed on the falling crude oil price which has far reaching implications for economic management in Nigeria. Nigeria depends heavily on crude oil for its revenue and exchange earning, hence the degree of rise or fall in oil price over a period poses concern for the government of the country.

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The Impact Of External Reserves' Position On Capital Flows: The Nigerian Experience, Lamido A. Yuguda Sep 2015

The Impact Of External Reserves' Position On Capital Flows: The Nigerian Experience, Lamido A. Yuguda

Bullion

A number of factors will determine whether capital will flow in and out of an Economy. The monetary Authority in every country have the sole right to maintain and manage the external reserves hereby maintaining confidence in the country monetary and exchange rate polices, provide confidence to international community on the country' ability to meet its external obligations and provide liquidity to government to meet its external obligations; and maintain foreign exchange liquidity. The main objectives of this paper is to access the impact of external reserves position in attracting capital flows.

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Exchange Rate Management: Evolution Of The Nigerian Foreign Exchange Market, Bismark J. Rewane Sep 2015

Exchange Rate Management: Evolution Of The Nigerian Foreign Exchange Market, Bismark J. Rewane

Bullion

To grasp the challenges facing the naira, an understanding of the framework of the exchange rate system is imperative. This article highlights key developments and presents an analysis of the current issues facing the Nigerian currency.

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Revealing The Political Decision Toward Chinese Carbon Abatement: Based On Equity And Efficiency Criteria, Jinlan Ni, Chu Wei, Limin Du Sep 2015

Revealing The Political Decision Toward Chinese Carbon Abatement: Based On Equity And Efficiency Criteria, Jinlan Ni, Chu Wei, Limin Du

Economics Faculty Publications

China's economic reform over the past 30 years has allowed the free market to drive economic development. However, government still plays a key role in the energy sector by allocating energy conservation and emissions abatement. How does the government make an equity decision as a tradeoff to market efficiency? This is an unanswered question. The purpose of this paper is to illustrate the government's preference toward equity and efficiency. Using the provincial level CO2 intensity allocation data, we investigate the political decision that the government made based on the equity and efficiency criteria. We find that the equity index plays …

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Social Network, Intra-Network Education Spillover Effect And Rural–Urban Migrants' Wages: Evidence From China, Chunchao Wang, Chenglei Zhang, Jinlan Ni Sep 2015

Social Network, Intra-Network Education Spillover Effect And Rural–Urban Migrants' Wages: Evidence From China, Chunchao Wang, Chenglei Zhang, Jinlan Ni

Economics Faculty Publications

This study examines the determinants of rural–urban migrant wages, paying special attention to the intra-network education spillover effect of the migrants' social network in China. Using the new migrant sample of Rural Urban Migration in China (RUMiC) 2009 survey data, we find that the migrants' social network does have a significant impact on their own earnings. In particular, we find evidence that there exists an education spillover effect of the migrants' social network, which indicates that the education level of the migrants' social network has a significant positive effect on their earnings. We also find that the education spillover effects …

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Building A Better Model: Variable Selection To Predict Poverty In Pakistan And Sri Lanka, Marium Afzal, Jonathan Hersh, David Newhouse Sep 2015

Building A Better Model: Variable Selection To Predict Poverty In Pakistan And Sri Lanka, Marium Afzal, Jonathan Hersh, David Newhouse

Economics Faculty Articles and Research

Numerous studies have developed models to predict poverty, but surprisingly few have rigorously examined different approaches to developing prediction models. This paper applies out of sample validation techniques to household data from Pakistan and Sri Lanka, to compare the accuracy of regional poverty predictions from models derived using manual selection, stepwise regression, and Lasso-based procedures. It also examines how much incorporating publically available satellite data into the model improves its accuracy. The five main findings are that: 1) Lasso tends to outperform both discretionary and stepwise models in Pakistan, where the set of potential predictors is large. 2) Lasso and …

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Financial Inclusion And Growth Of The Banking System In Nigeria, Hogan E. Bassey, Fagge A. Inuwa, Ukeje H. Nkechinyere Sep 2015

Financial Inclusion And Growth Of The Banking System In Nigeria, Hogan E. Bassey, Fagge A. Inuwa, Ukeje H. Nkechinyere

Bullion

Financial inclusion suggests an innovative concept which helps to achieve sustainable development, by making available financial services to the unbanked and underbanked with the help of financial institutions. The concept of financial inclusion gained popularity from year 2000. Thus, it is a great weapon to overcomes financial backwardness. This paper attempts to assess the current status of financial inclusion by examining recent policies and developments toward achieving financial inclusion in Nigeria. Specifically, the framework aimed at enhancing financial inclusion in Nigeria while also supporting the growth and stability of the financial sector, including policies around microfinance, mobile payment, KYC, electronic …

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Health, Medical Innovation And Disability Insurance: A Case Study Of Hiv Antiretroviral Therapy, Perry Singleton Sep 2015

Health, Medical Innovation And Disability Insurance: A Case Study Of Hiv Antiretroviral Therapy, Perry Singleton

Center for Policy Research

This study examines the effect of health on SSDI outcomes. The effect is identified by a new antiretroviral therapy to treat the human immunodeficiency virus. Administrative data on SSDI applications come from the Disability Research File. According to the analysis, the new therapy had an immediate and persistent effect on program entry. By 1997, the therapy decreased applications by 35.2 percent and new awards by 36.7 percent. Among existing beneficiaries, the therapy decreased program exits through death, but did not substantially increase program exits for work. By 1999, the therapy increased HIV-related expenditures by $43.6 million.

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Testing For Spatial Lag And Spatial Error Dependence In A Fixed Effects Panel Data Model Using Double Length Artificial Regressions, Badi H. Baltagi, Long Liu Sep 2015

Testing For Spatial Lag And Spatial Error Dependence In A Fixed Effects Panel Data Model Using Double Length Artificial Regressions, Badi H. Baltagi, Long Liu

Center for Policy Research

This paper revisits the joint and conditional Lagrange Multiplier tests derived by Debarsy and Ertur (2010) for a fixed effects spatial lag regression model with spatial auto-regressive error, and derives these tests using artificial Double Length Regressions (DLR). These DLR tests and their corresponding LM tests are compared using an empirical example and a Monte Carlo simulation.

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The Entrepreneur’S Idea And Outside Finance: Theory And Evidence About Entrepreneurial Roles, John T. Scott, Troy J. Scott Sep 2015

The Entrepreneur’S Idea And Outside Finance: Theory And Evidence About Entrepreneurial Roles, John T. Scott, Troy J. Scott

Dartmouth Scholarship

We study the problem faced by the entrepreneur seeking outside support to turn an entrepreneurial idea into a successful innovation—specifically a successful technological innovation resulting from research and development. The paper develops and tests the hypothesis that as an entrepreneur’s innovative idea becomes more complex, the entrepreneur will find it more difficult to obtain outside finance and then outside support more generally for the commercialization of the idea. Consequently, the entrepreneur will be more likely to take on additional roles beyond providing the essential idea. The evidence supports the hypothesis that, other things being the same, an entrepreneur with a …

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Recent Engagements With Adam Smith And The Scottish Enlightenment, Maria Pia Paganelli Sep 2015

Recent Engagements With Adam Smith And The Scottish Enlightenment, Maria Pia Paganelli

Economics Faculty Research

Recent literature on Adam Smith and other eighteenth-century Scottish thinkers shows an engaged conversation between the Scots and today's scholars in the sciences that deal with humans-the social sciences and the humanities, as well as neuroscience and evolutionary psychology. We share with the eighteenth-century Scots preoccupations about understanding human beings, human nature, sociability, moral development, our ability to understand nature and its possible creator, and about the possibilities to use our knowledge to improve our surroundings and standard of living. As our disciplines evolve, the studies of Smith and the Scottish Enlightenment evolve with them. Smith and the Scots remain …

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The Political Economy Of Local Fracking Bans, Joshua C. Hall, Christopher Shultz, E. Frank Stephenson Sep 2015

The Political Economy Of Local Fracking Bans, Joshua C. Hall, Christopher Shultz, E. Frank Stephenson

Economics Faculty Working Papers Series

Concerns about harmful effects arising from the increased use of hydraulic fracturing (fracking) to extract underground fuel resources has led to efforts to ban the practice. Many townships in western New York, which lies above the gas-rich Marcellus shale formation, have enacted bans or moratoria. Using spatial econometric techniques, we examine factors related to townships' choice to adopt fracking bans and document the importance of spatial dependence when analyzing fracking bans. We find education levels, the poverty rate, and veterans groups are associated with an increased probability of a township banning or putting a moratorium on fracking.

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Determinants Of Foreign Direct Investment To Turkey, Burcak Polat, Cem Payaslıoğlu Sep 2015

Determinants Of Foreign Direct Investment To Turkey, Burcak Polat, Cem Payaslıoğlu

Topics in Middle Eastern and North African Economies

Despite the growing interest in foreign direct investment (FDI), substantial uncertainty still exists regarding what stimulates foreign investors to operate in a foreign market. Besides, previous studies have attributed the determinants of direct investments to locational and firmspecific factors. However, firm-specific and locational factors may vary across industries and their sub-sectors, as proposed by Dunning (1998). Using panel data for the 2007 to 2012 period, the major determinants of foreign investments into the manufacturing subsectors in Turkey are analyzed in this study. Strong evidence is found that turnover indices and new investment incentives introduced in 2009 have a positive impact …

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Does Public Employment Reduce Unemployment?, Alberto Behar, Junghwan Mok Sep 2015

Does Public Employment Reduce Unemployment?, Alberto Behar, Junghwan Mok

Topics in Middle Eastern and North African Economies

We quantify the extent to which public-sector employment crowds out privatesector employment using specially assembled datasets for a large cross-section of developing and advanced countries, and discuss the implications for countries in the Middle East, North Africa, Caucasus and Central Asia. These countries simultaneously display high unemployment rates, low private-sector employment rates and high proportions of government-sector employment. Regressions of unemployment rates on public-sector employment point to full crowding out. This means that high rates of public employment, which incur substantial fiscal costs, do not reduce overall unemployment rates.

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War-Fighting Or Enhanced Policing?: The Effectiveness Of Kill-Capture Tools And Tactics In The Post-9/11 Era, Jesse Paul Lehrke, Rahel Schomaker Sep 2015

War-Fighting Or Enhanced Policing?: The Effectiveness Of Kill-Capture Tools And Tactics In The Post-9/11 Era, Jesse Paul Lehrke, Rahel Schomaker

Topics in Middle Eastern and North African Economies

For more than ten years the so-called Global War on Terrorism (GWOT) has been shaping not only national security strategies, but also influenced the definition of the enemy being fought as well as the nature of and boundaries between tactics used in this war. While the discussion about anti-terror strategies and tactics on the political level is ongoing, (empirical) research on the efficiency and effectiveness of these measures is still limited. In our article, we examine the relative impact two counter-terrorism approaches – killing and capturing – have on several measures of effectiveness. Scrutinizing data from 2001-2011 in numerous specifications, …

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Effects Of The Minimum Wage On Employment Dynamics, Jonathan Meer, Jeremy West Sep 2015

Effects Of The Minimum Wage On Employment Dynamics, Jonathan Meer, Jeremy West

Upjohn Institute Working Papers

The voluminous literature on minimum wages offers little consensus on the extent to which a wage floor impacts employment. We argue that the minimum wage will impact employment over time, through changes in growth rather than an immediate drop in relative employment levels. We conduct simulations showing that commonly-used specifications in this literature, especially those that include state-specific time trends, will not accurately capture these effects. Using three separate state panels of administrative employment data, we find that the minimum wage reduces job growth over a period of several years. These effects are most pronounced for younger workers and in …

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Agreeing To Agree And Dutch Books, Yi-Chun Chen, Ehud Lehrer, Jiangtao Li, Dov Samet, Eran Shmaya Sep 2015

Agreeing To Agree And Dutch Books, Yi-Chun Chen, Ehud Lehrer, Jiangtao Li, Dov Samet, Eran Shmaya

Research Collection School Of Economics

We say that agreeing to agree is possible for an event E if there exist posterior beliefs of the agents with a common prior such that it is common knowledge that the agents' posteriors for E coincide. We propose a notion called Dutch book which is a profile of interim contracts between an outsider and the agents based on the occurrence of E, such that the outsider makes positive profit in all states. We show that in a finite state space, when the agents cannot tell whether Eoccurred or not, agreeing to agree is possible for E if and only …

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Semiparametric Estimation Of Partially Linear Dynamic Panel Data Models With Fixed Effects, Liangjun Su, Yonghui Zhang Sep 2015

Semiparametric Estimation Of Partially Linear Dynamic Panel Data Models With Fixed Effects, Liangjun Su, Yonghui Zhang

Research Collection School Of Economics

In this paper, we study a partially linear dynamic panel data model with fixed effects, where either exogenous or endogenous variables or both enter the linear part, and the lagged dependent variable together with some other exogenous variables enter the nonparametric part. Two types of estimation methods are proposed for the first-differenced model. One is composed of a semiparametric GMM estimator for the finite dimensional parameter and a local polynomial estimator for the infinite dimensional parameter m based on the empirical solutions to Fredholm integral equations of the second kind, and the other is a sieve IV estimate of the …

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Bias In The Estimation Of Mean Reversion In Continuous-Time Levy Processes, Yong Bao, Aman Ullah, Yun Wang, Jun Yu Sep 2015

Bias In The Estimation Of Mean Reversion In Continuous-Time Levy Processes, Yong Bao, Aman Ullah, Yun Wang, Jun Yu

Research Collection School Of Economics

This paper develops the approximate bias of the ordinary least squares estimator of the mean reversion parameter in continuous-time Levy processes. Several cases are considered, depending on whether the long-run mean is known or unknown and whether the initial condition is fixed or random. The approximate bias is used to construct a bias corrected estimator. The performance of the approximate bias and the bias corrected estimator is examined using simulated data.

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Wealth Inequality And Financial Development: Revisiting The Symmetry Breaking Mechanism, Haiping Zhang Sep 2015

Wealth Inequality And Financial Development: Revisiting The Symmetry Breaking Mechanism, Haiping Zhang

Research Collection School Of Economics

No abstract provided.

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Expropriation Risk And Competition Within The Military, Madhav S. Aney, Giovanni Ko Sep 2015

Expropriation Risk And Competition Within The Military, Madhav S. Aney, Giovanni Ko

Research Collection School Of Economics

How can agents in the military, who control the means of coercion, commit not to expropriate from producers? In this paper we propose competition within the military as one of the mechanisms that can deter predation and consequently create commitment. In our model, even if agents within the military could expropriate all output costlessly, it is attractive to protect producers from predating military units. This marginal defensive advantage and consequently defence is an effective way to potentially eliminate is because there is a other military units, reducing competition and leading to higher future payoffs. Our model predicts that greater internal …

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Jackknife Model Averaging For Quantile Regressions, Xun Lu, Liangjun Su Sep 2015

Jackknife Model Averaging For Quantile Regressions, Xun Lu, Liangjun Su

Research Collection School Of Economics

In this paper we consider model averaging for quantile regressions (QR) when all models under investigation are potentially misspecified and the number of parameters is diverging with the sample size. To allow for the dependence between the error terms and regressors in the QR models, we propose a jackknife model averaging (JMA) estimator which selects the weights by minimizing a leave-one-out cross-validation criterion function and demonstrate its asymptotic optimality in terms of minimizing the out-of-sample final prediction error. We conduct simulations to demonstrate the finite-sample performance of our estimator and compare it with other model selection and averaging methods. We …

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Impact Of International Remittances On Schooling In The Philippines: Does The Relationship To The Household Head Matter?, Tomoki Fujii Sep 2015

Impact Of International Remittances On Schooling In The Philippines: Does The Relationship To The Household Head Matter?, Tomoki Fujii

Research Collection School Of Economics

We study the impact of international remittances on schooling in the Philippines, taking into account the school-age individual's relationship to the household head. This consideration is important because employment opportunities abroad may be taken at the expense of the quality of child rearing. Our estimation results indicate that there are, indeed, significant negative guardian effects on school attendance and education expenditures when children with overseas parents are looked after by a relative other than a parent or grandparent. However, these negative effects tend to be outweighed by the positive impact of remittance flows from overseas.

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World Energy Intensity Revisited: A Cluster Analysis, Yihua Yu, Yonghui Zhang, Feng Song Sep 2015

World Energy Intensity Revisited: A Cluster Analysis, Yihua Yu, Yonghui Zhang, Feng Song

Research Collection School Of Economics

The aim of this article is to empirically identify convergence clubs in energy intensity among 109 countries from 1971 to 2010 by using a recently developed methodology, i.e., a new regression-based convergence test, introduced by Phillips and Sul (2007). This log t test allows us to endogenously identify the groups of countries that converge to different equilibriums and those that do not converge to any convergence clubs. We mainly find that, first, world countries do not seem to converge at the same steady-state level; instead, they form four separate clubs converging to their own steady-state paths and few countries are …

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Hispanic Immigrant Workers In Paradise: Malibu Day Laborers In A Time Of Insecurity, Luisa Blanco, Daniel Morrison, George Carlsen, Lila Carlsen, Ashley Chaparro, Erick Molina Aug 2015

Hispanic Immigrant Workers In Paradise: Malibu Day Laborers In A Time Of Insecurity, Luisa Blanco, Daniel Morrison, George Carlsen, Lila Carlsen, Ashley Chaparro, Erick Molina

School of Public Policy Working Papers

Taking a multidisciplinary approach, we conducted a study consisting of written surveys, focus groups, and individual interviews with men and women who were seeking employment through the MCLE at the time of the study and who were predominantly Hispanic immigrants. The results of this study offer insight into the ways in which this population benefits from the services of the MCLE, their labor conditions, financial and saving behavior, and overall wellbeing. Our findings clarify how this population in Malibu negotiates short-term labor relationships in the context of continuing economic instability, where we provide a better understanding of the intersecting inequalities …

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Effects Of Acid Rain Regulations On Production Of Eastern Coals Of Varying Sulfur Content, Straford Douglas, Seth Wiggins Aug 2015

Effects Of Acid Rain Regulations On Production Of Eastern Coals Of Varying Sulfur Content, Straford Douglas, Seth Wiggins

Economics Faculty Working Papers Series

We analyze the effects of the EPA’s Acid Rain Program on county-level production of coals of varying sulfur content in the Appalachian and Illinois basins, controlling for Powder River Basin production, proximity of power plants to mines, and scrubber installation. Using a thirty-year panel data set, we find that during the Acid Rain Program coal sulfur content positively affected mine closure and negatively affected production in most coal-producing counties, with the greatest effect from 1995-2000. Estimated effects of power plant flue gas desulfurization equipment installation are substantial, and depend on coal sulfur content, scrubber unit size, and distance from the …

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Economic Impact Of The Dairy Industy In South Dakota, Gary Taylor Aug 2015

Economic Impact Of The Dairy Industy In South Dakota, Gary Taylor

Economics Commentator (1972- 2016)

No abstract provided.

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Políticas De Precios Y Comercialización Agrícola Durante La Transición: Experiencias Y Lecciones Para Cuba, Mario A. Gonzalez-Corzo Aug 2015

Políticas De Precios Y Comercialización Agrícola Durante La Transición: Experiencias Y Lecciones Para Cuba, Mario A. Gonzalez-Corzo

Publications and Research

Las políticas de precios y comercialización de productos agrícolas desempeñaron un importante papel durante las transiciones en los antiguos países socialistas. Estas transiciones agrícolas primordialmente se caracterizaron por el desmantelamiento, en algunos casos como China y Vietnam de forma gradual y calibrada y en otros de forma acelerada como en algunos países de Europa del Este y la Unión Soviética, del colectivismo, los subsidios estatales y los controles de precios y por mayores grados de participación de actores no-estatales en la comercialización de productos agrícolas. A pesar de notables diferencias estructurales y coyunturales, las experiencias de los antiguos países socialistas …

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Wealthy, But Unequal: The Anomaly Of Inequality In The United States, Joseph Puleo Aug 2015

Wealthy, But Unequal: The Anomaly Of Inequality In The United States, Joseph Puleo

Political Analysis

No abstract provided.

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