Macroeconomics Commons^™

Policy Responses In An Unstable Globalized Economy: Multi-Stressed Low-Earning Families In Singapore, Irene Y. H. Ng, Kong Weng Ho

Research Collection School Of Economics

The Singapore government responded swiftly to the 2008 global recession, doling out a range of policies in aid of all levels of wage earners. This paper explores the impacts of economic trends and government policies on low-wage earners. Using a theoretical model and empirical data from a pilot study of recipients of a government Work Support Program, it demonstrates the effects of socioeconomic factors on multi-stressed low-earning families. It discusses the adequacy of current policies in addressing the multiple stressors experienced by low-wage earners.

Study Of Economic Development Of Pakistan Through Stock Market: Causal Relationship Of Stock Prices And Macroeconomic Indicators, Rizwan Raheem Ahmed, Yaseen Ahmed Meenai, Fazal Hussain

Business Review

The purpose of the research is to examine the causal relationship between stock prices and the variables representing the real sector of the economy for example real GDP, and real investment, in Pakistan. In this study, annual data is used (quarter-wise) from December 1980 to June 2007 and the correlation analysis has been applied, to investigate the relationship. For better understanding of the Market’s Behavior, data has been grouped in to Liberalization periods; Preliberalization and Post-Liberalization. The stock market in Pakistan provides an average quarterly return of 2.86%.The average annual growths in real variables are just lower than 1% for …

Governance & Sustainability: Does Democracy Beggar Thy Future?, Nathanael D. Peach

Faculty Publications - College of Business

Findings:

An increase in political stability:

• Higher levels of natural resource depletion
• Higher levels of adjusted net savings (ANS) i.e. contributes positively to sustainable growth

Increase in democracy:

• Lower levels of natural resource depletion
• Impact on sustainability is conditional on the economic and political context

Transition To Full-Fledged Inflation Targeting: A Proposed Programme For Implementation By The Central Bank Of Nigeria, Michael O. Ojo

CBN Occasional Papers

This paper attempts to provide an input into addressing these issues, especially as regards resolving the technical, administrative and practical problems for a transition to inflation targeting as a framework for monetary policy in Nigeria. Specifically, the main purpose of this paper is to outline proposals that would permit the CBN transit successfully to full-fledged inflation targeting (FFIT) for its monetary policy operations. Following the introduction (Section 1), the paper is organized as follows: Section 2 examines the conceptual framework, focusing on the essential elements and modalities of different monetary policy frameworks. Section 3 contains an overview of the experiences …

An Analysis Of The Monetary Policy Transmission Mechanism And The Real Economy In Nigeria, Eddy C. Ndekwu

CBN Occasional Papers

The study is an empirical analysis which seeks to explain the monetary policy transmission mechanism to the real economy in Nigeria. It examines the process by which the interest rate policy of the Central Bank of Nigeria actually affects the structure of interest rates, credit, aggregate demand and output production and, hence, changes in inflation rate. In the analysis, we review the paradigm of the channels of monetary policy transmission mechanism by studying over two and-half dozen cases of empirical studies in the economic literature. By applying vector auto-regression (VAR) with dynamic logarithmic form and the ordinary least squares (OLS) …

The Disparate Neighborhood Impacts Of The Great Recession: Evidence From Chicago, Sonya Williams, George C. Galster, Nandita Verma

Urban Studies and Planning Faculty Research Publications

We advance scholarship about how macroeconomic forces differentially manifest themselves across local spaces by developing a holistic conceptual framework and empirical analyses involving multilevel change modeling. Unlike prior work, we examine differential rates of change in neighborhood indicators. We illustrate our approach with Chicago data measuring the crime, housing, and economic domains of neighborhood quality- of-life over the 2000-2009 period. We find that the local dynamic manifestations of macroeconomic cycles were far more nuanced than have been previously observed. Neighborhood indicators moved along distinct trajectories, sometimes but not necessarily tracking each other or the overall business cycle, and they changed …

Structural Change And Real Output Growth In Nigeria: A Cointegration Analysis, P. D. Golit

Economic and Financial Review

The study employed the Johansen (1988) and the Johansen and Juselius (1990) multivariate maximum likelihood method within a Vector Autoregressive framework to explore the impact of structural reforms on the level of real output in Nigeria. We fit the equation separately for two sub-samples, the pre-reform and the market-reform periods, to enable comparisons of the outcomes under alternative policy regimes. We further estimate the model using data that covered the entire sample period to evaluate the total effects and include a dummy variable to capture the impact of the policy shift. The Johansen cointegration test confirms the existence of long-run …

Cost-Effective Estimation Of The Population Mean Using Prediction Estimators, Tomoki Fujii, Roy Van Der Weide

Research Collection School Of Economics

This paper considers the prediction estimator as an efficient estimator for the population mean. The study may be viewed as an earlier study that proved that the prediction estimator based on the iteratively weighted least squares estimator outperforms the sample mean. The analysis finds that a certain moment condition must hold in general for the prediction estimator based on a Generalized-Method-of-Moment estimator to be at least as efficient as the sample mean. In an application to cost-effective double sampling, the authors show how prediction estimators may be adopted to maximize statistical precision (minimize financial costs) under a budget constraint (statistical …

Inflation Targeting And Growth: The Role Of The Tradable Sector, Luis Monroy Gómez Franco

Undergraduate Economic Review

This paper provides an analytical explanation to the empirical association between monetary policy conducted according to the inflation targeting (IT) framework and the appreciation of the exchange rate, relating it to the literature on the effects of the exchange rate on growth. A two sector small open economy model is developed in which the behavior of the non tradable inflation and the nominal exchange rate are analyzed. The results indicate that the response to inflation variance under the IT regime causes the appreciation trend. Since this trend is not reversed immediately, increasing returns in the tradable sector affect capital accumulation.

Can Neoclassical Trade Theory Explain Congressional Voting?, John Dellipriscoli

Master's Theses

The neoclassical trade model has notoriously been unable to empirically predict trade flows throughout the world, however there has been a notion that the same theories and predictions could also be applied to democratic voting on free trade legislation. Using roll-call votes on three 2011 United States bilateral trade agreements with Colombia, Panama, and South Korea, respectively, a simple empirical model based on the neoclassical concepts, specifically the Heckscher-Ohlin and Stolper-Samuelson corollary theorems, is outlined. After an analysis using a logit estimation method, it is revealed that there is conflicting evidence whether the voting on the 2011 free trade agreements …

The Changing Dynamics Of The Employment Gap And Its Macroeconomic Implications, William Brian Gowen

Honors Projects in Economics

There has been much discussion about the sluggish economic recovery out of the recent recession. However, the lag in employment growth is not unique to the most recent recovery. Jobless recoveries have plagued the U.S. economy over the last three business cycles. The reasons for this change have remained largely inconclusive, with several factors highlighted in the current literature. This paper uses Vector Autoregression (VAR) to analyze the employment gap in the United States over the past six decades. Unlike previous studies, it accounts for the most recent recession while also addressing alternative explanations - trade and globalization, government employment, …

Jobs Don’T Grow On Trees, Nicholas Johnson

Undergraduate Research Symposium 2013

Most contemporary macroeconomic models account for unemployment by making the simplifying assumptions that 1) there is an equilibrium level of unemployment and that 2) when the economy is not at that level it will tend towards equilibrium. Implicit in these models is also the assumption that the actual behavior of unemployment does not affect the equilibrium level. This paper joins a growing number of economists pointing out that such assumptions are false: the equilibrium does depend on past behavior, a trait called hysteresis. This paper considers the hysteresis hypothesis by using an iterated version of OLS to construct a series …

[Sabbatical Report], Claudia Strow

Sabbatical Reports

This document summarizes my sabbatical leave activities for spring semester, 2014. Below my accomplishments are discussed, and the value of the sabbatical leave to my teaching and research is assessed. The main activities I conducted during my sabbatical leave period included work on a new research project examining FMLA's impact on breastfeeding, the writing of a second edition of a textbook, substantial revisions for an accepted publication for the Journal of 'Markets and Morality, a revise and resubmit of a manuscript for the Journal of Applied Economics and Public Policy, an interview for Voice of America, the presentation of a …

Decomposing The Changes Of The Divisia Price Index: Application To Inflation In The Philippines, Tomoki Fujii

Research Collection School Of Economics

We decompose the logarithmic change in the Divisia price index into the pure price, substitution, and preference effects, although the latter two effects are hard to distinguish in practice. This decomposition allows us to identify the incidence and contributing factors of inflation. In the Philippines, we find that the preference effect is much smaller than the pure price effect in all provinces. We also find that rich deciles have experienced a higher inflation than poor deciles between 1988 and 2006. However, the gap in the standards of living has actually widened because poor deciles lagged behind in consumption growth.

Cafio-Prg Develops Novel Approach To Policy Research, Konstantinos Giannakas

CAFIO: Policy Research Group Policy Pagers

The University of Nebraska-Lincoln has received a grant from the United States Department of Agriculture under the Policy Research Centers Program. This grant has supported the establishment of a Policy Research Group (PRG) as part of the Center for Agricultural and Food Industrial Organization (CAFIO) in the Department of Agricultural Economics. CAFIO-PRG is led by the Project Director, Professor Konstantinos Giannakas, and its main focus is on the development of a novel, empirically relevant, integrated, multi-market framework of policy analysis.

How Many Barack Obamas Does It Take: An Analysis Of The Effect Of Charter Schools On Real Estate And Crime, Aananditaa Kakkar

CMC Senior Theses

This study looks at the relationship between charter school presence and neighborhood quality in Los Angeles. Using data from the Los Angeles Department of Education, Zillow Real Estate, and the Los Angeles Sheriff, this paper attempts to find whether changes in charter presence influence the price of surrounding real estate or the occurrence of serious and petty crimes. The results find that charter schools tend to be associated with a decrease in home sale prices. The results on crime imply that crime increases upon the opening of charter schools, however they are statistically insignificant.

The Price Discounts Of Chinese Cross-Listed Companies And Their Variation Across Sectors, Tom Guo

CMC Senior Theses

This study builds on the paper by Arquette, Brown, and Burdekin (2008) and asks whether the factors which they find to be significant in influencing the differential between the share prices of Chinese securities traded on their home market in Shanghai versus share prices observed offshore in Hong Kong and New York have varying degrees of influence when compared across industries. This paper focuses on Chinese companies listed on both the Shanghai and Hong Kong Stock Exchanges and finds that the proxy variables of expected exchange rate change, relative market sentiment, and relative company sentiment are significant in determining the …

Rob Johnson Meeeting, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2012). Turbulent Dynamics and Hidden Patterns: Economic Analysis in a Global Context (Unpublished manuscript) (23-44_Meet... p. 10). Cambridge University Press (forthcoming) (23-44_Meet... p. 11).
• Institute for New Economic Thinking. (2012, July 3). Grant change form (Grant ID #INO1100056) (Manuscript) (23-44_Meet... p. 2). New School University Archives.
• Institute for New Economic Thinking. (2012, November 17). Grant agreement letter to Dr. Anwar Shaikh (RE: INO12-00040) (Manuscript signed by Anwar Shaikh, PhD) (23-44_Meet... pp. 4-5). New School University Archives.
• Shaikh, A. (2013, March 5). Meeting with Rob: Eminent economists due in fall (Handwritten note by Anwar Shaikh, PhD) …

Loose Notes, Articles, Newspapers, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Wassener, B., Bradsher, K., & Reuters. (2012). Trade data confirms economic slowdown in China (and other articles). The New York Times, September 11, 2012. The New York Times Company.
• Campbell, I. (2011). The limitations on central banks (and other articles). The New York Times, August 15, 2011. The New York Times Company.
• Shaikh, A. (n.d.). The arc of modern macroeconomics (Unpublished manuscript notes).
• Shaikh, A. (n.d.). Kalecki and monopoly power theory (Unpublished manuscript notes).
• Shaikh, A. (2013). Bellafiore on Sweezy and Mattick (Unpublished manuscript notes).
• Shaikh, A. (n.d.). Kaleckian distribution and trade balance dynamics (Unpublished …

Macro General Notes I, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Surowiecki, J. (2013). Stockmania. The New Yorker, 38. Condé Nast. (22-13_Macr... p. 2)
• Shaikh, A. (2008). Wray on government finance (Unpublished manuscript notes). (22-13_Macr... p. 3)
• Shaikh, A. (2012). Firms collectively decide to raise investment (Unpublished manuscript notes). (22-13_Macr... p. 4)
• Shaikh, A. (n.d.). Government bond finance and consumer sacrifice (Unpublished manuscript notes). (22-13_Macr... p. 5)
• Shaikh, A. (n.d.). Mathematical formulations on prices and wages (Unpublished manuscript notes). (22-13_Macr... p. 6)
• Davis, J. (2011). The crypto-currency: Bitcoin and its mysterious inventor. The New Yorker, 62–70. Condé Nast. (22-13_Macr... p. 7)
• Lohr, S. (2011). More jobs …