Economic Policy Commons^™

Three Essays On Understanding Municipal Water Demand In The Western United States, Michael J. O'Donnell

Economics ETDs

Scarce water resources in the Western United States, in concert with population growth and climate change, constitute a need to better understand factors that impact water demand. In this dissertation, Chapter 1 provides cultural and historical context for water use in the West and argues that understanding water demand is important, especially when managing scarcity is a goal. Chapter 2 uses aggregate city-level data from four municipalities in New Mexico to investigate seasonal trends and breakpoints. Although per premises and aggregate demand tend to decline in all geographies investigated, existence and timing of breakpoints varies by geography. Additionally, drivers of …

What Factors Drive Individual Misperceptions Of The Returns To Schooling In Tanzania? Some Lessons For Education Policy, Plamen Nikolov, Nursat Jimi

Economics Faculty Scholarship

Evidence on educational returns and the factors that determine the demand for schooling in developing countries is extremely scarce. Building on previous studies that show individuals underestimating the returns to schooling, we use two surveys from Tanzania to estimate both the actual and perceived schooling returns and subsequently examine what factors drive individual misperceptions regarding actual returns. Using ordinary least squares and instrumental variable methods, we find that each additional year of schooling in Tanzania increases earnings, on average, by 9 to 11 percent. We find that on average individuals underestimate returns to schooling by 74 to 79 percent and …

Can Risk Models Extract Inflation Expectations From Financial Market Data? Evidence From The Inflation Protected Securities Of Six Countries, Arben Kita, Daniel L. Tortorice

Economics Department Working Papers

We consider an arbitrage strategy which exactly replicates the cash of a sovereign inflation-indexed bond using inflation swaps and nominal sovereign bonds. The strategy reveals a violation of the law of one price in the G7 countries which is largest for the eurozone. Testing the strategy's exposure to deflation, volatility, liquidity, economic and policy risks suggests that the observed pricing differential is an economic tail risk premium which is more pronounced in the eurozone. We conclude that inflation expectations implied by models that view this pricing differential as compensation for risk are likely to be accurate and useful for policy-making.

The Trans Pacific Partnership Agreement, Intellectual Property And Medicines: Differential Outcomes For Developed And Developing Countries, Deborah Gleeson, Joel Lexchin, Ruth Lopert, Burcu Kilic

Health Policy and Management Faculty Publications

The final text of the Trans Pacific Partnership Agreement (TPP), agreed between the 12 negotiating countries in 2016, included a suite of intellectual property provisions intended to expand and extend pharmaceutical company exclusivities on medicines. It drew wide criticism for including such provisions in an agreement that involved developing countries (Vietnam, Peru, Malaysia, Mexico, Chile and Brunei Darussalam) because of the effect on delaying the introduction of low-cost generics. While developing nations negotiated transition periods for implementing some obligations, all parties would have eventually been expected to meet the same standards had the TPP come into force. While the TPP …

Evaluating Theories On Income Polarization In The U.S., Jocelyn Anderson

Political Science Theses and Capstones

This paper examines the relationship between technological change and income polarization within the United States. I examine and discuss the reshaping of the U.S. labor market via skill- biased technological change, possible effects of globalization, as well as institutional policies. My research also explored how aspects of corporate structure norms, and tax avoidance could be causes for increased income polarization related to top tier incomes. Using current literature and data to consider the top causes of an increasingly widening wage gap, one can see that advancements in technology and the changes it has had on the labor market, as well …

Contagious Exporting And Foreign Ownership: Evidence From Firms In Shanghai Using A Bayesian Spatial Bivariat Probit Model, Badi H. Baltagi, Peter H. Egger, Michaela Kesina

Center for Policy Research

Whether a firm is able to attract foreign capital and whether it may participate at the export market depends on whether the fixed costs associated with doing so are at least covered by the incremental operating profits. This paper provides evidence that success for some firms in attracting foreign investors and in exporting appears to reduce the associated fixed costs with exporting or foreign ownership in other firms. Using data on 8,959 firms located in Shanghai, we find that contagion and spillovers in exporting and in foreign ownership decisions within an area of 10 miles in the city of Shanghai …

Ireland Austerity Addiction: Challenges & Opportunities, Brendan O'Rourke, John Hogsn

Conference papers

The current hold of austerity on Irish public policy provokes a comparison with addiction. Postliberalism, the form of austerity Ireland is hooked on, brought the country to its knees. It tied the millstone of bank bailouts around Ireland’s neck, slashed its education and health spending and meant its budgets were closely supervised by the Troika of the Europe Union (EU), the International Monetary Fund and the European Central Bank from 2010-2013. Unemployment spiked and there was an exodus, particularly of young people, from the country. This was a period of national humiliation as economic sovereignty evaporated in a deal described …

Equity Culture And Decent Work: The Case Of Amazon (2017), Marcy Murninghan

New England Journal of Public Policy

Every year, publicly traded companies hold annual meetings at which management presents a summary of the year’s accomplishments and shareholders vote on a slate of ballot issues, referred to as “proxy resolutions,” that are placed there by either management or shareholders. As in public life, in theory this form of corporate governance relies on a division of authority and checks and balances among shareholders, the board of directors, and company management. In theory, shareholders function much like registered voters, boards serve as their elected representatives, and management operates much like the executive branch to carry out the mandates accorded to …

Money And Morality: Pathways Toward A Civic Stewardship Ethic (2012), Marcy Murninghan

New England Journal of Public Policy

Based on a plenary presentation made at the Ninth Harvard University Forum on Islamic Finance, held at Harvard Law School in 2010, less than two years after the 2008 financial crisis, this article argues for the restoration of ethical values and civic commitments in capitalism and economic enterprise, drawing on traditional religious, theological, and philosophical principles regarding the civic moral obligations associated with building and managing wealth. The article is divided into three main parts. It begins with an overview of reform measures emanating from the financial debacle, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and an …

Trusting Harvard: The Cost Of Unprincipled Investing (2014), Marcy Murninghan, Robert A.G. Monks

New England Journal of Public Policy

This article provides a framework for answering two questions: How can Harvard fulfill its fiduciary obligation as an investor in ways that advance its beliefs, values, and commitments? How can Harvard take the lead in creating a curriculum for students, professionals, and the general public about the civic moral obligations of wealth? While aimed at Harvard, the issues covered are relevant to other universities and tax-exempt institutional investors, because they have a special duty to advance the public interest. Commissioned and co-authored by the noted corporate governance and responsible ownership guru Robert A. G. Monks, it calls on Harvard to …

Corporate Civic Responsibility And The Ownership Agenda: Investing In The Public Good (1994), Marcy Murninghan

New England Journal of Public Policy

This article seeks to provoke broader public discussion about ways in which human and ecologic dignity, prosperity, and the civic ideal can be advanced through a revitalized and principled ownership agenda that features greater levels of corporate accountability and civic virtue. It draws from portions of what then was called an “Occasional Paper,” part of a series emanating from the early days of the University of Massachusetts Boston’s McCormack Graduate School of Policy and Global Studies. Written in 1994, it introduces a new paradigm for corporate governance called the “corporate covenant,” which casts ownership within the framework of citizenship. These …

Undimmed By Human Tears: American Cities, Philanthropy, And The Civic Ideal (1992), Marcy Murninghan

New England Journal of Public Policy

Commissioned by the Council on Foundations in 1992 at a time when urban concerns had fallen off the national agenda, this article contains summary recommendations of an investigation into the response of grantmakers and urban policy experts after the deadly violence that occurred in Los Angeles that spring. An April 29 state-court acquittal of police officers accused of using excessive force against Rodney King had sparked two days of burning and looting throughout South Central Los Angeles, an area hard-hit by job loss and plant closings that over the previous twenty years had become demographically and economically transformed. Once an …

U. S. Fiscal Policy And Asset Prices: The Role Of Partisan Conflict, Rangan Gupta, Chi Keung Marco Lau, Stephen M. Miller, Mark E. Wohar

Molasky Family Department of Economics and Real Estate Faculty Research

Fiscal policy shocks exert wide-reaching effects, including movements in asset markets. US politics have been characterized historically by a high degree of partisan conflict. The combination of increasing polarization and divided government leads not only to significant Congressional gridlock, but also to spells of high fiscal policy uncertainty. This paper adds to the literature on the relationships between fiscal policy and asset prices in the US economy conditional on the degree of partisan conflict. We analyze whether a higher degree of partisan conflict (legislative gridlock) reduces the efficacy of the effect and response of fiscal policy on and to asset …

Entrepreneurship Education Empowers Youth To Change Their Lives, Marianna Brashear, Jason Riddle

National Youth Advocacy & Resilience Conference

The Foundation for Economic Education (FEE) aims at equipping Title 1 schools with free, hands-on, engaging materials that any teacher can facilitate either individually or in a classroom setting with no background in entrepreneurship necessary. These versatile lessons, courses, and workshops teach the entrepreneurial mindset optimizing opportunities for grades 8-12 students no matter which life/career path they choose.

Regional Economic Vulnerability To Sea Level Rise In San Diego County, Charles Colgan, Fernando Depaolis, Shaun Richards

Publications

One of the consequences of climate change and sea level rise that has not been extensively examined is the possible damages that can be done to regional economies. Even under scenarios of relatively small sea level rise, areas historically at risk from flooding will find flooding increasing as storms increase in frequency and severity. The result will likely be temporary disruptions of business activity lasting days to weeks. Climate change and accompanying higher sea levels will mean increasing severity of flood risk that will well to areas that have been historically immune to flooding. The cumulative effect of these flood …

The Indian Diaspora, Culture, And Foreign Policy, Singapore Management University

Perspectives@SMU

Indians living overseas can be a bridge to a rapidly changing world

In the United Nations “International Migration Report 2015”, India had the largest diaspora population in the world with 16 million individuals born in the country but living outside of it. It’s a 100 percent increase from the 8 million in 2000, with an increasing number making their way to the United States where Indians make up the second largest immigrant group after Mexicans.

Premium Motor Spirit (Pms) Subsidy Removal : Its Potential Impacts For The Nigerian Economy, Bandele A. G. Amoo, Williams J. Kanya, Margaret J. Hilili, Al-Hassan I. Uba

Bullion

Subsidy payments on premium motor spirit (PMS) in Nigeria have impacted significantly on revenue of the government over the years. The tempo has been on the upward trend over time, resulting in fiscal concerns necessitating immediate government attention. The economy suffered operational challenges, leading to loss of huge revenue. several suggestion on how to address the issue have been provided by various governments over the years, but a permanent solution to the problem are yet to be achieved. thus, this paper reviews the issues and found that, beyond the revenue concern to the government, importing PMS into Nigeria takes about …

How Fair Is The New York State Education Aid System?, John Yinger, Emily Gutierrez

Center for Policy Research

It’s Elementary is a series of essays on topics in education and education policy. The main focus is on education finance in New York State, but general research findings in education and education policy issues in several other states are also discussed. John Yinger, Professor of Economics and Public Administration at the Maxwell School, Syracuse University is the author of most of these essays, although a few are written by or co-authored with other scholars.

Shifted Baselines Reduce Willingness To Pay For Conservation, Loren Mcclenachan, Ryunosuke Matsuura, Payal Shah, Sahan T.M. Dissanayake

Economics Faculty Publications and Presentations

A loss of memory of past environmental degradation has resulted in shifted baselines, which may result in conservation and restoration goals that are less ambitious than if stakeholders had a full knowledge of ecosystem potential. However, the link between perception of baseline states and support for conservation planning has not been tested empirically. Here, we investigate how perceptions of change in coral reef ecosystems affect stakeholders' willingness to pay (WTP) for the establishment of protected areas. Coral reefs are experiencing rapid, global change that is observable by the public, and therefore provide an ideal ecosystem to test links between beliefs …

Employee Financial Wellness Programs: Differences In Reach By Financial Circumstances, Sophia R. Fox-Dichter, Yingying Zeng, Mathieu R. Despard, Ellen Frank-Miller, Geraldine Germain

Social Policy Institute Research

Workplace-based Employee Financial Wellness Programs (EFWPs) aim to strengthen employees’ financial well-being through services such as financial coaching, payroll advances and short-term installment loans, credit counseling, debt management, and online financial management tools. Although EFWPs are a fast-growing part of employee benefit packages, offerings vary widely in service type and delivery method across em-ployers, and little research has assessed their efficacy and reach.1 Our prior research2 indicates significant differences among employees, includ-ing by race/ethnicity3, regarding their awareness, utilization, and self-reported benefits from EFWP services. This brief adds to this research by exam-ining these differences in EFWP reach by employ-ees’ financial …