Statistical Inequality and Intentional (Not Implicit) Discrimination

Racial disparities remain a disturbing fact of American life but whether those disparities are the product of discrimination remains deeply contested. This is an important question because as a society we are committed to remedying discrimination but are significantly more conflicted over addressing racial disparities that are not tied to discrimination. This essay explores the question of how we can determine when statistical disparities are the product of discrimination, and relies on two areas where the presence of racial disparities are incontrovertible – police automobile stops and school discipline. Based on a large number of studies, there is little question that African-American drivers are stopped and searched more frequently than whites, even though contraband is found more commonly on white drivers. Similarly, based on studies dating to the 1970s, African-American students are suspended and expelled at rates that are generally three times as high as white students, and there is little reason to believe that the disparities are solely explained by the behavior of African-American students. After refuting the nondiscriminatory explanations that are often offered to justify the disparities, the last part of the essay urges policymakers to treat repeated patterns of behavior as intentional, as opposed to implicit, discrimination, and offers a critique of the recent turn to implicit bias

Are Trump and Bitcoin Good Partners?

During times of extreme market turmoil, it is acknowledged that there is a tendency towards "flight to safety". A strong (weak) safe haven is defined as an asset that has a significant positive (negative) return in periods where another asset is in distress, while hedge has to be negatively correlated (uncorrelated) on average. The Bitcoin's surge alongside the aftermath of Trump's win in the 2016 U.S. presidential elections has strengthened its status as the modern safe haven. This paper uses a truly noise-assisted data analysis method, termed as Ensemble Empirical Mode Decomposition-based approach, to examine whether Bitcoin can act as a hedge and safe haven for U.S. stock price index. The results document that the Bitcoin's safe-haven property is time-varying and that it has primarily been a weak safe haven in the short term and the long-term. We also demonstrate that precious metals lost their safe haven properties over time as the correlation between gold/silver and U.S. stock price declines from short-to long-run horizons

Embedding a θ\theta-invariant code into a complete one

Let A be a finite or countable alphabet and let $\theta$ be a literal (anti-)automorphism onto A * (by definition, such a correspondence is determinated by a permutation of the alphabet). This paper deals with sets which are invariant under $\theta$ ($\theta$-invariant for short) that is, languages L such that $\theta$ (L) is a subset of L.We establish an extension of the famous defect theorem. With regards to the so-called notion of completeness, we provide a series of examples of finite complete $\theta$-invariant codes. Moreover, we establish a formula which allows to embed any non-complete $\theta$-invariant code into a complete one. As a consequence, in the family of the so-called thin $\theta$--invariant codes, maximality and completeness are two equivalent notions.Comment: arXiv admin note: text overlap with arXiv:1705.0556

Women in the Workplace: Which Women, Which Agenda?

Much of the work family literature that has blossomed over the last decade has focused on professional women and has emphasized policy changes that would be of less utility to many other working women and men. In this symposium contribution, we explore the recent data on working time to demonstrate that in today\u27s economy more women are underemployed rather than overemployed. We also demonstrate that although professional women tend to work the longest hours, they also tend to have the greatest means, both in income and workplace benefits, to support them in achieving a workable balance between their work and family demands. We discuss the most prominent policy proposals for helping attain this balance, including a greater emphasis on part-time work and shorter workweeks, and critique them for their failure to address the needs of most working women. Finally, we suggest several alternative proposals, including lengthening school days, addressing domestic violence, and challenging the stubborn gender norms that prevent further progress for equality in both the workplace and the home

Hedging large risks reduces the transaction costs

As soon as one accepts to abandon the zero-risk paradigm of Black-Scholes, very interesting issues concerning risk control arise because different definitions of the risk become unequivalent. Optimal hedges then depend on the quantity one wishes to minimize. We show that a definition of the risk more sensitive to the extreme events generically leads to a decrease both of the probability of extreme losses and of the sensitivity of the hedge on the price of the underlying (the `Gamma'). Therefore, the transaction costs and the impact of hedging on the price dynamics of the underlying are reduced.Comment: 8 pages, 3 .eps figures. Submitted to RISK magazin

Relationship between Remittances and Macroeconomic Variables in Times of Political and Social Upheaval: Evidence from Tunisia's Arab Spring

If Tunisia was hailed as a success story with its high rankings on economic, educational, and other indicators compared to other Arab countries, the 2011 popular uprisings demonstrate the need for political reforms but also major economic reforms. The Arab spring highlights the fragility of its main economic pillars including the tourism and the foreign direct investment. In such turbulent times, the paper examines the economic impact of migrant' remittances, expected to have a countercyclical behavior. Our results reveal that prior to the Arab Spring, the impacts of remittances on growth and consumption seem negative and positive respectively, while they varyingly influence local investment. These three relationships held in the short-run. By considering the period surrounding the 2011 uprisings, the investment effect of remittances becomes negative and weak in the short-and medium-run, whereas positive and strong remittances' impacts on growth and consumption are found in the long term.Comment: ERF 23rd Annual Conference , Mar 2017, Amman, Jorda