From the Ashes: Social Restoration After the Great Chicago Fire

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The Impact of Wealth and Sentiment on Consumption: Before and After the Great Recession

I study the impact of consumer sentiment and the wealth effect on aggregate U.S. consumption before and after the Great Recession. First I will introduce a background of the 2008 financial crisis and some major factors leading up to it. I will discuss both the Michigan Consumer Sentiment index as well as the Conference Board\u27s Consumer Confidence index. I will also discuss several measures of net worth relevant for my study. Second I will discuss the relevant literature and the main findings that correspond to my thesis. Third I will present the methodology used for my thesis and the several types of specifications included to adequately test my thesis question. Next I will present the empirical results found in the various regressions run in both levels and first-difference and their interpretation. Overall I find no asymmetric response of consumption to changes in wealth and sentiment. Therefore aggregate consumption tends to respond the same to an equal size increase or decrease in the two main explanatory variables. Additionally a significant structural shift in aggregate consumption is evident due to the Great Recession. The consumption function on average is estimated to have shifted downward by about $43.791 billion as a result of the near demise of the American economy. After further analysis of the data another structural shift in aggregate consumption was realized at around 1998. In this case the consumption function shifted upwards an average$11.557 billion which can very likely be explained by the repeal of the Glass-Steagall Act allowing loans to be given out to nearly anyone regardless of their financial stability. In sum consumer sentiment wealth and disposable income all have a significant impact on aggregate consumption

The Centrality of Military Procurement: Explaining the Exceptionalist Character of United States Federal Public Procurement Law

This study builds upon prior work that delineates opposing tendencies of exceptionalism and congruence that measure the degree to which a body of public contracts law diverges or adheres to the norms of private contract law. This study has two objectives. First, itseeks to define more precisely, and track the incidence and locus of a phenomenon described as exceptionalism in public procurement law. Exceptionalism enhances the powers or reduces the liabilities of the government with respect to its private contracting partners. The first branch of this study also seeks to distinguish such true exceptionalism from a phenomenon of reverse exceptionalism that imposes duties on the government that private parties engaged in procurement do not share. This study concludes that true exceptionalism is strongly associated with the law governing performance of federal public procurement contracts, while reverse exceptionalism is associated characteristically with the law of federal public contract formation. The second objective of this study concerns the role of military procurement - which historically has been central to the development of the procurement law system in the United States. This feature of the United States public procurement regime distinguishes it from the national law of many other nations, and from the requirements of many transnational public procurement regimes. This study demonstrates the strong causal role played by military procurement, in the emergence of this exceptionalist tendency in the United States law governing performance of federal public procurement contracts. These findings have particular relevance for developing nations and transitional economies emerging from state socialism. Although the common practice of excluding military procurement from the field of newly established competitive procurement regimes in such nations is entirely understandable, this study suggests that this approach fosters the adoption of regime that lacks appropriate flexibility. The experience of the United States should caution other nations to consider the unrecognized costs of broadly excluding military procurement from their procurement regimes at the threshold

The Centrality of Military Procurement: Explaining the Exceptionalist Character of United States Federal Public Procurement Law

This study builds upon prior work that delineates opposing tendencies of exceptionalism and congruence that measure the degree to which a body of public contracts law diverges or adheres to the norms of private contract law. This study has two objectives. First, itseeks to define more precisely, and track the incidence and locus of a phenomenon described as exceptionalism in public procurement law. Exceptionalism enhances the powers or reduces the liabilities of the government with respect to its private contracting partners. The first branch of this study also seeks to distinguish such true exceptionalism from a phenomenon of reverse exceptionalism that imposes duties on the government that private parties engaged in procurement do not share. This study concludes that true exceptionalism is strongly associated with the law governing performance of federal public procurement contracts, while reverse exceptionalism is associated characteristically with the law of federal public contract formation. The second objective of this study concerns the role of military procurement - which historically has been central to the development of the procurement law system in the United States. This feature of the United States public procurement regime distinguishes it from the national law of many other nations, and from the requirements of many transnational public procurement regimes. This study demonstrates the strong causal role played by military procurement, in the emergence of this exceptionalist tendency in the United States law governing performance of federal public procurement contracts. These findings have particular relevance for developing nations and transitional economies emerging from state socialism. Although the common practice of excluding military procurement from the field of newly established competitive procurement regimes in such nations is entirely understandable, this study suggests that this approach fosters the adoption of regime that lacks appropriate flexibility. The experience of the United States should caution other nations to consider the unrecognized costs of broadly excluding military procurement from their procurement regimes at the threshold

Tuning In to Local Labor Markets: Findings From the Sectoral Employment Impact Study, Executive Summary

This executive summary highlights the main findings and conclusions from "Tuning In to Local Labor Markets: Findings From the Sectoral Employment Impact Study" -- the first random assignment evaluation of sector-focused training efforts. We studied three nonprofit organizations -- a community-based organization focused on medical and basic office skills in Boston, a social venture focused on information technology in the Bronx, and an employer-union partnership focused on healthcare, manufacturing and construction in Milwaukee -- and found that participants in these programs worked more, had higher earnings and found better jobs (as measured by hourly wages and access to benefits) than members of the control group.The executive summary examines strategies used by the three organizations in the study, describes the people served, and outlines common elements that likely contributed to the programs success

Tuning In to Local Labor Markets: Findings From the Sectoral Employment Impact Study

Over the past two decades, an innovative approach to workforce development known as sectoral employment has emerged, resulting in the creation of industry-specific training programs that prepare unemployed and underskilled workers for skilled positions and connect them with employers seeking to fill such vacancies. In 2003, with funding from the Charles Stewart Mott Foundation, P/PV launched the "Sectoral Employment Impact Study" to rigorously assess whether mature, nonprofit-led sector-focused programs could increase the earnings of disadvantaged workers and job seekers. P/PV selected three organizations to participate in the study -- a community-based organization focused on medical and basic office skills in Boston, a social venture focused on information technology in the Bronx, and an employer-union partnership focused on healthcare, manufacturing and construction in Milwaukee. The study's findings show that program participants earned about $4,500 -- 18 percent -- more than the control group over the course of the study and$4,000 -- 29 percent -- more in the second year alone. Study participants were also more likely to find employment, work more consistently, work in jobs that paid higher wages, and work in jobs that offered benefits. Furthermore, there were earnings gains for each subgroup analyzed, including African Americans, Latinos, immigrants, formerly incarcerated individuals and young adults. Tuning In to Local Labor Markets also examines the strategies employed by the three organizations that took part in the study, as well as the common elements that appeared to be critical to their success. Implications for practice, policy and future research are explored; a forthcoming piece will provide detailed recommendations for policymakers