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Full-Text Articles in Macroeconomics

International Welfare Spillovers Of National Pension Schemes, James Staveley-O'Carroll, Olena Staveley-O'Carroll Jul 2019

International Welfare Spillovers Of National Pension Schemes, James Staveley-O'Carroll, Olena Staveley-O'Carroll

Economics Department Working Papers

We employ a two-country overlapping-generations model to explore the international dimension of household portfolio choices induced by the asymmetric provision of government-run pensions. We study the resulting patterns of risk-sharing and the corresponding welfare effects on both home and foreign agents. Introducing the defined benefits pay-as-you-go system at home increases the welfare of all other agents at the expense of the home workers and improves the degree of intergenerational risk sharing abroad. Conversely, a defined contributions system leads to welfare losses of both home cohorts accompanied by gains abroad, but does increase the extent of intergenerational risk sharing at home.


Labor Market Policies And Women’S Labor Market Activity In The United States And Germany, Brianna Repke May 2019

Labor Market Policies And Women’S Labor Market Activity In The United States And Germany, Brianna Repke

Senior Honors Projects

In terms of per capita Gross Domestic Product (GDP) and many other measures, the United States and Germany are both economic leaders in the global world. However, gender gaps persist in the labor markets of both countries. This paper examines these gender gaps and various labor market policies that are intended to reduce them. The policies examined include gender equality policies and family-oriented policies in the two countries. Over the last few decades, most of the OECD (Organisation for Economic Co-operation and Development) countries have experienced low and decreasing birth rates. In response, several countries have introduced parental leave regulations ...


Opioid Overdose And Unemployment In The Uk, Hayden Grace Apr 2019

Opioid Overdose And Unemployment In The Uk, Hayden Grace

Honors College Capstone Experience/Thesis Projects

Opioid overdose in the United Kingdom has risen drastically over the last few years along with the rise in the use of zero-hours contracts. Zero-hours contracts are contracts for employment that guarantee no work but can anchor a person to a job that doesn’t pay above minimum wage when they do not receive work. Since opioid use is often associated with poorer economic conditions in the United States, this paper attempts to measure any correlation between poverty and opioid use in the UK. Using zero-hours contracts as a proxy for underemployment we use several regression models to determine the ...


The Power Of The Visible Hand, Jacqueline S. Kotkiewicz Apr 2019

The Power Of The Visible Hand, Jacqueline S. Kotkiewicz

Student Publications

This paper is an analysis of state capitalism as a vehicle for change in the global economic system. Specifically, it looks at how state capitalism can be seen as an emerging threat to the Bretton Woods system, as well as how it is becoming an increasingly popular model of development. From national champions, to the Belt and Road initiative, to a rising presence in emerging market economies, the state capitalism model is increasing in influence. Due to this rise in power of countries that practice state capitalism, the global structure of power can potentially be challenged, thus also altering the ...


Celtic Tiger Ireland As A Case Study In The Practical Application Of Neoliberal Economic Policy, Natalie Sneed Mar 2019

Celtic Tiger Ireland As A Case Study In The Practical Application Of Neoliberal Economic Policy, Natalie Sneed

Honors Theses, University of Nebraska-Lincoln

The Celtic Tiger economic boom, which occurred in Ireland from approximately 1987 to 2009 has generally been considered one of the most remarkable economic turnarounds in any country in the modern era. My purpose in this project was to identify the primary causes and effects of such rapid and dramatic economic growth and development to determine whether it is sensible for other countries emerging from colonial rule to seek to emulate the Irish economic model. Through a review of the economic literature on the Irish economy in the last three decades, I identify Ireland’s implementation of a neoliberal economic ...


Trends And Tariffs: Nebraska In An Aging Recovery, Eric Thompson Feb 2019

Trends And Tariffs: Nebraska In An Aging Recovery, Eric Thompson

Business in Nebraska

Nebraska will record solid economic growth during the forecast period but will lag U.S. growth. Nebraska’s large farming sector is struggling and will not contribute much to economic growth during the forecast period. Job growth also will be sluggish in transportation and retail trade. Job growth, however, will be stronger in the services, finance, manufacturing and construction. Projected growth rates for 2019 to 2021 are presented in Table 1.

Employment will grow by 0.7% to 0.9% per year, below the national rate. Nonfarm income will grow between 4.4% and 4.5% each year. This growth ...


Regulations, Governance, And Resolution Of Non-Performing Loan: Evidence From An Emerging Economy, Abu S. Amin, Mahmood Osman Iman, Mahfuja Malik Jan 2019

Regulations, Governance, And Resolution Of Non-Performing Loan: Evidence From An Emerging Economy, Abu S. Amin, Mahmood Osman Iman, Mahfuja Malik

WCBT Faculty Publications

How do banks resolve a severe bad loan problem in a capital-constrained, low-income economy when a government bailout is not an option? We address this question by examining new evidence from a sharp decline in bad loan ratios in a panel of conventional commercial banks in Bangladesh. On the aggregate level, the bad loan ratio in this market has dropped from 41% in 1999 to only 10% in 2012. We find that at a micro level, this dramatic improvement is associated with bank management quality and internal governance that were substantially enhanced during a decade of large-scale regulatory reforms. The ...


International Risk Sharing In Overlapping Generations Models, James Staveley-O'Carroll, Olena M. Staveley-O'Carroll Dec 2018

International Risk Sharing In Overlapping Generations Models, James Staveley-O'Carroll, Olena M. Staveley-O'Carroll

Economics Department Working Papers

We present a solution to the Backus-Smith puzzle that, instead of relying on extreme parameter values or complex modeling assumptions, simply switches the framework from infinitely lived agents to overlapping generations. Young agents face non-diversifiable wage risk that leads to a low degree of risk sharing within each country. Subsequently, international price movements are not sufficient to achieve the high consumption-real exchange rate correlation produced in standard infinitely lived agent DSGE models.


Pareto-Improving Transition To Fully Funded Pensions Under Myopia, Torben M. Andersen, Joydeep Bhattacharya, Marias H. Gestsson Nov 2018

Pareto-Improving Transition To Fully Funded Pensions Under Myopia, Torben M. Andersen, Joydeep Bhattacharya, Marias H. Gestsson

Economics Working Papers

Under dynamic efficiency, a pay-as-you-go (PAYG) pension scheme is often described as an “original sin”: It helps the current generation of retirees but hurts future generations because they are forced to save via a return-dominated scheme. Abandoning it is deemed welfare-improving but typically not for all generations. But what if agents are present-biased (hence, undersave for retirement) and the “paternalistically motivated forced savings” component of a PAYG scheme motivated its existence in the first place? This paper shows it is possible to transition from such a PAYG scheme on to a higher return, mandated fully-funded scheme; yet, no generation is ...


Efficiency With Endogenous Population And Fixed Resources, Juan Carlos Cordoba, Xiying Liu Nov 2018

Efficiency With Endogenous Population And Fixed Resources, Juan Carlos Cordoba, Xiying Liu

Economics Working Papers

This article studies socially optimal allocations, in the first-best sense, in environments characterized by fixed resources and endogenous fertility. Individuals in our environment are fully rational and altruistic toward their descendants, the social planner is benevolent, and there is full information. Our model allows for rich heterogeneity of abilities, preferences for children, and costs of raising children. We find that efficient allocations in the endogenous fertility case differ significantly from its exogenous fertility counterpart. In particular, optimal steady-state population is proportional to the amount of fixed resources and to the level of technology while steady state individual consumption is independent ...


A Pilot Study Of Uncertainty In Income Tax Forecasts, Andrew Joung, Benjamin Lockwood, Alex Rees-Jones Oct 2018

A Pilot Study Of Uncertainty In Income Tax Forecasts, Andrew Joung, Benjamin Lockwood, Alex Rees-Jones

Population Center Working Papers (PSC/PARC)

How confidently can taxpayers forecast the tax bill that they will face? We asked survey respondents to provide both point estimates and subjective probability distributions of items from the tax return that they will submit the following April. In a pilot study, consisting of a sample of 188 participants from Amazon Mechanical Turk, we find evidence of substantial uncertainty over both the final tax and its determinants. We discuss the implications of this uncertainty for both tax policy and economic modeling.


Nonlinearities In The Real Exchange Rates: New Evidence From Developed And Developing Countries, Yamin S. Ahmad, Ming Chien Lo, Olena M. Staveley-O'Carroll Oct 2018

Nonlinearities In The Real Exchange Rates: New Evidence From Developed And Developing Countries, Yamin S. Ahmad, Ming Chien Lo, Olena M. Staveley-O'Carroll

Economics Department Working Papers

This paper investigates nonlinearities in the dynamics of real exchange rates. We use Monte Carlo simulations to establish the size properties of the Teräsvirta-Anderson (1992) and the Teräsvirta (1994) test, when the dynamics of the real exchange rate is influenced by an exogenous process. In addition, we examine the modification proposed by Ahmad, Lo and Mykhaylova (2013; Journal of International Economics) to show that the modified nonlinearity test performs much better than the original in both Monte Carlo exercises and in the actual data on 1431 bilateral real exchange rate series. Finally, we investigate the dynamics of the real exchange ...


The Economic Impact Of The 2018 Spartan Race On The West Virginia Economy, Christiadi, John Deskins Oct 2018

The Economic Impact Of The 2018 Spartan Race On The West Virginia Economy, Christiadi, John Deskins

Bureau of Business & Economic Research

No abstract provided.


The Economic Impact Of Coal In West Virginia, Christiadi, John Deskins Jul 2018

The Economic Impact Of Coal In West Virginia, Christiadi, John Deskins

Bureau of Business & Economic Research

No abstract provided.


Three Essays On Growth, Housing Market And Inequality, Shahrzad Ghourchian Jun 2018

Three Essays On Growth, Housing Market And Inequality, Shahrzad Ghourchian

FIU Electronic Theses and Dissertations

This dissertation includes three essays on growth, the housing market, and inequality. In the first essay, I analyze the effects of government consumption and government debt on long-run economic growth by considering the economic characteristics of the countries investigated. Linear regressions reveal that government consumption has a much bigger negative impact on long-run growth compared with the negative (and sometimes insignificant) effects of government debt. Nonlinear analyses further show that such effects are highly impacted by the economic characteristics of the countries investigated.

In the second essay, I study time-series fluctuations in the United States housing market from 2010 to ...


Resource Nationalism And Energy Integration In Latin America: The Paradox Of Populism, Brian Hollingsworth Jun 2018

Resource Nationalism And Energy Integration In Latin America: The Paradox Of Populism, Brian Hollingsworth

FIU Electronic Theses and Dissertations

This dissertation examines the relationship between resource nationalism and energy integration, and uses Bolivia and Brazil as a test case. Essentially, does resource nationalism affect energy integration? The findings nest within more expansive questions on international political economy and export-driven models of development. Why do populist regimes, historically operating under an economic nationalist cum protectionist paradigm, simultaneously pursue policies of economic integration? What is the relationship between resource nationalists and open markets, especially in the hydrocarbons sector? What is the relationship between populists, who are typically resource nationalists, and their decision to choose policies of energy integration?

The most common ...


Moderate Growth With A Stronger Industrial Sector, Eric Thompson Jun 2018

Moderate Growth With A Stronger Industrial Sector, Eric Thompson

Business in Nebraska

Nebraska will record solid economic growth during the forecast period but will lag U.S. growth. While Nebraska’s large farming sector has stabilized, it will not contribute much to economic growth during the forecast period. Job growth also will be sluggish in transportation, retail trade and state and local government. Job growth, however, will be stronger in the services, finance, manufacturing and construction. Projected growth rates for 2018 to 2020 are presented in Table 1.

Employment will grow by 0.8% to 1.0% per year, below the national rate. Non-farm income will grow between 3.6% and 3 ...


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.


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

Macroeconomics Course Outline And Syllabus, Sean P. Macdonald

Open Educational Resources

No abstract provided.


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.


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 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 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 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.


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.


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.


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.


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.


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.