Current Search: info:fedora/islandora:personCModel (x) » info:fedora/fau:hht (x) » Department of Economics (x)
View All Items
Pages
- Title
- An Empirical Analysis of The Impact of Mandatory Membership Fee on Residential Real Estate Price.
- Creator
- Gifford, Trishanna, Caudill, Steven, Florida Atlantic University, Department of Economics, College of Business
- Abstract/Description
-
This empirical study examines the impact of a homeowners association (HOA) mandatory membership fee on residential real estate prices, a topic that has not been empirically addressed in the real estate literature. A mandatory membership fee is defined as an initiation fee charged by HOAs that grants homeowners country club access. Many studies have examined the impact of the presence of homeowners associations on price but only a few studies have examined the impact of homeowners associations...
Show moreThis empirical study examines the impact of a homeowners association (HOA) mandatory membership fee on residential real estate prices, a topic that has not been empirically addressed in the real estate literature. A mandatory membership fee is defined as an initiation fee charged by HOAs that grants homeowners country club access. Many studies have examined the impact of the presence of homeowners associations on price but only a few studies have examined the impact of homeowners associations on price by estimating the impact of homeowners association fees. This research expands the HOA literature by examining the specific HOA fee characteristics of a mandatory membership fee. In this analysis, hedonic price models (HPM) are used to estimate the impact of mandatory membership fee on price by analyzing 31,704 observations of single family home sales between 2018 and 2019 in Palm Beach County, Florida using data from a local multiple listing service. Specifically, Ordinary Least Squares (OLS) models using two dependent variables, sold price and natural log of sold price, with mandatory membership fee as the independent variable of interest are used to estimate the relationship between mandatory membership fee and sales price. By controlling for property, neighborhood, and market characteristics, the hypothesis I investigate states that the impact of the presence of a mandatory membership fee on sales price is negative.
Show less - Date Issued
- 2023
- PURL
- http://purl.flvc.org/fau/fd/FA00014345
- Subject Headings
- Housing--Prices, Residential real estate, Homeowners' associations, Hedonic pricing
- Format
- Document (PDF)
- Title
- The Effects of Individual-level Knowledge on Firm Performance: An Evolutionary Perspective.
- Creator
- Collard, Lotta, Boudreaux, Christopher, Florida Atlantic University, Department of Economics, College of Business
- Abstract/Description
-
Human knowledge is acknowledged as critically important to economic growth and prosperity. Economists focus on the past few decades’ emergence of a knowledge-based economy greatly dependent on individual-level knowledge. Knowledge is a key resource of many organizations, and the need for an educated workforce is believed to facilitate the creation, share, and use of firm-level knowledge going forward. An economy where knowledge is the main asset is very different from traditional production...
Show moreHuman knowledge is acknowledged as critically important to economic growth and prosperity. Economists focus on the past few decades’ emergence of a knowledge-based economy greatly dependent on individual-level knowledge. Knowledge is a key resource of many organizations, and the need for an educated workforce is believed to facilitate the creation, share, and use of firm-level knowledge going forward. An economy where knowledge is the main asset is very different from traditional production systems that depend on tangible assets. These tangible assets often rely upon scarce resources such as minerals, thereby forcing price fluctuations and potential disruptions in inventory and sales. Logistics and supply chain issues can dwindle as we have experienced during the recent pandemic. However, when knowledge is the firm’s main asset, the firm’s intangible asset will not decrease as sales increase. Knowledge also does not spoil or dwindle over time. Instead, knowledge will grow and evolve, and as the philosopher Aristotle once stated, “the whole is greater than the sum of its parts”. The fact that knowledge as the main asset does not decrease as a result of production makes the knowledge economy an interesting phenomenon to study and to understand.
Show less - Date Issued
- 2022
- PURL
- http://purl.flvc.org/fau/fd/FA00013984
- Subject Headings
- Knowledge economy, Knowledge, Evolutionary economics
- Format
- Document (PDF)
- Title
- IS THE PHILLIPS CURVE A UNICORN?.
- Creator
- Lee, Sanghyun Paul, Yuhn, Ky-Hyang, Florida Atlantic University, Department of Economics, College of Business
- Abstract/Description
-
The new Keynesian wage Phillips curve (NKWPC) is derived from the standard new Keynesian Phillips curve (NKPC) that is examined and verified by many economists. The NKWPC model uses the structural wage equation to present the significant inverse relationship between wage inflation and the unemployment rate in the US economy with the significant assumption of a constant natural rate of unemployment. This study examines the NKWPC model using the generalized method of moments (GMM) and...
Show moreThe new Keynesian wage Phillips curve (NKWPC) is derived from the standard new Keynesian Phillips curve (NKPC) that is examined and verified by many economists. The NKWPC model uses the structural wage equation to present the significant inverse relationship between wage inflation and the unemployment rate in the US economy with the significant assumption of a constant natural rate of unemployment. This study examines the NKWPC model using the generalized method of moments (GMM) and generalized autoregressive conditionally heteroskedastic-M (GARCH-M) to confirm the critical inverse relationship of the Phillips curve. In particular, this study tests the NKWPC separately targeting the official unemployment rate from Komlos (2019)’s real unemployment rate. The estimated results of this study support the NKWPC re-confirming a significant negative relationship between wage inflation and unemployment, using two different econometric techniques of GMM and GARCH-M. Moreover, it is apparent that they do not distinguish the official unemployment rate from the real unemployment rate. The Phillips curve is not just a unicorn, or rarity, in the economic world. It is a substantial indicator and still holds merit. This study yields to another lending support to the importance of the Phillips curve.
Show less - Date Issued
- 2021
- PURL
- http://purl.flvc.org/fau/fd/FA00013772
- Subject Headings
- Phillips curve, Labor market
- Format
- Document (PDF)
- Title
- HABIT, EMULATION, AND SURVIVAL IN THE SUPERMARKET.
- Creator
- Brundage, Brendan, Boudreaux, Christopher, Florida Atlantic University, Department of Economics, College of Business
- Abstract/Description
-
Substantivism helps us appreciate two views on the meaning of the economy: the institutional view and the neoclassical view. This study analyzes the behaviors of producers and consumers in the supermarket industry and finds that the neoclassical school lacks a realistic behavioral theory. We observe that institutional behavioral theory is closer to reality because it recognizes that consumers are affected by their social environment through habit and emulation, and producers are survival...
Show moreSubstantivism helps us appreciate two views on the meaning of the economy: the institutional view and the neoclassical view. This study analyzes the behaviors of producers and consumers in the supermarket industry and finds that the neoclassical school lacks a realistic behavioral theory. We observe that institutional behavioral theory is closer to reality because it recognizes that consumers are affected by their social environment through habit and emulation, and producers are survival maximizers. These social obstacles prevent humans from acting like homoeconomicus. We focus only on the supermarket industry, but this conclusion can be applied to all industries.
Show less - Date Issued
- 2020
- PURL
- http://purl.flvc.org/fau/fd/FA00013536
- Subject Headings
- Economics, Supermarkets, Consumer behavior, Economy
- Format
- Document (PDF)
- Title
- THE EFFECT OF WAR ON U.S. ECONOMIC GROWTH: COMPARING THE KOREAN WAR, VIETNAM WAR AND WARS IN MIDDLE EAST.
- Creator
- Lee, Chaewoong, Yuhn, Ky-Hyang, Florida Atlantic University, Department of Economics, College of Business
- Abstract/Description
-
Analyzing the effect of military expenditure on economic growth has been an essential task for U.S economists. This thesis analyzed macroeconomic components for the last 70 years by estimating the ordinary least squares (OLS) regression model and vector autoregressive model. To interpret the empirical analysis, historical analysis of the Korean War, the Vietnam War, and the Wars in the Middle East, was made. One found the negative effect of military spending during wartime on the economic...
Show moreAnalyzing the effect of military expenditure on economic growth has been an essential task for U.S economists. This thesis analyzed macroeconomic components for the last 70 years by estimating the ordinary least squares (OLS) regression model and vector autoregressive model. To interpret the empirical analysis, historical analysis of the Korean War, the Vietnam War, and the Wars in the Middle East, was made. One found the negative effect of military spending during wartime on the economic growth of the United States. This thesis suggests that the policymakers and military commanders should focus on shortening the state of war to minimize economic damage to the United States.
Show less - Date Issued
- 2020
- PURL
- http://purl.flvc.org/fau/fd/FA00013506
- Subject Headings
- Economic development--United States, Korean War, 1950-1953, Vietnam War, 1961-1975, War--Middle East, Military spending, Macroeconomics
- Format
- Document (PDF)
- Title
- 2009-2010 Program Review Economics.
- Creator
- Florida Atlantic University Office of Institutional Effectiveness & Analysis, Department of Economics, College of Business
- Abstract/Description
-
Florida Atlantic University Departmental Dashboard Indicators. Department program reviews for College of Business, Florida Atlantic University.
- Date Issued
- 2009-2010
- PURL
- http://purl.flvc.org/fau/fd/FA00007754
- Subject Headings
- Florida Atlantic University -- History
- Format
- Document (PDF)
- Title
- 2010-2011 Program Review Economics.
- Creator
- Florida Atlantic University Office of Institutional Effectiveness & Analysis, Department of Economics, College of Business
- Abstract/Description
-
Florida Atlantic University Departmental Dashboard Indicators. Department program reviews for College of Business, Florida Atlantic University.
- Date Issued
- 2010-2011
- PURL
- http://purl.flvc.org/fau/fd/FA00007755
- Subject Headings
- Florida Atlantic University -- History
- Format
- Document (PDF)
- Title
- 2012-2013 Program Review Economics.
- Creator
- Florida Atlantic University Office of Institutional Effectiveness & Analysis, Department of Economics, College of Business
- Abstract/Description
-
Florida Atlantic University Departmental Dashboard Indicators. Department program reviews for College of Business, Florida Atlantic University.
- Date Issued
- 2012-2013
- PURL
- http://purl.flvc.org/fau/fd/FA00007756
- Subject Headings
- Florida Atlantic University -- History
- Format
- Document (PDF)
- Title
- 2013-2014 Program Review Economics.
- Creator
- Florida Atlantic University Office of Institutional Effectiveness & Analysis, Department of Economics, College of Business
- Abstract/Description
-
Florida Atlantic University Departmental Dashboard Indicators. Department program reviews for College of Business, Florida Atlantic University.
- Date Issued
- 2013-2014
- PURL
- http://purl.flvc.org/fau/fd/FA00007757
- Subject Headings
- Florida Atlantic University -- History
- Format
- Document (PDF)
- Title
- 2014-2015 Program Review Economics.
- Creator
- Florida Atlantic University Office of Institutional Effectiveness & Analysis, Department of Economics, College of Business
- Abstract/Description
-
Florida Atlantic University Departmental Dashboard Indicators. Department program reviews for College of Business, Florida Atlantic University.
- Date Issued
- 2014-2015
- PURL
- http://purl.flvc.org/fau/fd/FA00007758
- Subject Headings
- Florida Atlantic University -- History
- Format
- Document (PDF)
- Title
- 2015-2016 Program Review Economics.
- Creator
- Florida Atlantic University Office of Institutional Effectiveness & Analysis, Department of Economics, College of Business
- Abstract/Description
-
Florida Atlantic University Departmental Dashboard Indicators. Department program reviews for College of Business, Florida Atlantic University.
- Date Issued
- 2015-2016
- PURL
- http://purl.flvc.org/fau/fd/FA00007759
- Subject Headings
- Florida Atlantic University -- History
- Format
- Document (PDF)
- Title
- 2016-2017 Program Review Economics.
- Creator
- Florida Atlantic University Office of Institutional Effectiveness & Analysis, Department of Economics, College of Business
- Abstract/Description
-
Florida Atlantic University Departmental Dashboard Indicators. Department program reviews for College of Business, Florida Atlantic University.
- Date Issued
- 2016-2017
- PURL
- http://purl.flvc.org/fau/fd/FA00007760
- Subject Headings
- Florida Atlantic University -- History
- Format
- Document (PDF)
- Title
- Entropic Considerations of Efficiency in the West Texas Intermediate Crude Oil Futures Market.
- Creator
- Sagul, Ryan, Yuhn, Ky-hyang, Florida Atlantic University, College of Business, Department of Economics
- Abstract/Description
-
For the last fifty years, the efficient market hypothesis has been the central pillar of economic thought and touted by all, despite Sanford Grossman’ and Nobel prize winner Joseph Stiglitz’ objection in 1980. Andrew Lo updated the efficient market hypothesis in 2004 to reconcile irrational human behavior and cold, calculating automatons. This thesis utilizes 33 years of oil futures, GARCH regressions, and the Jensen-Shannon informational criteria to provide extensive empirical objections to...
Show moreFor the last fifty years, the efficient market hypothesis has been the central pillar of economic thought and touted by all, despite Sanford Grossman’ and Nobel prize winner Joseph Stiglitz’ objection in 1980. Andrew Lo updated the efficient market hypothesis in 2004 to reconcile irrational human behavior and cold, calculating automatons. This thesis utilizes 33 years of oil futures, GARCH regressions, and the Jensen-Shannon informational criteria to provide extensive empirical objections to informational efficiency. The results demonstrate continuously inefficient oil future markets which exhibit decreased informational efficiency during recessionary periods, advocating the adaptive market hypothesis over the efficient market hypothesis.
Show less - Date Issued
- 2016
- PURL
- http://purl.flvc.org/fau/fd/FA00004730, http://purl.flvc.org/fau/fd/FA00004730
- Subject Headings
- Capital market -- Psychological aspects, Energy industries -- Risk management, Financial risk management -- Mathematical models, Futures, Investment analysis, Petroleum industry and trade -- Economic aspects, Stocks -- Mathematical models
- Format
- Document (PDF)
- Title
- Duration and the prices of common stocks.
- Creator
- Konnan, Yehuda A., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
In finance, the term 'duration' means the effective length of a financial obligation which is discharged in installments. This concept has a number of applications in finance like calculating the change in the price of bonds due to the change in interest rates, immunizing the value of bonds, etc. Common stocks are also financial obligations and are considered to have durations. For bonds and similar strong contractual obligations, duration and its applications are clear cut and are used...
Show moreIn finance, the term 'duration' means the effective length of a financial obligation which is discharged in installments. This concept has a number of applications in finance like calculating the change in the price of bonds due to the change in interest rates, immunizing the value of bonds, etc. Common stocks are also financial obligations and are considered to have durations. For bonds and similar strong contractual obligations, duration and its applications are clear cut and are used widely. For common stocks duration evaluation is difficult and its practical applications hardly exist. Moreover, there are no publications of numerical results where duration was applied to common stocks. These facts make it doubtful whether duration can be applied to common stocks. The results of the empirical research here, with numerical results, make it doubtful that duration can be applied to common stocks or to explain price fluctuations of common stocks.
Show less - Date Issued
- 1997
- PURL
- http://purl.flvc.org/fcla/dt/15368
- Subject Headings
- Investments--Mathematics, Stocks--Prices, Interest rates
- Format
- Document (PDF)
- Title
- Hyperinflation in theory and practice: Brazil, 1980-1995.
- Creator
- Lafalaise, Jean Rony., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis reviews the causes of and policies used to end hyperinflation using the Brazilian experience between 1980 and 1995. The work of Thomas Sargent in (Hall, 1982) and Phillip Cagan (1956) found a number of common features regarding the causes and the ending of hyperinflation in a number of European countries in the early 1920s and 1940s. They noted that vigorous monetary and fiscal measures were needed to finally end the rapid rise in prices. Second, there was a final jump in the...
Show moreThis thesis reviews the causes of and policies used to end hyperinflation using the Brazilian experience between 1980 and 1995. The work of Thomas Sargent in (Hall, 1982) and Phillip Cagan (1956) found a number of common features regarding the causes and the ending of hyperinflation in a number of European countries in the early 1920s and 1940s. They noted that vigorous monetary and fiscal measures were needed to finally end the rapid rise in prices. Second, there was a final jump in the money supply in the months after the rise of prices had ended. Third, the price level did not decline after inflation terminated. And fourth, in each case, the tax burden was increased (through an increase in taxes and a cut in government expenditures). The thesis found that the Brazilian hyperinflation displayed the characteristics previously found by Cagan and Sargent. Furthermore, the policies used to end the inflation and resulting impacts were very much in line with the experiences of the countries studied by Cagan and Sargent.
Show less - Date Issued
- 1996
- PURL
- http://purl.flvc.org/fcla/dt/15256
- Subject Headings
- Inflation (Finance)--Brazil, Economic stabilization--Brazil
- Format
- Document (PDF)
- Title
- International shocks and interdependence: Cointegration results from the major equity markets.
- Creator
- Croce, Robert William., Florida Atlantic University, Yuhn, Ky-hyang, College of Business, Department of Economics
- Abstract/Description
-
This study subjects the world's major stock markets to cointegration tests in an effort to respond to the common investigation that the major equity markets tend to move together with the U.S. market. The relationships between the United States and Canada, France, Germany, Japan, and the United Kingdom will be investigated. Not only will the entire period of 1970-1991.3 be examined, but the pre-1987 crash and the post-1987 crash periods as well. In addition, the Chow test will be employed to...
Show moreThis study subjects the world's major stock markets to cointegration tests in an effort to respond to the common investigation that the major equity markets tend to move together with the U.S. market. The relationships between the United States and Canada, France, Germany, Japan, and the United Kingdom will be investigated. Not only will the entire period of 1970-1991.3 be examined, but the pre-1987 crash and the post-1987 crash periods as well. In addition, the Chow test will be employed to probe for any structural change occurrence relating to the worldwide stock market crash of October 1987. Evidence of cointegration is found to exist vis-a-vis the U.S. with the U.K. and Germany for the entire period; however, since the crash, only the U.K. and Japan have exhibited equilibrium relations. Absolutely no cointegration was detected for Canada nor France with the U.S. market.
Show less - Date Issued
- 1995
- PURL
- http://purl.flvc.org/fcla/dt/15228
- Subject Headings
- Stock exchanges, Stock Market Crash, 1987, International finance, Financial institutions, International
- Format
- Document (PDF)
- Title
- Analysis of the effects of local land use legislation and monetary policy on real estate development.
- Creator
- Kirkpatrick, Blake Wilson., Florida Atlantic University, Manage, Neela D., College of Business, Department of Economics
- Abstract/Description
-
Countless studies have been conducted to determine how the real estate market reacts to the economy. The most accurate studies contemplate both macroeconomic and microeconomic variables simultaneously. In analyzing real estate markets, both monetary policy and regional factors must be examined to obtain an accurate portrayal of both national and local trends. One regional factor that has affected all real estate markets, especially in the southern states, is local land use legislation. Due to...
Show moreCountless studies have been conducted to determine how the real estate market reacts to the economy. The most accurate studies contemplate both macroeconomic and microeconomic variables simultaneously. In analyzing real estate markets, both monetary policy and regional factors must be examined to obtain an accurate portrayal of both national and local trends. One regional factor that has affected all real estate markets, especially in the southern states, is local land use legislation. Due to rapid increases in population, various states have enacted growth management policies to ensure stable expansion within their regions. This study utilizes data for Broward County, Florida, to assess the impact of land use legislation on the local real estate market in comparison to macroeconomic variables. The empirical results clearly demonstrate that legislation can exert a greater influence on local housing market activity during certain periods than can macroeconomic factors such as interest rates.
Show less - Date Issued
- 1995
- PURL
- http://purl.flvc.org/fcla/dt/15224
- Subject Headings
- Real estate development--Florida--Broward County, Land use--Law and legislation, Real estate development--Law and legislation
- Format
- Document (PDF)
- Title
- Interest rates and inflation: An analysis of monetary policy.
- Creator
- Steele, Sandra C., Florida Atlantic University, Yuhn, Ky-hyang, College of Business, Department of Economics
- Abstract/Description
-
The main contribution of this thesis is the determination of how long it takes for an adjustment in the short-term interest rate to effect inflation. In order to ascertain this, a good amount of economic theory is covered, including a rudimentary explanation of inflation and interest rates, a brief history of monetary policy in the United States, an analysis of the relationship between long- and short-term interest rates, the importance of credibility and inertia, and a detailed review of...
Show moreThe main contribution of this thesis is the determination of how long it takes for an adjustment in the short-term interest rate to effect inflation. In order to ascertain this, a good amount of economic theory is covered, including a rudimentary explanation of inflation and interest rates, a brief history of monetary policy in the United States, an analysis of the relationship between long- and short-term interest rates, the importance of credibility and inertia, and a detailed review of interest rate policy since 1979. This, in conjunction with empirical analysis, does in fact offer an answer to this question.
Show less - Date Issued
- 1995
- PURL
- http://purl.flvc.org/fcla/dt/15181
- Subject Headings
- Inflation (Finance), Interest rates--United States--Effect of inflation on, Monetary policy--United States, Interest rates--Government policy--United States
- Format
- Document (PDF)
- Title
- American lookback options: Early exercise.
- Creator
- Abramov, Viatcheslav Alexander., Florida Atlantic University, Yuhn, Ky-hyang, College of Business, Department of Economics
- Abstract/Description
-
Lookback options are path dependent contingent claims whose payoff depend on the extrema of a given security's price over a given period. Some of these options are already traded on specialized markets (such as foreign exchange) and mostly in over-the-counter market alongside with other path dependent options (knock-ins, knock-outs, etc.). This thesis examines the existing pricing models of conventional options as well as standard European lookback options and provides some results about...
Show moreLookback options are path dependent contingent claims whose payoff depend on the extrema of a given security's price over a given period. Some of these options are already traded on specialized markets (such as foreign exchange) and mostly in over-the-counter market alongside with other path dependent options (knock-ins, knock-outs, etc.). This thesis examines the existing pricing models of conventional options as well as standard European lookback options and provides some results about early exercise of their American counterparts with the use of notions from the theory of optimal stopping.
Show less - Date Issued
- 1995
- PURL
- http://purl.flvc.org/fcla/dt/15177
- Subject Headings
- Options (Finance), Derivative securities
- Format
- Document (PDF)
- Title
- Economic transition, the case of China.
- Creator
- Lin, Min., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis is a study of China's economic transition from the traditional Soviet type socialist command economy which existed before 1978 to a market economy which China wants to achieve. Historical comparisons are applied to see the difference between early economic development and present reform efforts in China. The problems that China has encountered during the transition period also are presented and analysis are given.
- Date Issued
- 1995
- PURL
- http://purl.flvc.org/fcla/dt/15172
- Subject Headings
- China--Economic policy--1976-, Capitalism--China, China--Economic conditions
- Format
- Document (PDF)