Economics Commons^™

Small Business Risk In The Context Of A Pandemic: A Simulation, Ashlyn Sperry

Honors Undergraduate Theses

In this thesis, I consider the impact of the COVID-19 pandemic on small businesses, as they are acutely at risk due to the lack of implicit government insurance that would be available to larger corporations. I will discuss insurance's characteristics using the basic theory of insurance, analyze pandemic insurance's viability in the private market, and critique alternative solutions. While the theory suggests that pandemics are not insurable in the private market, I will perform specific analysis to determine if this is the case or not. Using a simulation of the economic landscape firms face, business owners with varying levels of …

Export Promotion As A Development Strategy: Evidence From Selected Southeast Asian Countries And Lessons For Ghana, Ohenewaa B. Newman

Journal for the Advancement of Developing Economies

Developing countries have adopted various development strategies such as import substitution industrialization (ISI) and export promotion strategies. For Latin-American and developing countries, some level of economic growth was experienced using ISI after the Second World War. However, these countries could not attain the needed economic growth, technological advancement or guarantee food security with the adoption of ISI. It led to unequal income distribution, less internal competition, and distortions of their economy, among others. The rise of export promotion strategies in the 1970s was evidenced by an impressive economic growth and a decline in poverty in jurisdictions like Taiwan, Tanzania and …

Essays On The Role Of Policies In Major Public Health Issues, Anh Le

Theses and Dissertations--Economics

This dissertation explores the role of policy on health outcomes and behaviors that relate to major public health concerns. Essay 1 and Essay 2 investigate the effects of Medicaid expansions on substance-use outcomes. Essay 3 examines the impacts of school reopenings in Texas on COVID-19 and mobility outcomes.

Essay 1 studies the effect of the Affordable Care Act Medicaid expansion. Using State Drug Utilization Data 2011-2017, I find that the Medicaid expansion is associated with an increase of 40-60 Medicaid-paid opioid prescriptions per 1,000 people aged 19–64. However, the results suggest that post-expansion prescriptions are, on average, shorter or prescribed …

Benefit-Cost Analysis Of Covid-19 Policy Intervention At The State And National Level, James L. Doti

Economics Faculty Articles and Research

This study analyzes the benefits of statewide policy intervention in reducing COVID-19 deaths and the costs of that intervention in lost jobs and lower real gross state product (RGSP). Policy interventions are measured by the Oxford stringency index which places a daily numerical value on the level of a state’s policy intervention.

Empirical evidence is provided that shows policy interventions have reduced COVID-19 deaths by 375,000 lives in 2020. On the cost side, it was found that policy intervention resulted in a loss of 7.3 million jobs and a decline of $410 billion in RGSP.

The study concludes by integrating …

2021 State Of The Commonwealth Report, Vinod Agarwal, Barbara Blake, Steve Daniel, Ashley Desilva, Nikki Johnson, James V. Koch, Tim Komarek, Feng Lian, Sharon Lomax, Christian Manty, Janet Molinaro, Brendan O'Hallarn, Terry Parker, Golbarg Roghani Araghi, Jake Zalewski, Robert Mcnab

State of the Commonwealth Reports

This is Old Dominion University’s seventh annual State of the Commonwealth Report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion, its president, Brian O. Hemphill, Ph.D., the Board of Visitors, the Strome College of Business or the generous donors who support the activities of the Dragas Center for Economic Analysis and Policy.

With the 2021 election in the rearview mirror, the question now becomes: Where does Virginia go from here? Our work seeks to contribute to this conversation without glossing over the …

Pandemics, Paid Sick Leaves, And Tax Institutions, Alex Zhang

Faculty Articles

The COVID-19 pandemic is currently ravaging the world, and the United States has been largely unsuccessful at containing the coronavirus. One long-standing policy failure stands out as having exacerbated the pandemic in our country: the lack of a national mandate of paid sick leaves, without which workers face financial and workplace-cultural pressures to attend work while sick, thus spreading the virus to their fellow employees and the public at large.

This Article provides the blueprint for a national, subsidized mandate of paid sick leaves and two additional insights about our tax institutions as mechanisms of effectuating broader societal goals. It …

Impact Of Unemployment Insurance Benefit Generosity On Re-Employment Wages During The Great Recession, Hayden Cobb

Williams Honors College, Honors Research Projects

This paper examines the impact of the replacement ratio on re-employment wages during the great recession. This is done using a data set from IPUMS CPS displaced workers supplement between 2005 and 2012. Using OLS analysis, I estimated the impacts of the replacement ratio on the ratio of re-employment wages to pre-unemployment wages. I found that a replacement ratio of one would lead to a 77.6% increase in the ratio of re-employment wages to pre-unemployment wages, without the consideration of any other variables. The findings of the replacement ratio support economic theory and contradict the findings of some major papers …

A Network Pandemic: Exploring The Effects Of Social Connectedness On The Spread Of Covid-19 In The United States, Mrinalini Bhushan

CMC Senior Theses

Social interactions influence the way we think and act. Recent literature on COVID-19 and social connectedness explores how social interactions influence people’s perceptions of the risk from COVID-19 and their behaviors. This paper seeks to investigate how social connectedness, political ideologies, and physical interaction are associated with local COVID-19 case and death rates at the US county level. Social connectedness, as defined by (Bailey et al, 2018) measures connectedness between US counties based on Facebook friendship links. I examine whether a county’s average social connectedness to other counties, as determined by the Facebook index, has an impact on its own …

Zoom In, Class Out: An Event Study On Publicly Traded Ed Tech Firm Valuations During Covid-19, Matiss Ozols

CMC Senior Theses

This paper examines how publicly traded Ed Tech firms reacted to negative announcements regarding COVID-19. Using an event study method, I document how an international portfolio of Ed Tech firms react across multiple event windows. The results show that Ed Tech firms reacted positively to the announcement of the first US death and negatively to the World Health Organization’s declaration that COVID-19 was a pandemic. Additionally, differences in geographical location did not impact cumulative abnormal returns across event windows. Finally, firm-specific characteristics such as volatility and financial leverage had little or no significance on stock returns.

Market Structure And Quality Of Service: Investigating Oligopolies And The Quality Of Nursing Home Care In California During The Covid-19 Pandemic, Tessa Ireton

Senior Independent Study Theses

Quality-of-service outcomes in nursing homes are of great social and human importance. However, especially during the COVID-19 pandemic, consistently maintaining markets with high quality care has been a pervading issue in the American nursing home industry. Furthermore, the industry is strongly characterized by oligopolies, a market structure that literature indicates may be less compatible with quality service than competitive markets. With this paper, I aim to investigate the possible intersection of oligopolist market structures and the quality of nursing home care during the COVID-19 pandemic. I start by describing quality of care in nursing homes, particularly during the COVID-19 pandemic, …

Bursting The Auto Loan Bubble In The Wake Of Covid-19, Pamela Foohey

Scholarly Works

Before the COVID-19 pandemic, auto loans outstanding in the United States had soared to record highs. The boom in lending spanned new and used cars and traditional and subprime loans. With loan delinquencies also hitting new highs almost every quarter, predictions that the auto lending market could burst soon abounded. When the economy came to a grinding halt and unemployment skyrocketed in the wake of the pandemic, auto lenders knew they were facing a crisis. Throughout 2020, auto lenders granted more payment forbearances to consumers, while slashing interest rates on new loans. Auto manufacturers similarly made promises to buyers, such …

Women Tax Care: Kebijakan, Penerapan, Potensi, Dan Hambatan, Arie Widodo, Dimas Nur Agni Priadana, Prima Sari Ardana, Andi Dhiya Narda Fabillah

Jurnal Administrasi Bisnis Terapan

Women are the major factor of a country's economic growth in the fight against the COVID-19 crisis. Despite concern about the spread of the virus, not a few women with a different status (single/married/single parent) become career women while performing most of the role of parenting during the pandemic. Tax policy plays an important role in supporting individuals and businesses when we navigate this crisis. The impact of gender in taxation has not been the primary focus of the government at this moment and it has become a serious problem for gender equality in Indonesia. The purpose of the study …

Staying Connected: The Importance Of Social Integration On The Well-Being Of Older Adults, Paulin T. Straughan, Vincent Chua, Stephen Hoskins, Frosch Quek

ROSA Research Briefs

It has been about a year since COVID-19 first emerged and reshaped the daily lives of people around the globe, including Singaporeans. Since moving past the circuit breaker in June, Singapore has gradually re-opened and relaxed its restrictions in different phases. As Singapore prepares for Phase 3- the final and least restrictive phase, it is important to examine how Singaporeans have coped and responded with the circuit breaker (7 April 2020) and its gradual easing of restriction in Phase 1 (2nd June 2020) and Phase 2 (19 June 2020), and identify the groups which have fallen through the gaps in …

Covid-19 And The Us Safety Net, Robert A. Moffitt, James P. Ziliak

Economics Faculty Publications

We examine trends in employment, earnings and incomes over the last two decades in the United States, and how the safety net has responded to changing fortunes, including the shutdown of the economy in response to the COVID-19 pandemic. The US safety net is a patchwork of different programmes providing in-kind as well as cash benefits, and it had many holes prior to the pandemic. In addition, few of the programmes are designed explicitly as automatic stabilisers. We show that the safety net response to employment losses in the COVID-19 pandemic largely consists only of increased support from unemployment insurance …

Visualizing Vulnerable Jobs In Nevada, Peter Grema, Vanessa Booth, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This Fact Sheet summarizes data on Nevada and its metropolitan statistical areas (MSAs) from the national report “Visualizing Vulnerable Jobs Across America,” by Marcela Escobari, Natalie Geismar, and Dhruv Gandhi of the Brookings Institution. Data from the original report and accompanying database are used to highlight the total number and share of vulnerable jobs in the Silver State during the COVID-19 pandemic.

Rural Appalachia Battling The Intersection Of Two Crises: Covid-19 And Substance Use Disorders, Margaret Miller, Rebekah Rollston, Kate E. Beatty, Michael Meit

Journal of Appalachian Health

During the COVID-19 pandemic, rural Appalachia is at great risk of unforeseen side effects including increased mortality from substance use disorders (SUDs). People living with SUDs are at increased risk for both exposure to and poor outcomes from COVID infection. The economic impacts of COVID-19 must also be considered. As rural Appalachia combats the substance use crisis amidst the COVID-19 pandemic, the geographic economic, health and social inequities within our region must be considered. As a national recovery is sought, we should reimagine federal policies that center the economic and public health of rural Appalachia addressing the two crises.

Some Regional Economic Perspectives On Covid-19 Impacts, Paul A. Coomes

Institute for the Study of Free Enterprise Working Papers

It has been about eight months since the Covid-19 pandemic began sweeping across America, causing the well-known health care emergency, and major economic and fiscal distortions. Presumably, we are in the last stages of the damage, as activity has picked up in most realms of daily life. However, recovery problems linger in many areas, including air travel, cruises, hotels, conventions, concerts, and schools. While not over, enough information has emerged to start documenting the regional economic impacts around Kentucky. This note examines the latest public data to study the apparent economic and fiscal damage related to Covid responses, public and …

Did Covid-19 Change Life Insurance Offerings?, Timothy F. Harris, Aaron Yelowitz, Charles J. Courtemanche

Institute for the Study of Free Enterprise Working Papers

The profitability of life insurance offerings is contingent on accurate projections and pricing of mortality risk. The COVID-19 pandemic created significant uncertainty, with dire mortality predictions from early forecasts resulting in widespread government intervention and greater individual precaution that reduced the projected death toll. We analyze how life insurance companies changed pricing and offerings in response to COVID-19 using monthly data on term life insurance policies from Compulife. We estimate event-study models that exploit well-established variation in the COVID-19 mortality rate based on age and underlying health status. Despite the increase in mortality risk and significant uncertainty, we find limited …

Investor Behavior In The Midst Of A Global Pandemic, Abigail N. Bates

Honors Projects

Investors partaking in portfolio and asset management through the stock market and other avenues do so with certain reasoning and methods in hand. Each investor may have different interests and risk tolerances that guide their choices for investment. Behavioral finance allows for an in-depth look at an investor’s actions and the influencing psychology behind it. Before this approach was popularized, early studies of finance assumed that investors were always rational in their decision making and put resources only into opportunities that would increase their utility or happiness. The behavioral finance approach takes a more comprehensive look at these behaviors and …

Macroeconomic Stabilization In The Digital Age, John Beirne, David Fernandez

Research Collection Lee Kong Chian School Of Business

Macroeconomic Stabilization in the Digital Age provides insights into factors affecting the macroeconomic management of the economy in the digital age. Policy makers need to be aware of the increasing prominence of the digital economy and digital finance and seek to better understand how continued digitalization will affect policies aimed at managing the economy. For emerging market economies (EMEs), macroeconomic policy challenges have been exacerbated by the digital finance revolution in the aftermath of the global financial crisis and the coronavirus disease (COVID-19) pandemic, when many EMEs experienced large and volatile capital flows. Policy makers must also navigate through fluctuating …

The Potential Impacts Of Covid-19 On The Global Value Chains: Gvc Positioning And Linkages, Gerald Foong, Pao-Li Chang

Research Collection School Of Economics

Apart from the public health crisis entailed by the Coronavirus Disease 2019 (COVID-19) pandemic, it has also propagated a pandemic-induced economic shock globally. One transmission channel is via the inter-country linkages arising from the trade in intermediate inputs, which is a pertinent characteristic of global value chains (GVCs), and resulting in a "supply-chain contagion" as termed by Baldwin and Tomiura (2020). In this paper, we propose measures of bilteral downstreamness and upstreamness, the extent of a country's GVC participation, and the position of a country in GVCs by leveraging upon the gross export decomposition framework as laid out by Borin …

Lessons Learned: Donald Kohn, Maryann Haggerty

Journal of Financial Crises

Kohn, an economist, is a 40-year veteran of the Federal Reserve System. He served as a member of the Board of Governors, and was vice chair, from 2002-2010, which included the years of the global financial crisis (GFC).

Maine Employment Change During The Early Months Of The Covid-19 Pandemic: A Shift-Share Analysis, Todd Gabe

Economic Impact Analysis

The Maine economy experienced an 11-percent reduction in employment from February to July of 2020, with job losses of 18 percent from February to April and a 10-percent increase from April to July. Of the employment decline of 57,100 jobs from February to July, about 85 percent of the loss is related to the performance of the U.S. economy, and 16 percent is associated with factors that are unique to Maine.

Over the period of extreme job loss from February to April and the employment gains that happened between April and July, there’s wide heterogeneity in the performance of industry …

Measuring The Spread Of Covid-19 In Kentucky: Do We Have The Right Data?, Kenneth R. Troske, Paul A. Coomes

Institute for the Study of Free Enterprise Working Papers

We examine various measures of COVID-19 infections, hospitalizations and deaths, with an emphasis on data for Kentucky. We find that: Data on the number of new reported cases of the disease obtained from convenience samples (as opposed to representative random samples) is an inaccurate measure of the spread of the disease in the State. Using CDC data and national studies, it appears that there were ten times the number of infections in March than reported for Kentucky at the time and by September the State is still capturing only one out of two people infected.

A better measure of new …

Simulating Covid-19 In A University Environment, P. T. Gressman, Jennifer R. Peck

Economics Faculty Works

Residential colleges and universities face unique challenges in providing in-person instruction during the COVID-19 pandemic. Administrators are currently faced with decisions about whether to open during the pandemic and what modifications of their normal operations might be necessary to protect students, faculty and staff. There is little information, however, on what measures are likely to be most effective and whether existing interventions could contain the spread of an outbreak on campus. We develop a full-scale stochastic agent-based model to determine whether in-person instruction could safely continue during the pandemic and evaluate the necessity of various interventions. Simulation results indicate that …

How Many Americans Have Lost Jobs With Employer Health Coverage During The Pandemic?, Paul Fronstin, Stephen A. Woodbury

External Papers and Reports

ISSUE: During the COVID-19 pandemic, most states issued lockdown orders that closed many workplaces. The ensuing job losses may have left millions of workers without employer health coverage.

GOAL: To estimate how many workers lost jobs that came with employer-sponsored insurance (ESI) — by industry, age, and gender — during the pandemic.

METHODS: Health insurance coverage data were used to generate the proportion of workers with ESI, by various characteristics. Data on unemployment benefit recipients were used to generate the proportion of workers who lost jobs because of the pandemic. We apply the proportion of workers with ESI to the …

Between Lives And Economy: Optimal Covid-19 Containment Policy In Open Economies, Wen-Tai Hsu, Hsuan-Chih Luke Lin, Yang Han

Research Collection School Of Economics

This paper studies optimal containment policy for combating a pandemic in an open-economy context. It does so via quantitative analyses using a model that incorporates a standard epidemiological compartmental model in a multi-country, multi-sector Ricardian model of international trade with full-fledged input-output linkages. We devise a novel approach in computing optimal national policies in the long run, and contrast these policies with a baseline in which countries maintain their current policies until vaccine availability. The welfare gains under optimal policies are asymmetric as the gains for the set of countries which should tighten up the containment measures are much larger …

Steven Soderbergh, Contagion (2011), Aras Ozgun

Markets, Globalization & Development Review

No abstract provided.

Fixing Social Media: Toward A Democratic Digital Commons, Michael Kwet

Markets, Globalization & Development Review

In the past few years, big Social Media networks like Facebook, Twitter, and YouTube have received intense scrutiny from the intellectual classes. This article critiques the dominant strain of criticism, the neo-Brandeisian School of antitrust, for its narrow focus on “regulated competition” as an appropriate means to “fix social media”. This essay calls for a socialist alternative: a democratic social media commons based on free and open source technology, decentralization, and democratic socialist legal solutions. It reviews how existing solutions like the Fediverse and LibreSocial work, and how they may provide answers for a better way forward.

‘Coronated’ Consumption In The Viral Market, Soonkwan Hong

Markets, Globalization & Development Review

The universal exposure to the virus has disrupted institutions, redefined values, and reshaped systems, including the market. Idling, uncertainty, and liquidity encapsulate the ever-precarious individual lives and the reflexive socio-politico-cultural changes. These conditions and consequences nonetheless create paradoxical opportunities in the viral market. The new meaning of connectivity that promotes high-viscosity relationships and high-visibility identities will transform the market to better acknowledge and support humans and the new sociality.