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Optimal Commodity Taxation When Land and Structures Must Be Taxed at the Same Rate
(Department of Economics, 2005)
We show that the optimal property tax rate rises with the ratio of land rents to structure and land development costs. California's high ratio of income to property tax revenue and the distribution of Federal housing ...
Exposure Order Effects and Advertising Competition
(Department of Economics, 2008)
This paper applies the theories of exposure order effects, developed in the psychology literature, to an industrial organization model to explore their role in advertising competition. There are two firms and infinitely many identical consumers...
On the Use of the Inflation Tax when Non-Distortionary Taxes are Available
(Department of Economics, 2000)
If a inflation tax base has been created via a fixed reserve requirement, will a benevolent government use the inflation tax as a (partial) source of revenue even though a non-distortionary revenue source is available? ...
An Information Theoretic Approach to Flexible Stochastic Frontier Models
(Department of Economics, 2007)
Parametric stochastic frontier models have a long history in applied production economics, but the class of tractible parametric models is relatively small. Consequently, researchers have recently considered non-parametric alternatives...
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 ...
Bayesian Estimator of Vector-Autoregressive Model Under the Entropy Loss
(Department of Economics, 2002)
it difficult to compute the Bayesian estimates via standard Markov Chain Monte Carlo (MCMC) procedures. The second contribution of the paper concerns MCMC simulation of the Bayesian estimator without using the closed-form expression of the frequentist...
High Corruption Income in Ming and Qing China
(Department of Economics, 2005)
We develop an economic model that explains historical data on government corruption in Ming and Qing China. In our model, officials' extensive powers result in corrupt income matching land's share in output. We estimate corrupt income to be between...
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...
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 ...
What's in a Name?
(Department of Economics, 2004)
Plenty. This paper analyzes two broad questions: Does your first name matter? And how did you get your first name anyway? Using data from the National Opinion Research Center's (NORC's) General Social Survey, including access to respondent's first...
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 ...
Crude Oil and Stock Markets: Stability, Instability, and Bubbles
(Department of Economics, 2008)
We analyze the long-run relationship between the world price of crude oil and international stock markets over 1971:1-2008:3 using a cointegrated vector error correction model with additional regressors. Allowing for ...
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...
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...
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...
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 ...
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...
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 ...
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...
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 ...