Macroeconomics Commons^™

Zero Textbook Cost Syllabus For Economics 201 (Macroeconomic Theory), Bettina E. Berch

Open Educational Resources

This is a zero textbook cost syllabus for teaching macroeconomic theory at the 200 level at a community college. It is designed for a one semester course, using a creative commons textbook and a variety of open source podcasts, newspaper articles, and other materials available to CUNY students.

Savings, Net Foreign Assets And Current Accounts Dynamics In Subsaharan Africa, A. I. Adeleke, W. Ohemeng, K. Ofori-Boateng

Economic and Financial Review

A profile of the current account balance in sub-Sahara Africa (SSA) shows that many countries in the region have consistently experienced current account deficits, dwindling savings and diminishing net foreign assets. These macroeconomic variables convey important information to economic agents about the health of a nation. The relationships among these three important variables in terms of short-run and long-run dynamics are cloudy in the literature. Therefore, this study examined the long-run and short-run dynamics of savings, net foreign assets and current account balance in subSaharan Africa. Utilising panel econometric techniques with annual data from 38 countries in SSA for the …

Interest Rate Dynamics And Real Output Behaviour In Nigeria: A Simulation Analysis, S. Rapu, G. Sanni, D. Penzin, N. Nkang, P. Golit, H. Okafor, E. Ibi

Economic and Financial Review

The declining output growth observed from the second quarter of 2014, which led to calls for a more expansionary monetary policy despite rising inflationary pressure, necessitated a reassessment of the impact of interest rate on real output growth in Nigeria. Using a Bayesian Vector Autoregressive (BVAR) model and quarterly data from 2000:Q4 to 2015:Q3, the effect of monetary policy transmission (interest rate dynamics) on real output performance was estimated. Although results of the simulation analysis were somewhat mixed, those of the impulse response functions indicated that positive shocks to monetary policy rate (MPR) produced a negative and small impact on …

Three Essays On Fiscal Policy, Sinem Buber Singh

Dissertations, Theses, and Capstone Projects

This dissertation examines the domestic and international effects of fiscal policy shocks on country risk, stock markets returns and trading partners. There are three essays in this study.

First essay examines the relative impacts of macroeconomic, financial and political variables on country risk for five advanced economies; the US, the UK, Canada and Singapore for 1984:M1-2014:M12 and Germany for 1990:M9-2014:M12 time periods. To do so, I follow a two stage estimation procedure. In the first stage, a CAPM is used to estimate time-variant country betas which are used as a proxy for country risk by using a DCC-GARCH model. Then, …

Essays On The Law Of One Price In Financial Markets And The Recent Financial Crisis, Igor Sorkin

Dissertations, Theses, and Capstone Projects

Essay 1: The theory of the Law of One Price (LOOP) is one of the most important theories in International Economics. I use financial markets to revisit the validity of the LOOP in the short run, and then extend the analysis into the long-run to examine whether events such as the Financial Crisis of 2007-2009 can lead to the failure of the LOOP or worsen deviations from it. Using the data on Canadian companies cross-listed on the New York Stock Exchange, I find strong support that the LOOP holds in a cross-sectional framework despite the fact that the sample includes …

A Retrospective Insight Into Pakistan's Exchange Rate Regimes And Their Impact On The Economy, Lalarukh Ejaz, Madeeha Akhtar

Business Review

Nuclear tests carried out by Pakistan in May 1998 had a distinctive impact on the evolution of the exchange rate. This case describes what happened to the exchange rate before and after the nuclear tests and focuses on the overall impact of Pakistan’s transition from a hostile relationship with the US in the post-Cold War era to becoming an ally of the US in the war on terror. This case can be used to study the concepts of real and nominal exchange rates, the linkage between exchange rate policy and external balance, how exchange rate can be used as a …

Three Essays On Population Dynamics, Trade And Growth, Anna Maximova

Theses and Dissertations--Economics

Changes in immigration patterns and differential fertility choices shape the economies of both developed and developing countries. However, these changes affect the economies of developed and developing nations in different ways. This study aims to understand the changes in population dynamics, brought about by differences in cross--country differential fertility choices and migration patterns, and how these changes affect economic development via the channels of international trade and cross--country human capital accumulation.

Chapter 1 discusses the background, data and literature on the patterns and composition of immigration and international trade, which are further explored in Chapter 2 for the world sample …

The Fiscal Theory Of The Price Level In Sub-Saharan Africa: A Structural Break Analysis, Christian Tchamda

Electronic Theses and Dissertations

In this paper, I provide empirical evidence of the fiscal theory of the price level (FTPL) using sub-Saharan African countries. While the traditional view of the inflation is driven and explained by the quantity theory of money, the FTPL argues that the government deficit has an impact on the price level. However, the empirical literature of the FTPL is not extensive. This paper adds to this literature in that it substantiates this theory. I determine using primary balance and liabilities data when available to classify a country as under either a monetary dominant regime (the traditional view) or under a …

Growth Performance Of Transition Countries After 25 Years, Alena Kalodzitsa

Masters Theses

The present study provides with the most recent summary of growth performance in transition countries after 25 years since the change of the regime. The empirical analysis estimates growth, applying Generalized Least Squares (GLS) estimation technique using a panel of 26 transition countries for the period of 25 transition years (1990-2014). Empirical findings of this study confirm that growth performance can be explained by the degree of structural reforms, stabilization, and initial conditions along with other factors (external growth, regional tensions, government expenditure, and oil balance). Even if initial conditions are important for growth, its influence consistently declines.

The transition …

The Hall Memorial Lectures, Lewis Karstensson

Molasky Family Department of Economics and Real Estate Faculty Research

This publication is a record of the Hall Memorial Lectures in Economics delivered at the University of Nevada, Las Vegas, in the 1980s.

Contents include:

Wallace C. Peterson, "Contemporary Macroeconomics: A House Divided" (Dec. 1, 1983)

Wallace C. Peterson, "Economic Stabilization and Inflation" (May 8, 1984)

Murray N. Rothbard, "The Five Faces of Reaganomics" (Nov. 27, 1984)

Murray N. Rothbard, "The Terrible Simplifiers: The Case Against the Flat Tax" (May 7, 1985)

Larry D. Singell, "Youth Unemployment: An American Crisis" (May 14, 1986)

Murray N. Rothbard, "Is There Life After Reaganomics?" (Oct. 22, 1987)

Murray N. Rothbard, "Deficits and Taxes: …

What Goes Up Must Come Down: The Relationship Between The Housing Market Boom And The Subsequent Economic Downturn: Evidence From The Msa Level, Bruce Dale Service

CMC Senior Theses

Using MSA level data, the paper shows, that geographic areas which experienced the largest housing bubble generally suffered a more serious subsequent economic downturn. More specifically, the paper establishes that MSAs with larger declines in housing permits had larger increases in unemployment. There also appears to be strong evidence of a correlation between the magnitude of a housing boom and the timing of the decline in housing permits. MSAs which experienced larger real housing inflation offered early indications of the subsequent Great Recession.

The End Of The Three Percent Rule: How Structural Changes In The U.S. Economy Have Impacted Economic Growth, Maxwell J. Urman

CMC Senior Theses

Using data from government sources (FRED, BEA, BLS), the thesis explores the underlying reasons for declining U.S. economic growth. A long standing trend of annual 3% growth no longer seems to hold true for the economy. The paper summarizes current theory as to why the growth has slowed and finds new explanations by analyzing the various major industries which make up GDP. The results show that sectoral shifts in employment from high paying industries to low paying industries help to explain a significant portion of the decline in national growth rates. The decline in growth is primarily driven by about …

Degree Matters: The Impact Of A Leader’S Foreign Education On His Country’S Economic Development, Zhongyi Yu

CMC Senior Theses

I analyze the correlation between a nation leader’s foreign education experience and their nation’s GDP growth and economic freedom in African, Asian, and South American countries. There is a statistically significant correlation between a leader’s foreign education and the country’s GDP growth rate, especially in Africa. Data also shows that a leader’s foreign education is positively correlated with his country’s economic freedom. Despite the fact that the regressions can only demonstrate correlation as opposed to causation relationships among variables, further analysis of the results concludes that a leader’s education and the country’s development are reciprocal. The findings of this paper …

Are Oil Prices Important To U.S. Manufacturers?, Austin Perez Schoff

CMC Senior Theses

Very little has been written about the effect that oil prices have on manufacturing output in the United States. This paper aims to shed light about the effect of oil prices, oil imports, and GDP on U.S. manufacturing output through a four-variable vector autoregression and explain the timing of these shocks through impulse response functions. Empirical results find that oil prices are significant in determining manufacturing output, but manufacturing output is also significant in determining oil prices.

The Political Impact Of Rising Trade Exposure: Evidence From 2000 - 2016 U.S. Presidential Elections, Xiaoyang Qian

CMC Senior Theses

In this paper we analyze the impact of global imports on regional labor markets, and how such impact translates to changes in voting patterns in the U.S. Presidential elections from 2000 to 2016. We find that imports from different U.S. trading partners influence voting patterns in different ways. In particular, we observe an anti-incumbent effect caused by import competition from OECD countries. Such an effect cannot be observed for imports from low-income countries. There is also evidence that suggests high exposure to import competition tends to drive voters toward the Democratic candidate, who typically proposes better social welfare programs and …

Nipa Imputed Interest, Anwar Shaikh Phd

Archives of Anwar Shaikh

4:23 PM    

Claude responded: This collection includes:

This collection includes:

• Shaikh, A. (n.d.). [Handwritten folder label identifying contents as "NIPA imputed interest / BEA email"; handwritten notation on folder tab: "Tenure reviews 2016/2017"]. Unpublished manuscript note. New School for Social Research.
• Terroni, E. (2010, August 27). Answer to your question on imputed interest [Email with attachment: imputed interest.pdf, sent to [email protected]]. Bureau of Economic Analysis, U.S. Department of Commerce.
• Bureau of Economic Analysis, U.S. Department of Commerce. (ca. 2010). Imputed interest paid and received by commercial banks [Methodological document attached to email correspondence]. U.S. Department of Commerce. …

Empathy Conservation: Experiments Suggest A Need For More Attention In Policymaking, Natalia V. Czap, Hans J. Czap, Gary Lynne, Mark E. Burbach

CAFIO: Policy Research Group Policy Pagers

One of the major challenges of environmental policy with regard to conservation is that it must often rely on voluntary and non-selfish actions of individuals. Traditionally policy makers rely on direct regulation and financial incentives, but both approaches face problems. Regulations may lead to resentment and the costs of perfect enforcement are prohibitively high. Financial incentives can be perverse and may lead to unintended consequences, including crowding out of intrinsic motivation. In addition, behavioral economics and economic psychology studies demonstrate that the assumptions of the neoclassical economic models (such as self-interest only, rationality, and willpower) on which the policy design …

Renewable Portfolio Standards May Reduce Green Energy Used In Electricity Production, Karina Schoengold, Suparna Bhattacharya, Konstantinos Giannakas

CAFIO: Policy Research Group Policy Pagers

Rising energy prices, dependence on foreign oil supplies, and consequences of climate change have prompted governments worldwide to initiate policies to shift from fossil fuels to renewables for electricity generation. One of the most commonly used policy instruments is the Renewable Portfolio Standard (RPS), which requires electricity providers to procure green energy (e.g., wind, solar, biomass) for a portion of their electricity supplies. To date, RPS has been a state-mandated program in the United States. As of February 2017, 29 states, Washington DC, and 3 territories have adopted RPS policies.

Capitalism - Oxford University Press, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Economic processes and time scales in classical tradition(unpublished manuscript), by Anwar Shaikh, PhD, dated 2017-10-03.
  • Typed manuscript outlining four economic adjustment processes within the classical tradition framework, including fast, medium, medium-slow, and slow processes related to selling prices, circulating capital, capacity utilization, profit-rate equalization, and technical change.
  • Handwritten notes by Anwar Shaikh, PhD, titled 4 speeds ↔ 4 instruments, dated 2017-10-04, discussing adjustment mechanisms involving circulating capital, fixed capital, capacity utilization, profit-rate equalization, entry and exit of firms, technical change, and regulating conditions across industries.
  • Handwritten annotations by Anwar Shaikh, PhD, concerning the equalization of …

Worker Selection, Hiring, And Vacancies, Ismail Baydur

Research Collection School Of Economics

The ratio of hirings to vacancies in the U.S. has the following establishment level properties: (i) it steeply rises with employment growth rate; (ii) falls with establishment size; and (iii) rises with worker turnover rate. The standard Diamond-Mortensen Pissarides (DMP) matching model is not compatible with these observations. This paper augments selection of workers prior to hiring into a random matching model with multi-worker firms. In the calibrated model, worker selection accounts for about 30% of the variation in the hiring-vacancy ratio observed in the data. Compared to the standard model, the worker selection model has both qualitative and quantitative …