Economics Commons^™

Borrowing By Committee: An Analysis Of The Link Between Government Type And Sovereign Debt, René Polanco

Honors Theses

Previous literature is divided about the impact of democracy on sovereign debt. In the context of the third wave of autocratization (Lührmann & Lindberg, 2019), this paper uses a new dataset (the Episodes of Regime Transformation) focused on regime transitions to analyze the impact of democracy and regime change on the levels of sovereign debt for a panel of 167 nations between 2008 and 2024. I examine how democracy impacts debt level, borrowing, and debt service and dovetail these results with analogous ones regarding how states of transition impact the same measures. By including this extra wrinkle of government transition, …

Estimating Corporate Investment Efficiency With Bias Correction: A Semiparametric Panel Model Approach, Taining Wang, Zhao Wang, Feng Yao, Subal C. Kumbhakar

Economics Faculty Working Papers Series

Empirical studies often use the residuals from ordinary least squares regression models to represent certain discretionary or unexpected components and then regress these residuals on potential determinants. However, this two-step approach has been criticized for leading to biased estimates, invalid inferences, and unreliable empirical results. This paper shows that the shortcomings of the two-step approach and alternative existing methodologies are retained and even more pronounced when analyzing inefficient corporate investment. To address these shortcomings, we propose a novel semiparametric model tailored for investment efficiency analysis. Our model effectively mitigates estimation bias caused by inappropriate model design or misspecified model structure, …

Testing The Governance Premium: Board Gender Diversity And Crisis-Period Returns During The Pandemic, Rhea Kulkarni

CMC Senior Theses

This paper examines whether board gender diversity predicts cumulative abnormal returns for S&P 1500 firms during the COVID-19 pandemic. Motivated by prior evidence linking board gender diversity to crisis-period stock performance and the broader question of whether governance quality is priced during periods of acute market stress, this study estimates cumulative abnormal returns across three economically distinct event windows covering the crash, recovery, and post-recovery periods using the Carhart (1997) four-factor model to test whether board composition translated into divergent outcomes across firms. The results fail to find evidence that board gender diversity predicts cumulative abnormal returns across any of …

The American Anomaly: Feasibility Of Universal Healthcare, William Bernstein

Student Research and Publications

No abstract provided.

Book Review: Virtuous Bankers: A Day In The Life Of The Eighteenth-Century Bank Of England, David L. Cleeton

Faculty Publications – Economics

In Virtuous Bankers: A Day in the Life of the Eighteenth-Century Bank of England, Anne Murphy performs an exemplary feat of historical reconstruction. While most economic histories focus on the high-altitude movements of capital or the grand political maneuvers of central banks, Murphy descends into the dust and ink of Threadneedle Street. By framing her study as a single, composite day in the life, she transforms a dry institutional history into a sensory, professionally guided experience of the 1780s.

Feasibility Study For Lithium Mining In South Dakota, Neha Karna

Electronic Theses and Dissertations

The increasing demand for lithium in the battery manufacturing industry, boosted by the growth of electric vehicles and smartphones, has led to concern over its sustainable supply chain in the United States. Historically, South Dakota has played a significant role in U.S. lithium production. The recent surge of interest in lithium exploration in South Dakota, specifically Black Hills, underscores the importance of evaluating the feasibility of lithium mining in Black Hills. This research aims to study the economic feasibility of a lithium mining operation in Black Hills, South Dakota. Our specific objective is to estimate cut-off grade using Lane’s model …

Towards Energy Access For All: Developing The Lived Energy Experience Index (Leei), Kentina Annie Ishimwe

Electronic Theses and Dissertations

Energy is the fuel that powers the engine of civilization. Energy access metrics ensure that nations continuously work towards providing access for all. However, the prevalent binary indicator fails to consider that energy needs to be usable, accessible, affordable, and reliable. As a result, numerous tiered and multidimensional metrics, such as the Multi-Tier Framework, came about to bridge the gap but proved to be complex and complicated to implement. This study presents the existing literature review, assesses the limitations of current energy access measurement frameworks, and compares household energy needs with reported access statistics. Based on the findings, the Lived …

Economic Inequality And Family Formation In The United States, Elizabeth S. Krause

Theses and Dissertations--Economics

This dissertation evaluates economic inequality and family formation in the United States in three essays. In Essay 1, I estimate the effect of providing subsidized access to immediate postpartum contraceptives on birth spacing and infant health among low-income teen mothers. The intent-to-treat estimates indicate a 20% reduction in the monthly short-interval birth rate among teens 12-14 months after policy enactment. I also find evidence that the policy increased the average interval between births and reduced preterm and low-birth weight births and NICU admission rates. In Essay 2, I provide evidence that single mothers and single women without children are important …

The Future Of U.S. Higher Education: Equity Implications Of Shifting Immigration Policies, Research Institute For Social Equity Rise

Research Institute for Social Equity

This report examines the impact of U.S. immigration policies on higher education and international students from 2000 to 2025. It traces five major policy eras, from the post- 9/11 security overhaul and Obama-era expansion to the restrictive turns of 2017–2020 and 2025, and analyzes how shifting regulations have influenced enrollment patterns, economic contributions, and student well-being. Despite hosting more than 1.1 million international students in 2023–2024, the U.S. share of the global student market has fallen from 20% to 16%, underscoring how policy volatility and restrictive measures weaken national competitiveness. Drawing on federal data, scholarly research, and institutional reports, this …

Employment Preferences Of Favela Residents, Mayara Felix, Beatriz Marcoje, Ieda Matavelli, Maria Clara Rodrigues

Cowles Foundation Discussion Papers

We document employment preferences of workers at the margin of informality using open-ended questions and discrete choice experiments in Brazil’s largest favela complex. Stated preferences emphasize pay and tangible job benefits rather than meaning or purpose, while primary complaints center on poor management, customers, and inflexible schedules. Workers exhibit high valuations for all formal sector amenities on average—unemployment insurance, parental leave, and termination notice—as well as for learning opportunities, but lower for non-formal sector amenities such as shorter commutes. Valuations vary systematically by employment sector in ways consistent with sorting: formal workers value formal amenities most, the self-employed value them …

C.A.S. Full Assessment Report: State Of Florida Government Portal, Delante Clark

Graduate Scholarship and Creative Works

The purpose of this assessment is to evaluate the cognitive overhead, transparency, and attentional integrity of

official State of Florida digital interfaces using the Cognitive Attentional Standards (C.A.S.) platform.

While the Florida Digital Bill of Rights (FDBR) establishes strict regulatory guardrails for consumer data

transparency, tracking opt-outs, and attentional safeguards, the State of Florida explicitly exempts its own

government agencies, public universities, and non-profit entities from complying with these rules.

This assessment serves to investigate the tension between legislative intent and government execution. By

analyzing public sector websites through the C.A.S. platform, this project will establish a “state-enforced vs.

state-executed” …

A Practitioner’S Guide To Panel Data Quantile Regression, Antonio F. Galvao, Carlos Lamarche

Economics Faculty Publications

Quantile regression for panel data has become a common model of interest for econometricians and statisticians. The theoretical literature has addressed important questions, including identification, estimation, and statistical inference. Although recent advances have enabled practitioners to estimate flexible models under a wide range of assumptions, practical issues have not been fully addressed. In this paper, we offer a guide to empirical practice intended to help applied researchers navigate the challenges of estimation and inference for panel quantile models. We also present a series of practical recommendations and illustrations, emphasizing both “why” and the “how” to help researchers with the implementation …

Wedges: A Microeconomic Perspective On Misallocation, Lauren Falcao Bergquist, Danial Lashkari, Eric Verhoogen

Discussion Papers

This chapter takes stock of what has been learned from the recent micro-development literature about wedges—mechanisms generating dispersion in marginal revenue products of factors across firms, which are commonly interpreted as indicators of misallocation. We present a general theoretical framework that allows us to consider several different types of wedges simultaneously. We argue that it is important to distinguish between between technological wedges, which are present even in the efficient allocation that would be chosen by the social planner, and distortionary wedges, which are present in market equilibrium but not the social planner's allocation. Not all wedges, as we have …

Economic Development And The Environment, Kelsey Jack, Nicholas Ryan

Discussion Papers

Economic development relies on and transforms the environment. The transformation is evident in the poor environmental quality in many developing countries. For example, air quality in Southeast Asia is three times worse than in the United States, in sub-Saharan Africa four times worse and in South Asia more than six times worse. We model how environmental quality affects health, productivity and well-being and how individuals privately adapt to environmental hazards. We also model how collective action and formal regulation contribute to environmental quality. We draw three main findings from a review of empirical research on these mechanisms. First, individual adaptation …

Skipping The Factory: Service-Led Growth And Structural Transformation In The Developing World, Michael Peters, Youdon Zhang, Fabrizio Zilibotti

Discussion Papers

In today’s developing world, many economies appear to bypass industrialization and transition directly from agriculture to services. The largest rise in service employment has occurred in non-tradable consumer services, such as retail and hospitality, especially in urban areas, where many cities resemble consumer hubs built around local demand. These patterns of growth raise fundamental questions: Can service-led growth sustain improvements in living standards over time? Is service-led growth inherently biased toward affluent urban consumers? What role should policy play? To address these questions, we propose a parsimonious general equilibrium framework that incorporates non-homothetic preferences and locally non-tradable consumer services in …

An Examination Of Remittance Inflow Variation In Net-Emigration Countries, Andrew Rizko

CMC Senior Theses

This paper examines the structural and institutional determinants of remittance inflows in a panel of 40 net-emigration countries from 2000 to 2024. By restricting the sample to countries with negative average net migration, the analysis holds migration pressure constant and isolates the role of domestic conditions in explaining cross-country variation in remittance dependence. Using fixed effects and correlated random effects (Mundlak) estimators, I find that labor force participation is the most robust within-country determinant: a one percentage point increase is associated with approximately a 2.3 percent decline in remittance inflows, consistent with remittances functioning as a structural need in contexts …

Forecasting The Unpredictable: The Bullwhip Effect In The Toy Industry, Mannat Sethi

CMC Senior Theses

This thesis investigates the bullwhip effect, the amplification of demand variability as it moves upstream in a supply chain, with a focus on the toy industry, and comparative analysis with the technology and consumer goods sectors. Using annual data from 1993 to 2024, the study analyzes production and retail growth for Mattel, Hasbro, Intel, and Procter & Gamble to assess how variance between consumer demand and firm output has changed over time. Bullwhip ratios are calculated as the variance of production growth divided by the variance of retail growth across two periods: 1993–2008 and 2009–2024.

The findings show that toy …

International Cocoa Trading Arrangements Between Industrialised And Developing Countries 1951–1999: A Structural Gravity Analysis, John Brown, Xenia Matschke, Juan René Rojas Rodríguez

Economics

Using a state-of-the-art structural gravity model, we investigate the impact of various (post-)colonial cocoa trading arrangements on the cocoa trade between developing cocoa producer countries and rich industrial cocoa consumer nations in the time period 1951–1999. We find that in particular the trading arrangements of the European (Economic) Community (EEC/EC), such as the Association, Yaoundé and Lomé Agreements, as well as the UNCTAD International Cocoa Agreement, had a measurable positive impact on cocoa trade flows, in contrast to the British Commonwealth partnership or the GATT Generalised System of Preferences. In particular, the Yaoundé Agreement not only increased the trade between …

The Low Human Rights Advantage And The Failure Of Globalization: The Challenge Of China Inc., Shaomin Li

Management Faculty Publications

Purpose

We develop a framework of the low human rights advantage – labor repression, state discretionary expropriation and total control – that reduces factor costs and enables coordinated resource mobilization. These mechanisms generate economic advantage only when combined with access to global markets, which provide demand, capital and technology. By leveraging this low human rights advantage, the Chinese state has transformed China into a giant corporation that combines the agility of a firm with the resources of a nation, thereby reshaping global competition. Economic integration without corresponding political integration is a major contributor to the failure of the current wave …

Unlocking Organizational Support Through Psychological Empowerment: Identification And Test Of Transformational Leadership As A Catalyst Of Perceived Organizational Support, Ryan L. Klinger, Nathapon Siangchokyoo, Tipat Sottiwan

Management Faculty Publications

Organizational support theory (OST) explains how employees develop and respond to beliefs about their organization, with perceived organizational support (POS) representing a central construct within this framework. Integrating psychological empowerment theory, we examine an intrinsic motivational pathway through which POS relates to employee in-role performance and identify transformational leadership as a contextual catalyst that may strengthen this process. We test a multilevel moderated mediation model using multisource and multi-time data from 217 employees and 41 supervisors. Results indicate that POS is positively related to in-role performance through the psychological empowerment dimensions of competence and self-determination. Moreover, transformational leadership strengthens the …

Human Capital And Development, Philippe Aghion, Ingvild Almås, Costas Meghir

Discussion Papers

Human capital is central to efforts to promote growth, convergence, and the elimination of poverty. Drawing on the seminal macroeconomic frameworks by Nelson-Phelps, Lucas and subsequent developments, alongside macro and microeconomic evidence, we examine the role of human capital in driving innovation and growth. We highlight how different types of human capital, characterized by education level, matter in different stages of development. Despite documented increases in years of schooling, the world’s poorest regions still see stagnating outcomes in learning and education quality, potentially creating poverty traps where investments in neither physical nor human capital materialize. We discuss obstacles to human …

Mechanisms Driving Disparities In Income Mobility Across The Income Distribution, Joe Larkins

Honors Theses

This study examines intergenerational income persistence across the income distribution, testing whether mechanisms driving inequality differ between families in the top and bottom halves of the income distribution. Using data from the National Education Longitudinal Study of 1988 (NELS:88), a nationally representative longitudinal survey of 8th grade students and their parents, this research estimates an interaction model comparing parental income effects for children in advantaged versus disadvantaged economic circumstances. The analysis reveals that a $1,000 increase in parental income yields eight times greater income gains for children in the bottom half of the distribution compared to those in the top …

Esg Risk And Agricultural Commodity Integration, Alper Gormus, Yoav Wachsman, Elif Gormus

Finance and Economics

This study investigates how major agricultural commodities interact with diversified U.S. equity funds, sorted by their environmental, social, and governance (ESG) risk exposure. Using daily Morningstar data on 880 U.S. equity mutual funds, we construct portfolios representing high- and low-ESG-risk equities and examine their linkages with prices for eight agricultural commodities. Applying Fourier-augmented Toda–Yamamoto VAR and LM-GARCH models that accommodate both abrupt and gradual structural breaks, we document clear heterogeneity across ESG risk segments. Low-ESG-risk portfolios exhibit minimal price and volatility spillovers from agricultural commodities, whereas high-ESG-risk portfolios display strong and often bidirectional transmissions—particularly for coffee, corn, cotton, livestock, and …

Examining The Results Of Revolutions In The Third World: A Case Study Of The Iranian, Libyan, And Nicaraguan Revolutions, Noah A. Mohammedelamien

Honors Undergraduate Theses

This thesis examines the post-revolutionary trajectories of Libya, Iran, and Nicaragua to explain why some Third World revolutionary projects preserve and use elements of their founding ideology while others fragment, personalize, or diffuse over time. Rather than focusing on the causes of revolution alone, it analyzes the durability of religious-socialist ideological continuity after revolutionary upheaval. Using a (MDSD) comparative historical and institutional approach grounded in primary and secondary sources, the study evaluates five key dimensions across the cases: religious-socialist ideological fusion, religious elite loyalty, popular religious mobilization, institutional embedding of ideology, and external pressure. The findings suggest ideological continuity is …

Barriers To Immunity: Understanding Covid-19 Vaccine Uptake In Africa, Emilia Blechschmidt

Honors Theses

This thesis examines the factors influencing COVID-19 vaccine uptake across African countries, with a focus on structural, informational, and behavioral barriers to immunization. Drawing on cross-country data, the study analyzes how access to transportation, reliable information, and healthcare resources shape vaccination rates, alongside the effect of demographics and institutional factors in shaping individual perceptions of risk and vaccine safety.

The findings emphasize that the broader strength and preparedness of national health systems strongly influence vaccine uptake. Countries that demonstrated higher coverage of routine childhood immunizations, such as polio and hepatitis B, also tended to perform better in COVID-19 uptake efficiency …

Interpreting Legal Standards Of Proof: An Experimental Study Of Probabilistic Decision-Making, Hayley Leopold

Honors Theses

Legal standards of proof play a central role in structuring decision-making under uncertainty, yet they are typically communicated using qualitative language rather than precise probabilities. This raises an important question: how do individuals interpret and apply these standards when making decisions based on probabilistic evidence? This study examines whether individuals apply legal standards of proof in a manner consistent with their commonly associated probabilistic thresholds, and whether quantification and incentives improve alignment with normative decision-making.

To address these questions, I conducted a controlled behavioral experiment in which participants made legal-style decisions under uncertainty. Participants were assigned roles in a simplified …

Nssr Student Admission And Review, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes,

• Shaikh, A., PhD. (n.d.). Calculations regarding the costs of PhD students over several years [Handwritten notes].

• New School for Social Research. (n.d.). External funding for graduate study, NSSR: Annual and total costs per PhD student [Document].

Education And The Maternal Childcare Gap: Evidence From The Uk Covid-19 Pandemic, Lara Bakhaya

Honors Theses

This paper examines whether college education shapes working mothers’ access to remote work, flexible working, and childcare hours in the United Kingdom, and whether COVID-19 school closures amplified these inequalities. Using data from the UK Time Use Survey (2016–2021), a repeated cross-sectional diary dataset spanning the pre-pandemic period and five COVID-19 waves, this paper estimates weighted logistic and ordinary least squares regressions on a sample of married or cohabiting, employed mothers. School closures serve as a natural experiment, providing an exogenous shock to caregiving demands that affected all mothers simultaneously regardless of education level. College education significantly predicted working from …

Spillover Effects Of Medicare Advantage On Fee-For-Service Post-Acute Care Spending, Nyel Bangash

Honors Theses

Does the growth of Medicare Advantage reduce fee-for-service post-acute care spending through practice-pattern spillovers, or do observed spending differences primarily reflect favorable selection? Using a county-level panel of roughly 2,700 counties (2014–2023) and a two-way fixed effects specification, I find that a one percentage-point increase in MA penetration is associated with $9.54 less per-capita standardized FFS spending. Spending per episode falls while participation rates remain stable, consistent with practice-pattern spillovers rather than compositional changes from selection. Welfare indicators from County Health Rankings, CDC PLACES, and CMS Care Compare show no evidence that spending reductions harm health or care quality. The …

The Market Signal Of Climate Risk: Examining Disaster-Linked Insurance Costs And Home Values, Anika Donohue

Honors Theses

As natural disasters increase in frequency, the resulting rise in insurance premiums threatens a systemic housing affordability crisis across the United States. Leveraging a unique private insurance market dataset, this paper investigates the capitalization of rising premiums into home values and the resulting impact on housing affordability and underinsurance levels. Focusing on the impacts of Hurricane Florence (2018) in North Carolina, I employ a Difference-in-Differences framework to separately analyze the impacts of storm severity on property values and insurance premiums. I find that while property values decrease in proportion to storm severity, functioning as a primary risk signal, insurance premiums …