Macroeconomics Commons^™

Essays On Macroeconomics, Krishna Sharma

All Dissertations

The first chapter examines the role of return migration in driving innovation within India’s tech startup ecosystem, using a novel dataset constructed from web scraping of startup profiles, LinkedIn data, and patent databases. By capturing founders’ international experience, education, and innovation outcomes, the analysis reveals that returnees significantly contribute to higher inno- vation levels, particularly through patent filings. Returnee-founded startups exhibit an 18% higher rate of patent filings compared to those led by locals. The study employs OLS, Poisson regression, Coarsened Exact Matching (CEM), and Instrumental Variables (IV) to address selection bias and endogeneity concerns. U.S. immigration policy changes provide …

Sustainable Agricultural Practices And Societal Impacts: A Case Study In Central Belize, Lily Hunt

Economics Undergraduate Honors Theses

This thesis examines the relationship between climate change, sustainable agriculture, and rural development through a case study in Central Belize. Built from observations, interviews, and academic research gathered during a summer internship with the Belize Ministry of Agriculture, the research explores the challenges small farmers face as they navigate worsening climate threats - including drought, wildfire, and resource scarcity. With climate change accelerating at a faster rate in Belize than in many other countries, agricultural resilience has become a national priority. This internship focused on collecting applications for the Sustainable and Inclusive Belize Program, a government initiative that provides financial …

Essays On Institutions And Human Capital, Xiaofan Zhu

Dissertations and Theses Collection (Open Access)

This dissertation investigates the critical role of political and culturally embedded institutions in shaping human capital investment and firm behavior, focusing on three distinct but related areas. Chapter 1 investigates how institutional quality influences educational choices in China, with a focus on behavioral responses to the anti-corruption campaign. The study finds that politically connected students from regions more a!ected by the campaign are significantly more likely to pursue further education – especially those with non-STEM majors, weaker academic performance, and stronger political ties. The analysis of underlying mechanisms suggests that as the employment environment became more equitable, connected individuals responded …

Almost Last Again? Mississippi's Labor Force Participation Rate: Causes And Solutions, John Martin Fox

Honors Theses

Mississippi is currently ranked second to last in labor force participation rate in the country. This is the latest damning statistic inhibiting the state from growing and becoming a more nationally recognized state with higher economic output. This thesis examines how Mississippi arrived at this bleak labor force participation rate and what is currently ongoing to alleviate it. It also examines some possible proposed solutions to accelerate those efforts. Through extensive research and numerous interviews with officials from public and private sector employees directly dealing with this predicament, this thesis has assembled a thorough and comprehensive picture of how the …

Is Aid Good For The Poor In Sub-Saharan Africa?, Elisha Mavodyo

Business Review

We contribute to the aid-poverty literature in Sub-Saharan Africa in two fundamental respects. First, we sidestep the controversial aid-growth-poverty relationship by analysing the direct impacts of aid on poverty in Sub-Saharan Africa. Second, in line with previous studies, we first analysed the impact of aid on poverty headcount, poverty gap, and poverty gap squared. We complemented this analysis with an analysis of the direct impact of aid on the incomes of the poor, followed by an analysis of aid on inequality. Such an approach allowed us to draw nuanced conclusions about how effective foreign aid is in alleviating not just …

Fighting "Fear Itself": The Bank Holiday Of March 1933, Matthew Jaremski, Gary Richardson, Angela Vossmeyer

Journal of Financial Crises

In the month preceding Franklin Roosevelt’s inauguration, a panic overwhelmed the U.S. banking system. Immediately after assuming office, Roosevelt declared a nationwide bank holiday and vowed to reopen only sound banks. Five days after the holiday ended, nearly 11,000 of the nation's more than 18,000 commercial banks had reopened. Nearly 4,000 never reopened or had to be reorganized. The holiday is often credited with helping reestablish financial stability, but little is known about the mechanisms underlying the reopening process and the way in which payment systems were restored. We detail the process of reopening the banking system using narrative records …

Health Crisis And Currency Risk: Fresh Evidence From New Data Sets, Afees A. Salisu, Dinci J. Penzin, Yinka S. Hammed

Bulletin of Monetary Economics and Banking

With the aid of a method of predictability analysis that involves a feasible quasigeneralized least squares estimator, we examine the predictive power associated with the newly computed COVID-19 indices, which are disaggregated into six indices for currency market risks (realized volatility of exchange rate). Our sample size covers the period between December 31, 2019, and December 28, 2021. We note mixed outcomes for the major currency markets considered. On average, while the health crisis seems to have heightened the risks associated with Pounds Sterling, Australian Dollar and Canadian Dollar against USD, it exerts a moderating effect on the Euro, Yen …

Potential Implications Of The Pandemic On Medium Term Productivity, Pakasa Bary, Pandu Kuntoaji, Dwi F. Multiretno, Igp Wira Kusuma

Bulletin of Monetary Economics and Banking

This study analyses the potential medium-term impact of the pandemic to productivity and macroeconomy. It simulates the impact of the pandemic on productivity, labor and macroeconomic dynamics. The simulation is carried out using simple variations of real business cycle models, with shock on consumption-leisure preference which are endogenously responded by technology. Simulation results are consistent with macroeconomic dynamics observed during the pandemic and therefore may imply medium term prospects. In addition, permanent application of technology to replace pandemic-related labour restrictions is superior for medium-term growth.

Exit Policy, Liquidity Normalization, And Lts Implications On Central Bank Policy Transmission, Alexander Lubis, Rangga Pratama, Merlin Dwi Yunaniar, Wahyu Agung Nugroho, Dian Prima Susiandri

Bulletin of Monetary Economics and Banking

The objective of this study is to determine the implications for the effectiveness of monetary policy transmission by examining the impact of specific policy toolkits in both Advanced Economy (AE) and Emerging Market (EM) countries during crises and during normalization (exit policy) upon crisis resolution. The analysis conducted using the VECM method on a number of AE and EM countries demonstrates that the response of bank interest rates (credit) is consistent with changes in policy rates and substantially diverges from Quantitative Easing (QE) policy in both the short and long term. However, the efficacy of monetary policy transmission appears to …

Microfinance In Latin America: Sustainability, Growth, And Efficiency, Katelyn M. Hoidal

Global Tides

The subsequent research addresses the question: Within populous Latin American countries (Ecuador, Mexico, Panama, Argentina, Chile, and Peru), are microfinance institutions associated with differences in GDP and household consumption equally between 2010 and 2018? Which do they have a stronger correlation with? The essence of this question seeks to answer whether the correlation between MFIs and wealth indicators carries over to a national level or merely persists at an individual level. This research has been informed and influenced by literature and studies conducted across South Asia, Africa, and Latin America focusing on the research of Abdelkader, Naveeda, Annim, Campbell, Armendáriz, …

21st Century Monetary Policy: The Federal Reserve From The Great Inflation To Covid-19, Greg Arburn

The Journal of Economics and Politics

No abstract provided.

What About The Buyers? Deriving Factors Of Demand In The U.S. Black Market, Eric S. Schneider

Undergraduate Theses

The vast majority of econometric research regarding black markets focuses on the supply. Relatively little information is definitively shown in academic literature regarding the drivers of demand for black markets. This project seeks to identify factors of demand for black market goods and services. First, this paper gives a brief definition of the broad definition of black markets, before specifically defining the scope of individual markets which will be included in this project. Next, there is a brief review of recent literature on the U.S. black market in order to determine prime candidates for factors of demand. Then, a robust …

International Monetary Adjustment With And Without A Global Fiscal Authority, Nathaniel Cline, David Fields, Matias Vernengo

Working Papers

No abstract provided.

Macroeconomic Modelling Towards Achieving Sustainable Development Goal-13 In India, Aqib Mujtaba Dr., Pravakar Sahoo Dr., Pabitra Kumar Jena Dr.

Bulletin of Monetary Economics and Banking

This study develops a macroeconomic model to examine the relationships between the energy sector, economic growth and the environment in India over the period 1971 to 2021. Aligning with the United Nations SDG-13 and using the Seemingly Unrelated Regression Equation (SURE) model, we find that the services and agriculture sectors, non-renewable energy consumption, government expenditure, money supply, carbon dioxide emissions per capita, inflation, and population are crucial factors. The services sector and government spending notably impact economic growth and environmental degradation due to increased energy demand and emissions.

Ai Integration And Digital Regulation: Impacts On Global Trade In Digital Services, Srividhya M, Ravi Kiran Reddi

Bulletin of Monetary Economics and Banking

This study investigates the impact of AI readiness and digital laws on Digitally Deliverable Services (DDS) exports, utilizing a comprehensive dataset that includes developed and developing economies, as well as various global regions. The analysis reveals that AI readiness significantly enhances DDS exports across both developed and developing countries, with notable regional variations. Higher gross national income per capita and larger population sizes are consistently positive factors, while the effects of ITA membership and digital laws, such as cybercrime and consumer protection regulations, vary by region. These findings underscore the importance of tailored policy interventions to enhance DDS exports, considering …

The Impact Of Financial Inclusion On Inflation In The Mena Region: Oil Vs Non-Oil Countries, Jailan Elsaid

Theses and Dissertations

The study examines the impact of financial inclusion on inflation as a tool for monetary policy effectiveness in the MENA region, separating the analysis into oil and non-oil countries from 2004 to 2022. The Principal Component Analysis (PCA) technique is used to create a multidimensional index of financial inclusion through usage and access dimensions. Additionally, PVAR GMM estimation and Granger causality tests are implemented to analyze the dynamics and causality between financial inclusion and inflation, while controlling for other variables such as broad money, real effective exchange rate, and real GDP growth, which may influence the relationship according to the …

Essays On The Impact Of Monetary Policy Shocks, Rubaiyat Tasnim

Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters.

Chapter 1 - Households’ Balance Sheet Adjustment in Response to Monetary Policy Shocks.

Household’s balance sheet and housing decision have played crucial role in understanding the transmission of monetary policy in the last two decades. Monetary policy can affect the broader economy through household finances via the income channel and the wealth channel, and especially of they are debt or liquidity constrained. This chapter studies the unhedged interest rate exposure (URE) following Auclert (2019) for households using micro-level data from the Consumer Expenditure Survey for the years 1994 to 2012. Using the URE, I …

Banking And The Wider Economy: Essays On Capital And Cross-Border Risks, Morgan Hunt

Dissertations, Theses, and Capstone Projects

Chapter 1: This paper examines the impact of growth in the banking industry’s capital and assets on real output growth at both aggregate and industry levels using a short-run factor-augmented vector autoregression (FAVAR) model across 19 NAICS two-digit industries from 2007Q1 to 2019Q4. Results reveal that changes in capital growth significantly affect output growth in the Manufacturing and Finance industries, while changes in risk-weighted assets impact the Construction, Manufacturing, Real Estate, and Transportation industries. Conversely, output growth in the Manufacturing and Retail Trade industries influences capital growth, while Wholesale Trade output growth affects risk-weighted assets. These relationships are robust …

Global Rate Pass Through: Impact Of The Global Savings Market On Home Prices In The Uk, Laxmi Namboodiri

Honors Theses

This paper examines how changes in the global savings and investment market impact housing prices and supply in the United Kingdom. I first constructed a global interest rate using principal component analysis. Then, using structural VARs, I estimate impulse response functions to study the dynamics of housing prices and supply in the UK with an impulse in the global interest rate. The model predicts that housing prices and supply will increase immediately and then decrease after a lag. The decrease is primarily driven by the years after the stock market crash as opposed to before.

Deportations And Debt: How The Trump Administration’S Immigration Policies Affect The United States’ National Debt Situation, James D. Webster

Honors Theses and Capstones

The value of the United States’ national debt measured as a share of its economic output, otherwise known as its debt-to-GDP ratio, is projected to reach an all-time high and continue to climb over the span of the next 30 years. This can be attributed to a combination of tax and spending policies which generate annual budget deficits as well as a projected slowdown of economic growth. A major factor contributing to this situation is the slowing growth of the labor force in the United States. As time goes on, the growth of the U.S. population slows, and immigration becomes …