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Full-Text Articles in Macroeconomics

The Impact Of Legalization Of Marijuana On Opioid Overdose Deaths, Radhika N. Bharadwaj Feb 2019

The Impact Of Legalization Of Marijuana On Opioid Overdose Deaths, Radhika N. Bharadwaj

School of Arts & Sciences Theses

This masters’ thesis aims to examine the impact of the legalization of marijuana for recreational use on the death toll from opioid misuse in the state of Colorado. This investigation was done using the Synthetic Controls Method via data collected primarily from the CDC and IPUMS databases. The results indicate that the 2012 legalization policy in Colorado appears to reduce the number of deaths due to opioid overdoses.


Essays In New Keynesian Monetary Policy, Tzu-Hao Huang Sep 2018

Essays In New Keynesian Monetary Policy, Tzu-Hao Huang

All Dissertations, Theses, and Capstone Projects

The dissertation consists of three Chapters. I consider New Keynesian models which involve tradeoffs between output gap and inflation variances. Such policy strategy is often referred to as flexible inflation targeting rules (e.g., Lars Svensson 2011, pp.1238-95). Taylor rules, in general, have the symbolic expression 𝑖t=𝜑x𝑥t+𝜑𝜋𝜋t+𝜑g𝑔t, where 𝑖t is the nominal interest rate at period t, 𝑥t is the target variable output gap at period t, 𝜋t is the target variable inflation rate at period t, 𝑔t is realized shock to ...


A New Keynesian Approach To Estimating Welfare Losses Under Strict And Flexible-Targeting Regimes, Shawn Weber May 2018

A New Keynesian Approach To Estimating Welfare Losses Under Strict And Flexible-Targeting Regimes, Shawn Weber

School of Arts & Sciences Theses

How do different inflation-targeting regimes affect the monetary loss-function of a central bank aiming at stabilizing inflation around an inflation target and stabilizing the real economy? Under a basic New-Keynesian framework, this paper examines the effect of inflation-targeting regimes on the monetary loss function of a central bank.


Eco 166 Introduction To Macroeconomics, Alexander Núñez-Torres Apr 2018

Eco 166 Introduction To Macroeconomics, Alexander Núñez-Torres

Open Educational Resources

National income components and their measurement, unemployment rate, and price levels. Determinants of aggregate demand and output. Effects of government spending, taxation, and monetary policy on national income, employment, and the rate of inflation.


The Government And Fiscal Policy, Alexander Nunez-Torres Apr 2018

The Government And Fiscal Policy, Alexander Nunez-Torres

Open Educational Resources

This lecture discusses the role of fiscal policy: government spending and taxation in the economy. It examines the United States government budget.


The Macroeconomic Perspective Ii: The Gdp Concept, Alexander Nunez-Torres Apr 2018

The Macroeconomic Perspective Ii: The Gdp Concept, Alexander Nunez-Torres

Open Educational Resources

This lecture presents concepts related to the Gross Domestic Product (GDP) and its calculation. It examines nominal versus real GDP.


The Core Of Macroeconomic Theory I, Alexander Nunez-Torres Apr 2018

The Core Of Macroeconomic Theory I, Alexander Nunez-Torres

Open Educational Resources

This lecture discusses the AD/AS Model, the Keynesian and neoclassical macroeconomic theories, their differences and perspectives.


Unemployment, Inflation, And Long-Run Growth, Alexander Nunez-Torres Apr 2018

Unemployment, Inflation, And Long-Run Growth, Alexander Nunez-Torres

Open Educational Resources

This lecture covers unemployment, inflation and long-run growth.


The Core Of Macroeconomic Theory Ii, Alexander Nunez-Torres Apr 2018

The Core Of Macroeconomic Theory Ii, Alexander Nunez-Torres

Open Educational Resources

No abstract provided.


The Macroeconomic Perspective I: Introduction To Macroeconomics, Alexander Nunez-Torres Apr 2018

The Macroeconomic Perspective I: Introduction To Macroeconomics, Alexander Nunez-Torres

Open Educational Resources

This lecture evaluates concepts of macroeconomics and distinguishes it from microeconomics. It examines the role of government as well as providing a brief history of macroeconomics.


Demand, Supply, And Market Equilibrium, Alexander Nunez-Torres Apr 2018

Demand, Supply, And Market Equilibrium, Alexander Nunez-Torres

Open Educational Resources

This lecture discusses the role of firms and households in the market as well as the circular flow. Market equilibrium, supply, demand and the concept of efficiency are also covered.


Welcome To Economics! The Scope And Method Of Economics, Alexander Nunez-Torres Apr 2018

Welcome To Economics! The Scope And Method Of Economics, Alexander Nunez-Torres

Open Educational Resources

This lecture covers concepts, definitions and methods of Economics and discusses how theories and models are used.


The Balance Of Payments, Exchange Rates And Aggregate Expenditure, Alexander Nunez-Torres Apr 2018

The Balance Of Payments, Exchange Rates And Aggregate Expenditure, Alexander Nunez-Torres

Open Educational Resources

This lecture examines the effects of the economy’s openness on macroeconomic policy. The three main topics covered in this lecture are: the effect of exports and imports on the Gross Domestic Product; the workings of a foreign exchange market; and the effects of exchange rates on the economy.


Money, The Federal Reserve And The Monetary Policy, Alexander Nunez-Torres Apr 2018

Money, The Federal Reserve And The Monetary Policy, Alexander Nunez-Torres

Open Educational Resources

No abstract provided.


Choice In A World Of Scarcity, Alexander Nunez-Torres Apr 2018

Choice In A World Of Scarcity, Alexander Nunez-Torres

Open Educational Resources

This lecture introduces the concepts of scarcity, choice and opportunity costs. It also discusses economics systems and the role of government.


Macroeconomics Course Outline And Syllabus, Sean P. Macdonald Apr 2018

Macroeconomics Course Outline And Syllabus, Sean P. Macdonald

Open Educational Resources

No abstract provided.


Bayesian State Space Representation Model: Applications To Macroeconomics And International Finance, Hiroshi Morita Feb 2018

Bayesian State Space Representation Model: Applications To Macroeconomics And International Finance, Hiroshi Morita

All Dissertations, Theses, and Capstone Projects

This dissertation develops three new econometric models using Bayesian state space representation model in order to apply to macroeconomics and international finance. It consists of 3 chapters. Chapter 1 develops a Markov mixture model of macroeconomic fundamentals to analyze the short-run dynamics of foreign exchange rates. In our model, foreign exchange rates are simultaneously determined by three parities: the interest rate parity, the inflation rate parity, and the equity return rate parity. Using four exchange rates: the U.S. dollar price of the British pound, the German mark, the Japanese yen, and the Canadian dollar, the findings are: (1) Our ...


Business Economics: Data For Decision Making, Brian Barnier, Kevin Foster Jan 2018

Business Economics: Data For Decision Making, Brian Barnier, Kevin Foster

Open Educational Resources

Syllabus for a course in data analytics for business economics, focusing on use of source data sets to answer the "why?" questions hidden in aggregate averages used in theory and "headline" news releases. Zero cost course using data available widely on the web. Optional texts are trade books available widely in libraries or used copies at low cost.


The Effect Of Changes In Racial Composition On Housing Prices: A Study Of The Most Diverse Place In The World, Youseph Anwar Dec 2017

The Effect Of Changes In Racial Composition On Housing Prices: A Study Of The Most Diverse Place In The World, Youseph Anwar

School of Arts & Sciences Theses

This study attempts to illustrate that increases in minority residents may lead to decreases in housing prices. I observe the effects of changes in racial composition on housing prices in Queens, NY from 2011-2015. The following econometric tools are implemented: a fixed effects model, quantile, hedonic, and OLS regressions.


Essays On Inequality And Macroeconomic Stability, Thomas Hauner Sep 2017

Essays On Inequality And Macroeconomic Stability, Thomas Hauner

All Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters. . .

Chapter 1: Aggregate Wealth and Its Distribution as Determinants of Financial Crises: Panel Evidence This essay investigates the relationship between wealth inequality and financial crises across a panel of nine advanced economies over the past 100 years. While substantiation of a role for income inequality is ambiguous in the literature, evidence is presented suggesting a unique capacity for the accumulation of assets to increase the likelihood of a future financial crisis episode. Testing long-run panel data with a reduced form, two-way fixed effects model, estimates suggest that increasing wealth inequality, in an economy with ...


Three Essays On The European Sovereign Debt Crisis With A Special Focus On Greece, Flora Leventi Sep 2017

Three Essays On The European Sovereign Debt Crisis With A Special Focus On Greece, Flora Leventi

All Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters where I examine several aspects of the European sovereign debt crisis. The first chapter focuses on systemic risk. Following the financial crisis of 2007-08, both in academic as well as policy circles, much of the research has focused toward the systemic importance of financial institutions. Parallel to that research, but to somewhat lesser extent, there have been improvements in our understanding of how risk is transmitted from the financial system to the real economy. This chapter investigates a related yet distinct manifestation of systemic risk, namely systemic sovereign risk. Using data on sovereign credit ...


A Case Study Of The Impact Of The -Ny-Suny 2020 Challenge Grant Program Act On Public College Enrollment, Mekaj T. Daniel Ms. May 2017

A Case Study Of The Impact Of The -Ny-Suny 2020 Challenge Grant Program Act On Public College Enrollment, Mekaj T. Daniel Ms.

School of Arts & Sciences Theses

In 2011, Governor Andrew Cuomo of New York signed into law NY Senate Bill S5855 establishing the NY-SUNY 2020 Challenge Grant Program Act. This legislation limited year-over-year resident undergraduate tuition increases in the City University of New York (CUNY) and State University of New York (SUNY) systems to a maximum of three hundred dollars ($300) per year from the 2011/2012 school year to 2015/2016. It also mandated that increases in nonresident undergraduate tuition not exceed 10 percent over the previous year. In addition to the tuition cap, a tuition credit is provided to students whose annual resident undergraduate ...


Zero Textbook Cost Syllabus For Economics 201 (Macroeconomic Theory), Bettina E. Berch Apr 2017

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.


Essays On The Law Of One Price In Financial Markets And The Recent Financial Crisis, Igor Sorkin Feb 2017

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

All 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 ...


Three Essays On Fiscal Policy, Sinem Buber Singh Feb 2017

Three Essays On Fiscal Policy, Sinem Buber Singh

All 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 ...


Broken Promesa: Puerto Rico Sinks, But The Life Rafts Can’T Save Everyone, Nico A. Grant Dec 2016

Broken Promesa: Puerto Rico Sinks, But The Life Rafts Can’T Save Everyone, Nico A. Grant

Capstones

Puerto Rico is in the midst of an economic calamity. The U.S. Territory faces a $73 billion debt, an economy on a downward spiral and hemorrhaging population numbers. In response, the U.S. Congress passed the PROMESA Act, which includes an oversight board to control Puerto Rico’s finances. But this purported pathway to prosperity won’t revitalize the Caribbean island.

As the board’s austerity measures fail to turn the economy around, ordinary Puerto Ricans are peddling to resurrect the island’s private sector. These stories from Puerto Rico illustrate the pain of economic decay and the hope ...


The Effects Of Globalization On An Emerging Economy: The Case Of South Africa, Oluwasheyi S. Oladipo Jun 2016

The Effects Of Globalization On An Emerging Economy: The Case Of South Africa, Oluwasheyi S. Oladipo

All Dissertations, Theses, and Capstone Projects

This dissertation examines how globalization influences selected aspects of an emerging economy, using South Africa as a case study. The dissertation consists of three chapters: two microeconomic studies and one macroeconomic paper on the effects of globalization on some of the factors affecting economic growth. One micro paper explores the impacts of openness on inequality (Chapter 1), another investigates the impacts of trade liberalization on manufacturing sector wages (Chapter 2), and the macro study, which is the final chapter, examines the effects of inflation targeting on exchange rate pass through to domestic prices (Chapter 3).

In 1994, apartheid ended in ...


Macroeconomic Stabilization When The Natural Real Interest Rate Is Falling, Sebastien Buttet, Udayan Roy Oct 2015

Macroeconomic Stabilization When The Natural Real Interest Rate Is Falling, Sebastien Buttet, Udayan Roy

Publications and Research

The authors modify the Dynamic Aggregate Demand–Dynamic Aggregate Supply model in Mankiw’s widely-used intermediate macroeconomics textbook to discuss monetary policy when the natural real interest rate is falling over time. Their results highlight a new role for the central bank’s inflation target as a tool of macroeconomic stabilization. They show that even when the zero lower bound is not binding, a prudent central bank will need to match every decrease in the natural real interest rate with an equal increase in the target rate of inflation in order to stabilize the risk of the economy falling into ...


A Simple Treatment Of The Liquidity Trap For Intermediate Macroeconomics Courses, Sebastien Buttet, Udayan Roy Jan 2014

A Simple Treatment Of The Liquidity Trap For Intermediate Macroeconomics Courses, Sebastien Buttet, Udayan Roy

Publications and Research

Several leading undergraduate intermediate macroeconomics textbooks now include a simple reduced-form New Keynesian model of short-run dynamics (alongside the IS-LM model). Unfortunately, there is no accompanying description of how the zero lower bound on nominal interest rates affects the model. In this article, the authors show how the aforementioned model can easily be modified to teach undergraduate students about the significance of the zero lower bound for economic performance and policy. This acquires additional significance because economies such as the United States and Japan have been close to the zero lower bound since 2008 and 1995, respectively. The authors show ...