FE475 - Research Seminars for Spring 2012
- Discrete Choice and Topics in Labor Economics
- Income Inequality: Possible Causes and Its Consequences for U.S. Households
- Economics of Healthcare in the U. S.
- Economics, Cyberspace and Cyberwar
- American Indian Economics
- Emerging Markets: Macroeconomic Fundamentals and International Capital Movement (using panel estimation)
- Globalization, Economic Growth and Development (using panel estimation)
- Using Panel Estimation to Analyze the Effects of Globalization
- Using Panel Estimation to Address Economic Questions
Discrete Choice and Topics in Labor
Economics
Instructor:
Assistant Professor Darrell Glaser
Description:
Content: This capstone focuses on topics specific to the field of labor
economics, but taking a prior course in labor economics is not necessary.
Students will learn and be expected to apply discrete choice methods of
estimation from economic statistics to a specific empirical project of their
choice (with instructor support and consent). At the beginning of the
semester, the class reads, analyzes and discusses existing research, where
discrete choice methods of
estimation are applicable. For example, one could ask how the composition of
a neighborhood a ects the probability that teenagers use drugs and/or
drop-out of high school. Discrete choice econometric methods exist, some
better than others, to answer this question. Given a broad menu of
econometric options, in class we explore, discuss and practice the
appropriate application of tools to di erent analytical situations. Students
spend the remainder of the semester devoted towards the completion of the
research project, presentation of results to class and a written capstone
thesis.
Income Inequality: Possible Causes and Its Consequences for U.S. Households
Instructor: Visiting Professor John Hisnanick
Description:
The 1990s has been referred to as the “fabulous decade.” During this time the U.S. economy experienced greater growth, lower unemployment, and lower inflation than other industrial nations. Gross Domestic Product (GDP) increased 32 percent, unemployment dropped below 5 percent, and inflation averaged around 4 percent. In addition, the Federal deficit turned into a budget surplus. Economic theory suggests that growth will cure poverty, that “a rising tide will lift all ships.” However, from 2000 to the present the economic data suggests recent economic tides (as reflected by the value of real household income) have flowed uphill, primarily going those households in the top of the income distribution. The U.S. has always prided itself on the mobility that individuals, families and households achieved through the opportunities afforded from a robust economy with a strong industrial and manufacturing base. Since the middle of the 20th century, a vibrant middle class has been viewed as an antidote to poverty, an incentive for individuals to work and improve their economic position, as well as an answer to those who worried that the income disparity between those in the bottom and top of the income distribution was too large. In the post-war era the American dream of being part of the “middle class” was reached by many, however, discussions, and data, have suggested that this group of households has seen its portion of aggregate income shrinking and that the disparity between the bottom and top of the income distribution is becoming more pronounced. Even before the current recession, the literature argued that the decline in domestic manufacturing, while affecting all U.S. households, most directly impacted the incomes of households in the middle of the distribution. Moreover, with the advent of, and the slow recovery from, the prior recession, the status of the middle class has been a major focal point in the implementation of many fiscal and monetary policy initiates, such as (2008) tax rebates, massive stimulus packages and quantitative easing. How does one go about investigating issues related to the income disparities observed between individuals, families, and households? There is a need for a better understanding of the causes and consequences of inequality, as well as the standard practices and procedures used to measure income inequality. In addition, it is also important to understand how poverty is defined in the U.S. and the causes and consequences of being and remaining poor. Income inequality and poverty are interrelated topics. In this seminar students will be introduced to these topics using cross-sectional and longitudinal survey data collected by the U.S. Census Bureau. Moreover, students will be required to write an empirically based paper addressing an issue related to income inequality using data from the Current Population Survey (CPS), March Supplement, the American Community Survey, and The Survey of Income and Program Participation (SIPP) 1996, 2001, 2004 and 2008 panels.
Economics of Healthcare in the U.S.
Instructor: Assistant Professor Michael Insler
Description:
On March 23, 2010, the Patient Protection and Affordable Care Act (PPACA,
more commonly known as "Obamacare") was passed into law. In this capstone
seminar, we will begin by studying contemporary topics in the field of
health economics that are relevant to the PPACA. We will then learn about
the
provisions of the legislation itself, and we will compare them to healthcare
policies of other nations. In the introductory part of the course (which
will take
place during the first few weeks of the semester), we will also examine
existing datasets in health economics and review fundamental econometric
techniques.
Following our analysis of the PPACA and its related literature, you will be
asked to find a relevant economic question surrounding the "Obamacare
debate." Your research question should be empirical in nature and applicable
to existing and available data. You will then design a strategy to
investigate the topic using
appropriate statistical methods. In the last two weeks of the semester, we
will reconvene, and you will present your work to the class.
Economics, Cyberspace and Cyberwar
Instructor: Distinguished Visiting Professor Martin LibickiDescription:
War is about choices, and choices are frequently about economics: optimization under uncertainty, game theory, or interactions among multiple rational players in the marketplace of power. Perhaps nowhere in warfare is this more true than with cyberwar. If systems did not have vulnerabilities - which, themselves, reflect how much investment system owners put into security measures - cyberwar would be impossible. Furthermore, cyberwar is one of the few ways in which states without long-range power capabilities can, nevertheless, damage the U.S. society in systemic ways. Thus, tradeoffs that infrastructure and other private system owners make among security, convenience, and cost may have non-trivial effects on U.S. national security. The purpose of this course is to help students think creatively about the uses and abuses of cyberwar and cyberspace policy.This course will have fourteen lectures, eight seminars (in which students lead discussions about their own work), and a large number of opportunities for office consultation sessions. The lectures will cover the basics of cyberspace/war, information system security, infrastructure protection, computer crime, rationales for cyber-conflict, and cyberdeterrence. Research on the economics of cyber-security, methodologies for investing in cyber-capabilities determination, analytic methods for understanding deterrence with uncertain attribution, depletion rates of exploits, regulatory strategies, data-quality issues (e.g., for cyber-incidents), or the marketplace for malware - to list a few - are welcome.
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Instructor: Assistant Professor Melinda Miller
Description:
This course will introduce you to the research methods and sources of
economic history. We will utilize primary source materials, economic theory,
journal articles and books to explore an empirical history of American
Indians. Topics may include: economic systems and development before 1492;
the political economy of early interactions between American Indians and
Europeans; Indian removal; the evolution of American Indian economic
systems; slavery among American Indians; the rise of the reservation system;
and Indian casinos. After you are introduced to the broader questions in
this field, you will use preexisting data from the census and other sources
to explore your own question on economic issues concerning American Indians
either in the past or today.
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Seminar List
Instructor: Visiting Professor Agnieszka Noel
Description:
The recent decades saw a tremendous growth in international capital movements, coupled with an increase in international trade and intense innovation of financial instruments in the international market. The trend towards financial globalization is expected to continue, notwithstanding the occurrence of periodical financial crises. To learn about the mechanisms underpinning global capital movements, we will start with an overview of emerging markets and their relationship with developed economies. From there we will answer fundamental questions as to why some countries attract capital inflows and what type of capital inflows they attract. We will analyze macroeconomic and microeconomic conditions, the exchange rate regime, the balance of payments, the corporate finance and banking sector, the degree of capital market development, market transparency, and political risk. We will also examine indicators of impending financial crisis especially the impact of financial market development (e.g. derivative markets) on the magnitude and volatility of capital flows. We will follow with the empirical research concentrating on the implementation of quantitative methods such as panel estimation in analyzing economic and financial issues related to the international capital movements and/or potential financial crises. Our research will focus on emerging markets: China, India, Eastern Europe, Central Asia, South-East Asia, and Central and South America. We will relate our observations to the situation in the United States and other developed economies, as in today’s economy capital movements are truly global and one cannot analyze the financial situation of a country without placing it in its international context. We will conclude the seminar by sharing our findings described in the individual research papers. You are expected to be familiar with macroeconomics and international economics, as there will be a very limited time for building theoretical foundation. Preferred field courses: FE312 Macroeconomics, FE 314 International Trade and Policy, FE411 Development and Growth or/and FE412 International Trade and Finance.
Globalization, Economic Growth and Development (using panel estimation)
Instructor: Visiting Professor Agnieszka Noel
Description:
Did you ever wonder why some countries are rich and other countries are poor? Why some countries grow and their citizens constantly increase their standard of living while others seem to be stuck hopelessly in poverty? Would you like to find an answer for yourself? To facilitate your individual research the seminar will be divided into three distinctive parts.
I. First, we will start by an overview of economic growth models (e.g. Harrod-Domar, Solow, Big Push) and theories describing how growth relates to development with a special emphasis on the possible research topics. We will ask why some countries experience a robust and sustained economic growth and analyze macroeconomic and microeconomic conditions, demographic structure, population growth, human and physical capital endowment, the role of state and market, balance of payments and overall level of integration with global economy in a given country. We will also look into the most common obstacles to growth. You will be expected to complete an introduction and literature review of your research paper.
II. The second part of the seminar will concentrate on the implementation of quantitative methods in analyzing growth and development. We will review data sources, research methods and basic econometric theory including examples of panel estimation. At this point you will be expected to complete your data gathering and show your work on the numerical calculations relevant to your project.
III. The remainder of the seminar will be dedicated to the analytical work on your research paper. You will be required to contact the instructor every week regarding your progress on the project in addition to completing the required sections of your paper on the assigned dates. We will conclude the seminar by applying our research findings to the peer critique of final paper presentations.
You are expected to be familiar with macroeconomics and economics of development and growth, as there will be a very limited time for building theoretical foundation. Preferred field courses: FE312 Macroeconomics, FE 314 International Trade and Policy, FE411 Development and Growth or/and FE412 International Trade and Finance.
Using Panel Estimation to Analyze the Effects of Globalization
Instructor: Assistant Professor Ahmed S. Rahman
Description:
The emerging world now accounts for over half of global economic output
(measured in purchasing-power parity). And a barrage of statistics shows
economic power shifting away for the “developed” economics (mainly North
America, Western Europe, Japan and Australia) towards emerging ones,
especially in Asia. No social or economic change this big takes place
without friction, especially as nations interact with each other more and
more. As such, “globalization” has become a term that evokes anxiety and
fear among many. But it is important to know that globalization is not a
zero-sum game, and as our world grows more interdependent, global forces
grow ever stronger. In this seminar, we will analyze the effects of
globalization using panel estimation techniques. Basically, panel data
analysis allows you to look at things across time AND space. Students will
first learn the statistical technique itself, how variables are measured,
and how these variables can be analyzed using panel estimation. Next
students will work on a research project of their choosing using these
techniques on a particular topic concerning globalization. In the last two
weeks of class we will reconvene to present your work to the class.
Using Panel Data Analysis to Address Economic Questions
Instructor: Associate Professor Katherine Smith
Description:
I would like each of you to come up with an economic topic or an idea that has sparked your curiosity at some point during your FEC career. I will work with you to narrow that topic into a viable research question. You will then use panel estimation to come up with a quantitative answer to your question of interest. Basically, panel data analysis allows you to look at things across time AND space. That is, you can track the same individuals, families, firms, cities, countries (or whatever), across different days, month, years (or whatever). Things get a bit more complicated, but they can also get a lot more interesting. Here’s an example: what is the effect of drunk-driving laws on traffic fatalities? If you had information for different states (some which pass the law, and some which don’t) over time, you can essentially perform a natural experiment: comparing the fatality-rates of states before and after the law is passed with those states that never pass the law gives you a sense of how effective the law was. Panel analysis can provide that insight. In terms of course structure, we will be meeting as a class for roughly three weeks to read and discuss published academic papers and former student capstones to give you a sense of the scope of the paper and to help foster research ideas. Once you learn the tools of panel analysis, you are to work on your research topic independently. In the last two weeks of class we will reconvene to present your work to the class. During February and March, each of you will meet once a week with me so I can provide feedback on your project.