Macroeconomics Commons^™

Inflation-Differential Rule Versus (De Facto Soft-Peg) Discretion: Exchange-Rate Management Approach In Developing Economies, Behnam Ebrahimi, Mohammad Vaez Barzani Dr.

Bulletin of Monetary Economics and Banking

Many developing and emerging economies officially report a managed floating exchange-rate regime tailored with a fundamental exchange rate management approach, while in practice operating a de facto soft peg, characterized by discretionary, near-constant exchange-rate depreciation aimed at dampening inflation expectations. This discretionary approach—often justified as a pragmatic response to inflationary pressure—produces a hybrid regime that lacks the transparency and credibility emphasized in IMF policy guidance. This study evaluates whether substituting Discretionary Soft-Peg Exchange Rate Management approach with an Inflation-Differential Rule of Exchange Rate Management approach, which links exchange-rate adjustments to the inflation differential between domestic and rest of the world, …

Notes From The Editor, Jay Nathan

Journal of Global Awareness

No abstract provided.

Long Run Effect Of Industrial Place-Based Policy On County Level Complexity, An Investigation Of The Tennessee Valley Authority, Anita Ifeyinwa Umunnah

Master's Theses

This paper studies the long-term effects of large federal investments in place-based industrial policies on regional economic development, contributing new evidence on how industrial policies shape regional local productive capabilities over time. While extensive research show that industrial policies impact regional development by advancing productive technology (capabilities), the fundamental question remains how to measure this technological transformation. The study employs the use of Economic Complexity Index (ECI) as a measure of “technological advancements” resulting from large federal investments in place-based industrial policies. Previous evaluations of such investment were based on livelihood, employment and income outcomes, with productive capability of receiving …

The Writing On The Wall: The Rise Of Applied Ai And The Life-Or-Death Choice Every Ceo Must Make Now, Gary Sheng, Ron Roberts

Digital Laboratory: Publisher of Internet Journal

Applied AI is putting AI to its highest and best use: running your organization as autonomously as possible so you can deliver value for humanity while maximizing the scale of the value. The economy is splitting. Organizations that adopt applied AI are expanding their capacity, accelerating their impact, and pulling ahead. Those that don't are quietly becoming irrelevant, not because they're doing bad work, but because the gap between what they can do and what the moment requires is widening every day. This is not a technology question. It is a leadership question. This paper is written for organizational leaders, …

Converting The Social Security Trust Fund Into A Sovereign Wealth Fund: A Proposal To Secure The Future, Keanu Moore

Dartmouth College Master’s Theses

This thesis proposes the conversion of the Social Security Trust Fund into a sovereign wealth fund (SWF), paired with the phased creation of a mandatory retirement savings system for all working-age Americans. In response to forecasts projecting Trust Fund depletion by 2034, the proposed portfolio shift would diversify assets beyond U.S. Treasuries into global equities, real estate, alternatives, and fixed income, with the goal of enhancing long-term returns while remaining passively managed. While this reform would extend the Fund’s solvency, it is not, on its own, a permanent fix. To ensure structural sustainability beyond the exhaustion date, the thesis proposes …

Cbdcs Vs Decentralized Currencies: Considerations For 21st Century Global Financial Challenges, Andrew Michael Sobhy, Shuai Wang

The Downtown Review: An Interdisciplinary Journal Written and Peer-Reviewed by Mandel Honors College Students at Cleveland State University

As digital currencies gain prominence in everyday life, policymakers in the United States at the federal, state, and local levels debate the potential for innovation, surveillance, global relations, and a plethora of areas that concern citizens. While existing literature highlights the opportunities and pitfalls within this new digital age, including inclusivity and challenges to traditional banking, this study aims to contribute a quantitative approach to the discussion utilizing Federal Reserve data, studies from financial institutions, and various credible resources that hold a stake. Specifically, comparing novel Central Bank Digital Currency (CBDCs) and Decentralized Financial Currencies (DeFi) will provide a foundation …

The Satu Wakaf Indonesia Application Development Strategy, Nurul Huda, Nova Rini, Rahma Aini Nur, Ariel Nian Gani, Muhammad Rofi'i, Nur Syamsudin Buchori

Journal of Strategic and Global Studies

The Satu Wakaf Indonesia application is a new platform for digital waqf, which necessitates a strategic policy for its development. The needs of strategic policy stand from the current problems that occur in the implementation of the application. The objectives of this study are: (1) the key sub-elements of the Satu Wakaf Indonesia development strategy, and (2) The Satu Wakaf Indonesia development strategy using the ISM approach. The research method used is a qualitative method with the Interpretive Structural Modelling (ISM) approach. The data source for this study is the results of filling out questionnaires by expert informants. The results …

Determinants Of The U.S. Experience Economy: A Macroeconomic, Demographic, And Technological Analysis, 1984–2023, Chloe Ross

CMC Senior Theses

Pine and Gilmore et al. 1999 examine American consumers’ preferences for experiences over durable goods. Since then, there has been a multitude of research on the psychology behind this shift in consumption preferences, and there has been an abundance of media coverage of the new “experience economy.” This thesis goes beyond psychology and examines the macroeconomic, demographic, and technological determinants of experiential spending in the United States from 1984 to 2023. I use annual data from the Bureau of Labor Statistics’ Consumer Expenditure Survey (CES) and variables from the Bureau of Economic Analysis (BEA), Federal Reserve Economic Data (FRED), US …

Macroeconomic Resilience And Sentiment Dynamics In The Global Luxury Fashion Industry, Mehr Gupta

CMC Senior Theses

The global luxury fashion industry is often viewed as a sector where broad economic conditions intersect with individual spending behavior. Yet despite this common assumption, it remains unclear whether macroeconomic fluctuations meaningfully shape luxury firms’ financial performance. This thesis examines the relationship between four key macroeconomic indicators - consumer sentiment, disposable income, unemployment, and exchange rates - and firm-level quarterly revenue for twelve publicly listed luxury companies from the early 2000s through 2024. Firm financial data from S&P Capital IQ are matched with macroeconomic measures from the Federal Reserve (FRED), and the analysis employs a two-way fixed-effects framework with firm …

Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan

Journal of Global Awareness

No abstract provided.

Letter From The Editor, Jay Nathan

Journal of Global Awareness

No abstract provided.

Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray

Journal of Humanities and Social Sciences

The current study investigates the relationship between noun classes and plant folk taxonomy in Chasu (G 22). The study focuses on two objectives: the first objective is to describe the plant folk taxonomy in Chasu and the second objective is to determine the relationship between noun classes and plant folk taxonomy in Chasu. Data were collected from rural villages in Same and Mwanga districts by using free listing, field interviews (jungle-walk-and-identify), and written texts containing Chasu plant names. The findings reveal that Chasu folk taxonomy reflects different ethnobotanical categories; including a unique beginner which is mmea/mimea ‘plant(s)’, and three life …

Do Financial Concerns Make Workers Less Productive?, Dua Khowaja

2025 Fall Honors Capstones Projects - Archive

Financial stress does not just affect people’s finances; it can change the way individuals behave. This project asks whether short-term financial difficulty damages worker performance or if alleviating it improves focus and accuracy. Using data from a field experiment in rural India, this study examine how labor payment timing variability is related to workers' productivity and error rates. The study randomized payment dates across a sample of employees, so that employees paid early can be compared to employees paid on standard or later dates. It investigates whether subsidy of payments relieves stress and enhances task performance by minimizing stress, enhancing …

**Human Capital Migration And International Trade: A Comparative Case Study Of Germany And Austria, 2000 To 2024**, Jahnvi Jha

2025 Fall Honors Capstones Projects - Archive

This study examines migration of people and international trade in Germany and Austria between 2000 and 2024. Both countries saw sharp rises in immigrant populations, with foreign-born residents reaching 18 percent in Germany and 22 percent in Austria, while their exports grew to record levels. The research explores whether human capital migration like workers bringing skills, education, and networks has complemented or substituted trade. Evidence shows migration often reduces barriers to commerce by creating trust, demand for home-country goods, and professional connections. Skilled workers in high-tech industries further boost export capacity. Contrary to fears that migrants might weaken competitiveness, the …

Analisis Dampak Kebijakan Insentif Fiskal Terhadap Tingkat Komponen Dalam Negeri (Tkdn) Industri Manufaktur Di Indonesia, Muhammad Muhammad, Riyanto Riyanto

Jurnal Kebijakan Ekonomi

Over the last decade, the manufacturing sector's contribution to Indonesia's economy has declined. In 2010, it was 29.10% of GDP, but by 2022, it had dropped to 19.14%. Employment in the sector also fell, from 14.91% of the workforce in 2010 to 13.80% in 2022. To reverse this trend, the government introduced a policy to boost the Domestic Component Level (DCL) in manufacturing. By offering fiscal incentives to industries meeting certain DCL targets, the government aims to drive economic growth and job creation. A study using BPS data from 2008-2019 shows that this policy raised DCL by 23.5%.

The Evolution Of Schooling: From Industrial Obedience To Techno-Autonomy, Seb Taylor, Ron Roberts Ii

Digital Laboratory: Publisher of Internet Journal

This paper examines the enduring architecture of the American education system as a mechanism designed for compliance, not creativity. Rooted in 19th-century industrial logic, the structure of schooling, its physical design, time constraints, and assessment methods, has remained largely static despite seismic cultural and technological shifts. Through historical analysis and contemporary critique, this work interrogates the persistence of standardized methods, institutional prestige, and top-down instruction as barriers to meaningful learning and value creation. Drawing from interdisciplinary research and live case studies, including Alpha School’s AI-powered, mastery-based model, the paper advances the concept of techno-education: a student-centered paradigm informed by feedback …

From Disruption To Integration: Cryptocurrency Prices, Financial Fluctuations, And Macroeconomy, Zhengyang Chen

Faculty Publications

This paper examines cryptocurrency shock transmission to financial markets and the macroeconomy using a Bayesian structural VAR with Pandemic Priors from 2015 to 2024. By affecting overall risk appetite, cryptocurrency price shocks generate positive financial market spillovers, accounting for 18% of equity and 27% of commodity price fluctuations. Real economic effects are significant in driving investment but remain limited, contributing only 4% to unemployment and 6% to industrial production variance. However, cryptocurrency shocks explain 18% of price-level forecast error variance at long horizons. Narrative analysis reveals sentiment and technology as primary shock drivers. These findings demonstrate cryptocurrency's deep financial system …

Accountability And Efficiency: Compiled Case Studies On Economic Development, Spending, And Global Markets, Jacob W. Grimsley

Honors Theses

This is a compilation of cases worked throughout the course of one year. These cases were created and assigned for an accountancy course focused on research and writing. The cases focus on accounting related topics, while also pertaining to political happenings as well as general economic topics.

Case 02 was completed in collaboration with other honors students, and these students are indicated on the page preceding this case.

Cases 05 and 06 pertain to a semester-long project focused on the development of a Mississippi based business. This case was also completed with the help of other students, as indicated on …

21st Century Monetary Policy: The Federal Reserve From The Great Inflation To Covid-19, Greg Arburn

The Journal of Economics and Politics

No abstract provided.

The Counter-Cyclicality Of Earnings Management: Evidence Through 2024, William J. Hall

CMC Senior Theses

This thesis examines the relationship between macroeconomic conditions and earnings management, extending the analysis of Hillegeist and Lin (2019) using updated data through 2024. Based on 16,635 firm-quarter observations, my study affirms the results found in prior literature and confirms that there is a negative association between the change in GDP and the direction of firms’ earnings management behavior, indicating that earnings management is counter-cyclical. My study also finds that firms manage earnings asymmetrically based on the current macroeconomic state, with firms managing earnings more in economic downturns and less in expansions. My findings suggest that despite major macroeconomic and …

Striking A Balance: Market Shock & Responses In Automotive Components Manufacturing, Emma Lane Mcgahey

All Theses

This thesis examines the effects of extreme market shocks on supply chain dynamics within the automotive industry. Through an analysis of demand data from an automotive manufacturer to its component suppliers (January 2018 to May 2024), the study investigates the relationship between market shocks and supply chain responses, providing insights into how auto components inventory management handles downstream responses to market shocks. With supporting public data—from FRED, BLS, and the U.S. Census Bureau resources—we explore two primary relationships: the impact of market shocks on the Average Standard Deviation of Demand (SDO) and the effect of demand variability on expedited pricing …

How Millennials Make Investment Decisions: Financial Literacy And Financial Behavior, Dewi Tamara, Anita Maharani

Economics and Finance in Indonesia

This study investigates the effect of financial literacy, financial attitude, risk perception, and financial behavior on investment decisions. Employing a survey method with 342 respondents in Jakarta, the findings reveal that financial literacy has a negative and insignificant effect on investment decisions. In contrast, risk perception plays a crucial role in influencing investment decisions. Furthermore, financial behavior has an indirect mediating effect between financial literacy and risk perception on investment decisions but does not affect financial attitude. This study concludes that risk perception and financial behavior are important factors in investment decisions. Future research may consider incorporating other variables such …

Interest Groups And Central Banking, Louis Rouanet, Michael Wroblewski

Hunt Institute Working Paper Series

This chapter offers an alternative approach to the public interest theory of central banking.Instead of interpreting the history of central banking as attempts to solve market failures, we suggest that central bank behavior can be best explained by studying the constraints faced by members of various interest groups, including members of the central banks themselves. Instead of looking uniquely at how private decisions in commercial markets shape central banks’ decisions, we argue that central bank behavior is best predicted when applying the tools of economics to politics, i.e., when using Public Choice.

How To Make Everything About Sanctions? Review Of “How Sanctions Work, Iran And The Impact Of Economic Warfare” By Bajoghli, Nasr, Salehi-Isfahani, And Vaez (2024), Siamak Javadi, Alborz Pakravan, Ojan Bahadori, Alireza Akhondi

Markets, Globalization & Development Review

A 2024 book titled “How Sanctions Work, Iran and the Impact of Economic Warfare” by Narges Bajoghli, Vali Nasr, Djavad Salehi-Isfahani, and Ali Vaez argues that sanctions have had no impact on the behavior of the Islamic Republic in Iran (IR hereafter) and have instead inflicted pain on the ordinary Iranians. While the book does offer a useful description of the evolution of the sanctions against the IR, it fails in its analysis and conclusions.

Selected U.S. Government Statistical Agencies And Their Data, Bert Chapman

Libraries Faculty and Staff Presentations

Provides introductory and detailed overview of U.S. Government agencies statistics. Includes examples of how an individual U.S. law authorizes government agencies to compile statistics for particular congressional committees and the general public. Statistics cover topics such as demography, defense, foreign assistance, economic growth, criminal justice, energy, Social Security, and Medicare.

Driving Green Investments To Address Climate Change, Baptiste Gibrat

Dartmouth College Master’s Theses

The climate crisis is no longer news, and society needs to accelerate the transition to net zero emissions. Otherwise, the consequences of climate change will become increasingly catastrophic.

This thesis develops a framework to drive green investments, which reduce society’s dependance on fossil fuels. Initially, the research provides a comprehensive examination of these investments, followed by an exploration of three strategies to enhance their adoption: leveraging financial instruments and capital markets, implementing regulatory frameworks, and harnessing the power of technologies. To integrate these elements within a comprehensive framework, the study employs market research, reviews relevant literature, and includes interviews with …

Determinan Implementasi Central Bank Digital Currency Di Indonesia, Kharisma Dwi Widodo, Bambang Juanda, Dedi Budiman Hakim

Jurnal Ekonomi dan Pembangunan Indonesia

Private digital currency is no longer limited to shadow banking issues but has also entered shadow central banking, putting Bank Indonesia to adopt the CBDC. This study aims to determine the effect of macroeconomic, accessibility, and demographic aspects on CBDC implementation, as well as the impact of publicity on changes in the behavior of economic actors in using CBDC in Indonesia. The results of the study show that GRDP, gini ratio, ICT, and bank accounts have an effect on CBDC. Publicity affects changes in the behavior of economic actors in increasing the conversion of fiat money to CBDC.

The New China Model: Combating Economic And Political Order, Jack R. Swords

Dartmouth College Master’s Theses

Contemporary world politics centers around the actions of the two largest powers on Earth, the United States and China. They are both each other’s greatest adversary yet at the same time are each other’s largest trading partners. This thesis explores the nature of China’s economic climate that has seen it grow to one of the world’s foremost powers. However, the East Asian Nation faces economic challenges centered around the three D’s: Debt, Deflation, and Demographics. This thesis analyses what the nature of these challenges are and how China is responding to them within the ever-advancing world of economic and political …

Investment Strategies Of Gcc Sovereign Wealth Funds: Aligning National Development And Geopolitical Goals, Roy Conners

Theses and Dissertations

This thesis examines how Gulf Cooperation Council (GCC) Sovereign Wealth Funds (SWFs) prioritize and implement investment strategies in the context of national development and geopolitical dynamics. Using a qualitative case study approach, it analyzes the assets, key industries, leadership, and historical evolution of major GCC SWFs (ADIA, Mubadala, ADQ, QIA, and PIF) based on publicly made available information.

The findings show that GCC SWFs prioritize investments in strategic sectors, geographical destinations, and the private sector. These investments align closely with their respective national development plans, such as 'We the UAE 2031', Qatar National Vision 2030, and Saudi Arabia’s …

Identifying Risk-Taking Behavior And Prudent Asset Allocation In Pension Funds In Indonesia, Mohammad Alvin Prabowosunu, Reza Yamora Siregar, Rosi Melati, Devan Hadrian, Rizky Rizaldi Ronaldo

Economics and Finance in Indonesia

This research aims to investigate asset allocation strategies in the pension fund industry in Indonesia in relation to liability profiles and risk-taking behavior. Utilizing data on market returns for each asset class and several financial indicators of pension funds, we applied the risk-taking behavior model proposed by Andonov & Rauh (2022) and a modified model to observe the Liability-Driven Investment (LDI) strategies of pension funds in Indonesia. We discovered that private defined contribution pension fund schemes (PPIP) tend to exhibit higher risk-taking behavior, primarily through investment allocation in equities. On the other hand, private defined benefit pension funds (PPMP) demonstrate …