An Economic Analysis Of The Short-Term Rental Market: Local Regulatory Decisions,
2020
James Madison University
An Economic Analysis Of The Short-Term Rental Market: Local Regulatory Decisions, Joseph L. Kauffman, Harrison D. Hooper
Senior Honors Projects, 2020-current
In recent years, short-term home rental companies such as Airbnb and Vacation Rentals by Owner (VRBO) have grown in popularity throughout the United States and the world. The lack of regulation of this rapid growth, which stemmed from the legal grey area these rentals fall under, caused some states to adopt specific regulatory policies. These regulatory policies attempt to better monitor this sector, to tax rental earnings, and to reduce perceived negative externalities to this new market. This thesis researches the benefits and costs that short-term rentals (STRs) provide to cities and the regulatory implications on the growing rental market. …
Evaluating The Effectiveness Of Quantitative Easing: An Svar Approach,
2020
James Madison University
Evaluating The Effectiveness Of Quantitative Easing: An Svar Approach, Seth T. Walker
Senior Honors Projects, 2020-current
The 2008 recession affected the American economy more than any recession since the Great Depression. Unlike its response to the Great Depression, the Federal Reserve aimed to stimulate the economy through all means in its power. However, the Federal Reserve’s conventional monetary policy tools were not viable options due to the zero lower bound. As a result, the Federal Reserve pursued an unconventional monetary policy tool known as quantitative easing which involved purchases of long-term assets on a scale never before seen in the United States. Since its inception, quantitative easing has faced significant scrutiny over its merit and has …
Shutdown Policies And Worldwide Conflict,
2020
Aix-Marseille University
Shutdown Policies And Worldwide Conflict, Nicolas Berman, Mathieu Couttenier, Nathalie Monnet, Rohit Ticku
ESI Working Papers
We provide real-time evidence on the impact of Covid-19 restrictions policies on conflicts globally. We use daily information on conflict events and government policy responses to limit the spread of coronavirus to study how conflict levels vary following shutdown and lockdown policies. We use the staggered implementation of restriction policies across countries to identify their effect on conflict incidence and intensity. Our results show that imposing a nation-wide shutdown reduces the likelihood of daily conflict by around 9 percentage points. The reduction is driven by a drop in the incidence of battles, protests and violence against civilians. Across actors the …
Comovement And Instability In Cryptocurrency Markets,
2020
Pomona College
Comovement And Instability In Cryptocurrency Markets, Pierangelo De Pace, Jayant Rao
Pomona Economics
We analyze the extent of comovement between daily price returns of nine major cryptocurrencies during the first three main phases of their development, from April 2013 to November 2018. We assess its evolution using bivariate and multivariate modelling approaches, and detect pronounced time variation. Generally, comovement is initially low and positive, but increases between early 2017 and late 2018. We then adopt a right-tail version of the Augmented Dickey-Fuller unit root test to identify periods of mildly explosive behavior (statistical instability) in the Network Value to Transactions (NVT) ratio (a measure of the dollar value of cryptocurrency transaction activity relative …
Female Labor Force Participation And Economic Growth: Granger Causality Test,
2020
CUNY Hunter College
Female Labor Force Participation And Economic Growth: Granger Causality Test, Zulakha Rahman
Theses and Dissertations
Does rising female labor force participation precede economic growth, or does the relationship run in the other direction? This paper addresses this question by performing a Granger causality test to examine the relationship between economic growth and female labor force participation worldwide. The economic growth –is measured in two ways: using Growth Domestic Product, Purchasing Power Parity (constant 2011 international dollar) and Growth Domestic Product using local currency units. The test uses a completely balanced panel dataset spanning over 28 years from 1990 to 2018 and using 151 countries for Purchasing Power Parity dataset and 154 countries in GDP in …
Rhode Island Current Conditions Index -- May 2020,
2020
University of Rhode Island
Rhode Island Current Conditions Index -- May 2020, Leonard Lardaro
The Rhode Island Current Conditions Index
No abstract provided.
Colonial Legacies And Institutional Legitimacy: Explaining Variation In State-Level Informal Economy Size,
2020
Macalester College
Colonial Legacies And Institutional Legitimacy: Explaining Variation In State-Level Informal Economy Size, Makayla Barker
Political Science Honors Projects
Abstract: Why are some states’ economies more formal than others? This question has critical significance for policy-makers who endeavor to tap into the reservoir of tax revenue and entrepreneurship that informal economies contain. More importantly, large informal economies inhibit public good provision and perpetuate the impoverishment, marginaliza- tion, and political instability of select communities. Despite major variation in the size of informal economies across states, most scholarship on the informal economy concentrates only on the causes and consequences of the phenomenon, while neglecting to address its variation. This thesis builds on a canon of scholarship surrounding colonial legacies, new- institutional …
An Econometric Analysis Of Homelessness Risk-Factors,
2020
University of Arkansas, Fayetteville
An Econometric Analysis Of Homelessness Risk-Factors, Zac Smith
Economics Undergraduate Honors Theses
This paper explores the issue of homelessness within the United States and seeks to create an econometric model that identifies predicting factors of homelessness at a state level which can be used to estimate the size of homeless populations. The author analyzed the role of 16 factors including income inequality, minimum wage, unemployment, rental cost, poverty, education, veteran status, and substance abuse on the 2017 state homeless populations. Using an ordinary least squares regression, the model produced five significant variables: adjusted minimum wage, percent of income spent on rent, possession of health insurance, average winter temperature, and the unemployment rate. …
The Effects Of South Africa's Unexpected Monetary Policy Shocks In The Common Monetary Area,
2020
Boise State University
The Effects Of South Africa's Unexpected Monetary Policy Shocks In The Common Monetary Area, Bonang N. Seoela
Boise State University Theses and Dissertations
The Common Monetary Area (CMA) is a multilateral agreement that provides a framework for a fixed exchange rate regime between the South-African Rand and the currencies of Lesotho, Eswatini, and Namibia (LEN). The nature of the arrangement restrains the LEN countries from exercising independent discretionary monetary policy. As a result, they must rely on the South African authorities for policy formulation and implementation. Interest rates in the LEN countries cannot deviate too far from those in South Africa. Given this limited scope for monetary policy in the LEN countries, this study investigates how each member country adjusts to shocks to …
Analyzing Competitive Balance In Professional Sport,
2020
University of Connecticut - Storrs
Analyzing Competitive Balance In Professional Sport, Kevin Alwell
Honors Scholar Theses
In this paper we review several measures to statistically analyze competitive balance and report which leagues have a wider variance of performance amongst its competitors. Each league seeks to maintain high levels of parity, making matches and overall season more unpredictable and appealing to the general audience. Here we quantify competitive advantage across major sports leagues in numbers using several statistical methods in order for leagues to optimize their revenue.
"Bad Hombres" And The Bully Pulpit: A Study Of Presidential Rhetoric On Social Media And Behavioral Responses Of The Immigrant Population,
2020
University of Connecticut
"Bad Hombres" And The Bully Pulpit: A Study Of Presidential Rhetoric On Social Media And Behavioral Responses Of The Immigrant Population, Mary Vlamis
Honors Scholar Theses
For years, social scientists have studied the impact of presidential rhetoric on public opinion and consumer behavior. This paper adds to the literature on presidential rhetoric by investigating how presidential statements on social media change public behavior in a reaction to these statements. President Trump's immigration policy tweets are used to examine if there is a relationship between the president's statements and changes in behavior using and Google searches. I find no relationship between the instance of a President Trump’s tweet and changes in searching for related topics among both large immigrant populations and Trump supporters.
Econometric Methods And Data Science Techniques: A Review Of Two Strands Of Literature And An Introduction To Hybrid Methods,
2020
Singapore Management University
Econometric Methods And Data Science Techniques: A Review Of Two Strands Of Literature And An Introduction To Hybrid Methods, Tian Xie, Jun Yu, Tao Zeng
Research Collection School Of Economics
The data market has been growing at an exceptional pace. Consequently, more sophisticated strategies to conduct economic forecasts have been introduced with machine learning techniques. Does machine learning pose a threat to conventional econometric methods in terms of forecasting? Moreover, does machine learning present great opportunities to cross-fertilize the field of econometric forecasting? In this report, we develop a pedagogical framework that identifies complementarity and bridges between the two strands of literature. Existing econometric methods and machine learning techniques for economic forecasting are reviewed and compared. The advantages and disadvantages of these two classes of methods are discussed. A class …
Detecting Latent Communities In Network Formation Models,
2020
Singapore Management University
Detecting Latent Communities In Network Formation Models, Shujie Ma, Liangjun Su, Yichong Zhang
Research Collection School Of Economics
This paper proposes a logistic undirected network formation model which allows for assortative matching on observed individual characteristics and the presence of edge-wise fixed effects. We model the coefficients of observed characteristics to have a latent community structure and the edge-wise fixed effects to be of low rank. We propose a multi-step estimation procedure involving nuclear norm regularization, sample splitting, iterative logistic regression and spectral clustering to detect the latent communities. We show that the latent communities can be exactly recovered when the expected degree of the network is of order log n or higher, where n is the number …
Asymptotic Theory For Near Integrated Processes Driven By Tempered Linear Processes,
2020
Singapore Management University
Asymptotic Theory For Near Integrated Processes Driven By Tempered Linear Processes, Farzad Sabzikar, Qiying Wang, Peter C. B. Phillips
Research Collection School Of Economics
In an early article on near-unit root autoregression, Ahtola and Tiao (1984) studied the behavior of the score function in a stationary first order autoregression driven by independent Gaussian innovations as the autoregressive coefficient approached unity from below. The present paper develops asymptotic theory for near-integrated random processes and associated regressions including the score function in more general settings where the errors are tempered linear processes. Tempered processes are stationary time series that have a semi-long memory property in the sense that the autocovariogram of the process resembles that of a long memory model for moderate lags but eventually diminishes …
Forecast Combinations In Machine Learning,
2020
Singapore Management University
Forecast Combinations In Machine Learning, Yue Qiu, Tian Xie, Jun Yu
Research Collection School Of Economics
This paper introduces novel methods to combine forecasts made by machine learning techniques. Machine learning methods have found many successful applications in predicting the response variable. However, they ignore model uncertainty when the relationship between the response variable and the predictors is nonlinear. To further improve the forecasting performance, we propose a general framework to combine multiple forecasts from machine learning techniques. Simulation studies show that the proposed machine-learning-based forecast combinations work well. In empirical applications to forecast key macroeconomic and financial variables, we find that the proposed methods can produce more accurate forecasts than individual machine learning techniques and …
Institutions, Opportunism And Prosocial Behavior: Some Experimental Evidence,
2020
Universidad Carlos III de Madrid
Institutions, Opportunism And Prosocial Behavior: Some Experimental Evidence, Antonio Cabrales, Irma Clots-Figueras, Roberto Hernán-González, Praveen Kujal
ESI Working Papers
Formal or informal institutions have long been adopted by societies to protect against opportunistic behavior. However, we know very little about how these institutions are chosen and their impact on behavior. We experimentally investigate the demand for different levels of institutions that provide low to high levels of insurance and its subsequent impact on prosocial behavior. We conduct a large-scale online experiment where we add the possibility of purchasing insurance to safeguard against low reciprocity to the standard trust game. We compare two different mechanisms, the private (purchase) and the social (voting) choice of institutions. Whether voted or purchased, we …
Information Aggregation And The Cognitive Make-Up Of Traders,
2020
Chapman University
Information Aggregation And The Cognitive Make-Up Of Traders, Brice Corgnet, Mark Desantis, David Porter
ESI Working Papers
We assess the effect of the cognitive make-up of traders on the informational efficiency of markets. We put forth that cognitive skills, such as cognitive reflection, are crucial for ensuring the informational efficiency of markets because they endow traders with the ability to infer others’ information from prices. Using laboratory experiments, we show that information aggregation is significantly enhanced when (i) all traders possess high levels of cognitive sophistication and (ii) this high level of cognitive sophistication is common information for all traders. Our findings shed light on the cognitive and informational constraints underlying the efficient market hypothesis.
Neoclassical Supply And Demand, Experiments, And The Classical Theory Of Price Formation,
2020
Chapman University
Neoclassical Supply And Demand, Experiments, And The Classical Theory Of Price Formation, Sabiou M. Inoua, Vernon L. Smith
ESI Working Papers
"The 1870s neoclassical marginal revolution in economics culminated a century later in a striking conclusion: The core utility maximization principle of neoclassical economics was shown to have no interesting implication for aggregate market behavior (Sonnenschein, 1972, 1973a, 1973b; Debreu, 1974; Mantel, 1974; Kirman, 1989; Shafer & Sonnenschein, 1993; Rizvi, 2006). We argue that neoclassical price theory was founded on two axioms—price-taking behavior and the law of one price in a market—that, if imposed on the theory, were logically inconsistent with a theory of market price formation. This logical gap in neoclassical theory was filled essentially with thought experiments: Jevons derives …
The Effect Of Sex Of Firstborn Children On Fertility Preferences,
2020
University of San Francisco
The Effect Of Sex Of Firstborn Children On Fertility Preferences, Lauren Lamson
Master's Theses
Fertility rates around the world are falling at the same time that male-skewed sex ratios at birth are on the rise. The individual fertility choices people make contribute to this inverse relationship, exacerbating the problem of “missing women” as well as a number of other adverse social and economic effects. The decision to have a child is extremely complex. Distilling the interaction between fertility and sex compositional preferences, fertility levels, and gender norms is an important step toward understanding both the reproductive choices people make as well as the formation of fertility preferences. I use individual-level data from the Demographic …
In Utero Nutritional Shocks And Non-Cognitive Skills: Evidence From Ramadan Fasting In Indonesia,
2020
CUNY Hunter College
In Utero Nutritional Shocks And Non-Cognitive Skills: Evidence From Ramadan Fasting In Indonesia, Timothy M. Kell-Fien
Theses and Dissertations
This paper estimates the effects of prenatal exposure to maternal Ramadan fasting on the development of non-cognitive skills. To study this relationship, I employ a general structural equation model (GSEM) on a sample of Muslims from the fifth wave of the Indonesian Life and Family Survey (IFLS). The results of this study find that in utero exposure to Ramadan is associated with lower levels of agreeableness and conscientiousness, and higher levels of neuroticism. The impacts I find on agreeableness and conscientiousness are driven by third trimester exposure and the sub-sample of women. The impacts on neuroticism are driven by exposure …
