The Determinants Of Personal Saving In The U.S.

In this study, a number of internal and external variables that could affect personal saving are examined using regression to show how they are related to personal saving. The empirical study is performed using the time series data of the U.S. between the years 1950 and 2007. The findings reveal that personal saving is highly dependent on personal income, tax, credit outstanding and status of employment, while dependency ratio, current real estate loan, real interest rate and status of economic performance are indeterminate

The Relationship of the value of the Dollar, and the Prices of Gold and Oil: A Tale of Asset Risk

This paper investigates the relationship between the value of the dollar and the prices of two commodities, gold and oil. Granger causality is used on monthly data from January of 1970 through July of 2008. The empirical results show that the hypothesis that there is no causal relation between the value of the dollar and the prices of gold and oil is not supported by the evidence. There are causal relations between each of the prices, and there is a negative relation between the value of the dollar and the price of each of the commodities, as predicted by standard economic theory. Also consistent with the predictions of classical economic theory is that there is a positive statistical association between the prices of gold and oil. The implication is that gold and oil represent safe havens from fluctuations in the value of the dollar.Dollar, Gold, Oil, Exchange Rates, Commodity Prices, Granger Causality

Did the price control achieve its goal?

As a result of the 1973 oil embargo and the subsequent increase of world oil prices, the oil price control program took place in order to reduce the impact of sharply higher external oil prices. In this regard, since the domestic price for oil was below that of the world market, the price control effort seemed to be regarded as successful. Did the oil price control achieve its goal? Maybe not. This study shows that the price control for the domestically produced crude oil was ineffective and enhanced the ability of external suppliers to manipulate prices.Oil Price Price Control

Income Inequality and Marriage

This study examines the extent to which changes in household formation exacerbated income inequality in the United States during the last two generations. Using a time-varying parameter model, the impact on how marriage decisions, changes in human capital, and fertility choices influence inequality are estimated. The estimation results show that marital sorting evolves over time and positively and increasingly affects the degree of income inequality and intergenerational human capital transmission induces path-dependent income distribution dynamics. This suggests that intrahousehold choices explain a substantial proportion of income distribution dynamics.

DETERMINATIONS OF NATURALIZATION AND ITS IMPACT ON EARNINGS

Many studies about the effects of naturalization on earnings do not account for the endogenous characteristic of naturalization. This study is concerned with the determinants of naturalization, its effect on earnings, and reversal causality between earnings and naturalization. Ordinary least squares (OLS), treatment effect model, and simultaneous equation model are used to estimate the effect of naturalization on earnings for U.S. immigrants. Using a treatment effect model, we find that naturalization has a much higher positive impact than the OLS method on earnings, but by employing a simultaneous equation model, the naturalization premium becomes closer to that of OLS. Also, we find that correcting the simultaneity problem between earnings and naturalization is much more important than orthogonalizing the naturalization variable using instruments

Divided: The Two Americas-Examining Club Convergence in the U.S.

This paper finds club convergence within the 50 U.S. states using Phillips and Sul’s (2007, 2009) regression-based convergence test using per capita real state domestic product from 1997 to 2017. Two clubs with diverging transition paths are found. Clubs 1 and 2 mimics the divide that is seen in the flow of funds from the federal government to the states (DiNapoli 2017, 2018). Hence, the log t test of Phillips and Sul (2007) is telling the tale of there being two Americas if all factors remain the same, but this need not be the case with the proper policy prescription

Divided: The Two Americas-Examining Club Convergence in the U.S.

This paper finds club convergence within the 50 U.S. states using Phillips and Sul’s (2007, 2009) regression-based convergence test using per capita real state domestic product from 1997 to 2017. Two clubs with diverging transition paths are found. Clubs 1 and 2 mimics the divide that is seen in the flow of funds from the federal government to the states (DiNapoli 2017, 2018). Hence, the log t test of Phillips and Sul (2007) is telling the tale of there being two Americas if all factors remain the same, but this need not be the case with the proper policy prescription

Nuclear structure in Parity Doublet Model

Using an extended parity doublet model with the hidden local symmetry, we study the properties of nuclei in the mean field approximation to see if the parity doublet model could reproduce nuclear properties and also to estimate the value of the chiral invariant nucleon mass $m_0$ preferred by nuclear structure. We first determined our model parameters using the inputs from free space and from nuclear matter properties. Then, we study some basic nuclear properties such as the nuclear binding energy with several different choices of the chiral invariant mass. We observe that our results, especially the nuclear binding energy, approach the experimental values as $m_0$ is increased until $m_0=700$ MeV and start to deviate more from the experiments afterwards with $m_0$ larger than $m_0=700$ MeV, which may imply that $m_0=700$ MeV is preferred by some nuclear properties.Comment: 8 pages, 2 figure