Economics Commons^™

Unofficial Dollarisation And Monetary Policy In Nigeria, Y. Adamu

Economic and Financial Review

This paper examined the impact of dollarisation on monetary policy in Nigeria, using monthly data spanning 2002 to 2016. The paper adopted the conventional IMF proxy for dollarisation and traced its reactions to changing monetary policy stance. Using the vector autoregression (VAR) model and interbank rate as an indicator of monetary policy stance, the results showed that the size of dollarisation could influence the outcome of monetary policy, though the impact was small. This was evident from the output equations, that inflation did not respond in the first month and responded negatively in the second month. However, from the third …

Exchange Rate Misalignment Under Different Exchange Rate Regimes In Nigeria, Sunday N. Essien, Stephen O.U. Uyaebo, Babatunde S. Omotosho

CBN Journal of Applied Statistics (JAS)

This study examines the dynamics of naira real exchange rate (RER) during the period 2000Q1 – 2016Q1 as well as the extent to which it deviated from its long run equilibrium path. To achieve this, we adopt the Behavioural Equilibrium Exchange Rate (BEER) model approach and incorporate the effects of an endogenously determined breakpoint in the cointegrating vector of the RER model. We found empirical support for the existence of a long-run relationship between RER and its determinants that is subject to a structural break in 2011Q1. Also, model results showed that exchange rate policy, productivity and interest rate differentials …

Testing For The Stability And Persistence Of The Phillips Curve For Nigeria, Chuku Chuku, Johnson Atan, Felix Obioesio

CBN Journal of Applied Statistics (JAS)

In this study, we describe the problem of testing for the stability and persistence of the Phillips curve for Nigeria when there are nonstationarities in the marginal distribution of the regressors. We test for unknown break dates using the 𝑆𝑢𝑝𝐹,𝐴𝑣𝑔𝐹 and 𝐸𝑥𝑝𝐹 approaches. After reviewing the relevant asymptotic distribution theory we replicate Hansen’s fixed-regressor bootstraping scheme, which shows that Andrews’ tabulated critical values for the test statistics are oversized, and are not robust to the presence of nonstationarities in the marginal distribution of the regressors. In search of alternative bootstraping schemes, we experiment with the sieve, wild, and Rademacher schemes …

Determinants Of Nigeria's External Sector Competitiveness, O. Duke, M. Yakub, M. Nakorji, B. Gaiya, F. Isma'il, Z. Sani, S. Zimboh, T. Obiezue, O. Asuzu, V. Aliyu

Economic and Financial Review

The study investigated the determinants of Nigeria's external competitiveness, with a view to providing sound policy prescriptions on ways to improve competitiveness. The study employed an Autoregressive Distributed Lag (ARDL) model, using monthly data spanning 2008 to 2016 to determine the short- and long-run relationships among some selected macroeconomic variables. These included real effective exchange rate, exports, productivity, crude oil price, capital flow and consumer price index. The results from the short-run analysis revealed that productivity, proxied by government expenditure, and crude oil price were found to be the major determinants of external sector competitiveness in Nigeria, while CPI was …

Three Essays On Inequality In The United States, Gowun Park

Dissertations, Theses, and Capstone Projects

This dissertation is about inequality of income in the United States. The first essay examines how inequality in total personal income relates to the inequality in each income component, such as wage income, interest income, transfer income, and so forth. The second essay analyzes the percentile shares of wages to find the factors that contribute to U.S. wage inequality. Furthermore, wage inequality is decomposed into the parts that are explained and unexplained by these contributing factors. The third essay distinguishes the proportion of the overall inequality that is due to pre-determined conditions of an individual.

Chapter 1: The Source of …

Collegiate Football Attendance In El Paso: 1967-2014*, Thomas M. Fullerton Jr., Wesley A. Miller

Border Region Modeling Project

This study examines potential determinants of American football game attendance for the University of Texas at El Paso (UTEP) Miners program. Time series data are utilized to analyze UTEP attendance from 1967 to 2014. Parameter estimation is carried out using two-staged least squares regression analysis. Among the more notable outcomes, ticket sales are not strongly affected by the local business cycle and are not inversely correlated with unemployment. Demand for tickets is also found to be upward sloping. Forecasts are generated for the 2015 season and several quantitative metrics indicate that good out-of-sample simulation performance is attained. Replication of this …

Analyzing The Relationship Between Exposure To Extreme Weather And Economic Inequality In The Philippines, Rosalina Palanca-Tan, Jaimie Kim Bayani-Arias

Economics Department Faculty Publications

This paper looks into the relationship between typhoon exposure and inequality in per capita income and per capita expenditure of households in the Philippines by comparing the change in the Theil L and Theil T inequality indexes between 2009 and 2012 across different exposure groups. A decomposition analysis of the Theil index was also undertaken to establish the relative contributions of within-exposure group inequality and between-exposure groups inequality to total inequality. Conforming to the paper‘s hypothesis, the group that has the highest exposure to typhoons was found to experience a worsening of both income and expenditure inequality while the group …

Borderplex Business Barometer, Volume 1, Number 6, Thomas M. Fullerton Jr., Adam G. Walke, Ernesto Duarte Ronquillo, Omar Solís

Border Region Modeling Project

No abstract provided.

The Impact Of Exchange Rate Changes On Sectoral Activity: The Case Of Egypt, Nada Shokry

Theses and Dissertations

NOTE: A revised and corrected version, the version of record, is available online at: https://erf.org.eg/app/uploads/2018/11/1252.pdf

This paper investigates the effect of changes in exchange rate on sectoral production in Egypt. For this purpose, the study, first, uses a MIDAS regression to compare between the sign and magnitude of the effect of two exchange rate measures on 22 subsectors and 4 aggregate sectors' production in the period between 1982 till 2014. One measure is the monthly deflated official bilateral exchange rate of EGP against the US dollar and the other is the annual real effective exchange rate of the EGP. The …

Indirect Inference In Spatial Autoregression, Maria Kyriacou, Peter C. B. Phillips, Francesca Rossi

Research Collection School Of Economics

Ordinary least-squares (OLS) is well known to produce an inconsistent estimator of the spatial parameter in pure spatial autoregression (SAR). In this paper, we explore the potential of indirect inference to correct the inconsistency of OLS. Under broad conditions, it is shown that indirect inference (II) based on OLS produces consistent and asymptotically normal estimates in pure SAR regression. The II estimator used here is robust to departures from normal disturbances and is computationally straightforward compared with quasi-maximum likelihood (QML). Monte Carlo experiments based on various specifications of the weight matrix show that: (a) the II estimator displays little bias …

(Wp 2017-03) Agent-Based Modeling’S Open Methodology Approach: Simulation, Reflexivity, And Abduction, John B. Davis

Economics Working Papers

This paper argues that agent-based modeling’s innovations in method developed in terms of simulation techniques also involve an innovation in economic methodology. It shows how Epstein’s generative science conception departs from conventional methodological reasoning, and employs what I term an open rather than closed approach to economic methodology associated with the roles that reflexivity, counterfactual reasoning, and abduction play in ABM. Central to this idea is that improvements in how we know something, a matter of method, determine whether we know something, a matter of methodology. The paper links this alternative view of economics and economic methodology to a social …

Visitor Characteristics And Economic Analysis Of Northeast Montana, Jeremy L. Sage

Institute for Tourism and Recreation Research Publications

The northeast region of Montana receives by far the least amount of nonresident visitation to the state and is slowly losing population. While the oil boom related to the Bakken Shale improved the economic outlook for a few counties between 2010 and 2014, its sustainability as a consistent economic driver is questionable as demonstrated by the substantial drop in production since 2015 when oil prices globally declined. This paper reviews the current socioeconomic trends in northeast Montana - Montana’s Missouri River Country - in comparison to the state as a whole and identifies the current state of the counties in …

Liquidity In A Market For Unique Assets: Specified Pool And To-Be-Announced Trading In The Mortgage-Backed Securities Market, Pengjie Gao, Paul Schultz, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

Agency mortgage-backed securities (MBS) trade simultaneously in a market for specified pools (SPs) and in the to-be-announced (TBA) forward market. TBA trading creates liquidity by allowing thousands of different MBS to be traded in a handful of TBA contracts. SPs that are eligible to be traded as TBAs have significantly lower trading costs than other SPs. We present evidence that TBA eligibility, in addition to characteristics of TBA-eligible SPs, lowers trading costs. We show that dealers hedge SP inventory with TBA trades, and they are more likely to prearrange trades in SPs that are difficult to hedge.

Social Health Insurance And Maternal And Child Health Outcomes In Developing Countries: The Case Of Ghana, Ama Agyeiwaa Abrokwah

Dissertations

About 25% of all maternal deaths occur during pregnancy; 99% of these maternal deaths occur in developing countries and half of these occur in Sub-Saharan Africa (WHO 2015). Two of the eight Millennium Development Goals are to reduce infant mortality and improve maternal and child health outcomes. To improve health outcomes and reduce the financial burden on households, a number of developing countries, including Ghana, Botswana, and Croatia, have introduced social health insurance programs which are heavily subsidized. This dissertation is a collection of three essays evaluating how maternal and child health care-seeking behavior, utilization and outcomes changed as a …

Does Increased Access To Health Insurance Impact Claims For Workers' Compensation? Evidence From Massachusetts Health Care Reform, Erin Todd Bronchetti, Melissa Mcinerney

Upjohn Institute Working Papers

We study over 20 million emergency room (ER) discharges in Massachusetts and three comparison states to estimate the impact of Massachusetts health care reform on claims for Workers’ Compensation (WC). Prior evidence on the relationship between health insurance and WC claiming behavior is mixed. We find that the reform caused a significant decrease in the number of per-capita ER discharges billed to WC. This result is driven by larger decreases in WC discharges for conditions for which there is greater scope to change the payer or the location of care. Conversely, we estimate smaller impacts for weekend versus weekday admissions …

Industry Integration And Stock Price Synchronicity, Hao Cheng, Kian Guan Lim, Tien Foo Sing, Long Wang

Research Collection Lee Kong Chian School Of Business

This paper provides an alternative explanation of the negative relationship between price synchronicity and proprietary right protection that are uncorrelated to the information hypothesis. Using empirical data for 40 countries, we show that stock market volatility and firm size have significant impact on stock price synchronicity. We find significant correlations of international R2 disparity with industry structure integrations. The derived industry integration indices that capture industry correlations significantly explain cross-sectional and temporal variations in price synchronicity. The results imply that tighter industry integration leads to higher R2, and also explain away the property rights factor found in the information hypothesis.

Incentives And Ethics In The Economics Of Body Parts, Nicola Lacetera

Osgoode Hall Law Journal

Research shows that properly devised economic incentives increase the supply of blood without hampering its safety; similar effects may be expected also for other body parts such as bone marrow and organs. These positive effects alone, however, do not necessarily justify the introduction of payments for supplying body parts, because these activities concern contested commodities or repugnant transactions. Societies may want to prevent these transactions even if they increase supply, because of ethical concerns. When transactions involve contested commodities, therefore, there often is tension between the efficiency-enhancing effects of trades mediated by a monetary price and the moral opposition to …

Markets And Sovereignty, Joseph Blocher, Mitu Gulati

Osgoode Hall Law Journal

The past few decades have witnessed the growth of an exciting debate in the legal academy about the tensions between economic pressures to commodify and philosophical commitments to the market inalienability of certain items. Sex, organs, babies, and college athletics are among the many topics that have received attention. The debates often have proceeded, however, as if they involve markets on one side and the state on the other, with the relevant question being the ways in which the latter can or should try to facilitate, restrict, or rely on the former. In this article, we approach the relationship between …

Indirect Inference In Spatial Autoregression, Maria Kyriacou, Peter C. B. Phillips, Francesca Rossi

Research Collection School Of Economics

Ordinary least-squares (OLS) is well known to produce an inconsistent estimator of the spatial parameter in pure spatial autoregression (SAR). In this paper, we explore the potential of indirect inference to correct the inconsistency of OLS. Under broad conditions, it is shown that indirect inference (II) based on OLS produces consistent and asymptotically normal estimates in pure SAR regression. The II estimator used here is robust to departures from normal disturbances and is computationally straightforward compared with quasi-maximum likelihood (QML). Monte Carlo experiments based on various specifications of the weight matrix show that: (a) the II estimator displays little bias …

Fossil Fuels, Development And Aid: Should More Be Done To Help?, Jacob M. Walker

Undergraduate Economic Review

Previous works have demonstrated that developing nations rich in fossil fuels typically suffer from lower levels of economic growth than nations without them. Increased foreign aid in these countries could potentially reverse their misfortunes and improve their overall welfare. Three indicators were selected in this study to gauge national welfare; economic growth, improvements in national institutions and changes in life expectancy over time. Using a dataset of more than 100 nations collected from 1983-2010, however, I found foreign aid to have nearly zero effect on any of these measurements of national welfare within fossil fuel rich nations.

Preferences Among Mlb Fans: What Factors Affect Jersey Sales?, Gabe R. Dewerff

Undergraduate Economic Review

Skin tone has been shown to impact the number of jerseys a player sells in the NBA, so we wanted to determine if the same was true in Major League Baseball. In addition, we also determined what other factors affected a player’s jersey sale ranking. Our findings show that unlike in the NBA, MLB jersey sales are unaffected by a player’s skin tone. However, certain player statistics do cause a player to move up or down the jersey sale rankings.

Sleep Restriction And Circadian Effects On Social Decisions, David L. Dickinson, Todd Mcelroy

ESI Publications

Our study examines how chronic sleep restriction and suboptimal times-of-day affect decisions in a classic set of social tasks. We experimentally manipulate and objectively measured sleep in 184 young-adult subjects, who were also randomly assigned an early morning or late evening experiment session during which decision tasks were administered. Sleep restriction and suboptimal time-of-day are both estimated to either directly or indirectly (via an impact on sleepiness) reduce altruism, trust, and trustworthiness. We conclude that commonly experienced adverse sleep states, most notably chronic sleep restriction, significantly reduce prosocial behaviors, and can therefore limit benefits from short-term social interactions.

Individual And Household-Level Effects Of Energy Poverty On Human Development, Brandon Bridge

Economics ETDs

This study investigates some of the predictors of energy poverty, the interrelationships between different expressions of energy poverty, and the human development impacts of energy poverty on primarily rural individuals and households in an underdeveloped country. It uses data from four rounds of Nicaragua's Living Standards Measurement Survey, and examines the effects of energy poverty on income, education, and health.

Chapter 1 provides background information on energy poverty in general, as well as the specific situation that has developed in Nicaragua. It also provides a modeling framework, both conceptual and mathematical, for the ways in which energy poverty impacts human …

Everybody Wants To Belong: Comparing The Relative Impact Of Social Capital On Happiness At An International Level, Elana Lambert

Lawrence University Honors Projects

Subjective well-being has become increasingly more important as a guide for policy and welfare. This paper uses data from the World Bank Indicators and the World Values Survey to look at the intricate relationship between subjective well-being data, social capital, and the relative nature of human happiness. Subjective well-being data has recently become widely accepted in economics research and analyzed using econometric methods. In this study, I look at specific aspects of social capital across countries to easily compare individuals within countries with a standardized scale. I look at economic determinants and social capital determinants and their impact on happiness. …

Regional Economic Integration In Mercosur: The Role Of Real And Financial Sectors, Hem C. Basnet, Gyan Pradhan

EKU Faculty and Staff Scholarship

This study explores economic interdependence in Mercosur by examining common trends and common cycles among key macro-variables representing both the real and financial sectors of the economy. The serial correlation common features test reveals that the key macroeconomic variables (real output, investment, and intra-regional trade) share common trends in the long run suggesting that macroeconomic interdependence in the Mercosur economies is strong. The exchange rates demonstrate co-movement in the long run as they share a single common trend. These finding suggests that these economies cannot swing away from long-run equilibrium for an extended duration; they will be brought together by …

The Donation-Based Approach To Solving Critical Social Issues: An Examination Of The Food Waste Recovery Approach To Solving Hunger In The United States, Desa Radic

Capstone Collection

As the issue of hunger continues to plague the lives of nearly 1 billion people around the world, we need to find real, lasting and empowering solutions. This is an interdisciplinary research study into the donation-based approach to solving critical social issues in the United States by examining the food waste recovery and hunger debate. Social, public and private sectors advocate that hunger can be solved through food waste recovery and redistribution methods. From a systems perspective, such thinking is not only problematic for the people facing hunger, but raises concern of achieving overall social justice and change. Using qualitative …

Culture, Inner-City Education And Improving Economic Growth In Birmingham, Alabama, Leroy Abrahams

Capstone Collection

Perhaps the greatest reminder of the economic inequities in American society is the drastic deficiencies in educational outcomes, based on class and race. Birmingham, Alabama, vividly portrays this reality. Families with means send their children to private schools and/or concentrate in the suburbs, leaving largely poor, and oftentimes, predominantly minority in densely populated crime-ridden areas with suboptimal schooling. The schooling patterns are clearly reflected in the economic outcomes, though Black are a majority in the city they are vastly underrepresented in the middle to upper middle class, while grossly overrepresented among those in poverty. These inequities are often mirrored in …

Nebraska Monthly Economic Indicators: May 24, 2017, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 fell by 0.88% during April of 2017. The decline followed three months of rapid increase in January through March, implying a moderation in the outlook for the Nebraska economy in late 2017. Among the components of the indicator, business expectations were strong during April while the value of the U.S. dollar fell, which is a positive sign for Nebraska’s export-oriented businesses. However, manufacturing hours, building permits and airline passenger counts all declined during April, while initial claims for unemployment insurance rose.

The Effect Of The Nsf Grant On Future Academic And Career Outcomes, Tanner Eastmond, Dr. Joseph Price

Journal of Undergraduate Research

The National Science Foundation (NSF) is an independent federal agency created by Congress in 1950 with the stated mission “to promote the progress of science; to advance the national health, prosperity, and welfare.” This institution supports scientific research in various scientific fields primarily by funding promising research and researchers. Our investigation focused on the NSF grant for prospective graduate students in the field of economics. Specifically, we examine those who won the award and those who received an ‘honorable mention’. The applicants who only received an ‘honorable mention’, have very similar qualifications to those who were offered the grant. The …

Bridges Out Of Poverty As An Anti-Poverty Strategy In Kennett Square, Pennsylvania, Katlyn M. Uhler

Capstone Collection

This paper explores the initial results of the Bridges Out of Poverty (“Bridges”) community framework as implemented by the organization Kennett Area Community Service in Kennett Square, Pennsylvania. The aim of this research is to provide perspective on Bridges Out of Poverty’s contribution to the understanding of poverty in the United States and its potential as an antipoverty intervention. It does so first through an exploration of the historical and current discussion on poverty and anti-poverty interventions in the United States, followed by research on the Bridges model itself and its implementation in Kennett Square. This latter research includes content …