Economics Commons^™

Do Credit Ratings Matter? An Examination Of The Relationship Between Sovereign Ratings And Capital Flows Pre And Post Financial Crisis, Greg Violante

Economics Department Student Scholarship

This paper examines the relationship between sovereign credit ratings and international capital flows to emerging market economies (EMEs). More specifically, it analyzes how ratings impact capital flows (FDI and portfolio investment) before and after the 2007-2008 financial crisis. This study breaks the data into two samples, pre-crisis (1995-2006), and the post crisis (2007-2015). After using a System GMM method for 20 EMEs, the paper compares the pre- and post- financial crisis credit rating coefficients. The results indicate that the ratings have become more impactful overtime, for both FDI and portfolio investment, although the coefficients are not statistically different. Interestingly however, …

Energy And The Macroeconomy, Latika Gupta

TechTalks

I specialize in the field of energy economics and the macroeconomy. Currently I am researching the demand and supply side effects of oil markets. I examine the impact of demand and supply shocks in the crude oil market on industrial production in the US and other OECD countries (as opposed to treating oil price shocks as exogenous). My work examines the functional form & structural stability of the relationship between oil prices and the economy using disaggregated data. My research agenda includes the effect of oil prices on labor markets; role of energy policy; and effects of steel prices on …

Co-Opting Capitalism Through Sneaky Social Ventures: Possibilities And Challenges, Latha Poonamallee

TechTalks

My work is based on the premise that capitalism has outlived its utility and society needs new normative frameworks of organizing for building a just, sustainable, and prosperous world. Social ventures offer a vehicle for addressing the grand challenges such as global health, sustainable agriculture, clean technology, and financial inclusion through co-opting capitalism while serving societies. By explicitly and simultaneously focusing on social/environmental impact, underserved markets, and financial sustainability, they disrupt markets, products, and funding models. This has also led to a growth in impact investors and alternative legal forms of incorporation such as the Benefit Corporation, L3C, and Social …

Rhode Island Current Conditions Index -- December 2016, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

Some Social Differences On The Basis Of Race Among Puerto Ricans, Carlos Vargas-Ramos

CUNY Centro, The Center for Puerto Rican Studies

Puerto Ricans are a multiracial people. This is given by the fact that the Puerto Rican population is composed of people from different categories of socially differentiated and defined racial groups, and also because not an insignificant number of Puerto Rican individuals share ancestry derived from multiple racial groups. Yet, the analysis of social difference and inequities among Puerto Ricans on the basis of physical difference is largely avoided, and when it is conducted its findings are often neglected.

Puerto Rican Households In The U.S., Eric Franqui-Rivera

CUNY Centro, The Center for Puerto Rican Studies

In 2014 there were an estimated 1.56 million Puerto Rican households in the United States. These households accounted for 1.3 percent of all 116.2 million households in the U.S. and 11 percent of all 14.1 million Hispanic households in the U.S. Married male-female couples and single female households each accounted for over a third of Puerto Rican households (36.4% and 36.5%, respectively) with the third largest householder group being that of single males (17.9%). Unmarried male-female and same-sex households, including married and unmarried, accounted for 8.5 percent and 0.7 percent, respectively, of Puerto Rican households in the U.S.

Data Profiles-Rhode Island-Burriville, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-Central Falls, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-Cranston, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-East Providence, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-Johnston, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-Newport, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-North Providence, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-Pawtucket, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-Providence, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-Warwick, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-West Warick, John C. Brown, Richard A. Ramswak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Data Profiles-Rhode Island-Woonsocket, John C. Brown, Richard A. Ramsawak, James R. Gomes

Mosakowski Institute for Public Enterprise

We continue support the Federal Bank of Boston “Working Cities” challenge which aims to support social and economic recovery of underperforming small and mid-sized cities in the New England region. We continue to extend our data profiles of these cities located in Massachusetts, Rhode Island and now Connecticut. It is our hope that these data ‘rich” profiles which includes key indicators on health, population and demographic changes, industrial growth, and educational performance can not only support policy development in these targeted areas, but also help in monitoring the progress these cities make over time.

Capabilities, Human Development, And Design Thinking: A Framework For Gender-Sensitive Entrepreneurship Programs, Tonia Warnecke

Faculty Publications

This paper discusses the ways that capabilities and human development theory can guide the creation of entrepreneurship programs, utilizing a framework of human-centered design thinking. It is well known that a variety of institutional factors shape gender outcomes and gender inequality within entrepreneurship, particularly with regard to necessity versus opportunity entrepreneurship and informal versus formal sector entrepreneurship. Failure to understand the diversity of entrepreneurial activity among women, and the connection (or lack thereof) of such activity to human freedom, leads to biased entrepreneurship programs. This paper links social economic theory and practice by: (1) discussing the ways that capabilities and …

What If Piketty Is Right? Real Economic Costs Of Rising Income Inequality, Thomas Gottschang

Economics Department Working Papers

Thomas Piketty's analysis of income and wealth distribution, Capital in the Twenty-First Century, argues that wealth has become increasingly concentrated in the hands of the most affluent, while lower and middle class real incomes have stagnated; he warns that this trend could have “potentially terrifying” results, possibly even violent revolution. This article presents evidence that growing inequality weakens the entire economy by eroding the purchasing power of the vast majority of the population and the education of the labor force, while increasing its vulnerability to future collapses of the financial markets. It agrees with Piketty's concern that the capitalist market …

Targeted Enforcement Against Illicit Trade In Tobacco Products, James Prieger, Jonathan D. Kulick, Mark A. R. Kleiman

School of Public Policy Working Papers

Illicit trade in tobacco is a substantial and growing problem in the U.S., causing loss of tax revenue, damage to public health, and threats to public safety. Decisions about enforcement against ITTP involve tradeoffs among competing objectives. Good policy design can improve the terms of those tradeoffs but cannot eliminate them. We examine questions about the allocation of enforcement resources against ITTP, and its distribution across activities, individuals, and organizations: in particular, whether and how to differentially target ITTP that involves violence or support for terrorism. We consider the problem of developing effective strategies for enforcement, applying both lessons from …

Commodity Prices Limit Nebraska Growth, Eric Thompson, Nebraska Business Forecast Council

Business in Nebraska

Over the last few years the service sector has been the primary engine of economic growth in the United States. Supported by growth in employment and real wages, the service sector has grown steadily with increases in retail trade, business services, personal services and construction activity. Growth has been limited, however, in the industrial sector, given weakness in the energy industry, poor demand for business investment and weak overseas economies. The net result has been moderate economic growth.

Several fundamental issues continue to support an outlook for moderate economic growth. First, the pace of job growth will slow given the …

Economic Growth And Child Undernutrition, Stephen A. O'Connell, C. Smith

Economics Faculty Works

Sebastian Vollmer and colleagues (April, 2014)1 conclude that “the contribution of economic growth to the reduction in early childhood undernutrition in developing countries is very small, if it exists at all”. Progress will therefore require a shift from “the so-called trickle-down approach of a growth-mediated strategy” to “direct investments in health and nutrition”.1

Change Detection And The Causal Impact Of The Yield Curve, Stan Hurn, Peter C.B. Phillips, Shu-Ping Shi

Cowles Foundation Discussion Papers

Causal relationships in econometrics are typically based on the concept of predictability and are established in terms of tests for Granger causality. These causal relationships are susceptible to change, especially during times of financial turbulence, making the real-time detection of instability an important practical issue. This paper develops a test for detecting changes in causal relationships based on a recursive rolling window, which is analogous to the procedure used in recent work on financial bubble detection. The limiting distribution of the test takes a simple form under the null hypothesis and is easy to implement in conditions of homoskedasticity, conditional …

Iv And Gmm Estimation And Testing Of Multivariate Stochastic Unit Root Models, Offer Lieberman, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Lieberman and Phillips (2016; Journal of Econometrics; LP) introduced a multivariate stochastic unit root (STUR) model, which allows for random, time varying local departures from a unit root (UR) model, where nonlinear least squares (NLLS) may be used for estimation and inference on the STUR coefficient. In a structural version of this model where the driver variables of the STUR coefficient are endogenous, the NLLS estimate of the STUR parameter is inconsistent, as are the corresponding estimates of the associated covariance parameters. This paper develops a nonlinear instrumental variable (NLIV) as well as GMM estimators of the STUR parameter which …

Selling To Intermediaries: Optimal Auction Design In A Common Value Model, Dirk Bergemann, Benjamin Brooks, Stephen Morris

Cowles Foundation Discussion Papers

We characterize revenue maximizing auctions when the bidders are intermediaries who wish to resell the good. The bidders have differential information about their common resale opportunities: each bidder privately observes an independent draw of a resale opportunity, and the highest signal is a sufficient statistic for the value of winning the good. If the good must be sold, then the optimal mechanism is simply a posted price at which all bidders are willing to purchase the good, and all bidders are equally likely to be allocated the good, irrespective of their signals. If the seller can keep the good, then …

(Non)Randomization: A Theory Of Quasi-Experimental Evaluation Of School Quality, Yusuke Narita

Cowles Foundation Discussion Papers

In centralized school admissions systems, rationing at oversubscribed schools often uses lotteries in addition to preferences. This partly random assignment is used by empirical researchers to identify the effect of entering a school on outcomes like test scores. This paper formally studies if the two most popular empirical research designs successfully extract a random assignment. For a class of data-generating mechanisms containing those used in practice, I show: One research design extracts a random assignment under a mechanism if and almost only if the mechanism is strategy-proof for schools. In contrast, the other research design does not necessarily extract a …

(Non)Randomization: A Theory Of Quasi-Experimental Evaluation Of School Quality, Yusuke Narita

Cowles Foundation Discussion Papers

Many centralized school admissions systems use lotteries to ration limited seats at oversubscribed schools. The resulting random assignment is used by empirical researchers to identify the effect of entering a school on outcomes like test scores. I first find that the two most popular empirical research designs may not successfully extract a random assignment of applicants to schools. When do the research designs overcome this problem? I show the following main results for a class of data-generating mechanisms containing those used in practice: One research design extracts a random assignment under a mechanism if and practically only if the mechanism …

Projections And Uncertainties About Climate Change In An Era Of Minimal Climate Policies, William D. Nordhaus

Cowles Foundation Discussion Papers

Climate change remains one of the major international environmental challenges facing nations. Yet nations have to date taken minimal policies to slow climate change. Moreover, there has been no major improvement in emissions trends as of the latest data. The current study uses the updated DICE model to present new projections and the impacts of alternative climate policies. It also presents a new set of estimates of the uncertainties about future climate change and compares the results will those of other integrated assessment models. The study confirms past estimates of likely rapid climate change over the next century if there …

Causal Change Detection In Possibly Integrated Systems: Revisiting The Money-Income Relationship, Shu-Ping Shi, Stan Hurn, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper re-examines changes in the causal link between money and income in the United States for over the past half century (1959 - 2014). Three methods for the data-driven discovery of change points in causal relationships are proposed, all of which can be implemented without prior detrending of the data. These methods are a forward recursive algorithm, a recursive rolling algorithm and the rolling window algorithm all of which utilize subsample tests of Granger causality within a lag-augmented vector autoregressive framework. The limit distributions for these subsample Wald tests are provided. The results from a suite of simulation experiments …