Macroeconomics Commons^™

The Effect Of Changes In Racial Composition On Housing Prices: A Study Of The Most Diverse Place In The World, Youseph Anwar

Theses and Dissertations

This study attempts to illustrate that increases in minority residents may lead to decreases in housing prices. I observe the effects of changes in racial composition on housing prices in Queens, NY from 2011-2015. The following econometric tools are implemented: a fixed effects model, quantile, hedonic, and OLS regressions.

Essays On Inequality And Macroeconomic Stability, Thomas Hauner

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters. . .

Chapter 1: Aggregate Wealth and Its Distribution as Determinants of Financial Crises: Panel Evidence This essay investigates the relationship between wealth inequality and financial crises across a panel of nine advanced economies over the past 100 years. While substantiation of a role for income inequality is ambiguous in the literature, evidence is presented suggesting a unique capacity for the accumulation of assets to increase the likelihood of a future financial crisis episode. Testing long-run panel data with a reduced form, two-way fixed effects model, estimates suggest that increasing wealth inequality, in an …

Essays On The Impact Of Exchange Rate Movements On Stock Return And Country Output, Junnan Zhao

Dissertations, Theses, and Capstone Projects

Exchange rate movements are widely believed to be a major source of uncertainty at both micro- and macro-economic levels. At the microeconomic level, corporate managers controlling risk and investors seeking to hedge their portfolios are both obviously interested in estimates of a firm’s exchange rate exposure ̶ i.e., how much of the value of a firm will be affected by exchange rate movements. At the macroeconomic level, a currency appreciation may have a contractionary effect on a country's output.

Chapter 1 tests whether the launch of the euro around 1999 significantly reduced stock market volatility and exchange rate risk exposure …

Three Essays On The European Sovereign Debt Crisis With A Special Focus On Greece, Flora Leventi

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters where I examine several aspects of the European sovereign debt crisis. The first chapter focuses on systemic risk. Following the financial crisis of 2007-08, both in academic as well as policy circles, much of the research has focused toward the systemic importance of financial institutions. Parallel to that research, but to somewhat lesser extent, there have been improvements in our understanding of how risk is transmitted from the financial system to the real economy. This chapter investigates a related yet distinct manifestation of systemic risk, namely systemic sovereign risk. Using data on sovereign credit …

Three Essays On International Trade And Finance, Syed A. Uddin

FIU Electronic Theses and Dissertations

This dissertation is composed of three essays at the intersection of international trade and finance. In the first chapter, I measure exchange rate pass-through (ERPT) for value-added exports, where intermediate input requires sharing among countries in a back-and-forth manner for producing a single final product. I derive an estimating equation for ERPT and value-added trade following a partial equilibrium model, which also leads to decomposition of the trade elasticity into the own price effect and the price index effects. From the empirical estimation, I find that ignoring the value-added trade will cause a systematic upward bias in the estimation of …

Macroeconomic Instability Index And Threshold For The Nigerian Economy, B. A. G. Amoo, J. K. Achua, N. P. Audu, B. Hamma

Economic and Financial Review

The paper employed statistical algorithms, factor analysis and threshold autoregressive models to address the gaps in management of macroeconomic instability in Nigeria. Using data spanning 2010q1 to 2017q2, the findings showed that the values of macroeconomic instability index (MII) fluctuated between 0.316 and 0.609, with a threshold of 0.461. This showed an inverse relationship between macroeconomic instability and economic growth. This framework could serve as a mechanism to gauge early warning signal of instability in Nigeria.

Unofficial Dollarisation And Monetary Policy In Nigeria, Y. Adamu

Economic and Financial Review

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

Considerations For Mexican Immigration Policy Reform: How Motivations To Migrate Align With U.S. And Mexican Macroeconomic Conditions, Alix Naugler

Undergraduate Honors Theses

The nationalistic rhetoric adopted by the newly-elected president’s administration along with the public’s climaxing anti-immigrant hysteria has recently forced Mexican immigration intervention to the top of the U.S. agenda. Misconceptions regarding Mexicans’ role in stealing jobs, threatening cultural and ethnic traditions, and straining public welfare, educational, and healthcare resources have spurred a fear among the American people. This politically-fabricated “schizophrenia” has ceased the political and economic collaboration between the two nations and has resulted in the unilateral militarization of the U.S.-Mexico border. In this evaluation of the U.S. government’s immigration policies, the proposed economic theories related to Mexicans’ motivations in …

The Effect Of Integration: A Study On The Impact Of Diversity On Economic Indicators, Luke H. Schleier

Undergraduate Honors Theses

This paper examines the effect of diversity, measured by the dissimilarity index, on the economic strength of an area. Economic strength is measured using five economic indicators: median home value, median income, median gross rent, percentage of people with health insurance, and firms per capita. The work aims to show that there is a positive economic impact due to integrating and creating communities that are more diverse. Previous work shows there is a positive impact of diversity on economic indicators such as wages, rents, and production but previous studies do not look at the effect on these economic indicators. This …

Stock Market Wealth Impact On Consumption Expenditure, Ramberto Jr. Sosa Cueto

Applied Economics Theses

The purpose of this thesis is to explain the role of the stock market in determining aggregate consumer behavior. Theoretically, the life-cycle hypothesis is the main link between consumption and wealth. Additionally, a household’s corporate equities holdings form part of that wealth (a small proportion). However, stock market fluctuations account for a significant part of the variation in household wealth, because of the stock prices’ volatility.

In regression models, the estimated relationship between consumption and wealth is commonly positive and statistically significant. The empirical evidence in this paper suggests that the relationship between consumption and wealth is positive and statistically …

Economic Forecasting With Many Predictors, Fanning Meng

Doctoral Dissertations

The dissertation is focused on the analysis of economic forecasting with a large number of predictors.

The first chapter develops a novel forecasting method that minimizes the effects of weak predictors and estimation errors on the accuracy of equity premium forecasts. The proposed method is based on an averaging scheme applied to quantiles conditional on predictors selected by LASSO. The resulting forecasts outperform the historical average, and other existing models, by statistically and economically meaningful margins.

In the second chapter, we find that incorporating distributional and high-frequency information into a forecasting model can produce substantial accuracy gains. Distributional information is …

An Inquiry Into The Effect Of The 2014 Russian Sanctions On European Gasoline Markets, Eric S. Peters

Chancellor’s Honors Program Projects

No abstract provided.

Closing The Gender Gap: The Effect Of Political Gender Quotas And Female Employment Indicators In South America, Courtney Reid

Georgia State Undergraduate Research Conference

No abstract provided.

Interest Rate Dynamics And Real Output Behaviour In Nigeria: A Simulation Analysis, S. Rapu, G. Sanni, D. Penzin, N. Nkang, P. Golit, H. Okafor, E. Ibi

Economic and Financial Review

The declining output growth observed from the second quarter of 2014, which led to calls for a more expansionary monetary policy despite rising inflationary pressure, necessitated a reassessment of the impact of interest rate on real output growth in Nigeria. Using a Bayesian Vector Autoregressive (BVAR) model and quarterly data from 2000:Q4 to 2015:Q3, the effect of monetary policy transmission (interest rate dynamics) on real output performance was estimated. Although results of the simulation analysis were somewhat mixed, those of the impulse response functions indicated that positive shocks to monetary policy rate (MPR) produced a negative and small impact on …

Savings, Net Foreign Assets And Current Accounts Dynamics In Subsaharan Africa, A. I. Adeleke, W. Ohemeng, K. Ofori-Boateng

Economic and Financial Review

A profile of the current account balance in sub-Sahara Africa (SSA) shows that many countries in the region have consistently experienced current account deficits, dwindling savings and diminishing net foreign assets. These macroeconomic variables convey important information to economic agents about the health of a nation. The relationships among these three important variables in terms of short-run and long-run dynamics are cloudy in the literature. Therefore, this study examined the long-run and short-run dynamics of savings, net foreign assets and current account balance in subSaharan Africa. Utilising panel econometric techniques with annual data from 38 countries in SSA for the …

The Effects Of Commodity Disturbances On Open Economics, Richard Whitaker

FIU Electronic Theses and Dissertations

This dissertation investigates the effects of commodity disturbances on underlying economies. The analysis conducted in this dissertation comprises of two main themes. The first is investigating which commodity disturbances affect a country's GDP. I examine twenty three OECD countries and nineteen primary commodities in the energy, metal, food and timber sectors using a New Keynesian model that was estimated using the DSGE method. It was found the oil disturbances and to a lesser extend natural gas were the only commodity disturbances that affect a country's GDP. Also, it was found that a country's openness plays an important role in shaping …

Modernization Losers, Political Winners: Assessing The Role Of The Declining Position Of Labor In Right-Wing Electoral Successes Across Western Europe, Eva-Marie C. Quinones

Senior Projects Spring 2017

This Senior Project advances the modernization losers thesis, wherein the electoral successes of the far right in Western Europe are attributable to neoliberal fiscal policy, labor market shifts, and the institutional structure of the euro. Building on an existing body of literature that primarily assesses voting behavior through survey research, this paper assesses the relationship between right-wing electoral successes and the socioeconomic status of semi-skilled, blue-collar laborers thought to comprise the core voting base of extreme right parties, by using panel data at the national and provincial levels to answer the question, “To what extent has the declining position of …

The Political Economy Of State-Level Emergency Unemployment Relief: The Case Of The New York Tera, 1931-37, Hasani J. Gunn

Senior Projects Fall 2017

Governor Franklin D. Roosevelt created The New York State Temporary Emergency Relief Administration (TERA) in response to the Great Depression. Operating from 1931-37, this state-level jobs-and-income style policy featured comprehensive in-kind assistance, “home relief,” and emergency unemployment relief, “work relief.” Though the program is fascinating just in this respect, it has been systematically overshadowed by the alphabet soup of New Deal era relief policies. We revisit the TERA to shed light on what it offered to the people of NY and, overall, what it offered to the economy. We find significant evidence that the program stabilized the State economy by …

Are Oil Prices Important To U.S. Manufacturers?, Austin Perez Schoff

CMC Senior Theses

Very little has been written about the effect that oil prices have on manufacturing output in the United States. This paper aims to shed light about the effect of oil prices, oil imports, and GDP on U.S. manufacturing output through a four-variable vector autoregression and explain the timing of these shocks through impulse response functions. Empirical results find that oil prices are significant in determining manufacturing output, but manufacturing output is also significant in determining oil prices.

Growth Performance Of Transition Countries After 25 Years, Alena Kalodzitsa

Masters Theses

The present study provides with the most recent summary of growth performance in transition countries after 25 years since the change of the regime. The empirical analysis estimates growth, applying Generalized Least Squares (GLS) estimation technique using a panel of 26 transition countries for the period of 25 transition years (1990-2014). Empirical findings of this study confirm that growth performance can be explained by the degree of structural reforms, stabilization, and initial conditions along with other factors (external growth, regional tensions, government expenditure, and oil balance). Even if initial conditions are important for growth, its influence consistently declines.

The transition …