Economics Commons^™

Are Greenfield Cross-Border Investments Sensitive To Us Trade Policy? An Investigation Of Responses To Liberation Day Tariff Announcements, Philip Caspar Ernst

Economics Undergraduate Senior Theses

This paper studies whether foreign greenfield investment into the United States responded to the Trump administration’s April 2025 Liberation Day tariff announcements. Using project-level fDi Markets data from January 2023 through November 2025, I examine changes in announced project counts, expected jobs created, and capital investment. The analysis compares aggregate investment activity before and after Liberation Day, tests whether responses differed for countries assigned additional tariffs above the 10% baseline level, investigates the effects of tariff intensity on investment announcements, and examines whether effects were concentrated in particular business activity fields. The clearest finding is that project announcements declined after …

Towards An Inclusive Labour Market: Skills For The Future, Eva Erjavec

Economic and Business Review

In the transition to a knowledge-based society, human capital has become a key driver of economic growth, innovation, and social progress. As industries evolve and new technologies reshape labour markets, the development of future skills plays a crucial role in ensuring workforce adaptability, productivity, and long-term competitiveness. A bibliometric analysis aims to examine the importance of human capital for economic growth and the transition to a knowledge economy, synthesizing existing research and academic discussions. By systematically reviewing the literature, this paper seeks to provide insights into how skills and education contribute to sustainable economic development and social resilience. Furthermore, it …

From Wall Street To Main Street: The Financial–Operational Performance Link In Hospitals Across Geographies, Chulho Christopher Lee, Lan Luo, Yinfei Chen, Taylor K. Brown, Hyoun Sook Lim, Ying Chen

Economic and Business Review

This study examines the relationship between hospital financial performance and operational efficiency. Using data from the American Hospital Association (AHA), we find that profitability, debt coverage, and working capital efficiency are positively associated with hospital efficiency, while liquidity and capital structure exhibit a negative correlation. Fixed-asset efficiency, however, shows no significant impact on hospital operational efficiency. Furthermore, we find that the operational efficiency of urban hospitals is, in general, more sensitive to financial performance than that of rural hospitals. These findings provide practical insights for healthcare administrators and policymakers aiming to enhance hospital operational efficiency and promote equitable care delivery.

The Nexus Between Economic Growth, Energy Consumption, Technology Innovation, And Co2 Emissions In Vietnam, Ha Thi Thu Nguyen

Economic and Business Review

Vietnam's rapid economic growth has intensified environmental pressures, heightening concerns about the country's ability to decouple growth from rising CO₂ emissions. Although green policies and initiatives have been introduced, questions remain regarding their effectiveness and the extent to which technological innovation and renewable energy can mitigate environmental degradation. This study applies the stochastic impacts by regression on population, affluence, and technology (STIRPAT) framework and autoregressive distributed lag (ARDL) approach to investigate the short- and long-run impacts of economic growth, foreign direct investment (FDI), technological innovation, renewable energy consumption, and forest area on CO₂ emissions in Vietnam, using annual …

The Reading Quiz And Reflective Writing At The Start Of Class, Geert Dhondt

Open Educational Resources

This assignment uses brief, unannounced reading quizzes and reflective writing exercises at the beginning of class to promote preparation, engagement, and accountability in introductory economics courses. Through low-stakes assessment and opportunities for reflection, students develop critical thinking, metacognitive awareness, and a deeper understanding of course material while providing instructors with immediate insight into student comprehension and misconceptions. By informing class discussions and encouraging collaborative learning, the assignment creates a student-centered environment that supports active participation, independent learning, and ongoing intellectual growth.

Public Preferences For Critical Mineral Mining In The U.S.: Evidence From A Discrete Choice Experiment, Bamidele Ajiga, Kwame Awuah-Offei, Mahelet G. Fikru

Mining Engineering Faculty Research & Creative Works

Even though there is widespread recognition that we need to mine more critical minerals for national security and energy needs, concerns about environmental impacts often lead to public opposition to proposed new mining projects. The literature lacks sufficient data from communities with proposed mineral projects to assess drivers of differences in support. This study investigates public preferences for mining projects in three states in the United States with proposed critical minerals projects, using a discrete choice experiment. Respondents evaluated projects that vary in job creation, state tax revenue, tailings reprocessing content, groundwater impacts, and surface water impacts. We also randomly …

Incentives, Evidence, And Reminders For Bureaucrats: Overcoming Barriers To Policy Scale Up, Patrick Agte, Daniel R. Morales, Christopher Neilson, Sebastian Otero, Guatam Rao

Discussion Papers

Scaling up effective policies often requires the attention of frontline bureaucrats with many competing responsibilities. Even when policymakers adopt effective programs, implementation may not follow. In a nationwide experiment in the Dominican Republic, we test interventions to increase school principals' implementation of an educational program proven effective in a previous RCT. Only 37% of control schools verifiably implemented the intervention when ordered to by the Ministry of Education, compared with 83% in the original trial. Implementation was no higher among schools that previously implemented the program in the RCT, suggesting that fixed costs of adoption do not explain non-adoption. We …

Social Media Is A Juggernaut: Lagged Correlation Analysis Using Ngram Data On “Internet” And “Social Media” With Amplification By The Advent Of The “Iphone”, William Zywiak, Gao Niu, Nicolas Petrell, Victoria Nichele, Kirsten Hokeness

Mathematics and Economics Faculty Journal Articles

The amount of new information transmitted per day can be overwhelming. The data available through Ngram Viewer allows statistical examination to determine the most salient topics, as well as lagged correlation and lagged variance to support possible causal connections between concepts. Using this database, we determined that COVID, crypto, microplastics, and especially social media are important topics of the last few years. We also present results that suggest the development of the internet and the iPhone fueled the prominence of social media, and the access of the iPhone also increased access to the internet.

Cross Section Curve Data Autoregression, Peter C.B. Phillips, Liang Jiang

Cowles Foundation Discussion Papers

This paper develops and applies new asymptotic theory for estimation and inference in parametric autoregression and vector autoregression with function valued cross section curve time series. The study provides a new approach to dynamic panel regression with high dimensional dependent cross section data. We deal with the stationary case and provide a full set of results extending those of standard Euclidean space autoregression, showing how function space curve cross section data raises efficiency and reduces bias in estimation and shortens confidence intervals. Wild-bootstrap methods are also developed to improve testing and inference. The findings reveal that function space models with …

From Unstructured Data To Demand Counterfactuals: Theory And Practice, Timothy Christensen, Giovanni Compiani

Cowles Foundation Discussion Papers

Empirical models of multi-product demand rely on low-dimensional product representations to capture substitution patterns, increasingly using proxies built from unstructured data. When proxies are imperfect, standard workflows yield biased counterfactuals and invalid inference. We develop a practical toolkit to address these issues. Our methods apply to market-level and/or individual data, require minimal additional computation, provide simple standard-error formulas, and accommodate proxies from fine-tuned models. Further, we propose diagnostics to assess proxy quality. Our methods yield meaningful improvements in predicting substitution in empirically calibrated simulations and in an application where we assess counterfactual prediction performance against a ground truth.

Canyon Ferry Reservoir: A Regional Recreation System In Montana, Kika Bradford, Melissa Weddell

Institute for Tourism and Recreation Research Publications

This study examines recreation use, visitor behavior, and infrastructure demands at Canyon Ferry Reservoir, Montana, using a combination of visitor surveys, automated counts, and systematic observations conducted between February and October of 2025. Results indicate that Canyon Ferry functions primarily as a high-frequency, locally driven recreation system characterized by repeat visitation, small travel groups, and short-duration trips. Use is highly concentrated at a limited number of sites and during predictable peak periods, creating localized infrastructure pressures despite relatively stable overall visitation levels. Findings show that parking areas and campgrounds experience more consistent capacity constraints than boat ramps, and that perceptions …

The Impact Of Carbon Capture Technologies On Energy Prices, Bruktawit M. Ahmed, Mahelet G. Fikru

Economics Faculty Research & Creative Works

Despite previous literature evaluating the economic feasibility of carbon capture and storage (CCS) in the energy and power sector, there are limited studies examining the impact on consumer prices - particularly energy prices and their variability. Using a Monte Carlo simulation based on a profit-maximization model in an oligopolistic market, we examine how production and abatement costs, policy incentives — including a carbon tax, renewable energy subsidies, and CCS subsidies — and energy demand parameters influence the percentage of carbon captured by a producer operating a diverse portfolio of energy-generating technologies. Additionally, we assess how these factors contribute to fluctuations …

Beyond Numbers: Governance, Capital Structure, And The Contribution Of Village Cooperatives To Regional Economic Output In Indonesia, Mohamad Dian Revindo, M. Fajar Ramadhan, Nia Kurnia Sholihah, Indri Br Situmorang, Hilda Fachrizah

Economics and Finance in Indonesia

Although cooperatives are widely regarded as an important part of Indonesia’s economy and have a  large membership base, the contribution of cooperatives to regional economic output in Indonesia has never been systematically examined. This study provides the first multi-year, fixed-effects panel evidence of cooperative–GRDP linkages for all 34 Indonesian provinces (2017–2023) in a Cobb-Douglas production function framework with province and year fixed effects. Two outcome variables are estimated: Gross Regional Domestic Product (GRDP) and the Unemployment Rate (Unemp). The findings indicate that active cooperatives are associated with higher provincial GRDP and lower open unemployment; despite, the associations should be read …

From Trade War To Green Transition: Optimal Electric Vehicle Tariffs With Revenue-Funded Subsidies, Panle Jia Barwick, Jack Collison, Pinelopi K. Goldberg, Shanjun Li, Yucheng Wang

Discussion Papers

We study the optimal design of trade and industrial policy when governments pursue environmental objectives alongside traditional national welfare. Motivated by the global transition to electric vehicles (EVs) and growing concerns about competitiveness, resilience, and the environment, we develop a framework in which policymakers choose tariffs and domestic production subsidies to maximize national welfare, defined as the sum of consumer surplus, domestic profits, environmental benefits, and tariff revenue net of subsidies. We combine a theoretical model of differentiated-product oligopoly with a structural demand model estimated using vehicle-level data from 13 countries during 2004-2023 that together account for the vast majority …

Should Dams Respond To Power Prices? Environmental Economics And Emissions Effects Of Hydropower Peaking, Levi Stephen Konrad-Shankland

Environmental Studies Senior Theses

Hydroelectricity stands to be particularly important to a decarbonizing power grid because unlike many renewables it is dispatchable. However, ramping up and down hydropower production at short notice to respond to power demand—hydropeaking—worsens many of the environmental harms of hydroelectricity (Bipa et al., 2024). In Chapter 1, I create a microeconomic framework to explain how and why revenue-motivated dams hydropeak.

In Chapter 2, I assess the extents to which six different case study dams around the US hydropeak, first by decomposing actual flow regime into combinations of counterfactual management objectives, and second with an index of flow variation alignment with …

Understanding Formal Financial Access In Indonesia: Evidence From Micro Data, M. Aulia Rachman, Yozi Aulia Rahman, Maulida Dewi Pangestika, Risanda Alirastra Budiantoro

Economics and Finance in Indonesia

This study examines the determinants of access to formal financial institutions using secondary household survey data from Indonesian Family Life Survey, Wave 5 (IFLS-5). Logistic regression analysis reveals that loan amount, savings, education level, age, housing status, and internet usage are positively and significantly associated with greater access. Individuals with higher savings, higher education, and homeownership exhibit a higher probability of utilizing formal financial services. Although the significance of internet usage varies across models, it remains a strong predictor when properly controlled, particularly due to its role in enhancing digital literacy. In contrast, income and health insurance ownership do not …

How Much And How Fast Do Investors Respond To Equity Premium Changes? Evidence From Wealth Taxation, Andreas Fagereng, Luigi Guiso, Marius Ring

Cowles Foundation Discussion Papers

Using administrative panel data on Norwegian investors’ portfolios, we document strong but slow portfolio allocation responses to a persistent wealth-tax-induced shock to the equity premium. Short-run responses resemble the modest sensitivity documented using surveys. The longer-run responses are much larger and can be rationalized by moderate risk aversion. We document that equity premium shocks affect stock market entry but not exits, suggesting that entry costs dominate participation costs. Our finding of slow responses supports the asset-pricing literature that uses adjustment frictions to explain important asset-pricing puzzles, and has implications for optimal capital taxation when tax rates differ across assets.

Legends, Lies, & Rewritten Lives: After The Little Bighorn: Forgotten Struggles Of Those Who Walked Away, 2nd Edition, Thomas B. Davidson

DU Textbooks

This Story surrounds an event that occurred one summer on June 25, 1876, along the banks of the Little Bighorn River in what is now the state of Montana. Seen from a 21st century perch, it is a story of a collision between two very different civilizations or empires. Both empire’s military fought in the manner of their society. This narrative will attempt to balance the believable truth of what happened in that contest between the military representatives of both societies while also trying to tell an engaging story, without drifting into naked partisanship, purple prose, or sensationalism. The narrative …

Compellingness In Nash Implementation, Shurojit Chatterji, Takashi Kunimoto, Paulo Daniel Salles Ramos

Research Collection School Of Economics

A social choice function (SCF) is said to be Nash implementable (in pure strategies) if there exists a mechanism in which every pure-strategy Nash equilibrium induces outcomes specified by the SCF. The main objective of this paper is to assess the impact of considering mixed-strategy equilibria in Nash implementation. We define compelling Nash implementation as a case where the implementing mechanism possesses a pure-strategy equilibrium that strictly Pareto dominates any undesired mixed-strategy equilibrium. We show that if the finite environment and the SCF to be implemented jointly satisfy what we call Condition COM, then we can construct a finite …

(Wp 2026-03) Fomc Forecasts, Constant-Gain Learning, And Optimism/Pessimism, Stephen J. Cole

Economics Working Papers

This paper uses an adaptive learning framework to study FOMC forecasts from the Summary of Economic Projections (SEP) dataset. FOMC expectations are modeled as the sum of two components: (1) an endogenous learning part and (2) a sentiment part capturing waves of optimism and/or pessimism. The results include key policy takeaways. FOMC forecasts are responsive to incoming macroeconomic information, consistent with adaptive learning, while sentiment is persistent, correlated across GDP growth and inflation forecasts, and becomes quantitatively more important during and around recessions. FOMC participants also rely more on their endogenous/learning model to form expectations, but sentiment plays a larger …

Essays On The Economics Of Aging: Structural And Machine Learning Approaches, Alexander S. Kwon

Dissertations, Theses, and Capstone Projects

Population aging has made the study of older workers’ economic behavior increasingly important for understanding labor markets, retirement systems, and public policy. In many advanced economies, rising old-age dependency ratios have increased the need to understand labor-supply, retirement, and savings decisions later in life (OECD, 2025). In the United States, these issues are especially important because Social Security faces long-run financing pressure, with the Old-Age and Survivors Insurance Trust Fund projected to be depleted around 2033 (U.S. Social Security Administration, Office of the Chief Actuary, 2025). Longer life expectancy increases the expected length of retirement and raises the fiscal importance …

News Media Coverage Of Measure Ula: How The Story Of La’S Big Project To Address Homelessness And Affordable Housing Got Sidetracked By The Story Of Big Real Estate, Christopher R. Martin

Faculty Publications

“Measure ULA,” named after United to House LA, was approved by voters in Los Angeles in 2022 to create a dedicated, long-term funding source for solutions to homelessness in LA, including funding the construction of affordable homes and preventing homelessness by helping tenants stay in their homes. The funding would come from a new tax on the most expensive real estate transactions in L.A. (i.e., mansion tax), and would affect fewer than 4% of all property transactions. At the end of three years of local news coverage about Measure ULA from the Los Angeles Times and LAist, the news audience …

The Montana Travel Industry - 2025 Summary, Melissa Weddell

Institute for Tourism and Recreation Research Publications

In 2025, Montana welcomed 13.2 million visitors — a 4% decline from 2024 — who collectively spent $5.6 billion across the state. Tourism supported 52,610 jobs (1 in 11 statewide), generated $360 million in state and local taxes, and saved the average Montana household over $740 in taxes. Glacier Country led regional spending at $1.79 billion, followed by Yellowstone Country at $1.34 billion. The typical visitor was 57.8 years old, traveled in a group of 2.2, stayed 5.2 nights, and arrived primarily by car (74%). Top origin states were Washington, Idaho, and North Dakota. Visitors were drawn most by mountains …

2025 Estimates - Nonresident Visitation, Expenditures, And Economic Contribution, Kara Grau

Institute for Tourism and Recreation Research Publications

Montana welcomed an estimated 13.24 million nonresident visitors in 2025, generating $5.64 billion in traveler expenditures and contributing an estimated $7.11 billion in total economic output to the state's economy. Nonresident spending supported approximately 52,620 jobs and generated $360.4 million in state and local tax revenues. Fuel (21%) and restaurant/bar spending (20%) accounted for the largest shares of visitor expenditures, followed by lodging, outfitter/guide services, and groceries. Summer travel remained the dominant season, with the third quarter accounting for 45% of annual visitation and 54% of total expenditures. Vacation travelers represented the largest visitor segment (41%) and had the highest …

Montana Resident Report: Rural Montana And Tribal Communities And Activities, Q1 2026, Carter Bermingham, Megan Schultz

Institute for Tourism and Recreation Research Publications

This study was designed to better understand residents’ perceptions of smaller, rural towns in Montana, along with their level of interest in visiting and participating in activities in American Indian communities across the state. The Institute for Tourism and Recreation Research (ITRR) conducts resident studies on a quarterly basis to better understand current topics throughout the state, with resident travel routinely serving as one of those topics. Recent efforts at the state level have focused on expanding Montana’s tribal tourism industry to provide economic benefits and to inspire visitation to Indian Country.

Respondents were asked to comment on how much …

“Megadeal” Subsidies, Local Spillovers And Corporate Innovation, Yoojin Lee, Shaphan Ng, Aruhn Venkat

Research Collection School Of Accountancy

We examine whether the largest place-based, firm-specific corporate subsidies (“Megadeals”) awarded by state and local governments affect local firms’ innovation. First, we document that 1) subsidy firms innovate in the subsidized county and 2) subsidy firms bring inventors from other counties into the subsidized county, consistent with subsidy firms generating new knowledge locally. In our main test, we use a stacked cohort design with stringent fixed effects to document that local firms increase patenting following a Megadeal. Cross-sectionally, effects are increasing 1) in subsidy firm innovativeness, 2) in the technological closeness of subsidy firms and local firms, 3) when subsidy …

Beyond The Shelf: How Reallocating Shelf Space To Emerging Brands Enhances Store Performance Through Dynamic Brand-Level Effects, Jesse Core, Ho Kim

Journal of Applied Marketing Theory

This study examines the effects of reallocating shelf space from established to emerging brands in the flavored malt beverage category, a fast-moving, impulse-driven product category. Using a 13-week field experiment in 16 U.S. grocery stores (six treated, ten control), we reallocated one shelf facing from an established to an emerging brand for four weeks before reverting the shelves to their original configuration. Then we analyzed weekly SKU-level data on sales with fixed-effects panel regressions. Results show that the shelf-space reallocation increased category sales by 21.2% during treatment and 27.6% after reversion, revealing persistent gains. At the brand level, emerging brands …

Effectiveness Of Monetary Policy Communication: Evidence From Textual Analysis Of Daily Newspaper Articles, Bisrat Abebe Woldesilassie

Dissertations

Monetary policy communication has become a crucial tool for central banks to shape market expectations and enhance transparency. The goal of this paper is to measure how effectively the Fed communicates monetary policy through FOMC minutes by analyzing the impact of the release of FOMC minutes on financial markets through textual sentiment analysis of daily newspaper articles. I measure the surprise in the daily news sentiment that is caused by FOMC minutes release. The surprise in the sentiment is calculated as the change in the news sentiment that is measured over three weeks prior to the release of the FOMC …

The Impact Of Corruption On Private Investment In The Mena Region: An Empirical Study On The Period Of 1996-2023, Mohamed A. El Regdawy

Theses and Dissertations

This study aims to examine and understand empirically the impact of corruption on private investment in the MENA region during the period of 1996-2023, as private investment is a key enabler for sustainable economic growth. To better understand such a relationship, a Pooled Mean Group estimator was implemented to figure out this relationship in both the short run and long run. The findings confirm that in the long run, within the context of MENA, corruption was used as a tool to overcome the lack of quality in the regulations that were supposed to enable the role of the private sector. …

Psychological Architecture: Evaluating The "Greenhouse Model" As A Structural Standard For Lgbtq+ Well-Being, Ava Lee

University Honors Theses

Traditional LGBTQ+ mental health frameworks often conceptualize psychological safety as a matter of individual endurance. This paper critiques this focus on adaptive resilience, which systematically shifts responsibility from institutions to individuals. To counter this, the study introduces "Psychological Architecture," a framework viewing social environments as constructed infrastructures that can either support or undermine queer well-being. The model contrasts performative "Glasshouses," which prioritize visibility over safety, with engineered "Greenhouses" that nurture sustainable safety through three sequential pillars: Authentic Representation (walls), Emotional Validation (insulation), and Vocal Activism (ventilation).

Grounded in the findings of a 2024 qualitative pilot study of a queer roller …