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Campaign Finance Laws and Political Efficacy: Evidence From the States
(Department of Economics, 2005)
The decline of political efficacy and trust in the United States is often linked to the rise of money in politics. Both the courts and reform advocates justify restrictions on campaign donations and spending as necessary ...
The Effects of Campaign Finance Laws on Turnout, 1950-2000
(Department of Economics, 2006)
Scholars have proposed many routes by which campaign finance laws may impact turnout. For instance, laws restricting campaign spending may decrease mobilization, resulting in lower turnout. Alternatively, such laws might ...
Selection of Multivariate Stochastic Volatility Models via Bayesian Stochastic Search
(Department of Economics, 2009)
We propose a Bayesian stochastic search approach to selecting restrictions on multivariate regression models where the errors exhibit deterministic or stochastic conditional volatilities. We develop a Markov Chain Monte ...
The Impact of Welfare Reform on Leaver Characteristics, Employment and Recidivism
(Department of Economics, 2002)
recidivism comparing cohorts of leavers prior to and after welfare reform. We find that after welfare reform leavers are much more likely to be working, have higher total earnings, work for employers with similar characteristics, and are less likely to return...
Networks, Standards and Intellectual Property Rights
(Department of Economics, 2007)
This paper reviews issues that lie at the intersection between intellectual property rights (IPR) and network effects, especially in the context of the global economy. Some of the relevant questions are: (1) How do IPR influence the provision...
Using State Administrative Data to Measure Program Performance
(Department of Economics, 2006)
We use administrative data from Missouri to examine the sensitivity of earnings impact estimates for a job training program based on alternative nonexperimental methods. We consider regression adjustment, Mahalanobis ...
Herding and Bank Runs
(Department of Economics, 2007)
Traditional models of bank runs do not allow for herding effects, because in these models withdrawal decisions are assumed to be made simultaneously. I extend the banking model to allow a depositor to choose his withdrawal ...
Welfare to Temporary Work: Implications for Labor Market Outcomes
(Department of Economics, 2003)
. Although welfare recipients who go to work for temporary help service firms have lower initial wages than those with jobs in other sectors, they experience faster subsequent wage growth. Two years later, they are no less likely to be employed, their wages...
Joint Estimation of Sequential Labor Force Participation and Fertility Decisions Using Markov Chain Monte Carlo Techniques
(Department of Economics, 2004)
In this paper we estimate the causal effect of children on the labor supply of women using panel data on women from the 1979 National Longitudinal Survey of Youth (NLSY79). We examine the effect of children both prior to and after birth as well...
On Fed Watching and Central Bank Transparency
(Department of Economics, 2000)
In this paper, I examine central bank transparency in two different general equilibrium settings. A transparent central bank eliminates any uncertainty about future money growth. Agents can expend resources to process messages about future money...
Inflationary Finance in a Simple Voting Model
(Department of Economics, 2001)
This paper is an attempt at answering the somewhat counterfactual question: if monetary policy was to be decided in the arena of public voting (that is not by independent central banks), then what kind of monetary policies (specifically, inflation...
The Impact of Welfare Reform on Leaver Characteristics, Employment and Recidivism: An Analysis of Maryland and Missouri
(Department of Economics, 2007)
reform. We find that after welfare reform leavers are much more likely to be working. Although in Maryland those working have earnings that are somewhat below employed leavers prior to reform, in Missouri earnings for employed leavers are unchanged...
Access Price and Vertical Control Policies for a Vertically Integrated Upstream Monopolist when Sabotage is Costly
(Department of Economics, 2009)
Input price and novel vertical control regulations are derived for a vertically integrated upstream monopolist when the monopolist can engage in non-price discrimination against a downstream rival. The paper extends the literature on sabotage...
Uncommitted Couples: Some Efficiency and Policy Implications of Marital Bargaining
(Department of Economics, 2002)
This paper studies married couple's dynamic investment and consumption choices under the assumption that the couple cannot commit across time to not to renegotiate their decisions. The inefficiencies that can arise are characterized. Efficiency...
Why Are Firms Sometimes Unwilling to Reduce Costs?
(Department of Economics, 2007)
This paper establishes three new results for multiproduct oligopolies: 1) it presents the first explicit expression of Nash equilibria for asymmetric multiproduct oligopolies; 2) it shows that reducing a multiproduct firm's cost in Bertrand...
Labor-Market Returns to the GED Using Regression Discontinuity Analysis
(Department of Economics, 2010)
In this paper, we evaluate the labor-market returns to General Educational Development (GED) certification using Missouri administrative data. We develop a fuzzy regression discontinuity (FRD) method to account for the fact that GED test takers can...
Heterogeneous Information and Investment under Uncertainty
(Department of Economics, 2007)
A sudden change in investment environment shifts objective uncertainty (characterized by parameters that determine the distribution of returns) and at the same time heightens subjective uncertainty (about the data generating ...
Nonlinearity, Nonstationarity, and Thick Tails: How They Interact to Generate Persistency in Memory
(Department of Economics, 2008)
characteristics of the transformed time series, such as jumps in the sample path, excessive volatility, and leptokurtosis, suggest the possibility that these three ingredients are involved in the data generating processes of many actual economic and financial time...
Endogenous Credit Cycles
(Department of Economics, 2010)
We study models of credit with limited commitment, which implies endogenous borrowing constraints. We show that there are multiple stationary equilibria, as well as nonstationary equilibria, including some that display ...
Population Movements in the Presence of Agglomeration and Congestion Effects: Local Policy and the Social Optimum
(Department of Economics, 2009)
We investigate the efficiency properties of population mobility when localities compete in an environment with local amenities and local externalities. Our model is dynamic, incorporating land and labor markets in a context ...