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2016

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Articles 1 - 30 of 59

Full-Text Articles in Economic History

Slavery, Migration, And Local Development In The Western Us, Colin Q. Sharpe Dec 2016

Slavery, Migration, And Local Development In The Western Us, Colin Q. Sharpe

School of Arts & Sciences Theses

This paper examines the effects of migration from eastern slave states in the 19th century on the subsequent development of counties in the Western US. I find that increased migration from slave states has a large, statistically significant negative effect on 2010 income, and no significant effect on racial inequality or overall income inequality. These findings are robust to a variety of specifications, including controls for geographic factors, state fixed effects, and various county level social and economic conditions. Data on individual migrants suggest that the cause of the negative income effect is the lower average human capital endowment of ...


Warlord: The Political And Military Ambitions Of Nazi Germany, William R. Underhill Dec 2016

Warlord: The Political And Military Ambitions Of Nazi Germany, William R. Underhill

Senior Theses

There are so many important stories to consider when thinking about World War II. It is easy to think about the popular aspects of the war: the causes, the major figures, the battles, and, of course, the lasting consequences. Yet there are other, lesser known storylines to consider, ones that have taken a backseat to the more popular narratives of the time. It is commonly understood that Nazi Germany was evil and that they had nothing but ill intentions for the rest of Europe and the world. However, it is vital to understand that Germany’s pre-war intentions are notably ...


Crafting Chaos: The Classification Of Unilateral Transfers Under The Current Account At Bretton Woods And Its Impact On Remittances To The Indian State Of Kerala, Anish Gawande Nov 2016

Crafting Chaos: The Classification Of Unilateral Transfers Under The Current Account At Bretton Woods And Its Impact On Remittances To The Indian State Of Kerala, Anish Gawande

Undergraduate Economic Review

This essay aims to analyse the classification of unilateral transfers under the current account at Bretton Woods despite significant opposition from larger delegations of major Allied powers, bringing to the forefront the global liquidity of remittances in the post-War years permitted by their fully currency convertible nature. Using the example of the Indian State of Kerala, this paper charts the relevance of their sustained uninterrupted flow to their subsequent exponential growth in the last three decades, using the case study as a pivot to argue for better policy measures that maximise their multiplier effect.


Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina Nov 2016

Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina

Economics

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on commodity-price movements from the classical gold standard era, we then show that the model’s main prediction holds even for the canonical example of hard pegs. We identify a negative causal relationship between export-price shocks and currency-risk premia in emerging market economies, indicating that negative export-price shocks increased the probability that countries abandoned their pegs.


19th Century American Children's Book Trade Directory, American Antiquarian Society Sep 2016

19th Century American Children's Book Trade Directory, American Antiquarian Society

The Magazine of Early American Datasets (MEAD)

Based upon the unparalleled collection of Children's Literature held at the American Antiquarian Society, this comprehensive directory contains 2,600 entries documenting the activity of individuals and firms involved in the manufacture and distribution of childrens books in the United States chiefly between 1821 and 1876.

Nationally known firms such as McLoughlin Bros. and non-profit publishers like the American Sunday-School Union are included, as well as prominent educational pioneers such as Elizabeth Palmer Peabody, Samuel Griswold Goodrich, and William Bentley Fowle. The directory also reflects the dynamic growth of childrens book production in the major publishing centers of Boston ...


Mathew Carey Papers Names Index Database, American Antiquarian Society Sep 2016

Mathew Carey Papers Names Index Database, American Antiquarian Society

The Magazine of Early American Datasets (MEAD)

Mathew Carey (1760-1839), publisher, economist, and humanitarian, was born in Dublin, Ireland. He came to the United States in 1784 after involvement in Irish revolutionary activities and took up his trade as a printer, publishing the Pennsylvania Herald and the periodical, The American Museum. His book publishing ventures prospered and his firm was a leader in American printing and publishing in the period 1795 to 1835. Carey was an active proponent of the protective tariff, as well as an ardent champion of oppressed minorities in Europe, especially after his retirement from business in 1821. His business was thereafter conducted by ...


Williamsburg Brickmaker Humphrey Harwood's Ledger (1773-1793), Wendy E. Lucas 4505624, Noel D. Campbell Aug 2016

Williamsburg Brickmaker Humphrey Harwood's Ledger (1773-1793), Wendy E. Lucas 4505624, Noel D. Campbell

The Magazine of Early American Datasets (MEAD)

This file contains processed data from Humphrey Harwood’s Ledger B, folios 1-102. Entries in the ledger suggest that at least 128 folios existed in Ledger B, as well as Ledgers A and C. Ledger B records some of Harwood’s activities between 1776 through his death in 1788, and beyond to 1793, as recorded by William Harwood. For this file, we extracted and processed most of the data available in the ledger, but we were unable to understand the activities recorded in a handful of small accounts, which we omitted. Therefore, this file technically is a processed extract or ...


Easing The Encumbered Subject: Security, Speculation, And Capitalist Subjectivity, Kevin S. Amidon, Daniel A. Krier Aug 2016

Easing The Encumbered Subject: Security, Speculation, And Capitalist Subjectivity, Kevin S. Amidon, Daniel A. Krier

Kevin S. Amidon

Go to Online Edition Edited by Daniel Krier, Iowa State University and Mark P. Worrell, SUNY Cortland Capitalisms’ Future: Alienation, Emancipation and Critique frames 21st century economic and social possibilities in a dialogue between two forms of critical social theory: Marx’s critique of political economy that analyzes capitalism and the critique of political psychology that analyzes authoritarianism. Contributions from social theorists in sociology, philosophy, and cultural studies are brought together to dissect and critique capitalist crises, left-liberalism, left-Thatcherism, resistance to risk-pooling, idealist philosophy, undemocratic social character, status wages and authoritarian spectacles. Throughout, Marx’s centrality to critical social theory ...


What Motivates Farmers To Apply Phosphorus At The “Right” Time? Survey Evidence From The Western Lake Erie Basin, Wendong Zhang, Robyn S. Wilson, Elizabeth Burnett, Elena G. Irwin, Jay F. Martin Aug 2016

What Motivates Farmers To Apply Phosphorus At The “Right” Time? Survey Evidence From The Western Lake Erie Basin, Wendong Zhang, Robyn S. Wilson, Elizabeth Burnett, Elena G. Irwin, Jay F. Martin

Economics Publications

Phosphorus loadings from the Maumee River watershed have significantly compromised the Lake Erie ecosystem, as evidenced by the most severe harmful algal bloom in Lake Erie in 2015 and the shut-down of Toledo drinking water supply in 2014. Despite government payments for adoption of voluntary conservation practices, excess nutrient runoff from agricultural production remains a substantial challenge. The right timing of nutrient application is a critical best management practice (BMP). Using a unique survey of 2540 farmer respondents in the Maumee River watershed, this paper analyzes how socio-psychological, socio-demographic, and field-based spatial characteristics impact farmers' adoption of timing-related best practices ...


George Washington's Shipping Invoices From London Factors 1754-1772, Wendy E. Lucas 4505624, Noel D. Campbell Aug 2016

George Washington's Shipping Invoices From London Factors 1754-1772, Wendy E. Lucas 4505624, Noel D. Campbell

The Magazine of Early American Datasets (MEAD)

From 1754-1772, Washington marketed his crop on the consignment system. He shipped his tobacco to British 'factors' who would sell it for him on the British market, often for re-export to continental Europe. With his tobacco (and at other times during the year), Washington would send correspondence including a list of items he wished his factors to purchase for him with the tobacco revenues and ship to Virginia. The factors would attempt to fulfill Washington's purchase requests, based on product availability and their knowledge of his tastes and willingness to spend. After deducting shipping costs, insurance charges, duties and ...


Persistence In Industrial Policy Impacts: Evidence From Depression-Era Mississippi, Matthew Freedman Jul 2016

Persistence In Industrial Policy Impacts: Evidence From Depression-Era Mississippi, Matthew Freedman

Matthew Freedman

This paper studies the effects of a large-scale industrial policy implemented in 1930s Mississippi on contemporaneous and modern-day labor market outcomes. Attracted by unprecedented government incentives under Mississippi’s Balance Agriculture with Industry (BAWI) Program, 13 large manufacturing plants established operations in the state between 1936 and 1940. Using difference-in-differences and synthetic control matching techniques, I estimate that counties that received these plants experienced an over 15% increase in female labor force participation on average in the short run. Moreover, these effects persisted decades into the future, well after many of the original companies shut down. I also find suggestive ...


The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang Jul 2016

The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang

Ting Zhang

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in ...


An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang Jul 2016

An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang

Ting Zhang

This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund ...


An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang Jul 2016

An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang

Nancy Mohan

This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund ...


John Nash: A Personal Remembrance (Introduction To The John Forbes Nash Jr. Memorial Special Issue), Vernon Smith Jul 2016

John Nash: A Personal Remembrance (Introduction To The John Forbes Nash Jr. Memorial Special Issue), Vernon Smith

Economics Faculty Articles and Research

In January of 2011, three years after his 80th birthday, Games and Economic Behavior published a special issue to honor John Nash. In their introductory note, the editors, Avinash Dixit, Ehud Kalai and Stephen Morris wrote: “We are delighted to have the privilege of coordinating this expression of the whole profession's admiration and appreciation of John Nash and his work, and look forward to a repeat in ten or even twenty years' time.”

This wish was sadly interrupted by tragedy. On their way back from the ceremony awarding John the Abel Prize in mathematics, John and his wife Alicia ...


The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang Jul 2016

The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang

Economics and Finance Faculty Publications

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in ...


Patterns Of Growth And The Economic Development Of China, Adam C. Watson Jun 2016

Patterns Of Growth And The Economic Development Of China, Adam C. Watson

All Dissertations, Theses, and Capstone Projects

By looking at the historical rise of modern China, starting with the end of the First Opium War (1842) through to the start of the war with Japan (1937), and then from the beginning of Deng Xiaoping’s economic reforms (1979) to the present, this work reveals the striking similarities between the earlier and the later periods of capitalist development. If the country had not been able to draw on the deep-rooted knowledge and skills which originated in Shanghai and the port cities in the mid-nineteenth century, and instead pursued only uninformed free market principles without the training to make ...


Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom Jun 2016

Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom

Lawrence University Honors Projects

Since the pioneering work of von Neumann and Morgenstern in 1944 there have been many developments in Expected Utility theory. In order to explain decision making behavior economists have created increasingly broad and complex models of utility theory. This paper seeks to describe various utility models, how they model choices among ambiguous and lottery type situations, and how they respond to the Ellsberg and Allais paradoxes. This paper also attempts to communicate the historical development of utility models and provide a fresh perspective on the development of utility models.


Daniel Defoe’S Literary Economies: The Shifting Role Of Narrative Uncertainty, Speculation, And Providence In Robinson Crusoe And Roxana., Terese J. Swords Jun 2016

Daniel Defoe’S Literary Economies: The Shifting Role Of Narrative Uncertainty, Speculation, And Providence In Robinson Crusoe And Roxana., Terese J. Swords

Lawrence University Honors Projects

In my honors project, I analyze how Daniel Defoe’s first novel, Robinson Crusoe (1719), and his last, Roxana (1724), offer shifting economic commentary regarding England’s emerging 18th century credit economy. This shift does not come as too much of a surprise, as his first and last novel straddle the historic moment of the South Sea Bubble’s burst. Therefore, Defoe’s works, when analyzed sequentially, capture the evolving attitude towards value and credit that was occurring throughout all of England.

In my first chapter, “Crusoe’s Post Facto Journal Editing: ‘How wonderfully we are delivered when we ...


Grandparents: The Silent Engine Behind China’S Economic Growth, Singapore Management University Jun 2016

Grandparents: The Silent Engine Behind China’S Economic Growth, Singapore Management University

Perspectives@SMU

Migrant workers leave behind children to be taken care of by the elderly in villages – it is a win-win arrangement for all involved


Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov May 2016

Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov

Undergraduate Economic Review

The 2007 subprime crisis was caused by high demand for subprime mortgage products underpinned by the unrealistic assumption that property prices would keep rising indefinitely. The subprime mortgage market worked as expected as long as prices were rising and demand for property was high. When these two conditions were violated and the housing bubble collapsed, the system became dysfunctional, many subprime borrowers defaulted, and mortgage-backed securities lost much of their value. Prevention could have been achieved through regulatory measures to shift the risk back from taxpayers and investors to loan originators. Fair distribution of risk should be the main objective ...


The Investment Casualties Of War: Global Impacts Of Armed Conflict On Foreign Direct Investment Inflows, Reinhard J. Cate Mr. May 2016

The Investment Casualties Of War: Global Impacts Of Armed Conflict On Foreign Direct Investment Inflows, Reinhard J. Cate Mr.

Master's Theses

Abstract: Involvement in the outbreak of an armed conflict can present a variety of potential risks to an involved nation’s economy. In this paper I examine if one one of those risks, specifically that a new war could scare away foreign investment actually occurs and whether the intensity of the conflict increases or lessens the potential impact. Using ordinary least squares on panel data from 1966 to 2015, I examine the short and long term impacts of armed conflict on global foreign direct investment (FDI) inflows using two measures of conflict intensity: Large conflicts or ‘wars’, with 1000 or ...


Defending A Mixed Economy, Herbert J. Hovenkamp May 2016

Defending A Mixed Economy, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This essay reviews Jacob S. Hacker's and Paul Pierson's very engaging book, American Amnesia: How the War on Government Led Us to Forget what Made America Prosper (2016).


From The Classical School To Today: The Evolution Of Stagnation Theories, Francis J. Lukacovic Ii May 2016

From The Classical School To Today: The Evolution Of Stagnation Theories, Francis J. Lukacovic Ii

Applied Economics Theses

The purpose of this thesis is to study the theory of secular stagnation, which was made famous by the American Keynesian economist Alvin Hansen in his book Full Recovery or Stagnation. The theory of secular stagnation has reappeared in economic circles today due to recent economic conditions since the financial crisis of 2007-2008. The thesis will analyze the history of the stagnation theory dating back to Classical economists in the 19th century. The concept of a stagnating economy has been talked about for centuries with many economists adding important thoughts. Furthermore, the thesis will address the current questions and ...


The Trans-Pacific Partnership And Vietnam, Duong Nhu Hung, Tran Quang Dang May 2016

The Trans-Pacific Partnership And Vietnam, Duong Nhu Hung, Tran Quang Dang

Asian Management Insights

Opening up a bold new world for Vietnam’s trade and industry may not be so easy.


A Historical Examination Of Creative Destruction, Turnover Rate, And New Technology Based Firms In The Context Of The Financial Times Us 500 List, James M. Ryan May 2016

A Historical Examination Of Creative Destruction, Turnover Rate, And New Technology Based Firms In The Context Of The Financial Times Us 500 List, James M. Ryan

Undergraduate Honors Theses

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Transmission Of Banking Crises Using A Proximity Based Learning Model, Steven Yee Apr 2016

Transmission Of Banking Crises Using A Proximity Based Learning Model, Steven Yee

Senior Theses and Projects

In financial markets, banks play a key role in transforming illiquid assets into more liquid assets. However, their ability to spread the risk of liquidity shocks over a body of agents generates a positive probability for non-efficient bank runs. Building off of the classic Diamond-Dybvig framework, this paper uses an agent based model to observe the two equilibria, efficient risk sharing and the bank run. While previous literature has looked at under what conditions could a bank run equilibrium occur, this proximity based learning model (PBLM) focuses on the development of a panic driven bank run in light of limited ...


United In Diversity? The Political Implications Of Intra- Eu Migration, Isabel Monteleone Apr 2016

United In Diversity? The Political Implications Of Intra- Eu Migration, Isabel Monteleone

Senior Theses and Projects

Intra-EU migration is a phenomenon innate to the structure of the European Union. A politico-economic union of twenty-eight countries, the EU does what no other alliance of countries has endeavored before, serving as a unique product of globalization and integration, in every sense of the word. Bound almost entirely by a common currency, the European Union is established in the belief that economic cooperation in Europe can be achieved through the principle of free movement, despite each member states’ individual way of life, language, and political, religious, and cultural ideology.

Since intra-EU migration allows for the possibility of EU integration ...


From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti Apr 2016

From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti

Economics Faculty Articles and Research

In Gold Rush–era California, banking and the financial sector evolved in often distinctive ways because of the Gold Rush economy. More importantly, the abundance of gold on the West Coast provided an interesting test case for some of the critical economic arguments of the day, especially for those deriving from the descending—but still powerful—positions of the “hard money” Jacksonians.


Holly Martins And The Impartial Spectator: The Economics Of The Third Man, Alexander W. Pickens Mar 2016

Holly Martins And The Impartial Spectator: The Economics Of The Third Man, Alexander W. Pickens

MAD-RUSH Undergraduate Research Conference

The film The Third Man is often critiqued for its portrayal of post-war Vienna and the abusive nature of totalitarian regimes in a nearly-anarchic state. However, this film does something that few other films do: it tackles the primary dilemmas facing economists using a visual medium and featuring some of the debates that have been plaguing economic thinkers for years (what is a just allocation of resources, competition in free markets, what happens when corrupt governments control resource allocation). Ultimately, the film is a unique analysis tension between the costs and benefits of the philosophies of Keynes and F. A ...