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Credit, Sectoral Misallocation And Productivity Growth: A Disaggregated Analysis, Carlos Urrutia, Felipe Meza, Sangeeta Pratap 2019 Centro de Investigación Económica, ITAM

Credit, Sectoral Misallocation And Productivity Growth: A Disaggregated Analysis, Carlos Urrutia, Felipe Meza, Sangeeta Pratap

Carlos Urrutia

We study the relation between credit conditions, misallocation of resources, and productivity growth in a multi-sector model with financial frictions. In our framework, working capital constraints and borrowing limits create wedges between the marginal product of inputs and their relative prices, which we can map into distortions to the capital to labor ratio and to the use of intermediate goods. The distribution of these distortions across sectors and their changes over time affect aggregate TFP. We construct a novel dataset for the Mexican manufacturing activity that merges real and financial data at the 4-digit sectoral level and use our model ...


The Role Of Income Inequality As A Predictor Of Per Capita Gross Domestic Product, Daniel Friedberg 2019 University of Lynchburg

The Role Of Income Inequality As A Predictor Of Per Capita Gross Domestic Product, Daniel Friedberg

Student Scholar Showcase

The role of income inequality in relation to gross domestic product is of great importance in modern time. Income inequality is a pressing phenomenon in the fields of economics, politics, and sociology, while Gross Domestic Product is the benchmark statistic in measuring the health of any economy. But how well does income inequality serve as a predictor for the level of Purchasing Power Parity (PPP) GDP per capita within a nation? This cross-sectional study determines that the GINI Index has no significant statistical relationship with PPP GDP per capita level. While income inequality is a major economic variable that contributes ...


A Global View Of What Fixes Information Technology Skills Shortage: Panel Data Analyses Of Countries’ Human And Technology Resources, Benyawarath Nithithanatchinnapat, K. D. Joshi 2019 University of North Carolina at Charlotte

A Global View Of What Fixes Information Technology Skills Shortage: Panel Data Analyses Of Countries’ Human And Technology Resources, Benyawarath Nithithanatchinnapat, K. D. Joshi

Journal of Global Business Insights

This paper aims to provide evidence of what fixes the information technology skills shortage. The focus is on countries' workforce development factors, i.e., human and technology. The research model was tested using secondary data from multiple sources. An ordinary least square with panel corrected standard errors was used to analyze the data. The results indicate that organizations' staff training and gender parity among science, technology, engineering, and mathematics graduates relate negatively to IT talent shortage; this is consistent in both models the authors tested. This study contributes to the IT workforce literature by being the first study that empirically ...


Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah 2019 University of Pennsylvania

Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah

Undergraduate Economic Review

Hedge funds are often viewed from a positive or negative lens in the public and academic forum. However, both of these perspectives neglect structuralist factors. This paper analyzes the effect of these antecedent economic, political, and legal structures. I argue that these structures are at the root of hedge fund behavior, particularly during financial crises. The financial crises of two peripheral countries, Iceland and Cyprus, are used as case studies to illustrate how hedge fund involvement diverges as a result of structural factors.


Pareto-Improving Transition To Fully Funded Pensions Under Myopia, Torben M. Andersen, Joydeep Bhattacharya, Marias H. Gestsson 2019 University of Aarhus

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

Joydeep Bhattacharya

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 ...


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.


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.


Celtic Tiger Ireland As A Case Study In The Practical Application Of Neoliberal Economic Policy, Natalie Sneed 2019 University of Nebraska - Lincoln

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 ...


The Impact Of Legalization Of Marijuana On Opioid Overdose Deaths, Radhika N. Bharadwaj 2019 CUNY Hunter College

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.


Trends And Tariffs: Nebraska In An Aging Recovery, Eric Thompson 2019 University of Nebraska-Lincoln

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 ...


Improvements To Consumption Prediction: Machine Learning Methods And Novel Features, Ian Kinskey, Glenn Oswald, Charles McCann, Travis Finch, Anthony Tanaydin 2019 Souther Methodist University

Improvements To Consumption Prediction: Machine Learning Methods And Novel Features, Ian Kinskey, Glenn Oswald, Charles Mccann, Travis Finch, Anthony Tanaydin

SMU Data Science Review

Current models for predicting personal consumption expenditures (PCE) employ statistical techniques and rely upon traditional economic features. We compare vector autoregression and random forest regression models using traditional economic features as inputs to predict PCE. Additionally, we develop novel features derived from the earnings call transcripts of publicly traded U.S. companies using natural language processing (NLP) techniques. These new features reduce the mean square error (MSE) of the vector autoregression model by 7% and the random forest model by 23%. We find the random forest models outperformed the vector autoregression models, with a MSE reduction of 68%. We conclude ...


The Political Economy Of Accumulation In South Africa: Resource Extraction, Financialization, And Capital Flight As Barriers To Investment And Employment Growth, Seeraj Mohamed 2019 University of Massachusetts Amherst

The Political Economy Of Accumulation In South Africa: Resource Extraction, Financialization, And Capital Flight As Barriers To Investment And Employment Growth, Seeraj Mohamed

Doctoral Dissertations

This dissertation uses a heterodox economics approach to explain poor levels of accumulation in South Africa. This approach to investment theory and models recognizes that many institutions are shaped to help people create stability in a world of fundamental uncertainty and irreversibility. Therefore, this dissertation examines the system of accumulation that developed in South Africa and its evolution. This approach to investment recognizes that beliefs and biases of people running institutions influence investment outcomes and shape ‘path dependence’.

The corporations that grew to dominate the South African economy were formed during colonialism and apartheid. They grew around a core of ...


Accounting For Agent Heterogeneity In Market And Policy Analysis, Konstantinos Giannakas 2019 University of Nebraska-Lincoln

Accounting For Agent Heterogeneity In Market And Policy Analysis, Konstantinos Giannakas

Zea E-Books

doi:10.13014/K2416V8V

This book presents a multi-market framework of market and policy analysis that explicitly accounts for the empirically relevant heterogeneity in consumer preferences and producer characteristics. The explicit consideration of consumer and producer heterogeneity represents a significant departure from the representative consumer and producer that have been at the center of most of the literature on market and policy analysis, and enables the distributional impacts of changes in market conditions and policies to be fully identified. The framework is used to analyze the system-wide market and welfare impacts of a number of changes in market conditions (like ...


Ten Years Of Economic Analyses For The European Marine Strategy Framework Directive: Overview Of Experiences And Lessons Learned, Rob van der Veeren, Ann Kathrin Buchs, Günter Hörmandinger, Soile Oinonen, Conceição Santos, Max Vretborn 2018 Rijkswaterstaat

Ten Years Of Economic Analyses For The European Marine Strategy Framework Directive: Overview Of Experiences And Lessons Learned, Rob Van Der Veeren, Ann Kathrin Buchs, Günter Hörmandinger, Soile Oinonen, Conceição Santos, Max Vretborn

Journal of Ocean and Coastal Economics

The European Marine Strategy Framework Directive, which came into force in 2008, requires from Member States inter alia to perform various (types of) economic analyses. In order to help Member States to implement this directive, the European working group on Economic and Social Analysis was initiated in 2009. This working group has developed various guidance documents which have been very useful in helping each other to understand the Directive and its requirements, to develop one language, to understand the pros and cons of various approaches, and to share experiences. However, up until now, outside of this working group this information ...


Free Trade And Corporate Social Responsibility: Ethical Dilemmas In Global Economic Development, Sarah Papion 2018 California State University, Monterey Bay

Free Trade And Corporate Social Responsibility: Ethical Dilemmas In Global Economic Development, Sarah Papion

Capstone Projects and Master's Theses

Through the lens of the free-trade-optimist, it is black and white: corporations bring jobs, and jobs equal a happy and healthy economy. A major oversight in this neoliberal Utopian ideology is that corporations are not in the business of building communities, nor do they have an interest in keeping their operations stationary enough to allow economic growth to occur over a span of years. Corporations abandon communities as quickly as they arrive to find their next cheap labor hub. Quite contradictory to the original purpose of free trade, economic growth in Free Trade Zones is not long term or secure ...


Efficiency With Endogenous Population And Fixed Resources, Juan Carlos Cordoba, Xiying Liu 2018 Iowa State University

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 ...


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

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 ...


Foreign Capital Inflows And Economic Well-Being: A Statistical Analysis Of 46 Sub-Saharan African Countries From 1995-2015, Alexander M. Csanadi 2018 American University

Foreign Capital Inflows And Economic Well-Being: A Statistical Analysis Of 46 Sub-Saharan African Countries From 1995-2015, Alexander M. Csanadi

Undergraduate Economic Review

Variation in the economic well-being among sub-Saharan African countries is among the highest of any region in the world. This paper attempts to address this disparity by exploring the role of foreign capital inflows. This project extends the concept of well-being beyond GDP growth, to include measures of poverty and inequality. A multivariate regression analysis finds that the observed capital inflows have significant effects on all three measurements of well-being. Findings suggest that the level of affluence of the domestic population has significant effects on the ability of those populations to translate diaspora remittances into improvements in well-being.


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

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.


Accounting For Leverage In Intangible And Tangible Investments Across The Business Cycle, Neil Mauskar 2018 Boston University

Accounting For Leverage In Intangible And Tangible Investments Across The Business Cycle, Neil Mauskar

Undergraduate Economic Review

In this paper, I study the role of the leverage ratio and its impact on investing in tangible and intangible goods. The results confirm the hypotheses outlined in the introduction. Specifically, the results show that when accounting for differences in the leverage ratio between firms, investment is cyclical. However, when looking only at firms with low leverages, intangible investing becomes countercyclical. Moreover, during recessions, firms with lower leverages tend to invest more than firms with higher leverages. Finally, the results argue for the existence of financial frictions between investing in tangibles and intangibles.


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