Macroeconomics Commons^™

[Sabbatical Report], Youn Kim

Sabbatical Reports

I commenced the research as proposed in my application in collaboration with Keith McLaren of Monash University, Australia and Gary Wong of the University of Macau, China. I had worked with them on a related project which will be published in a journal this year. The new project is titled "Consumer Demand, Consumption, and Asset Pricing: An Integrated Analysis."

Information Insensitive Securities: The Benefits Of Central Counterparties, David C. Mills Jr, Francesca Carapella

David C Mills Jr

This paper combines the idea that securities should be information insensitive in order to be liquid, with the idea that an infrastructure which performs clearing of trades, and offers additional services to the counterparties, facilitates securities to be liquid. In a recent paper, Gorton et al.\cite{DGH} argue that securities that serve as a transaction medium should be the least information-sensitive, and derive sufficient conditions for such security to be debt. Also, a few recent papers\footnote{Acharya and Bisin \cite{AB}, Duffie and Zhu \cite{DuffieZhu} and Koeppl and Monnet \cite{KoepplMonnet} among others.} emphasize the role of a Central Counterparty (CCP) in internalizing externalities …

Default Risk And Collateral In The Absence Of Commitment, David C. Mills, Robert R. Reed

David C Mills Jr

Default risk is an important concern for lenders and is a main reason they require borrowers to pledge collateral. There are two reasons for this. The first is that collateral provides some incentive for the borrower to not strategically default. The second is that, in the event of default, the lender can liquidate the collateral and salvage some value from the failed credit relationship. This paper provides a model to study properties of allocations that arise when collateral is part of an optimal lending contract that looks much like a repurchase agreement. In particular, a lack of commitment to future …

Human Capital Formation And Economic Development In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Mahboob Ul Hassan, Muhammad Shahid

Muhammad Irfan Chani

This study investigates the casual relationship between economic development and formation of human capital in Pakistan. Based on endogenous growth theory, this study empirically tests the standard growth model consisting of gross domestic product (GDP) per capita as a dependent variable and human capital formation, investment in physical capital and labor force as independent variables. Autoregressive distributive lag (ARDL) bound testing approach to cointegration is used to check the long-run equilibrium relationship between the variables included in the model. For checking the causal relationship between economic development and human capital formation, pair-wise Granger causality test is used for time series …

All The Incentives Are Here, David Thomas

David Chandler Thomas, PhD

A book review of the Bethany McLean and Joe Nocera 2010 book, All the Devils Are Here.

Some Socio Economic Determinants Of Fertility In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Muhammad Shahid, Mahboob Ul Hassan

Muhammad Irfan Chani

This study aims to investigate the role that various socioeconomic factors like female education, urbanization and female labour force participation play in determining fertility of women in Pakistan. ARDL bound test approach to cointegration is used to analyze the long-run relationship of the variables by using the data for the period from 1980 to 2009. The empirical results show that there exists a long-run as well as short-run relationship between fertility and urbanization, female labour force participation and female education in Pakistan. The analysis indicates there is a negative relationship between all 3 determinants with fertility. Female education and urbanization …

An Attempt To Reshape Capitalism’S Image, Ross A. Nichols

Gettysburg Economic Review

John Stuart Mill claimed to be a disciple of both Jeremy Bentham and David Ricardo. This was a strange proclamation because each man advocated a competing theory of value; Bentham’s utilitarianism laid the foundation for the utility theory of value and Ricardo developed the labor theory of value. Mill’s goal in attempting to unify these theories of value was to provide a solution for the growing class conflict that plagued capitalism. Class conflict arose as feudalism was phased out and industrial capitalism replaced merchant capitalism as the dominant economic system. The Corn Laws symbolized this competition between classes. Capitalists were …

Welfare Versus Stability In "Stabilizing An Unstable Economy": A Minskyan Growth Model, Stergios Mentesidis

Senior Projects Spring 2012

The paper focuses on Minsky's financial fragility hypothesis incorporated in a growth model and investigates whether an inherently unstable economy can be stabilized by a big and proactive government. Using dynamical systems theory and expanding a supply-driven growth model developed by Lin, Day and Tse (1992), the paper explores how different government spending programs and financing paths can affect the growth, as well as the stability of a capitalist economy. The results and implications of the new frameworks are analyzed, using analytical and numerical methods of bifurcation, to examine the dependence of optimal government intervention on the economic environment. The …

Comment, Dean D. Croushore

Economics Faculty Publications

No abstract provided.

Internal Communication In Ireland Before And During The Economic Recession From The Perspective Of Communication Practice, Technology, And Ethics, Laoise O'Murchú

Doctoral

Internal communication in Ireland from the ‘celtic tiger’ era through to the economic
recession from the perspective of: communication practice, technology and ethics.
This thesis examines the practice of internal communication in Irish public and
private sector organisations during 2007/8 and 2010. This period spans the end of
Ireland’s ‘celtic tiger’ economy and the development of a major recession. All the
case study organisations have been affected by the credit crunch and are experiencing
economic, financial and ethical challenges.
The practices of internal communication in Ireland has evaded in depth academic
examination in communications literature. Therefore, the contribution to knowledge …

An Analysis Of Different Approaches To Women Empowerment: A Case Study Of Pakistan, Amatul R. Chaudhary, Muhammad Irfan Chani, Zahid Pervaiz

Muhammad Irfan Chani