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Working Paper No. 18, Thomas Piketty On Capital And Inequality, Max Randall 2019 Portland State University

Working Paper No. 18, Thomas Piketty On Capital And Inequality, Max Randall

Working Papers in Economics

This inquiry seeks to establish that, in his Capital in the Twenty-First Century, Thomas Piketty advances ideas concerning the origins and implication of economic inequality. Piketty commences his inquiry by considering and detailing wage differences amongst distinct classes of society. This mechanism for the distribution of income is compared across selected nations, and the differing tendencies over time are examined in detail. Distinct from working wages, Piketty considers income effects associated with capital ownership. Adding to this, Piketty shows that effects of inheritance need be considered as capital is passed to successive generations, thereby allowing the accruing of monetary gains ...


Working Paper No. 20, Veblen And The Question Of Sexual Selection, Jenica M. Kramer 2019 Portland State University

Working Paper No. 20, Veblen And The Question Of Sexual Selection, Jenica M. Kramer

Working Papers in Economics

This inquiry seeks to counter a hypothesis recently advanced by Jon D. Wisman; which states that Thorstein Veblen “missed” the opportunity to incorporate sexual selection into his evolutionary economics. To the contrary, I shall argue that Veblen’s vision is not at all lacking and that he intentionally failed to integrate into his evolutionary thinking the animal drive of sexual selection. First-off, I offer an account of Wisman’s thesis and this is followed by a refutation of his argument while making use of Veblen’s key concepts. Tracing the evolution of “conspicuous consumption” to its social inception, I endeavor ...


Forests And Health In Mexico: Preliminary And Pre-Preliminary Work - June 2019, Alejandro López-Feldman 2019 Centro de Investigación y Docencia Económicas

Forests And Health In Mexico: Preliminary And Pre-Preliminary Work - June 2019, Alejandro López-Feldman

Forest Collaborative Research

Presentation focuses on subjective wellbeing and natural protected areas in Mexico


Working Paper No. 12, Technological Convergence And Institutional Evolution In The Energy Sector, James Bennett 2019 Portland State University

Working Paper No. 12, Technological Convergence And Institutional Evolution In The Energy Sector, James Bennett

Working Papers in Economics

Over a span of more than a hundred years, fossil fuel production could be considered as a long-standing ceremonial technology in the Veblenian sense. However in recent times, due to rapid innovation through technological convergence, renewable energy is becoming just as cost effective and threatens to replace fossil fuels. Robert McCullough observes this change in renewable energy costs, in his report “The End of Big Iron”. Thorsten Veblen’s dichotomy between ceremonial and instrumental technologies, and his thoughts on institutional change can also aide in explaining this recent struggle between “ceremonial” fossil fuels and “instrumental” renewable energy technologies. Nathan Rosenberg ...


A Correction For Regression Discontinuity Designs With Group-Specific Mismeasurement Of The Running Variable, Otávio Bartalotti, Quentin Brummet, Steven Dieterle 2019 Iowa State University

A Correction For Regression Discontinuity Designs With Group-Specific Mismeasurement Of The Running Variable, Otávio Bartalotti, Quentin Brummet, Steven Dieterle

Economics Working Papers

When the running variable in a regression discontinuity (RD) design is measured with error, identification of the local average treatment effect of interest will typically fail. While the form of this measurement error varies across applications, in many cases the measurement error structure is heterogeneous across different groups of observations. We develop a novel measurement error correction procedure capable of addressing heterogeneous mismeasurement structures by leveraging auxiliary information. We also provide adjusted asymptotic variance and standard errors that take into consideration the variability introduced by the estimation of nuisance parameters, and honest confidence intervals that account for potential misspecification. Simulations ...


A Statistical Analysis Of Economic Perceptions In The 2015 United Kingdom General Election, Amarvir Singh-Bal Mr. 2019 Durham University

A Statistical Analysis Of Economic Perceptions In The 2015 United Kingdom General Election, Amarvir Singh-Bal Mr.

Undergraduate Economic Review

This paper characterises the vote which took place in the United Kingdom's (U.K.) 2015 General Election as an ‘accountability instrument.’ In doing so, the research interrogates which sections of the electorate hold the incumbent government more accountable for economic outcomes between the 2010 and 2015 U.K. General Elections. The Rational Choice Theory and the Michigan Model are used in this study to present two interlinked, and yet distinct, hypotheses – that less politically informed and non-partisan voters are more likely to hold the government accountable for economic performances; compared to the politically informed and partisan voters within the ...


Revitalización Económica: The Change Of Chilean Economic Principles In The 1970s, Xander Piedra 2019 Carroll College

Revitalización Económica: The Change Of Chilean Economic Principles In The 1970s, Xander Piedra

Languages and Literature Undergraduate Student Works

Revitalización Económica: The Change of Chilean Economic Principles in the 1970s

Socio-economic policy reforms of the 1970s had a profound impact on Chilean society. These reforms were highly controversial and sharply debated both nationally and internationally. My project investigates the impact of foreign interventions on Chile’s economy and society. These interventions resulted in a rise in economic activity and, at the same time, produced substantial social unrest. Despite social instability and human rights violations, these economic interventions forged the framework for a stable economic future. At the center of these economic reforms stood the 'Chicago Boys' and their program ...


Lessons Learned: The National Consumers' League, The Fight For $15, And Their Battles To Raise The Minimum Wage, Rosa Mykyta-Chomsky 2019 Sarah Lawrence College

Lessons Learned: The National Consumers' League, The Fight For $15, And Their Battles To Raise The Minimum Wage, Rosa Mykyta-Chomsky

Senior Theses

In 2019, workers in the United States often find themselves unable to support a family on the wages produced by one job, or even several, jobs. The pattern has obtained for more than a century. In this paper, I examine historical efforts to address this plight and discuss how non­government organizations may collaborate to combat the problem. I focus on the work of the National Consumers' League, and its efforts during the first three decades of the twentieth century to promote protective labor legislation. Specifically, I examine the NCL's work in connection with the Adkins v. Children's ...


1st Place Contest Entry: Countering The Current: The Function Of Cinematic Waves In Communist Vs. Capitalist Societies, Maddie Gwinn 2019 Chapman University

1st Place Contest Entry: Countering The Current: The Function Of Cinematic Waves In Communist Vs. Capitalist Societies, Maddie Gwinn

Kevin and Tam Ross Undergraduate Research Prize

This is Maddie Gwinn's submission for the 2019 Kevin and Tam Ross Undergraduate Research Prize, which won first place. It contains her essay on using library resources, a three-page sample of her research project on how the Czech New Wave and New Hollywood cinema are defined by their agency in preserving and prescribing cultural meaning across their societies while being bound to their economic systems, and her works cited list.

Maddie is a senior at Chapman University, majoring in Film Production. Her faculty mentor is Dr. Carmichael Peters.


Mexico: Neoliberalism, Popular Grievances, And The Rise Of Andrés Manuel López Obrador, Irving Cortes-Martinez 2019 Union College - Schenectady, NY

Mexico: Neoliberalism, Popular Grievances, And The Rise Of Andrés Manuel López Obrador, Irving Cortes-Martinez

Honors Theses

Andrés Manuel López Obrador, commonly referred to as AMLO, has become Mexico’s first leftist president in over seven decades. He has promised to get rid of Mexico’s problems through a peaceful but radical transformation, while placing the needs of the people first. For the past three decades, the nation’s political and economic systems have failed to create positive results. Mexico currently faces mass inequality and poverty, corruption and impunity, and insecurity and organized crime. Through his political activism and most importantly, his political narrative, AMLO has become a popular actor and is seen as the president who ...


Aspirations To Empire: American Imperialism, Foreign Policy, And The 1954 Guatemalan Coup D’État, Mary Creedon 2019 Providence College

Aspirations To Empire: American Imperialism, Foreign Policy, And The 1954 Guatemalan Coup D’État, Mary Creedon

Economics Student Papers

When the sun began to set on the British Empire - the largest the world had ever seen and the dominant world power for over a century – in the aftermath of World War II, the United States designated itself the new arbiter of international relations. Wielding economic imperialism as an Empire-building tool, the U.S., through interference in the internal affairs of countries around the globe, became the world’s dominant superpower. In particular, the United States developed a pattern of interfering in the domestic sphere of Latin American nations to protect the economic interests of American capitalists. Through a historical ...


How The Federal Reserve Aided The Peoples Bank Of China In Addressing Its 2015 Stock Market Crash, Alec Buchholtz 2019 Yale University

How The Federal Reserve Aided The Peoples Bank Of China In Addressing Its 2015 Stock Market Crash, Alec Buchholtz

Journal of Financial Crises

An insight into the July 2015 exchange between the Federal Reserve Board and the People's Bank of China (PBOC) discussing efforts to apply lessons from the 1987 "Black Monday" stock market crash to a similar crash that was occurring in China.


Yale Program On Financial Stability Lessons Learned: Scott Alvarez, Esq., Alec Buchholtz, Rosalind Z. Wiggins 2019 Yale University

Yale Program On Financial Stability Lessons Learned: Scott Alvarez, Esq., Alec Buchholtz, Rosalind Z. Wiggins

Journal of Financial Crises

Alvarez, who was General Counsel of the Federal Reserve System, Board of Governors during 2007-2009, gives us his take on how best to prepare for future crises.


The Lehman Brothers Bankruptcy H: The Global Contagion, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy H: The Global Contagion, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

When Lehman Brothers filed for bankruptcy on September 15, 2008, it was the largest such filing in U.S. history and a huge shock to the world’s financial markets, which were already stressed from the deflated housing bubble and questions about subprime mortgages. Lehman was the fourth-largest U.S. investment bank with assets of $639 billion and its operations spread across the globe. Lehman’s clients and counterparties began to disclose millions of dollars of potential losses as they accounted for their exposures. But the impact of Lehman’s demise was felt well beyond its counterparties. Concern regarding its ...


The Lehman Brothers Bankruptcy G: The Special Case Of Derivatives, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy G: The Special Case Of Derivatives, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

When it filed for bankruptcy protection in September 2008, Lehman Brothers was an active participant in the derivatives market and was party to 906,000 derivative transactions of all types under 6,120 ISDA Master Agreements with an estimated notional value of $35 trillion. The majority of Lehman’s derivatives were bilateral agreements not traded on an exchange but in the over-the-counter (OTC) market. Because derivatives enjoyed an exemption from the automatic stay provisions of the U.S. Bankruptcy Code, parties to Lehman’s derivatives could seek resolution and self-protection without the guidance and restraint of the bankruptcy court. The ...


The Lehman Brothers Bankruptcy E: The Effects On Lehman’S U.S. Broker-Dealer, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy E: The Effects On Lehman’S U.S. Broker-Dealer, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Lehman’s U.S. broker-dealer, Lehman Brothers Inc. (LBI), was excluded from the parent company’s bankruptcy filing on September 15, 2008, because it was thought that the solvent subsidiary might be able to wind down its affairs in a normal fashion. However, the force of the parent’s demise proved too strong, and within days, LBI and dozens of Lehman subsidiaries around the world were also in liquidation. As a regulated broker-dealer, LBI was required to comply with the Securities and Exchange Commission financial-responsibility rules for broker-dealers, including maintaining customer assets separately. However, the corporate complexity and enterprise integration ...


The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick

Journal of Financial Crises

For many years prior to its demise, Lehman Brothers employed Ernst & Young (EY) as the firm’s independent auditors to review its financial statements and express an opinion as to whether they fairly represented the company’s financial position. EY was supposed to try to detect fraud, determine whether a matter should be publicly disclosed, and communicate certain issues to Lehman’s Board audit committee. After Lehman filed for bankruptcy, it was discovered that the firm had employed questionable accounting with regard to an unorthodox financing transaction, Repo 105, which it used to make its results appear better than they ...


The Lehman Brothers Bankruptcy C: Managing The Balance Sheet Through The Use Of Repo 105, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy C: Managing The Balance Sheet Through The Use Of Repo 105, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

The Lehman Brothers court-appointed bankruptcy examiner produced a 2,200-page report detailing possible claims that the estate might pursue. The most surprising revelation of the report was that during its last year Lehman had relied heavily on an unusual financing transaction—Repo 105. The examiner concluded that Lehman’s aggressive use of Repo 105 transactions enabled it to remove up to $50 billion of assets from its balance sheet at quarter-end and to manipulate its leverage ratio so that it could report more favorable results. This case considers in-depth Lehman’s questionable use of Repo 105 transactions and its impact.


The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick 2019 Yale Program on Financial Stability, Yale School of Management

The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

On September 15, 2008, Lehman Brothers Holdings, Inc., the fourth-largest U.S. investment bank, sought Chapter 11 protection, initiating the largest bankruptcy proceeding in U.S. history. The demise of the 164-year old firm was a seminal event in the global financial crisis. Under the direction of its long-time Chief Executive Officer Richard Fuld, Lehman had been very successful pursuing a high-leverage, high-risk business model that required it to daily raise billions of dollars to fund its operations. Beginning in 2006, Lehman began to invest aggressively in real-estate-related assets and soon had significant exposures to housing and subprime mortgages, just ...


The Early Phases Of The Financial Crisis: Reflections On The Lender Of Last Resort, Timothy F. Geithner 2019 Warburg Pincus and Yale University

The Early Phases Of The Financial Crisis: Reflections On The Lender Of Last Resort, Timothy F. Geithner

Journal of Financial Crises

This essay discusses the powers and limitations of the Federal Reserve’s role as Lender of Last Resort and how it deployed those powers during the financial crisis of 2007-2009. It considers the Fed’s authorities and the frameworks that it relied on in utilizing its powers to calm markets in turmoil and to assist specific financial institutions.


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