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Institutional Characteristics as Expressed in Selected Writings of Thomas Robert Malthus

Description: This investigation is concerned primarily with describing some characteristics of the institutionalist school of economic theory and then relating these characteristics to the writings of Thomas Robert Malthus. Thus in the course of this thesis two distinct sections are developed: one describing what are felt to be the outstanding characteristics of institutionalism and the second relating these characteristics directly to Malthus.
Date: August 1971
Creator: MacDowell, Michael A.
Partner: UNT Libraries

The Budget Deficit and the Trade Deficit: What Is Their Relationship?

Description: During the last half of the 1990s, real gross domestic investment rose as a fraction of real GDP. This resulted from the rise in U.S. productivity and the related rise in the real yield on U.S. assets. This drew additional private capital from abroad. If the twin deficits theory is correct, it has an adverse implication for the efficacy of fiscal policy as a stimulus tool. It suggests that in an environment of highly mobile international capital flows the effect of policy induced increases in the structural budget deficit (e.g., tax cuts) on short-run economic growth would be largely offset by increases in the trade deficit. The experience during both the 1980s and 1990s demonstrates that a large and growing trade deficit need not be an impediment to overall job creation even though it may have had an effect on the type of jobs that were created since it affected the composition of U.S. output.
Date: January 31, 2003
Creator: Labonte, Marc
Partner: UNT Libraries Government Documents Department

Border-Adjusted Consumption Taxes and Exchange Rate Movements: Theory and Evidence

Description: This report provides a basic framework for understanding how and why exchange rates could respond to a Border-Adjusted Tax (BAT). It first describes a BAT(which does not tax exports) and uses several examples to illustrate how one works. It then summarizes the standard economic theory of how exchange rates should respond to a BAT, as well as the arguments against the theoretical predictions. Finally, this report reviews the existing literature that has empirically investigated the relationship between exchange rates and BAT systems in other countries.
Date: April 18, 2017
Creator: Driessen, Grant A. & Keightley, Mark P.
Partner: UNT Libraries Government Documents Department

The Budget Deficit and the Trade Deficit: What Is Their Relationship?

Description: During the last half of the 1990s, real gross domestic investment rose as a fraction of real GDP. This resulted from the rise in U.S. productivity and the related rise in the real yield on U.S. assets. This drew additional private capital from abroad. If the twin deficits theory is correct, it has an adverse implication for the efficacy of fiscal policy as a stimulus tool. It suggests that in an environment of highly mobile international capital flows the effect of policy induced increases in the structural budget deficit (e.g., tax cuts) on short-run economic growth would be largely offset by increases in the trade deficit. The experience during both the 1980s and 1990s demonstrates that a large and growing trade deficit need not be an impediment to overall job creation even though it may have had an effect on the type of jobs that were created since it affected the composition of U.S. output.
Date: March 24, 2005
Creator: Labonte, Marc & Makinen, Gail
Partner: UNT Libraries Government Documents Department

The Development of the Theory of Full Employment

Description: The purpose of this paper is to analyze and to review fundamental ideas and theories of employment and to set forth the policies that can best obtain the goal of full employment, which is defined as the condition where those who want to work at the prevailing rates of pay can find work without undue difficulty.
Date: 1956
Creator: Hughes, James Walter
Partner: UNT Libraries

The Effects of Cumulative Consumption Feedback On Demand For Money As A Commodity

Description: Behavioral economic theory describes a relation between response requirement and magnitude of reinforcement, and combines these variables into one independent variable (unit price) affecting operant behavior. This study investigated the relative effects of cumulative feedback on consumption for money as a commodity. Subjects were exposed to ranges of unit prices with or without a cumulative feedback bar on the computer screen indicating monetary earnings. For all participants in this study, consumption of money was a decreasing function of unit prices and the results from the present study are consistent with the behavioral economic prediction that increasing the unit price of a commodity will decrease consumption of that commodity. Analyses of demand curves, elasticity coefficients and response rates suggested differences between Feedback and No Feedback groups, although these were small and not statistically significant. The small differences observed were consistent with a behavior strengthening effect of feedback.
Date: May 2001
Creator: Bailey, Kathleen
Partner: UNT Libraries

Do Predictions of Professional Business Economists Conform to the Rational Expectations Hypothesis?: Tests on a Set of Survey Data

Description: A set of forecast survey data is analyzed in this paper for properties consistent with the Rational Expectations Hypothesis. Standard statistical tests for "rational expectations" are employed utilizing consensus forecasts generated by an interest rate newsletter. Four selected variables (Fed Funds rate, M1 rate of growth, rate of change in CPI, and real GNP growth rate) are analyzed over multiple time horizons. Results tend to reject "rational expectations" for most variables and time horizons. Forecasts are more likely to meet "rationality" criteria the shorter the forecast horizon, with the notable exception of forecasts of real GNP growth.
Date: August 1989
Creator: Dabbs, Russell Edward
Partner: UNT Libraries

The Relationship Between an Industry Average Beta Coefficient and Price Elasticity of Demand

Description: The price elasticity of demand coefficient for a good or service is a measure of the sensitivity, or responsiveness, of the quantity demanded of a product to changes in the price of that product. The price elasticity of demand coefficients were generated for goods and services in nine different industries for the years 1972 to 1984. A simple linear demand function was employed, using the changes in the Consumer Price Index as a proxy for changes in price and Personal Consumption Expenditures, taken from the National Income and Product Accounts, as a proxy for quantity. Beta measures the sensitivity, or responsiveness, of a stock to the market. An industry average beta coefficient was generated for each of the nine industries over the time period, using the beta coefficients published by Value Line for firms which met certain criteria. In order to test the relationship between the price elasticity of demand and an industry average beta coefficient, a simple regression was performed using the beta coefficient as the dependent variable and the price elasticity of demand coefficient as the independent variable. The results broke down into 3 basic categories: those industries for which there seemed to be no relationship, those industries where there was a fairly strong probability that a relationship exists and the price elasticity of demand explains at least part of the variation in beta coefficients, and those industries where there was a very high probability that a relationship does exist and the variation in the price elasticity of demand coefficients substantially explained the variation in the industry average beta coefficients. The first category includes the food at home, tobacco, and shoe industries. The second category includes the men's clothing, the women's clothing, and the alcoholic beverages industries, and the third includes the automobile, airline, and fast-food restaurant industries.
Date: December 1986
Creator: Joslyn-Battaglia, Kari
Partner: UNT Libraries

Economics: From the Dismal Science to the Moral Science: The Moral Economics of Kendall P. Cochran

Description: Adam Smith published The Theory of Moral Sentiments in 1759 and established the ethical foundation for The Wealth of Nations (1776) as well as the important role played by custom and fashion in shaping behaviors and outcomes. Kendall P. Cochran believed in Smith’s emphasis on value-driven analysis and seeking solutions to major problems of the day. Cochran believed that economists moved too far in the direction of analysis free of words like ought and should and devoted his career to establishing that economics is a moral science. A recent study by two Harvard professors, Carmen Reinhart and Kenneth Rogoff, Growth in a Time of Debt (2010), asserted that healthy economic growth and high levels of government debt are incompatible. These conclusions are associated with the austerity movement, which calls for policymakers to reduce government spending in order to reduce the government’s debt and improve long-term growth prospects. The austerity movement has been used to justify the sharp decline in public sector employment that has restrained job growth since the recession of 2007. In 2013, a graduate student named Thomas Herndon discovered an error in the calculations of Reinhart and Rogoff, publishing his findings in a paper co-authored by his professors, called "Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff." These findings call the entire austerity movement into question, causing many to reconsider the current obsession with reducing the government debt during a time of economic stagnation. Cochran would have held a celebration to toast Herndon and his professors for their work, not only for the sake of technical accuracy, but also because the policy prescriptions associated with the austerity movement are misguided and harmful to the unemployed and underemployed during times of economic hardship. Cochran’s articles are significant at this time because he is ...
Date: January 2015
Creator: Cochran, Kendall P.
Partner: UNT Libraries