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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 ...


Essays On New Keynesian Term Premium Model With Financial Risks, Weiguo Fu 2019 The Graduate Center, City University of New York

Essays On New Keynesian Term Premium Model With Financial Risks, Weiguo Fu

All Dissertations, Theses, and Capstone Projects

This dissertation studies the modeling of U.S. Treasury (UST) yield curve term premia under the New Keynesian (NK) framework. Loosely speaking, term premium is the difference between a government bond’s yield for a specific tenor and the average of the expected short rates up to that tenor. The dissertation is divided into three chapters. The first chapter proposes a New Keynesianism-based macro-finance model estimated by a one-step full information maximum likelihood (FIML) method. The second chapter shows that the one-step FIML method may produce estimation biases, which result in biased expected short rates and term premia. The chapter ...


The Oppressive Pressures Of Globalization And Neoliberalism On Mexican Maquiladora Garment Workers, Jenna Demeter 2019 The University of Tennessee, Knoxville

The Oppressive Pressures Of Globalization And Neoliberalism On Mexican Maquiladora Garment Workers, Jenna Demeter

Pursuit - The Journal of Undergraduate Research at the University of Tennessee

The international economic trends of globalization and neoliberalism have exposed and enabled the exploitation of Mexican workers, especially women in the maquiladora garment industry. During the 1950s, globalization gave rise to the new international division of labor and transnational corporations (TNCs) that have offshored labor-intensive phases of production to developing countries, many of which have pursued export-led industrialization. Export processing in Mexico was encouraged in the 1960s by Item 807 of the U.S. Tariff Code and Mexico’s Border Industrialization Program. Especially following the Latin American debt crisis of the 1980s, advanced capitalist countries and International Financial Institutions foisted ...


In Search Of Equilibrium – How Regulatory Changes Impact The Gambling Industry In Poland, Sebastian Meitz, Stanisław Pogorzelski, Przemysław Bloch 2019 Gaming 5.0 / Kozminski University

In Search Of Equilibrium – How Regulatory Changes Impact The Gambling Industry In Poland, Sebastian Meitz, Stanisław Pogorzelski, Przemysław Bloch

International Conference on Gambling & Risk Taking

The so-called Polish “gambling affair” of 2009 resulted in the adoption of a new Act on Gambling. The regulation significantly changed the legal environment in Poland. It was also the starting point of what we identified as the search of equilibrium - a number of further legislative changes aimed at creating a sustainable environment for gambling. Some market segments became delegalized, some monopolized, and others liberalized. The Polish Ministry of Finance and the parliament tried to find the right balance between consumer protection, business growth, and government revenue. A goal that is still to be achieved.

This article examines the changes ...


The Argentine Great Depression, Laira Aggarwal, Francois Ries, Alejandro Salvador 2019 Claremont McKenna College

The Argentine Great Depression, Laira Aggarwal, Francois Ries, Alejandro Salvador

Undergraduate Economic Review

The purpose of this paper is to comprehend the business cycle of the Argentine Crisis (1998-2002). The following paper will outline the crisis, starting off with a comprehensive literature review on the topic, analyzing its causes and consequences, followed by a survey on the policy-responses undertaken by the Argentine government to combat the recession. The crisis will then be analyzed in the context of the IS-LM model of macroeconomics.


Financial Red Flags: Empirical Mapping Of Firm Political Preferences By Sector In Mexico, Ian Connors 2019 University of San Francisco

Financial Red Flags: Empirical Mapping Of Firm Political Preferences By Sector In Mexico, Ian Connors

Master's Theses

Can the stock market be used to determine the political preferences of individual economic sectors? This paper explores the conceptual relationship between electoral outcomes and financial markets in Mexico. Specifically, it analyzes how financial markets predict the expected effects of a given political platform on the performance of firms within specific sectors. To do this, the study used event-study methodology to calculate abnormal returns on stock prices across the nine sectors listed on the Bolsa Mexicana de Valores stock exchange following the historic election of leftist candidate Andrés Manuel López Obrador (AMLO), On July 1, 2018. However, despite the uncertainty ...


Essays On Convex Weighting For Global Vector Autoregressive Models, Garrison Leach 2019 Southern Methodist University

Essays On Convex Weighting For Global Vector Autoregressive Models, Garrison Leach

Economics Theses and Dissertations

This dissertation focuses on studying the impact that weighting schemes can have on forecasting performance and dynamic analysis in global vector autoregressive (GVAR) models. The first chapter discusses an existing gap in the literature regarding weighting scheme choice and develops a simple, yet powerful method for defining richer spatial linkages in a way that doesn’t sacrifice economic context. The new technique called convex weighting, extends the set of available options for defining spatial linkages in models that handle the curse of dimensionality via compression and offers a justifiable approach to alleviating uncertainty. The second and third chapters apply the ...


On Macroeconomic Nowcasting And Forecasting With Satellite Imagery And Convolutional Neural Networks, Adam Abate 2019 William & Mary

On Macroeconomic Nowcasting And Forecasting With Satellite Imagery And Convolutional Neural Networks, Adam Abate

Undergraduate Honors Theses

This research asks whether satellite imagery of metropolitan statistical areas (MSAs) can aid in the prediction of unemployment over different time horizons. I make these predictions using Convolutional Neural Networks (CNNs). The data consist of 1735 Landsat Analysis Ready Data (ARD) images from 1990 to 2011, each averaged quarterly with a subject that is one of 27 MSAs. I match each quarterly image with a known value of unemployment collected by the Bureau of Labor Statistics. Ten training configurations use different combinations of data augmentation and image preprocessing. I find CNN training accuracy around 10 to 20 times the accuracy ...


Labor Market Policies And Women’S Labor Market Activity In The United States And Germany, Brianna Repke 2019 University of Rhode Island

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 ...


A Cge-Model Analysis Of U.S. Imposed Automotive Tariffs, Angela Li 2019 University of Toronto Schools

A Cge-Model Analysis Of U.S. Imposed Automotive Tariffs, Angela Li

Undergraduate Economic Review

Using a computable generable equilibrium (CGE) model, this research paper evaluates the effects of a U.S. imposed 25% automotive import tariff on NAFTA countries and the European Union, the greatest U.S. automotive trade partners. Three simulations were conducted: the implementation of tariffs with no retaliation, equivalent retaliation on the same products, and retaliation on the top exports of politically significant states, with sensitivity analysis applied in the final scenario. The results demonstrate that the EU is marginally affected while the NAFTA countries experience the greatest increases in prices and reduction in total wages.


A Macroeconomic Approach For Modeling Road Traffic Fatality Rates, Josephine Unger 2019 Stephen F Austin State University

A Macroeconomic Approach For Modeling Road Traffic Fatality Rates, Josephine Unger

Undergraduate Research Conference

Introduction

After spending a month in Senegal, I noticed the lack of sound infrastructure and safe, reliable transportation systems. Using World Bank data I developed a macroeconomic predictive model for national road traffic mortality rates.


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 ...


Comparison Of Global Solution Methods To A Zero Lower Bound Model, Emily Martell 2019 William & Mary

Comparison Of Global Solution Methods To A Zero Lower Bound Model, Emily Martell

Undergraduate Honors Theses

During the Great Recession, the U.S. Federal Reserve lowered policy rates to zero, introducing a kink in its policy rule and calling into question traditional solution methods. Recent papers have solved fully nonlinear models that treats the zero lower bound (ZLB) as an occasionally binding constraint, but there is little work analyzing the relative performance of these nonlinear solution methods. Two proposed solution methods are policy function iteration with linear interpolation and regime-indexed policy function iteration with Chebyshev polynomial approximation. We examine the impact of making the policy functions conditional on whether the ZLB binds. Our solution algorithm uses ...


The Power Of The Visible Hand, Jacqueline S. Kotkiewicz 2019 Gettysburg College

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 ...


Opioid Overdose And Unemployment In The Uk, Hayden Grace 2019 Western Kentucky University

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 ...


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.


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