Browsing by Author "Kimbrough, Kent P"
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Item Open Access AGGREGATE INFORMATION AND THE ROLE OF MONETARY-POLICY IN AN OPEN-ECONOMY(JOURNAL OF POLITICAL ECONOMY, 1984) Kimbrough, Kent PItem Open Access Applications of Statistical and Economic Analysis in Finance and Health Industry(2015) Sun, XuanThis paper intends to present my summary of internship and some academic individual and team projects, including a quantitative and statistical analysis of some important Macro factors and financial models, and a data analysis project in drug cost reduction. The first chapter discusses the mechanism and impact of pass-through from the dynamics of RMB exchange in China, and the method I used here is the basic econometrics regression analysis. The result is significant and coincides with our common sense when we make investment decisions. The second chapter is about the revised CCAPM model. Through a modified distribution of error terms, CCAPM model will show an improved explanation power. The third chapter is a data analysis project of drug cost reduction. I used Bayesian method to explore the relationship between drug cost and other predictors, and the result gives us advice on designing health plans to minimize the cost.
Item Open Access Bidding For Parking: The Impact of University Affiliation on Predicting Bid Values in Dutch Auctions of On-Campus Parking Permits(2016-06-14) Kelly, GrantParking is often underpriced and expanding its capacity is expensive; universities need a better way of reducing congestion outside of building costly parking garages. Demand based pricing mechanisms, such as auctions, offer a possible solution to the problem by promising to reduce parking at peak times. However, faculty, students, and staff at universities have systematically different parking needs, leading to different parking valuations. In this study, I determine the impact university affiliation has on predicting bid values cast in three Dutch Auctions of on-campus parking permits sold at Chapman University in Fall 2010. Using clustering techniques crosschecked with university demographic information to detect affiliation groups, I ran a log-linear regression, finding that university affiliation had a larger effect on bid amount than on lot location and fraction of auction duration. Generally, faculty were predicted to have higher bids whereas students were predicted to have lower bids.Item Open Access COMMERCIAL-POLICY AND AGGREGATE EMPLOYMENT UNDER RATIONAL-EXPECTATIONS(QUARTERLY JOURNAL OF ECONOMICS, 1984) Kimbrough, Kent PItem Open Access Essays in International Macroeconomics(2007-05-10T16:01:33Z) Liu, XuanThis dissertation consists of two essays in international macroeconomics. The first essay shows that optimal fiscal and monetary policy is time consistent in a standard small open economy. Further, there exist many maturity structures of public debt capable of rendering the optimal policy time consistent. This result is in sharp contrast with that obtained in the context of closed-economy models. In the closed economy, the time consistency of optimal monetary and fiscal policy imposes severe restrictions on public debt in the form of a unique term structure of public debt that governments can leave to their successors at each point in time. The time consistent result is robust: optimal policy is time consistent when both real and nominal bonds have finite horizons. While in a closed economy, governments must have both nominal and real bonds, and have at least real bonds over an infinite horizon to render optimal policy time consistent. The second essay uses a dynamic stochastic general equilibrium model to theoretically rationalize the empirical finding that sudden stops have weaker effects on outputs when the small open economy is more open to trade. First, welfare costs of sudden stops are decreasing in trade openness. The reason is that when the economy is more open to trade, the economy will have less volatile capital, which leads to less volatile output. In terms of welfare, when the small open economy is more open to trade, the welfare costs of sudden stops will be smaller. Second, sudden stops may be welfare improving to the small open economy. This is because when the representative household is a net borrower in the international capital market, its consumption will be negatively correlated with country spread. Since utility is a concave function of consumption, it must be a convex function of country spread. That is, when the country spread is more volatile, the mean utility is higher. The two findings are robust: they hold with one sector economy model, and two sector economy models with homogenous capital and heterogenous capital. In addition, this paper shows that a counter-cyclical tariff rate policy is not welfare-improving.Item Open Access Increased Foreign Revenue Shares in the United States Film Industry: 2000 – 2014(2016-06-22) Lim Zhen Yi, VictoriaThe American film industry, which has historically been driven by the domestic market, now receives an increasing proportion of its revenue from abroad (foreign share). To determine the factors influencing this trend, this paper analyzed data from 11 countries of 2,337 American films released during 2000 – 2014. Both film and country attributes were analyzed to determine each attribute’s effect on foreign share, whether its effect size has changed over time and whether each attribute has changed in frequency amongst films released. The results identified six attributes, star actors, sequels, releases in top markets, release time lag, GDP growth and a match in language, that contributed to the increase in foreign share over this period.Item Open Access Investigating the Costs of Religious Observance: Cross-Country Analysis of Islamic Banking(2019-04) Vargo, Richard; Swallow, MylaThis study regresses key variables that influence the profitability of Conventional and Islamic banks as measured by Return on Average Assets, to determine the impact of Islamicity on the profitability of the banks in a given country. The study compares 36564 banks in 77 countries belonging to both Islamic and non-Islamic countries. We find that Islamic banks have higher operating costs and overall experience lower return on average assets.Item Open Access Student Effort and Parent Attitude on Education Attainment: Evidence from Multi-year Survey in Gansu, China(2023-04) Ridge, RenThis paper explores whether student effort and parent attitudes have varying effects at different stages of a student’s life in terms of educational attainment and job outcomes. With survey data in Gansu, China, a largely rural province in Northwest China that lags behind the rest of China in education, this paper employs a multivariate regression model. This method allows me to measure the achievement or outcome of the child between each successive wave of surveys and estimate which factors held the strongest effect on the next wave. Student achievement in early waves is measured by the student’s score on assessments in math and Chinese, and the later outcome is measured by the student’s income and the highest level of education achieved. This paper finds that effort in Math and math achievement have a positive association with better education attainment and career outcomes later in life. In addition, I find that parental education levels also have a positive association with child outcomes.Item Open Access Team Payroll Versus Performance in Professional Sports: Is Increased Spending Associated with Greater Success?(2017-05-11) Shorin, GrantProfessional sports are a billion-dollar industry, with player salaries accounting for the largest expenditure. Comparing results between the four major North American leagues (MLB, NBA, NHL, and NFL) and examining data from 1995 through 2015, this paper seeks to answer the following question: do teams that have higher payrolls achieve greater success, as measured by their regular season, postseason, and financial performance? Multiple data visualizations highlight unique relationships across the three dimensions and between each sport, while subsequent empirical analysis supports these findings. After standardizing payroll values and using a fixed effects model to control for team-specific factors, this paper finds that higher payroll spending is associated with an increase in regular season winning percentage in all sports (but is less meaningful in the NFL), a substantial rise in the likelihood of winning the championship in the NBA and NHL, and a lower operating income in all sports.Item Open Access The Effect of Algae Blooms on Property Values located on Florida's Indian River Lagoon(2023-04-14) DeChurch, CameronFlorida’s Indian River Lagoon has algae blooms that devastate ecosystems, water quality,and markets for seafood, recreation, and housing. This study estimates part of their economic impact by examining water quality’s relationship with prices of properties sold near the estuary from 2007 to 2016. Using water quality scores from 0 to 100, my regression analysis estimates that one-unit increases in water quality are associated with one-percent increases in sale price.Upon summing this relationship over all properties in the sample, my paper estimates that the sea algae blooms have cost the housing market between $756 million to $3.6 billion.Item Open Access The Toll of Commuting: The Effects of Commute Time on Well-Being(2018-04-18) Marshall, M. Thomas JrWhen deciding on housing location, people theoretically optimize for the best location given their commute time, housing cost, income, as well as other factors. Stutzer and Frey (2008) suggest that this is not true in some nations, such as in their investigation of Germany, with their results showing that the cost of an average commute is equivalent to 35.4% of the average income. This paper investigates the impact of commute time on the well-being of individuals in the United States, correcting for various other factors that determine housing choice such as race, age, and whether they have a child living at home. The results of this study are clearly that the relationship found between commuting time and well-being cannot be proven to be statistically significant from zero, so there is not any evidence against optimization.