Macroeconomics Commons^™

Measuring The Contribution Of The Ocean: A Comparison Of The Statistical Classification Of The Marine Economy Used By China And Canada, Weiling Song, Jing Guo, Yuxin Liu, Yue Yin, Yue Wang

Journal of Ocean and Coastal Economics

Most of the major marine countries share an identical knowledge about marine economy. Ocean-related principle is the primary principles which distinguish the ocean economy from national economy and other economies. The understandings of marine economy from various countries all take into consideration the ocean-relativeness character geographically or industrially. However, there are certain differences in statistical frameworks and specific industrial classifications. In this paper, the statistical classification of marine economy between China and Canada is comparatively studied from the perspectives of the connotation of marine economy, the classification of regional statistics, and the classification of industrial statistics. Moreover, the identification of …

Is Monetary Policy Neutral? The Effectiveness Of Monetary Policy Transmission Across The Income Distribution, Cameron Dyer

Honors Theses

This paper analyzes the role of the interest rate channel of monetary policy on household consumption sensitivities across the income distribution. To study this, I build a heterogenous agent model where households experience interest rate shocks as a proxy for monetary policy in addition to income shocks. I find that the poorest quintile increases consumption by about 4.5% in response to a recessionary interest rate cut, with this effect weakening for each additional quintile. When interest rate shocks differ by income group, the poorest lose about 3.6% of consumption and monetary policy’s effect on aggregate consumption weakens. When the income …

Climate Trailblazer Or Corporate Giveaway: An Economic And Political Evaluation Of Cap-And-Trade In California, Benjamin Reicher

Pomona Senior Theses

In this thesis, I conduct an economic and political analysis of California’s cap-and-trade program, the leading national (and international) example of a market-based strategy to reduce climate-warming greenhouse gas emissions. I evaluate the program on several economic and political measures of success, especially as contrasted with the performance of various regulatory policies that California also relies on to meet its emissions reduction targets. These regulations exemplify a command and control approach to emissions mitigation as opposed to a market-based approach, and indeed tend to be favored by grassroots activists who may be skeptical about market-friendly policies; my thesis seeks to …

Three Essays On The Economic Implications Of Oil Shocks, Ryan Hanson

Theses and Dissertations--Economics

My dissertation consists of three papers on the response of various economic indicators to crude oil shocks. In the first paper, I investigate the Western Australian gasoline market for asymmetric responses in gasoline prices to changes in input costs, otherwise known as the rockets and feathers hypothesis. This theory states that after a positive cost shock, firms will swiftly increase their retail prices to consumers; after a decrease in input costs, however, they take longer to adjust and lower prices. Using daily, establishment level data, I estimate a multi-stage error correction model and find evidence of asymmetric price adjustment in …

The Leveling Spirit: Violence And Inequality In Postwar Iraq, Griffin Perrault

Honors Theses

The Iraq War (2003–2011) constitutes by some estimates one of the deadliest and most destructive conflicts of the 21st century (Hagopian et al., 2013). In addition to the disputed figures of excess violent civilian casualties––generally ranging from 180,000 to 210,000 deaths––the war has created one of the major refugee crises of modern times, with 1 in 25 Iraqis estimated to have been displaced from their homes by the 2003 invasion (Costs of War, 2021). While much of this violence has been wrought by American and Iraqi coalition troops, violence against civilians has also been perpetuated by insurgent groups and paramilitary …

Martin Wolf And Skidelsky, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Martin Wolf and Skidelsky by Anwar Shaikh, PhD, 2022, Unpublished manuscript.

The Federal Reserve’S Qe Practices Impact On Inflation: A Comparative Analysis Of The Gfc And Covid-Eras, Robert Driscoll

CMC Senior Theses

This paper investigates and compares the effects of the Fed’s quantitative easing policies on US inflation during the Global Financial Crisis and the Covid-era up to February of 2022. As inflation continues to rise, a quantitative measurement of the Fed’s monetary policy response to recessions and its resulting effect on the price level is becoming increasingly relevant. Supporting the quantity monetary theory, I test the impact of the Fed’s increasing their total assets and securities on their balance sheet on CPI and core CPI. Using multiple time series regressions and a single lag component on the analyzed variables. The model …

Disembedded Liberalism: The Global Pressure On Democracy, Hallie Spear

CMC Senior Theses

The international political order is at a crossroads with divergent paths. Liberal democracy is once again threatened on the international stage. What's more troubling is that the most stable and influential democracies, the United States, those in Europe and India, seem to be vulnerable to the autocratic wave sweeping through the world. This thesis completes a critical analysis to understand the root causes of the recent disruption to democracy the world has observed. Focusing on three established, diverse, and populous democracies, this thesis investigates the economic conditions at play that made each nation vulnerable to populism. Neoliberal economic policies implemented …

Liquidity Outbreak: A 49 Country Analysis Of The Money Supply’S Effect On Stock Markets During The Covid-19 Pandemic, Dylan Porter

CMC Senior Theses

This paper compares the effects of monthly money growth on monthly stock market performance in 49 countries around the world before and after the COVID-19 pandemic. Countries are grouped in aggregate, by continent, and development status. OLS panel regressions show that lagged monetary growth variables are better monetary indicators of stock market performance than contemporaneous values. Variables that measure the pandemic’s progress (infections/deaths and government responses) are included alongside macro-economic variables but are seldom significant. Monetary growth had less correlation with the stock market during the pre-pandemic period (January 2018 - December 2020), suggesting that the uncertain economic conditions of …

The Impact Of Immigration On Unemployment And Wages In The United States: Evidence From Seven States, Carol Ohenewa Bruce-Tagoe

Masters Theses

Immigration and Immigration policies have been a source of debate for political parties in the United States, especially its impact on the labor market. This research investigates how immigration affects unemployment and wages in the U.S. by using a balanced panel dataset of seven states from 2007 to 2019. The states (California, New York, Florida, Texas, New Jersey, Illinois, and Massachusetts) sampled recorded the highest immigrant population and contain key gateway cities. I estimate two models: unemployment growth rate, and wages growth rate. The results of the pooled OLS estimation confirm that immigration has a trivial impact on the U.S. …

Exchange Rate Forecast Model: Factor Analysis, Swapnil Landge

Publications and Research

Forecasting the exchange rate using factor analysis, factors based on cross section exchange rates of different economies in terms of trade, would beat random walk model in longer out of sample horizon forecasting. In this research project, we will replicate the NBER working paper Factor Model Forecasts of Exchange Rates” by Charles Engel, Nelson C. Mark & Kenneth D. West (2012) which has used 17 OECD countries exchange rates in getting the potential factors but with extended time period from 1973:1-2021:4. We will report early sample forecasting statistics for a 1987-1998 sample. Results for late samples (1999-2022) were promising, at …

Crime, Crisis And Economic Growth: An Investigation Of Socio-Economic Determinants Of Crimes In The Indian States, Ankita Thapa

Masters Theses

This paper investigates the impact of socio-economic conditions on five major crime heads from 2001-2019 using a panel data set for the Indian states. The paper focus on the great recession of 2008-09, economic growth of the states, and deterrence variables. The paper employed two estimation procedures: panel Fixed-Effect and two-stage least square-fixed effect (2SLS-FE). The 2SLS-FE is preferred over the fixed effect method, where poverty is treated as an endogenous variable with higher education and social sector expenditure as instrumental variables. A dummy variable is used for the period of the great recession. A square of state GDP per …

Investigating The Impacts Of Monetary Policy On Income Inequality In Developed Nations: Case Study Of The Euro Area, Japan And The United States, Hector Martinez Garcia

Masters Theses

This paper tries to evaluate the effect that unconventional monetary policy has had on income inequality for the set of Eurozone countries, the United States and Japan using an unbalanced panel data model over the period from 1980 to 2021, first jointly and then individually, using different regressions for each case. Based on the regression model analyzed, the study attempts to analyze the relationship between money supply and income inequality as measured by the Gini index using fixed effects and random effects for our panel data model. The study reveals the importance of the money supply variable in reducing inequality …

The Impact Of Covid-19 On Stock Market And Exchange Rate Uncertainty In Pakistan, Ateeb Akhter Shah Syed, Kaneez Fatima, Mannan Zaheer

Business Review

This paper examines the impact of coronavirus (COVID-19) on exchange rate (EXU) and stock market uncertainty (SMU) in Pakistan while controlling for the effects of interest rate and policy interventions by the Government and the Central bank to combat the pandemic. We employ the vector autoregressive (VAR) model over a sample period ranging from February 25, 2020 to May 6, 2021. We find that a shock to total daily coronavirus cases in Pakistan has a positive and significant impact on both the EXU and SMU. However, this impact is short-lived which may be attributed to a timely policy response and …

The Macroeconomic Impacts Of Government Debt In Pakistan, Ateeb Akhter Shah Syed, Kaneez Fatima, Junaid Kamal

Business Review

This paper examines the Ricardian equivalence hypothesis for Pakistan using a vector error-correction model. The sample period extends from June 2002 to January 2020. The results are reported using variance decompositions and impulse response functions. The base model contains six variables and is estimated with 4 lags. We find support for the idea that wealth does not increase as government debt increases; Hence, it proves the fact that economic agents are rational actors and foresee current expansionary actions of the government that result in accumulation of debt as the present value of future taxation that they have to pay and …

Empirical Evidences On Pricing Mechanism In Pakistan: A Duration Analysis, Fauzia Sohail, Ambreen Fatima

Business Review

This study evaluates the price setting behavior across main cities of Pakistan by employing the micro data from retail price survey. The most contemporary research technique of Duration Analysis is employed where survivor functions are estimated by most illustrious nonparametric Kaplan-Meier and Nelson-Aalen Estimators. Hazard Functions for various product groups are also estimated by employing parametric Weibull Hazard Model. Results confirm that perishable food items have shortest duration of one week for most of the spells, where government regulation caused prices to change more frequently. It is found that on average small cities faced lower hazard and thus comparably lesser …

Modeling Post-Crisis Monetary Policy, James Dean

Graduate Theses, Dissertations, and Problem Reports (ETD)

Chapter 1, co-authored with Scott Schuh, examines whether the Taylor Rule still adequately captures monetary policy despite unconventional monetary policies (UMP) and the policy rate near zero in 2009-2015. We find structural breaks at 2007:Q3 in macro models with a shadow funds rate. Taylor Rule coefficients shift back toward pre-1984 estimates and breaks occurred in non-policy parameters. Results are similar with the effective funds rate, so either breaks are not due to UMP or the shadow rate is an insufficient specification of UMP. Chapter 2 incorporates the term structure and the Fed’s average inflation targeting (AIT) framework into the model …

Exporters In The Time Of Covid-19 Pandemic: Evidence From Indonesia, Realita Eschachasthi

Economics and Finance in Indonesia

The export of Indonesia has contracted rapidly in response to the COVID-19 outbreak. However, little is known about the crisis-trade relationship, which is important for the policymakers to design the relevant policies. To that end, this study examines how exporters adjust in the time of pandemic as well as estimates the impact of COVID-19 on export performance by using microdata of monthly export transactions from January 2019 to August 2020. This relationship is analyzed by employing intensive and extensive margins as well as a panel fixed effects specification. The result shows that capital goods, mainly manufactured products, have been hit …

The Effect Of Foreign Direct Investment On Colombia’S Economic Growth And The Role Of Human Capital: Does Foreign Direct Investment Foster Growth?, Jean K. Plantin

Master's Theses

Abstract: Since the pioneering work of John H. Dunning on the role of foreign direct investment (FDI) in the economic growth of the United Kingdom, many experts have debated the growth effect of FDI in an economy. This study investigated the impact of FDI on Colombia’s economic growth from 1990 to 2019. Moreover, it explored whether the Colombian economy has benefited from positive spillover from FDIs. Additionally, the paper examined how the stock level of human capital conditioned the effect of FDI on GDP per capita growth. To this end, the analysis separated tertiary enrollments from the human capital …

Effects Of Financial Inclusion And Openness On Banking Stability: Evidence From Developing And Developed Countries, Sugiharso Safuan, M. Abdi Shalihin

Economics and Finance in Indonesia

This study seeks to contribute to the emerging debate regarding the effects of financial inclusion and openness on banking stability. Panel data from 217 developing and developed countries from 2004 to 2017 showed that financial inclusion did not affect banking stability. However, financial openness significantly affected banking stability in all countries worldwide. Furthermore, the interaction of financial inclusion and openness had a significant positive effect on banking stability in developing and all countries worldwide. This finding indicates that the more funds obtained by banks from the implementation of financial inclusion policy and financial openness policy, the greater the potential for …