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2017

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Full-Text Articles in Macroeconomics

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.


College: Making It The Right Choice, Daniel J. Dunn Dec 2017

College: Making It The Right Choice, Daniel J. Dunn

Honors Theses AY 17/18

This research paper is a macroeconomic analysis of the US higher education system with a financial twist to it. It begins by stating the problem with the US higher education system: tuition costs are high, public funding is decreasing, and therefore student debt numbers are almost unrecoverable. Next, it analyzes options for an 18-year old high school graduate toward attending (or not attending) college as a financial investment by using net present value calculations. These numbers help to shed further light on the aforementioned problem, and the paper closes with a proposed policy on how the US government already spends ...


Why The World Needs A Reserve Asset With A Hard Anchor, Warren Coats, Dongsheng Di, Yuxuan Zhao Dec 2017

Why The World Needs A Reserve Asset With A Hard Anchor, Warren Coats, Dongsheng Di, Yuxuan Zhao

Warren Coats

From the 1970s, the global currency system has two features: the use of one or a few sovereign currencies as the global reserve asset and the floating exchange rate regime between major currencies.This paper points out that the costs of the dollar’s use as an international reserve currency exceed the benefits for both the US and the rest of the world. These costs include the exporting of American manufacturing as a byproduct of its current account deficit needed to supply its currency to the rest of the world. In addition to the detriment to trade from unpredictable exchange ...


Nebraska Business And Consumer Confidence Index: December 1, 2017, Eric Thompson Dec 2017

Nebraska Business And Consumer Confidence Index: December 1, 2017, Eric Thompson

Leading Economic Indicator Reports

Consumer and business confidence surged in Nebraska during November. The Consumer Confidence Index – Nebraska (CCI-N) rose to 106.2 in November from 95.1 in October. The November value is well above the neutral level of 100.0. Likewise, the Business Confidence Index – Nebraska (BCI-N) rose from 102.7 in October to 114.1 in November, which is also well above the neutral value of 100.0. When asked about the most important issue facing their business, customer demand was mentioned by 32 percent of respondents. Nearly as many businesses mentioned workforce issues. In particular, the availability and quality of ...


Nebraska Snaps Back, Eric Thompson Dec 2017

Nebraska Snaps Back, Eric Thompson

Business in Nebraska

Nebraska will fully participate in stronger U.S. economic growth. While the farming sector will continue to face challenges, farm income will rise slightly during the forecast period, and consequently, will no longer detract from Nebraska economic growth. Nebraska will match U.S. job growth, with job growth particularly strong in services, construction, and retail trade. The agricultural processing sector also will expand employment. Projected growth rates for 2018 through 2020 are presented in Table 1.

Employment will grow by 1.1% to 1.2% per year, matching the national job growth rate in 2019 and 2020. Non-farm income will ...


Mathematical Studies Of Optimal Economic Growth Model With Monetary Policy, Xiang Liu Dec 2017

Mathematical Studies Of Optimal Economic Growth Model With Monetary Policy, Xiang Liu

Undergraduate Honors Theses

In this paper, efforts will be made to study an extended Neoclassic economic growth model derived from Solow-Swan Model and Ramsey-Cass-Koopsman Model. Some growth models (e.g. Solow-Swan Model) attempt to explain long-run economic growth by looking at capital accumulation, labor or population growth, and in- creases in productivity, while our derived model tends to look at growth from individual household and how their choice of saving, consumption and money holdings would affect the overall economic capital accumulation over a long period of time.

First an optimal control model is set up, and a system of differential equations and algebraic ...


Nebraska Monthly Economic Indicators: November 22, 2017, Eric Thompson Nov 2017

Nebraska Monthly Economic Indicators: November 22, 2017, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 fell by 0.24% during October of 2017. The decrease in the LEI-N, which is designed to predict economic activity six months into the future, suggests that economic growth will slow in Nebraska during the second quarter of 2018. The fall in the indicator was due to an decline in building permits for single-family homes and manufacturing hours-worked. There also was an increase in the value of the U.S. dollar in October. The increase in the value of the dollar is challenging for Nebraska exporters. In terms of positive components, there was ...


The Perceived Return On College Investment In Relation To Economic Expectations Of Students At The University Of Maryland, Joshua S. Roston Nov 2017

The Perceived Return On College Investment In Relation To Economic Expectations Of Students At The University Of Maryland, Joshua S. Roston

Undergraduate Economic Review

This paper presents the results of a survey conducted in the spring semester of 2017 of University of Maryland students. The results illustrate how University of Maryland students weigh the decision to attend college in terms of their perceived current economic situation and future expectations as well as predicted return on investment. A body of economic literature on the perception of return on investment from attending college exists already and this study hopes to add to the discussion as its results are unexpected. The results imply that the current generation of college students feels uncertain over the worthwhileness of higher ...


Nebraska Business And Consumer Confidence Indexes: November 3, 2017, Eric Thompson Nov 2017

Nebraska Business And Consumer Confidence Indexes: November 3, 2017, Eric Thompson

Leading Economic Indicator Reports

Nebraska’s consumer confidence remained weak during October while business confidence remained strong. The Consumer Confidence Index – Nebraska (CCI-N) stood at 95.1 in October, below the neutral value of 100.0. By contrast, the Nebraska business confidence remained strong. The Business Confidence Index – Nebraska (BCI-N) stood at 102.7 in October, below the September level of 105.2 but above the neutral value of 100.0. When asked about the most important issue facing their business, customer demand was mentioned by 31 percent of business respondents. Businesses also faced growing competition in both the labor and product markets. The ...


The Role Of Macroeconomic, Policy, And Forecaster Uncertainty In Forecast Dispersion, You Li, Anthony S. Tay Nov 2017

The Role Of Macroeconomic, Policy, And Forecaster Uncertainty In Forecast Dispersion, You Li, Anthony S. Tay

Research Collection School Of Economics

We explore the role of uncertainty in explaining dispersion in professional forecasters’ density forecasts of real output growth and inflation. We consider three separate notions of uncertainty: general macroeconomic uncertainty (the fact that macroeconomic variables are easier to forecast at some times than at others), policy uncertainty, and forecaster uncertainty. We find that dispersion in individual density forecasts is related to overall macroeconomic uncertainty and policy uncertainty, while forecaster uncertainty (which we define as the average in the uncertainty expressed by individual forecasters) appears to have little role in forecast dispersion.


Nebraska Monthly Economic Indicators: October 25, 2017, Eric Thompson Oct 2017

Nebraska Monthly Economic Indicators: October 25, 2017, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 rose by 1.86% during September of 2017. The increase in the LEI-N, which is designed to predict economic activity six months into the future, suggests solid economic growth in Nebraska during the first quarter of 2018. The rise in the indicator was due to an increase in building permits for single-family homes and growth in manufacturing hours-worked. There also was a decline in the value of the dollar in September, which is positive for Nebraska exporters. Finally, there were positive business expectations. Businesses responding to the September Survey of Nebraska Business reported ...


Partial Disability And Labor Market Adjustment: The Case Of Spain, José Ignacio Silva, Judit Vall Oct 2017

Partial Disability And Labor Market Adjustment: The Case Of Spain, José Ignacio Silva, Judit Vall

José Ignacio Silva


Although partially disabled individuals in Spain are allowed to combine disability benefits with a job, the empirical evidence shows that the employment rate of this group of individuals is very low because they have a much lower job finding and a higher job separation rates than nondisabled workers. Moreover, a decomposition analysis of the equilibrium employment rate shows that the differences in the job finding rates explain 85 percent of the disabled employment gap. To explain these facts, we construct a labor market model with search intensity and matching frictions to identify the incentives and disincentives to work in Spain ...


Nebraska Business And Consumer Confidence Indexes: October 6, 2017, Eric Thompson Oct 2017

Nebraska Business And Consumer Confidence Indexes: October 6, 2017, Eric Thompson

Leading Economic Indicator Reports

Nebraska’s consumer confidence tumbled during September while business confidence held steady. The Consumer Confidence Index – Nebraska (CCI-N) fell to 93.5 in September, well below the reading of 100.9 in August and the neutral value of 100.0. Consumer confidence is now weak in Nebraska. By contrast, the Nebraska business confidence remained strong. The Business Confidence Index – Nebraska (BCI-N) stood at 105.2 in September, slightly above the August value of 104.2, and well above the neutral value of 100.0. When asked about the most important issue facing their business, customer demand was mentioned by 37 ...


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 ...


Nebraska Monthly Economic Indicators: September 20, 2017, Eric Thompson Sep 2017

Nebraska Monthly Economic Indicators: September 20, 2017, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 fell by 0.38% during August of 2017. The decline in the LEI-N, which is designed to predict economic activity six months into the future, suggests that the Nebraska economy will grow slowly during the first few months of 2018. The drop in the indicator was primarily due to a decline in manufacturing hours-worked during August. Building permits for single-family homes and airline passenger enplanements also dropped slightly. There were two positive components of the LEI-N. Businesses responding to the August Survey of Nebraska Business reported plans to increase sales and employment over ...


Essays In International Economics: Decomposing Episodes Of Large Growth In International Trade, Brandon K. Malloy Sep 2017

Essays In International Economics: Decomposing Episodes Of Large Growth In International Trade, Brandon K. Malloy

Electronic Thesis and Dissertation Repository

My thesis consists of three chapters relating to topics in International Economics. In the first essay, I use bilateral trade data from Canada, Germany, Japan, Mexico, the U.S. and the U.K. to decompose the patterns of trade growth across various goods classifications during episodes of rapid growth in bilateral trade. I find that bilateral trade growth during these episodes is granular- less than 5\% of goods classifications account for over 65\% of overall bilateral trade growth. I quantitatively assess whether ``Melitz-style" trade models, with heterogeneous productivity firms, CES demand and fixed and variable costs of exporting, can match ...


Network Effects On Labor Contracts Of Internal Migrants In China- A Spatial Autoregressive Model, Badi H. Baltagi, Ying Deng, Xiangjun Ma Sep 2017

Network Effects On Labor Contracts Of Internal Migrants In China- A Spatial Autoregressive Model, Badi H. Baltagi, Ying Deng, Xiangjun Ma

Center for Policy Research

This paper studies the fact that 37 percent of the internal migrants in China do not sign a labor contract with their employers, as revealed in a nationwide survey. These contract-free jobs pay lower hourly wages, require longer weekly work hours, and provide less insurance or on-the-job training than regular jobs with contracts. We find that the co-villager networks play an important role in a migrant’s decision on whether to accept such insecure and irregular jobs. By employing a comprehensive nationwide survey in 2011 in the spatial autoregressive logit model, we show that the common behavior of not signing ...


Privately Issued Money In The Us, Matthew Jaremski Sep 2017

Privately Issued Money In The Us, Matthew Jaremski

Economics Faculty Working Papers

In recent years, there has been a revival of privately issued money. Due to the general lack of successful or even widely circulating private currency, it can be challenging to get a clear view of its efficiency using modern data. The U.S. historical period, however, offers a unique environment to examine the topic as private bank money made up a sizable portion of the money supply. Moreover, the period presents a wide range of regulation, including spans with and without the presence of a central bank or monetary authority. This chapter begins by highlighting the general history of privately ...


Nebraska Business And Consumer Confidence Indexes: September 1, 2017, Eric Thompson Sep 2017

Nebraska Business And Consumer Confidence Indexes: September 1, 2017, Eric Thompson

Leading Economic Indicator Reports

Nebraska’s consumer and business confidence fell during August. The Consumer Confidence Index – Nebraska (CCI-N) stood at 100.9 in August, below the reading of 102.5 from July. Notably, the CCI-N remained above the neutral value of 100.0 during August. The outlook of Nebraska businesses remained strong. The Business Confidence Index – Nebraska (BCI-N) stood at 104.2 in August, close to the value of 105.1 during July, and well above the neutral value of 100.0. When asked about the most important issue facing their business, customer demand was mentioned by 35 percent of business respondents. Businesses ...


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 ...


Essays On Growth And Input Misallocation In China, Wenya Wang Aug 2017

Essays On Growth And Input Misallocation In China, Wenya Wang

Electronic Thesis and Dissertation Repository

My thesis consists of three chapters that contribute to the study of input misallocation and TFP growth in China.

In Chapter 2, I compare the misallocation of intermediate goods to those of capital and labor, which have been extensively studied in the literature. To measure misallocation, I compute the dispersion of marginal products of intermediate goods across firms, and the potential output gains by eliminating this dispersion in China Industrial Enterprise Survey (CIES) data. Although the within-industry dispersion of marginal products of intermediates is smaller than that of capital and labor, gross output and value added gains from reallocating intermediate ...


Nebraska Monthly Economic Indicators: August 23, 2017, Eric Thompson Aug 2017

Nebraska Monthly Economic Indicators: August 23, 2017, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 rose by 0.56% during July of 2017. The increase in the LEI-N, which is designed to predict economic activity six months into the future, suggests that the Nebraska economy will grow through the first month of 2018. Four components of the indicator improved during July. Business expectations were solid and manufacturing hours grew. The value of the U.S. dollar continued its recent decline, a positive sign for Nebraska’s export-oriented businesses. Further, in a positive sign for the labor market, there also was a drop in initial claims for unemployment insurance ...


Nebraska Business And Consumer Confidence Indexes: August 4, 2017, Eric Thompson Aug 2017

Nebraska Business And Consumer Confidence Indexes: August 4, 2017, Eric Thompson

Leading Economic Indicator Reports

Consumer and business confidence remained strong in Nebraska during July but fell from June levels. The Consumer Confidence Index – Nebraska (CCI-N) stood at 102.5 in July after a reading of 104.7 during June. Despite the decline of 2.2, the CCI-N remained above the neutral value of 100.0, indicating strong consumer confidence. The outlook of Nebraska businesses also was strong. The Business Confidence Index – Nebraska (BCI-N) fell to 105.1 in July from 109.2 in June. The BCI-N remained well above the neutral value in July, despite the 4.1 point decline, which indicates that business ...


Quantitative Easing: Money Supply And The Commodity Prices Of Oil, Gold, And Wheat, Aaron Kasteler Aug 2017

Quantitative Easing: Money Supply And The Commodity Prices Of Oil, Gold, And Wheat, Aaron Kasteler

All Graduate Plan B and other Reports

The recent financial crisis has raised awareness among the public regarding the role the Federal Reserve has in the broader economy, primarily as it pertains to overall price levels, and especially to commodities. Has the implementation of quantitative easing had an effect on underlying commodity prices and, if so, to what degree? Specifically, has the rise in the money supply created a subsequent rise in prices that are transferred onto the end consumer? This paper surveys the recent empirical evidence of the policy of quantitative easing as it relates to the money supply and commodity prices. It then uses this ...


Essays On Debt In Macroeconomics, James G. Partridge Jul 2017

Essays On Debt In Macroeconomics, James G. Partridge

Electronic Thesis and Dissertation Repository

My dissertation consists of three chapters, where the common theme among them is debt and saving. My work contributes to our understanding of how debt markets function for entrepreneurs, large corporations and households.

The first chapter studies how entrepreneurs used personal borrowing to fund their businesses during the Great Recession. One of the defining characteristics of this period was a “credit crunch” during which the supply of credit dropped for all borrowers. I show that changes in the finances of entrepreneurs between 2007 and 2009 are consistent with entrepreneurs using personal assets to secure lending for their businesses and overcome ...


The Relative Importance Of Macroeconomic Shocks, Regional Shocks And Idiosyncratic Risk On Large And Small Banks, Jack R. Fischer, Joseph E. Mcphail, Nathan Rodrigues, Peter Orazem Jul 2017

The Relative Importance Of Macroeconomic Shocks, Regional Shocks And Idiosyncratic Risk On Large And Small Banks, Jack R. Fischer, Joseph E. Mcphail, Nathan Rodrigues, Peter Orazem

Economics Working Papers

Mandatory stress testing has been acclaimed by banking regulators as a key response to preventing future financial crises. Each year banks in the United States with over $50 Billion in assets must perform a Comprehensive Capital Analysis and Review (CCAR) . Banks with over $10 Billion are subject to Dodd-Frank Act Stress Testing (DFAST). This study examne the relative importance of international or national macroeconomic shocks, state-level shocks, and idiosyncratic shocks on mortgage rate charge-offs for the universe of all banks for the 2002-2014 period. We find tha banks with over $10 billion in assets have charge-off rates that are very ...


Nebraska Business And Consumer Confidence Indexes: July 7, 2017, Eric Thompson Jul 2017

Nebraska Business And Consumer Confidence Indexes: July 7, 2017, Eric Thompson

Leading Economic Indicator Reports

Consumer confidence rose sharply in Nebraska during June 2017 while business confidence remained very strong. The Consumer Confidence Index – Nebraska (CCI-N) stood at 100.4 in May but rose to 104.7 during June, which is well above the neutral value of 100.0. The outlook of Nebraska businesses remained very strong. The Business Confidence Index – Nebraska (BCI-N) fell to 109.2 in June, well above the neutral value and just below its May value of 110.2. Business confidence has been very strong in Nebraska throughout the first half of 2017. When asked about the most important issue facing ...


Growing Through The Merger And Acquisition, Jianhuan Xu Jul 2017

Growing Through The Merger And Acquisition, Jianhuan Xu

Research Collection School Of Economics

The paper studies with an endogenous growth model how the merger and acquisition (M&A) affects the aggregate growth rate. We model the M&A as a capital reallocation process, which can increase both productivity and growth rates of firms. The model is tractable and greatly consistent with patterns observed in the M&A at the micro level. Matching our model to the data, we find that prohibiting the M&A would lead to the reduction of the aggregate growth rate of US economy by 0.1% and the reduction of the aggregate TFP by 5%.


Nebraska Monthly Economic Indicators: June 21, 2017, Eric Thompson Jun 2017

Nebraska Monthly Economic Indicators: June 21, 2017, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 fell by 0.51% during May of 2017. This is the second consecutive monthly decline in the LEI-N. The declines followed three months of rapid increase from January through March of 2017. Taken together, the LEI-N values imply a moderation in economic growth in Nebraska in late 2017 after strong growth midyear. Among the components of the indicator, business expectations were strong during May while the value of the U.S. dollar fell, which is a positive sign for Nebraska’s export-oriented businesses. However, manufacturing hours, building permits and airline passen


A Review On Literature Of Waqf For Poverty Alleviation Between 2006-2016, Nur Atikah Atan, Fuadah Johari Jun 2017

A Review On Literature Of Waqf For Poverty Alleviation Between 2006-2016, Nur Atikah Atan, Fuadah Johari

Library Philosophy and Practice (e-journal)

Background - The success of Waqf as a source of socio-economic financing in Islamic history in developing a country by providing the social and public goods to the society have been a major factor for Waqf practices to be retrieved back today. In order to exterminate the poverty, depending in Zakat alone is not enough. Waqf can be an alternative in solving the socio-economic problem of the Ummah which covers the issues such as poverty, inequality and rising cost of living as well in promoting the social well-being in the society. Purpose - The purpose of this article is to analyze the ...