Economic Policy Commons^™

How Community Satisfaction Can Determine The Success Of Tourism Development In A Community, Carter Unrau

Posters-at-the-Capitol

Many counties in Eastern Kentucky and central Appalachia in general have suffered intense economic hardship in the past decades due to the decline in coal and other mining industries which once supplied many jobs to the people of the region. A common remedy to this is increasing tourism development in these communities. While this tactic has seen positive effects in the region, there's been communities that have given a negative review of the increase in tourism development. With such an economic gain to be had, its imperative that the source of this issue should be rooted out and resolved to …

Elusive Empowerment: Emerald Mining In Ndola Rural Under Kenneth Kaunda’S One-Party State, Alexander Caramento, Agatha Siwale-Mulenga

Zambia Social Science Journal

One of the hallmarks of Kenneth Kaunda’s tenure in office was the nationalisation of Zambia’s large-scale copper mines. Yet after the Matero Reforms of 1969, which purported to empower Zambians through the public ownership and management of the country’s largest export industry, President Kaunda and his colleagues curiously decided to partner with a foreign investor (Hagura Mining) in the 1980s to develop the emerald mining sector in Ndola Rural (now Lufwanyama), while Zambian artisanal and small-scale miners (ASM) were sidelined. Drawing upon archival documents, newspaper coverage, and a select number of interviews, this paper seeks to examine this apparent shift …

Recommended Budget, Expenditures By Object And Funding By Source, Fiscal Year 2023-2024, Tennessee. Department Of Finance And Administration

Recommended Budget

In developing the Governor’s budget recommendation, the Division of Budget in the Department of Finance and Administration analyzes agency budget requests and prepares final recommendations at a lower level of detail.

Accounting Reporting Complexity, Audit Engagement Partner Mandatory Rotation, And Audit Quality, Clement Chen, Zhenfeng Liu, Wenye Tang, Ling Tuo

Accounting Faculty Publications

This paper investigates the influence of a firm's accounting reporting complexity (ARC) on financial statement audit quality. We predict and find that there is a non‐linear relationship between a firm's ARC and audit quality. Specifically, a more complex accounting environment—measured by ARC—leads to higher quality audits, but this effect diminishes when ARC continues to increase. Further analyses reveal that the effect is more salient among client firms that do not purchase non‐audit services (NAS). We also examine whether ARC affects audit quality in the circumstance of mandatory audit partner rotation. Empirical results show a moderating effect of ARC on the …

Why School Choice Is Necessary For Religious Liberty And Freedom Of Belief, Richard F. Duncan

Nebraska College of Law: Faculty Publications

The government school monopoly for funding K–12 education creates a coercive system that commandeers a captive audience of impressionable children for inculcation in secular ideas, beliefs, and values concerning matters of truth, moral character, culture, and the good life. The brutal bargain imposed on parents by this monopoly requires them to choose between the single largest benefit most families receive from state and local governments and educating their children in a curriculum that is consistent with the preferred educative speech of the parents. To choose the latter is to sacrifice hundreds of thousands of dollars of tax-funded support for K–12 …

Guaranteed Income As A Structural Social Work Response To Homelessness In The United States, Katherine Hoops Calhoun

Electronic Theses and Dissertations

The number of projects exploring guaranteed income, or unconditional direct cash transfers, in the United States has exploded in recent years (Mayors for a Guaranteed Income, 2022a). Between June 2021 and June 2022, the number of city mayors engaged with the group Mayors for Guaranteed Income grew from 11 to 82 (Mayors for a Guaranteed Income, 2022b) and as of Winter 2023, there were over 90 guaranteed income demonstrations and projects in the United States (Guaranteed Income Community of Practice, 2023). Guaranteed income refers to direct cash transfers, often to targeted populations, that are unconditional, consistent, predictable, and flexible (Castro …

Governing The Pandemic: A Comprehensive Policy Analysis Of The $4.1t Strategy, Sean D. Jasso

Education Division Scholarship

From January 2020 to March 2021, the U.S. Government implemented five laws to marshal the federal response to the December 2019 outbreak of the Coronavirus. For context, past federal emergency policies include the New Deal $1T, World War II $4T, Hurricane Katrina $120B, AIDS $100B, $2.4T Iraq War, $90B Ukraine War, $44B Climate Change, Covid Vaccines $30B and, the largest emergency spending allocation in U.S. history, Covid-19 $4.1T. An evaluation of the government’s strategy to confront the pandemic is framed into two segments: legislative function – how the Congress mobilizes emergency legislation; and, executive function – how the administration manages …

Cannabis, Communities, And Place: (Re)Constructing Humboldt’S Post-Prohibition Present, Josh Meisel, Dominic Corva, Ara Pachmayer

Humboldt Journal of Social Relations

Since 1990, many Cal Poly Humboldt faculty and students have made cannabis the focus of scholarship and learning. This work has been shaped by the political, economic, and cultural legacies of cannabis in Humboldt County. Scholarly interest spans multiple dimensions of cannabis cultivation, commerce, consumption, and related social issues. As a multidisciplinary team of scholars, Cal Poly Humboldt faculty affiliated with the Humboldt Institute for Interdisciplinary Marijuana Research (HIIMR) have also shaped the Bachelor of Arts in Cannabis Studies that will launch in Fall 2023. This is the first social science degree program in the United States with this orientation. …

2023 Annual Report, Tennessee. Governor's Office Of Diversity Business Enterprise, Tennessee. Department Of General Services

Annual Reports

This annual report highlights the purchases and contract awards of the Governor's Office of Diversity Business Enterprise for the fiscal year.

Protecting Low-Income Consumers In The Era Of Digital Grocery Shopping: Implications For Wic Online Ordering, Qi Zhang, Priyanka Patel, Caitlin M. Lowery

Community & Environmental Health Faculty Publications

The Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) is now expected to allow participants to redeem their food benefits online, i.e., via online ordering, rather than only in-store. However, it is unclear how this new benefit redemption model may impact participants’ welfare since vendors may have an asymmetric information advantage compared with WIC customers. The WIC online ordering environment may also change the landscape for WIC vendors, which will eventually affect WIC participants. To protect WIC consumers’ rights in the new online ordering model, policymakers need an appropriate legal and regulatory framework. This narrative review provides that …

Grain-Washing: The Issue With Corn Ethanol As A Sustainable Aviation Fuel, Emily J. Rinn

Scripps Senior Theses

Decarbonizing the aviation sector remains one of the most prevalent obstacles in reducing the United States’ significant contribution to global greenhouse gas emissions. Launched in 2021, the Sustainable Aviation Fuel (SAF) Grand Challenge aims to supply enough fuel to meet 100% of demand by 2050 through reducing its production costs and enhancing its sustainable practices. Corn ethanol feedstock has been proposed to make up as much as half of all SAF production in the 2030 benchmark. This thesis explores the assemblage of corn ethanol – from its true environmental impacts, role in the future SAF market, to research claiming corn …

Three Essays On Consumption Taxation In Indonesia, Partomuan Transparenter Juniult

Theses and Dissertations--Public Policy and Administration

Consumption taxes play a major role in revenue generation for many developing countries. They are also used to encourage or discourage certain consumption behaviors. However, the administrative aspects of implementing these taxes can create challenges for the tax authorities, and lead to distortions in taxpayer behavior. To overcome these challenges, efforts have been made to simplify policies and utilize technology to improve administration and compliance. My dissertation aims to provide empirical evidence on the effects of three consumption or commodity tax policy reforms in Indonesia. The dissertation consists of three essays as follows.

In my first essay, titled “The effect …

What Type Of Central Banker Dampens The Political Business Cycle? The Case Of Africa, Christine Strong

Economics Faculty Publications

This article investigates the extent to which central bank independence can help to reduce political business cycles in Africa. Like previous studies, we find evidence of political cycles in our sample of 34 African countries for the period 1980–2018, but our findings show that politicians' ability to manipulate both fiscal and monetary policy depends on the degree of alliance between the fiscal authority and the monetary authority. Indeed, our analysis reveals that the political business cycle worsens when the central banker is an ally whereas a non‐ally central banker is associated with a decrease in the ability of the incumbent …

Warehouses In The Inland Empire: Displacing Land And Life, Katherine Gelsey

Pomona Senior Theses

The Inland Empire in Southern California embodies unique spatial and social configurations as a consequence of how settler colonialism has manifested locally in the region since the Spanish Mission Period. This work uses GIS software to estimate patterns of land conversion for residential, agricultural, and warehouse land from 2012 to 2022. Preliminary analysis suggests that thousands of people have been displaced by warehouse expansion over the ten-year period. In the twenty-first century, the Southern California logistics industry continues processes of land dispossession and racialized labor exploitation through displacing agricultural and residential land, exposing disproportionately low-income Black and Latine communities living …

Impact Of Fiscal And Monetary Policies On The Performance Of The Nigerian Stock Market, Abraham Ochoche, Tari M. Karimo

Bullion

This paper examines the impact of the interaction between fiscal and monetary policy on Nigeria's stock market performance for the period 2011:M11 — 2019:M12. Bounds test results indicate a run relationship among the variables. Further results indicate that Nigeria's all-share index increases with government expenditure in the short- and long-run, but increases with the interest rate in the short run only. Government revenue hurts AS in the short run, suggesting that the revenue-generating activities of government cause a crowding-out effect in the market. The study therefore recommends the synchronisation of both policies in any model intended for formulating stock market …

Somalia’S State Institutions’ Administrative Capacity Building In Education, Health, Judiciary Services, And The Central Bank, Asad Aliweyd

School of Business Student Theses and Dissertations

Aiweyd, A. (2023). Somalia’s State Institutions’ Administrative Capacity Building in Education, Health, Judiciary Services, and the Central Bank.

Since independence in 1960, Somalia has experienced sustained clan conflict, political challenges, prolonged civil war, and famine, severely hindering the development and maintenance of a stable federal government. Research on state-building in Somalia has focused on conflict resolution, civil war, piracy, and state failure. Further research is needed on building administrative capacity in Somalia to help develop well-functioning and stable government institutions. Administrative capacity involves the ability of governments to manage human, physical, financial, and informational resources to deliver on objectives …

“Model Minorities” In The Classroom? Positive Evaluation Bias Towards Asian Students And Its Consequences, Ying Shi, Maria Zhu

Center for Policy Research

The fast-growing demographic group of Asian Americans is often perceived as a “model minority.” This paper establishes empirical evidence of this stereotype in the context of education and then analyzes its consequences. We show that teachers rate Asian students’ academic skills more favorably than observationally similar White students in the same class, even after accounting for test performance and behavior. This contrasts with teachers’ lower likelihood of favoring Black and Hispanic students. Notably, teachers respond to the presence of any Asian student in the classroom by exacerbating Black-White and Hispanic-White assessment gaps. This suggests that the “model minority” stereotype can …

Robust Dynamic Space-Time Panel Data Models Using Ε- Contamination: An Application To Crop Yields And Climate Change, Badi H. Baltagi, Georges Bresson, Anoop Chaturvedi, Guy Lacroix

Center for Policy Research

This paper extends the Baltagi et al. (2018, 2021) static and dynamic ε-contamination papers to dynamic space-time models. We investigate the robustness of Bayesian panel data models to possible misspecification of the prior distribution. The proposed robust Bayesian approach de-parts from the standard Bayesian framework in two ways. First, we consider the ε-contamination class of prior distributions for the model parameters as well as for the individual effects. Second, both the base elicited priors and the ε-contamination priors use Zellner (1986)’s g-priors for the variance-covariance matrices. We propose a general “toolbox” for a wide range of specifications which includes the …

The Fiscal Sustainability Of Retiree Health Care Benefits Among New York State School Districts, Robert Bifulco, Minch Lewis, Iuliia Shybalkina

Center for Policy Research

We examine spending on retiree health care as a percentage of revenues for a sample of New York State school districts. The fiscal burden of these benefits grew from 2010 to 2021, and big city school districts have faced the largest burdens. Assuming CBO forecasts regarding growth in health care costs and continuation of recent trends in revenue growth, we project that the burden of retiree health care benefits will exceed 10 percent of revenue by 2050. Projected burdens are greatest big city and high need rural districts. We discuss cutting benefits and pre-funding as possible policy responses.

Lessons Learned: Kevin Stiroh, Mercedes Cardona

Journal of Financial Crises

Kevin Stiroh was head of the Financial Sector Analysis Supervision Group at the Federal Reserve Bank of New York (FRBNY) during the Global Financial Crisis of 2007–2009 (GFC). At the FRBNY, Stiroh was a leader in the design of the “stress test” for the banking system, the Supervisory Capital Assessment Program (SCAP). In the aftermath of the GFC, members of the FRBNY, including Stiroh, drafted a report on systemic risk and bank supervision, laying out lessons learned from the crisis and their recommendations. In February 2021, Stiroh transitioned from the FRBNY to a leadership position with the Federal Reserve Board …

Lessons Learned: Gaurav Vasisht, Sandra Ward

Journal of Financial Crises

Gaurav Vasisht served as assistant counsel, banking and financial services, to the governor of New York during the Global Financial Crisis of 2007–2009 (GFC). In his role, Vasisht set the governor’s agenda for banking and financial policy and oversaw the regulatory and legislative priorities of the state banking and insurance departments. Vasisht played a pivotal role in developing and drafting consumer protection legislation, particularly as it related to housing foreclosures at the time of the crisis. This Lessons Learned is based on an interview with Vasisht that occurred on September 27, 2019.

Lessons Learned: Erik Sirri, Mercedes Cardona

Journal of Financial Crises

Erik Sirri served as director of the Division of Trading and Markets at the US Securities and Exchange Commission (SEC) from 2006 to 2009. In his post, he was responsible for matters relating to the regulation of stock and option exchanges, national securities associations, brokers-dealers, clearing agencies, transfer agents, and credit rating agencies. Before joining the SEC in 1996, he was an assistant professor of finance at the Harvard Business School from 1989 to 1995. Sirri served as the SEC’s chief economist until 1999, before returning to academia. He is currently a professor of finance at Babson College. His research …

Lessons Learned: Veerathai Santiprabhob, Maryann Haggerty

Journal of Financial Crises

Veerathai Santiprabhob was the governor of the Bank of Thailand from 2015 to 2020, a period that included the onset of the COVID-19 pandemic. Earlier in his career, he was an economist at the International Monetary Fund. At the time of the 1997–1998 Asian Financial Crisis, he returned to his home country to take a position at the Ministry of Finance. There, he was involved with the government response to that financial crisis. From 2000 to 2015, he held private-sector finance jobs before going to lead the Bank of Thailand. This Lessons Learned is based on an interview with Santiprabhob …

Lessons Learned: Claudia Sahm, Mercedes Cardona

Journal of Financial Crises

Claudia Sahm was a principal economist in the Division of Research and Statistics of the Board of Governors of the Federal Reserve System from 2007 to 2017 and section chief for the Consumer & Community Development section in the Division of Consumer and Community Affairs from 2017 to 2019. Her work focused on macro forecasting; she also researched household behavior and responses to fiscal stimulus. While at the Fed, she proposed the Sahm Rule, a gauge to call the start of a recession, based on an average of the unemployment rate. The rule is part of Sahm’s work on the …

Lessons Learned: Hiroshi Nakaso, Maryann Haggerty

Journal of Financial Crises

Hiroshi Nakaso joined the Bank of Japan (BOJ) in 1978, rising to deputy governor in 2013. He was instrumental in addressing Japan’s domestic crisis of 1997 and its response to the Global Financial Crisis (GFC). He retired from the bank in 2018 and has since served as chairman of the Daiwa Institute of Research in Tokyo. This Lessons Learned summary is based on a November 2021 interview with Nakaso

Lessons Learned: Deborah Perelmuter, Mercedes Cardona

Journal of Financial Crises

Deborah Perelmuter has spent more than three decades with the Federal Reserve System. In 2008, as senior vice president at the Federal Reserve Bank of New York (FRBNY) and co-head of Capital Markets Analysis and Trading (CMAT) within the Markets Group, she was tasked with setting up the operational details of the Term Securities Lending Facility (TSLF). The TSLF auctioned Treasury securities to primary dealers in exchange for less liquid collateral to provide liquidity to those firms during the Global Financial Crisis of 2007–2009. Perelmuter became senior financial stability adviser within the office of the director in the FRBNY’s Research …

Lessons Learned: Patrick Honohan, Maryann Haggerty

Journal of Financial Crises

Patrick Honohan, an economist, was governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank (ECB) from September 2009 until November 2015. Early in his tenure, he led a team that investigated the causes of the Irish banking crisis that broke out in 2008 during the Global Financial Crisis. Resolving the problems of bank failure and over-indebtedness that emerged in that crisis dominated his term of office. In late 2010, Ireland had to request financial assistance from the “troika” of the International Monetary Fund (IMF), the European Commission, and the European …

Lessons Learned: Mike Leahy, Yasemin Sim Esmen

Journal of Financial Crises

Mike Leahy was associate director at the Federal Reserve Board’s Division of International Finance between 2008 and 2010. He was instrumental in establishing swap lines with foreign central banks and reviewed and reported on excess reserve balances and required interest payments to depository institutions. This Lessons Learned is based on a phone interview with Leahy on October 22, 2020.

Lessons Learned: Andrew Gray, Mercedes Cardona

Journal of Financial Crises

Andrew Gray joined the FDIC in 2007, after having been majority director of communications for the US Senate Committee on Banking, Housing, and Urban Affairs and press secretary for US Senator Richard C. Shelby (R–AL). Gray’s initial project was a campaign to mark the 75th anniversary of the creation of the Federal Deposit Insurance Corporation (FDIC); his role evolved into running crisis communications as the FDIC stepped in during several bank failures triggered by the Global Financial Crisis (GFC) and conducted 489 bank resolutions during 2008–2013. After the crisis, the FDIC also assumed new responsibilities over the winding down of …

Thailand: Reserve Requirements, Afc, Ezekiel Vergara, Corey N. Runkel

Journal of Financial Crises

Following years of growth, the Thai economy began showing confidence-busting signs in 1996, including a liquidity crunch. In May 1997, the Bank of Thailand (BOT) announced that it would expand the list of short-term assets that banks and finance companies could use to satisfy the BOT’s liquidity reserve requirement, including obligations of the Financial Institution Development Fund (FIDF), which provided liquidity support to illiquid financial institutions. In the summer of 1997, the BOT suspended the operations of 58 finance companies and floated the Thai baht (THB), unleashing the Asian Financial Crisis (AFC). Tight liquidity conditions continued and, in September 1997, …