Contemporary Economic Policy

Articles from Vol. 33, No. 1, January

All In: An Empirical Analysis of Legislative Voting on Internet Gambling Restrictions in the United States
In 2006. the U.S. Congress passed the Unlawful Internet Gambling Enforcement Act (UIGEA) which prohibited financial institutions from processing transactions arising from online gaming activities, thereby severely hindering U.S. residents from participating...
Are Television and Video Games Really Harmful for Kids?
Are watching television (TV) and playing video games really harmful for children's development? By using a unique longitudinal dataset with detailed information on children's development and health, we examined the causal effect of hours of TV watched...
Assessing Returns to Education and Labor Shocks in Mexican Regions after Nafta
I. INTRODUCTION Mexico's integration with the U.S. economy through capital (foreign direct investment [FDI] and portfolio flows) and labor (legal and illegal migration) makes for a very interesting case study. Presumably, greater integration with...
Comparing Federal and Private-Sector Wages without Logs
I. INTRODUCTION Numerous researchers have concluded that workers in the federal government are more highly compensated, on average, than those in the private sector with similar education, experience, and other characteristics. This study reexamines...
Early Withdrawals from Retirement Accounts during the Great Recession
Early withdrawals from retirement accounts are a double-edged sword, because withdrawals reduce retirement resources, but they also allow individuals to smooth consumption when they experience demographic and economic shocks. Using tax data, we show...
Economies of Scale and Scope: The Case of Specialty Hospitals
I. INTRODUCTION Economies of scale and scope as measured from cost function estimation have been a classic way for economists to evaluate whether and to what degree multiproduct arrangements, specialization, and firm size are generating production...
Energy Security in the Asia-Pacific Region
1. INTRODUCTION Some of the issues involved in understanding energy security today for the Asia-Pacific region that are treated in this paper include the dangers stemming from energy supply disruptions (Section II); dangers over the long term (Section...
Expansionary versus Contractionary Government Spending
I. INTRODUCTION In response to the global financial crisis, G20 governments implemented unprecedented fiscal stimulus measures aimed at sustaining aggregate demand to bolster national income and employment. Entailing a mix of new public expenditure,...
Fiscal Multipliers during the Global Financial Crisis: Fiscal and Monetary Interaction Matters
I. INTRODUCTION In the wake of the 2007-2009 global financial crisis (GFC), most developed economies implemented expansionary fiscal policies at record levels as a countermeasure for the economic downturn. However, there is no consensus regarding...
Leveraged Buybacks of Sovereign Debt: A Model and an Application to Greece
I. INTRODUCTION When the outstanding debt of a sovereign borrower quotes significantly below its face value, the government of that country may try to improve the financial position of the public sector by purchasing some of its own debt through...
Love, Toil, and Health Insurance: Why American Husbands Retire When They Do
The provision of health insurance has previously been shown to be an important determinant of retirement timing among older Americans, but the existing literature has largely ignored some aspects of the interspousal dependence of health insurance benefits....
Microeconomic Reform and Income Distribution: The Case of Australian Ports and Rail Freight
I. INTRODUCTION Ports and railways in Australia have a history that dates from the 19th century when intra-colonial railway lines were first established: from this time till the development of transcontinental railway lines in the 1950s, long-distance...
Repeal of Prohibition: A Benefit-Cost Analysis
In spite of an estimated increase in annual alcohol-related motor vehicle costs of $2.767 billion (1947 dollars), the net social benefit of repeal of alcohol Prohibition amounts to $432 million per annum in 1934-1937, about 0.33% of gross domestic...
The Taylor Principle in the Long Run: An Empirical Perspective
I. INTRODUCTION It is an important task for macroeconomists to characterize the monetary policy behavior of central banks. The Taylor rule, as proposed by Taylor (1993), has been demonstrated to be a simple, useful policy rule, which does a generally...
Why Is Cash Still So Entrenched? Insights from Canadian Shopping Diaries
One similarity (wrong many developed economies is the predominance of cash over electronic payments in terms of payment frequency, especially Pr the low-value transactions that are the bulk of retail payments. We use the Bank of Canada's 2009 Methods-of-Payment...
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