An Inquiry Concerning Japanese Yen Interest Rate Swap Yields,
2023
Citibank
An Inquiry Concerning Japanese Yen Interest Rate Swap Yields, Tanweer Akram, Khawaja Mamun
WCBT Working Papers
This paper econometrically models Japanese yen (JPY)–denominated interest rate swap yields. It examines whether the short-term interest rate exerts an influence on the long-term JPY swap yield after controlling for several key macroeconomic variables, such as core inflation, the growth of industrial production, the percentage change in the equity price index, and the percentage change in the exchange rate. It also tests whether there are structural breaks in the dynamics of Japanese swap yields and related variables. The estimated econometric models show that the short-term interest rate exerts an important influence on the long-term swap yield in some periods but …
Social Reproduction And Covid-19,
2023
Dartmouth College
Social Reproduction And Covid-19, Caroline I. Donovan
Dartmouth College Master’s Theses
As Covid-19 rips across the world we are collectively asked to examine the structures of society to see what is working and what we can change. What can we learn from the roughly 6.9 million deaths (and counting) worldwide? How can we prevent something like this from happening again? This paper follows the course of Covid-19 from its birth in Wuhan, China, to the present day of mid-April 2023. By looking at the ways in which we have reacted to the pandemic, we are able to look forward and imagine new ways of tackling future pandemics and other pressing problems …
The Impact Of Rule Of Law And Property Rights On Development And Economic Growth: A Comparative Analysis Of Cameroon And Côte D'Ivoire,
2023
University of Texas at El Paso
The Impact Of Rule Of Law And Property Rights On Development And Economic Growth: A Comparative Analysis Of Cameroon And Côte D'Ivoire, Raoul Tayou Tayou
Open Access Theses & Dissertations
The issues of economic growth and development occupy a central place in the studies of underdeveloped or developing countries. Many solutions have been proposed, including foreign aid or institutional reforms. This last aspect is the subject of this research, particularly the rule of law and the property rights.Analyzing what is the impact of these two institutions on economic growth and development is at the center of my dynamic. Over a period from 1960 to 2022, I carry out a comparative study of the growth, and development trajectories of two countries in sub-Saharan Africa, which share the same demographics: Cameroon, and …
The American Dream: Living Paycheck To Paycheck,
2023
Ursinus College
The American Dream: Living Paycheck To Paycheck, Benjamin Henwood
Richard T. Schellhase Essay Prize in Ethics
A debate that has gained traction due to recent economic circumstances is how the United States government should raise the federal minimum wage, and if they should raise it at all. I propose the United States government should raise the federal minimum wage by implementing a living wage or tying the federal minimum wage to inflation. Implementing a living wage would benefit workers as it would cover the cost of living in their geographic area. It would also benefit employers as their employees would be getting paid according to their needs rather than being paid a blanket wage that may …
The Two-Way Mundlak Estimator,
2023
Syracuse University
The Two-Way Mundlak Estimator, Badi H. Baltagi
Center for Policy Research
Mundlak (1978) shows that the fixed effects estimator is equivalent to the random effects estimator in the one-way error component model once the random individual effects are modeled as a linear function of all the averaged regressors over time. In the spirit of Mundlak, this paper shows that this result also holds for the two-way error component model once this individual and time effects are modeled as linear functions of all the averaged regressors across time and across individuals. Woolridge (2021) also shows that the two-way fixed effects estimator can be obtained as a pooled OLS with the regressors augmented …
Deciding For Others: Local Public Good Contributions With Intermediaries,
2023
Middlesex University
Deciding For Others: Local Public Good Contributions With Intermediaries, Andrej Angelovski, Praveen Kujal, Christos Mavridis
ESI Working Papers
Given the prevalence of local public goods, whose broader use is often limited by distance and borders, we propose a potential solution to the free-riding problem by having each participant/beneficiary delegate the public good contribution decision to a non-local intermediary who neither puts in own endowment into the public good nor benefits from it. Intermediaries make decisions under two compensation mechanisms where the incentives for the intermediary are either non-aligned (fixed) or aligned (variable) with those of the beneficiary. We find that the use of intermediaries, regardless of whether their compensation is aligned or not with that of the beneficiary, …
Systems Thinking As A Method For Leveraging Smart Classrooms,
2023
University of Texas at El Paso
Systems Thinking As A Method For Leveraging Smart Classrooms, Jazmyne V. Del Hierro
Open Access Theses & Dissertations
Digital technologies have revolutionized enterprises across our personal lives, and most major industries. The digital transformation can be considered a strategic response to digital trends (Vial, 2019), encompassing substantial changes in society and industry caused by technology development (Taj, et al., 2010). It is a complex journey that needs to be guided by clear strategy. Digital transformation is more about people, than it is about technology (Frankiewiczz, B., 2020). It requires organizational changes that are backed by leadership and driven by challenges to culture (Abbu, H., 2022). Digital transformation requires leaders to build trust (Mugge, Abbu, and Gudergan 2021; Gudergan …
Macroeconomic Determinants Of Stock Market Development In Sample African Economies,
2023
American University in Cairo
Macroeconomic Determinants Of Stock Market Development In Sample African Economies, Ehab Ayoub
Theses and Dissertations
This research paper studies the relationship between macroeconomic determinants as independent variables and different measures of stock market development as dependent variables across selected emerging economies in Africa for the period of 2002 to 2021, with a quarterly frequency using time series analysis. The independent variables used are Core Inflation, Deposit Rate, Foreign Direct Investment (FDI), FX Rate against USD, Domestic Credit, Gross Domestic Product (Real GDP), Exports, Imports, External Debt, and Foreign Reserves. We use these variables as our main determinants of measuring economic growth. With regards to stock market development, we use four proxy measures as our benchmark, …
Local Dominance,
2023
New York University
Local Dominance, Emiliano Catonini, Jingyi Xue
Research Collection School Of Economics
We define notions of dominance between two actions in a dynamic game. Local dominance considers players who have a blurred view of the future and compare the two actions by first focusing on the outcomes that may realize at the current stage. When considering the possibility that the game may continue, they can only check that the local comparison is not overturned under the assumption of "continuing in the same way" after the two actions (in a newly defined sense). Despite the lack of forward planning, local dominance solves dynamic mechanisms that were found easy to play and implements social …
Continuous Implementation With Payoff Knowledge,
2023
National University of Singapore
Continuous Implementation With Payoff Knowledge, Yi-Chun Chen, Takashi Kunimoto, Yifei Sun
Research Collection School Of Economics
The literature on robust mechanism design assumes players' knowledge about a fixed payoff environment and investigates global robustness of optimal mechanisms to large changes in the information structure. Acknowledging global robustness as a demanding requirement, we propose continuous implementation as a notion of local robustness. Keeping the assumption of payoff knowledge, we say that an SCF is continuously implementable if there exists a mechanism which yields the outcome close to the desired one for all types close to the planner's initial model. We show that when a generic correlation condition is imposed on the class of interdependent-value environments, any (interim) …
Estimation And Inference With Near Unit Roots,
2023
Singapore Management University
Estimation And Inference With Near Unit Roots, Peter C. B. Phillips
Research Collection School Of Economics
New methods are developed for identifying, estimating, and performing inference with nonstationary time series that have autoregressive roots near unity. The approach subsumes unit-root (UR), local unit-root (LUR), mildly integrated (MI), and mildly explosive (ME) specifications in the new model formulation. It is shown how a new parameterization involving a localizing rate sequence that characterizes departures from unity can be consistently estimated in all cases. Simple pivotal limit distributions that enable valid inference about the form and degree of nonstationarity apply for MI and ME specifications and new limit theory holds in UR and LUR cases. Normalizing and variance stabilizing …
Atherosclerosis In Indigenous Tsimane: A Contemporary Perspective,
2023
Horus and Tsimane Health and Life History Project Teams
Atherosclerosis In Indigenous Tsimane: A Contemporary Perspective, Randall C. Thompson, Gregory S. Thomas, Angela D. Neuneubel, Ashna Mahadev, Benjamin Trumble, Edmond Seabright, Daniel K. Cummings, Jonathan Stieglitz, Michael Gurven, Hillard Kaplan
ESI Publications
The Horus and other research teams have found that atherosclerosis is not uncommon in ancient people through the study of their mummified remains (Murphy et al., 2003; Allam et al., 2009, 2011; Thompson et al., 2013, 2014). However, some have postulated that traditional hunter-gatherers are in some ways healthier than modern people and that they had very little atherosclerotic disease (O’Keefe et al., 2010). The aim of this study was to evaluate the burden of atherosclerosis in a population alive today but living a traditional lifestyle similar to that experienced by past populations. This led to the Tsimane Health and …
Brain Volume, Energy Balance, And Cardiovascular Health In Two Nonindustrial South American Populations,
2023
Chapman University
Brain Volume, Energy Balance, And Cardiovascular Health In Two Nonindustrial South American Populations, Hillard Kaplan, Paul L. Hooper, Margaret Gatz, Wendy J. Mack, E. Meng Law, Helena C. Chui, M. Linda Sutherland, James D. Sutherland, Christopher J. Rowan, L. Samuel Wann, Adel H. Allam, Randall C. Thompson, David E. Michalik, Guido Lombardi, Michael I. Miyamoto, Daniel Eid Rodriguez, Juan Copajira Adrian, Raul Quispe Gutierrez, Bret A. Beheim, Daniel K. Cummings, Edmond Seabright, Sarah Alami, Angela R. Garcia, Kenneth Buetow, Gregory S. Thomas, Caleb E. Finch, Jonathan Stieglitz, Benjamin C. Trumble, Michael D. Gurven, Andrei Irimia
ESI Publications
Little is known about brain aging or dementia in nonindustrialized environments that are similar to how humans lived throughout evolutionary history. This paper examines brain volume (BV) in middle and old age among two indigenous South American populations, the Tsimane and Moseten, whose lifestyles and environments diverge from those in high-income nations. With a sample of 1,165 individuals aged 40 to 94, we analyze population differences in cross-sectional rates of decline in BV with age. We also assess the relationships of BV with energy biomarkers and arterial disease and compare them against findings in industrialized contexts. The analyses test three …
Choice Flexibility And Long-Run Cooperation,
2023
Chapman University
Choice Flexibility And Long-Run Cooperation, Gabriele Camera, Jaehong Kim, David Rojo Arjona
ESI Working Papers
Cooperation does not empirically scale when strangers confront indefinitely repeated social dilemmas—despite its incentive-compatibility. Here, we investigate if an intervention can mitigate this problem: expanding the action set with partial cooperation choices. Although standard theory predicts no effect, adding interior choices to a rigid binary-choice game often boosted cooperation and efficiency in the laboratory. Under some conditions, groups of strangers achieved outcomes close to those observed in pairs of partners—where adding interior choices, instead, was inconsequential. This suggests that choice rigidities can hinder long-run cooperation.
Connecting Higher Education To Workplace Activities And Earnings,
2023
University of Pittsburgh
Connecting Higher Education To Workplace Activities And Earnings, Hung Chau, Sarah H. Bana, Baptiste Bouvier, Morgan R. Frank
Economics Faculty Articles and Research
Higher education is a source of skill acquisition for many middle- and high-skilled jobs. But what specific skills do universities impart on students to prepare them for desirable careers? In this study, we analyze a large novel corpora of over one million syllabi from over eight hundred bachelors’ granting US educational institutions to connect material taught in higher education to the detailed work activities in the US economy as reported by the US Department of Labor. First, we show how differences in taught skills both within and between college majors correspond to earnings differences of recent graduates. Further, we use …
Failed Secular Revolutions: Religious Belief, Competition, And Extremism,
2023
University of Oxford
Failed Secular Revolutions: Religious Belief, Competition, And Extremism, Jean-Paul Carvalho, Jared Rubin, Michael Sacks
ESI Working Papers
All advanced economies have undergone secular revolutions in which religious belief and institutions have been subordinated to secular forms of authority. There are, however, numerous examples of failed secular transitions. To understand these failures, we present a religious club model with endogenous entry and cultural transmission of religious beliefs. A spike in the demand for religious belief, due for example to a negative economic shock, induces a new and more extreme organization to enter the religious market and exploit the dissatisfaction of highly religious types with the religious incumbent. The eect is larger where institutional secularization is more advanced, for …
On The Welfare Role Of Redundant Assets With Heterogenous Forecasts,
2023
Singapore Management University
On The Welfare Role Of Redundant Assets With Heterogenous Forecasts, Shurojit Chatterji, Atsushi Kajii
Research Collection School Of Economics
We study a multiperiod model with a nominal bond that matures in one period and identify the set of e¢ cient allocations that can be sustained as Walrasian equilibria with heterogeneous forecasts. We next add a long maturity bond, which under perfect foresight would be a redundant asset, and show that it fundamentally expands the set of e¢ cient allocations that can be sustained as Walrasian equilibria. Indeed all wealth transfers compatible with e¢ ciency can arise endogenously. The key feature driving this conclusion are forecasting errors, which lead to ex post arbitrage opportunities that induce these income transfers.
Dr. Paul Sutton,
2023
University of Denver
Dr. Paul Sutton, Ayanna Schubert
DU Undergraduate Research Journal Archive
This interview with Dr. Paul Sutton was conducted by the DUURJ Editor At Large.
Introducing New Forms Of Digital Money: Evidence From The Laboratory,
2023
Chapman University
Introducing New Forms Of Digital Money: Evidence From The Laboratory, Gabriele Camera
ESI Publications
Central banks may soon issue currencies that are entirely digital (CBDCs) and possibly interest bearing. A strategic analytical framework is used to investigate this innovation in the laboratory, contrasting a traditional “plain” tokens baseline to treatments with “sophisticated” interest-bearing tokens. In the experiment, this theoretically beneficial innovation precluded the emergence of a stable monetary system, reducing trade and welfare. Similar problems emerged when sophisticated tokens complemented or replaced plain tokens. This evidence underscores the advantages of combining theoretical with experimental investigation to provide insights for payments systems innovation and policy design.
Getting Dynamic Implementation To Work,
2023
Singapore Management University
Getting Dynamic Implementation To Work, Yi-Chun Chen, Richard Holden, Takashi Kunimoto, Yifei Sun, Tom Wilkening
Research Collection School Of Economics
We develop a new class of two-stage mechanisms, which fully implement any social choice function under initial rationalizability in complete information environments. We show theoretically that our Simultaneous Report (SR) mechanisms are robust to small amounts of incomplete information about the state of nature. We also highlight the robustness of the mechanisms to a wide variety of reasoning processes and behavioral assumptions. We show experimentally that a SR mechanism performs well in inducing truth-telling in both complete and incomplete information environments and that it can induce efficient investment in a two-sided hold-up problem with ex-ante investment. The SR mechanism also …
