/pdf/the-theory-of-industrial-organization-19bejph0ej.pdf

The Theory of Industrial Organization

In The Wage Qurve, David G. Blancflower and Andrew J. Oswald argue that there is a fundamental negative relation between wages and the unemployment rate in a worker's local labor market. Blancflower and Oswald use large-scale micro data sets to estimate this relation for the United States, Britain, and 10 other countries. I review their empirical methods and findings, and provide some further evidence on the nature of the wage curve relationship in the United States. I conclude that there is a strong statistical correlation between rates of pay and local unemployment, although the interpretation of this correlation remains unresolved.

The Wage Curve: A Review

This paper develops a novel two-step method to establish Generation Shift Keys (GSKs) on any desired aggregation level. Estimates are derived from econometric models, utilizing regression coefficients to measure how net position deviations affect power outputs, isolated from the influence of renewable energy generation and load. This enables GSK estimations based on actual common dispatch decisions, decoupled from fixed generating unit parameters and merit-order assumptions. The method's first step, the Generation Share Key (GShK), is applied to the four German TSOs. The obtained results are robust, suggesting the implementation for other countries with sufficiently stable markets. The second step is conducted for the generating units of 50Hertz's control region. For most analyzed units, size and variability of the estimated GSK values are appropriate regarding capacity and primary energy source. Also, the analysis discusses possibilities to account for the susceptibility of GShKs and GSKs to prevailing market situations.

A Statistical Approach to Generation Shift Keys

Homeowner’s Equity, Rental Cash Flow, and Recourse as Predictors of Default Mortgage Status by William Callian, III MBA, Bethel University, 2011 BA, University of Tennessee, 1973 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University February 2018 Abstract In the aftermath of the Great Recession of 2007-2009, banking executives feared the impact of increased capital reserve requirements for losses from mortgage defaults. One reason was that home price declines during the Great Recession precipitated mortgage defaults, which increased the percentage of foreclosures as well as accelerated negative equity, and default. The purpose of this correlational study, grounded in Fishbein’s expectancy of value and Vroom’s expectancy theories, was to examine the relationship between the independent variables of homeowner’s equity, rental cash flow value, and recourse, and the dependent variable, default mortgage status. Archival data comprised a sample of 408 single family residences in Alameda County, California, and Shelby, Fayette, and Tipton Counties in Tennessee. The results of the binary logistic regression model indicated the model was a good fit to predict a significant relationship between the variables (χ = 3.490, p = 0.322, df = 3). The findings did not reveal a significant relationship between homeowner’s equity, rental cash flow value, recourse, and default mortgage status. Therefore, the independent variables did not predict mortgage default status. However, a minor relationship was found between homeowner’s equity (p = 0.215), rental cash flow value (p = 0.215), and default mortgage status. A non-significant relationship between the independent variables and default mortgage status indicated thatIn the aftermath of the Great Recession of 2007-2009, banking executives feared the impact of increased capital reserve requirements for losses from mortgage defaults. One reason was that home price declines during the Great Recession precipitated mortgage defaults, which increased the percentage of foreclosures as well as accelerated negative equity, and default. The purpose of this correlational study, grounded in Fishbein’s expectancy of value and Vroom’s expectancy theories, was to examine the relationship between the independent variables of homeowner’s equity, rental cash flow value, and recourse, and the dependent variable, default mortgage status. Archival data comprised a sample of 408 single family residences in Alameda County, California, and Shelby, Fayette, and Tipton Counties in Tennessee. The results of the binary logistic regression model indicated the model was a good fit to predict a significant relationship between the variables (χ = 3.490, p = 0.322, df = 3). The findings did not reveal a significant relationship between homeowner’s equity, rental cash flow value, recourse, and default mortgage status. Therefore, the independent variables did not predict mortgage default status. However, a minor relationship was found between homeowner’s equity (p = 0.215), rental cash flow value (p = 0.215), and default mortgage status. A non-significant relationship between the independent variables and default mortgage status indicated that factors other than the study variables influenced default mortgage status. Advocates for fair housing laws may use study findings to encourage lenders to change lending policies to reduce the risk of default and increase stability in local communities, which may result in potential positive social change. Homeowner’s Equity, Rental Cash Flow, and Recourse as Predictors of Default Mortgage Status by William Callian, III MBA, Bethel University, 2010 BA, University of Tennessee, 1973 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University February 2018 Dedication This dedication is for hard working, perceptive homeowners who may have discovered a weakness in the credit scoring model, developed a working strategy, and exposed a vulnerability in the mortgage system. In the years preceding the Great Recession, mortgage lenders engaged in strategies of remote underwriting, distant servicing, securitization, and centralized decisions while dictating terms and policies of inflexibility to borrowers without consideration for their needs or feelings. Strategic defaulters and, highly sought, high credit score borrowers might have discovered a way to equalize their power with lenders and work the system to their advantage while simultaneously limiting the negative impact upon their credit, waking the mortgage industry, and starting a movement. Acknowledgments First, I would like to give thanks to God for providing the strength, health, perseverance, and many blessings to complete this study. I would like to thank my beautiful wife, Barbara Ann, for her support, understanding, encouragement, and confidence in my ability to complete the study. I would like to thank my children Daniel and Jacerlyn for their support and understanding and love. I would like to thank my mother and sister for their support, prayers, and understanding even through their health challenges. I would like to thank my support team that was available whenever I called or emailed. I would like to offer special thanks to my committee for their time, patience, and energy to help me complete this study. I am thankful and touched by their genuine concern and joy for my success. Thank you to my chair, Dr. Roger Mayer, and his wife, Dr. Wen-Wen Chien, for their support, patience, expertise, insight, feedback, and encouragement throughout this process. Thank you to my second committee member, Dr. Michael Ewald, for his patience, support, and feedback. Also, thank you to Dr. Julia East for her patience, suggestions, insight, feedback, and encouragement. Finally, I would like to thank the program director Dr. Freda Turner for her support and assistance.

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Homeowner's Equity, Rental Cash Flow, and Recourse as Predictors of Default Mortgage Status

The personal income tax, which has a significant influence on total tax revenue, has been part of the Czech tax system since 1993. The main objective of this paper is to evaluate the dependence of tax revenue on the personal income tax based upon a dependent activity related to tax relief for the taxpayer, namely the tax credit for children in the Czech Republic in the period of 2008 2017. Another objective is to analyze the dependence on the valorization of the tax reliefs and tax credit claims. The database of the Czech Statistical Office and the Ministry of Finance of the Czech Republic is used as a source of input data for the analysis. To achieve the objectives of the paper, methods of description, comparison, analysis, synthesis, as well as regression and correlation analyses are used. The results of the analysis show that the tax credit for children has a positive effect on tax revenue. The amount of the tax advantage for children has almost doubled in the last 11 years. On the other hand, general tax relief for all taxpayers has not been valorized since 2008. The existence of a certain non-taxable minimum is typical for personal income tax systems around the world tax, and the valorization in the Czech Republic did not show a negative impact on the tax system’s competitiveness. Increasing the amount of deductions might be non-effective from the perspective of the state, but the results of this study show that the effect on personal income tax revenue in the Czech Republic is the opposite. The projected value and uniqueness of the article is not only in the analysis of dependencies of selected tax allowances upon each other, but also in the context of tax revenue and selected macroeconomics indicators.

/pdf/do-selected-tax-advantages-affect-tax-revenue-from-the-6xhtgb7mag.pdf

Do selected tax advantages affect tax revenue from the personal income tax

This paper investigates the effect of the nonzero autocorrelation coefficients on the sampling distributions of the Durbin-Watson test estimator in three time-series models that have different variance-covariance matrix assumption, separately. We show that the expected values and variances of the Durbin-Watson test estimator are slightly different, but the skewed and kurtosis coefficients are considerably different among three models. The shapes of four coefficients are similar between the Durbin-Watson model and our benchmark model, but are not the same with the autoregressive model cut by one-lagged period. Second, the large sample case shows that the three models have the same expected values, however, the autoregressive model cut by one-lagged period explores different shapes of variance, skewed and kurtosis coefficients from the other two models. This implies that the large samples lead to the same expected values, 2(1 – ρ0), whatever the variance-covariance matrix of the errors is assumed. Finally, comparing with the two sample cases, the shape of each coefficient is almost the same, moreover, the autocorrelation coefficients are negatively related with expected values, are inverted-U related with variances, are cubic related with skewed coefficients, and are U related with kurtosis coefficients.

https://economics.expertjournals.com/ark:/16759/EJE_211lee2014pp85-99.pdf

The Effect of Nonzero Autocorrelation Coefficients on the Distributions of Durbin-Watson Test Estimator: Three Autoregressive Models

This paper formulates the Z-test of the Durbin-Watson (DW) statistic by the true sampling distribution of the DW statistic under the null hypothesis of no serial correlation. Two important results are determined. First, the variance of the DW statistic is convexly related to the degree of freedom, T − k − 1. Thus, the degree of freedom determines the Z-test formula of the DW test. Secondly, the law of large numbers induces the sampling distribution of the DW statistic to converge to a normal distribution.

On the Durbin-Watson statistic based on a Z-test in large samples

This paper demonstrates the impact of particular factors – such as a non-normal error distribution, constraints of the residuals, sample size, the multi-collinear values of independent variables and the autocorrelation coefficient – on the distributions of errors and residuals. This explains how residuals increasingly tend to a normal distribution with increased linear constraints on residuals from the linear regression analysis method. Furthermore, reduced linear requirements cause the shape of the error distribution to be more clearly shown on the residuals. We find that if the errors follow a normal distribution, then the residuals do as well. However, if the errors follow a U-quadratic distribution, then the residuals have a mixture of the error distribution and a normal distribution due to the interaction of linear requirements and sample size. Thus, increasing the constraints on the residual from more independent variables causes the residuals to follow a normal

http://www.scienpress.com/Upload/JSEM/Vol%203_3_1.pdf

Computer Simulates the Effect of Internal Restriction on Residuals in Linear Regression Model with First-order Autoregressive Procedures

It is common sense that refill packs can increase the repeated use of durable goods, reduce resource waste and be conducive to environmental protection. However, their existence also has an economic effect. For instance, we find that the profit of a monopolistic firm will increase as a result of selling the refill packs when the depreciation rate of the durable good is low. In an extension of the model, we point out that there is an entrant that competes with the incumbent in relation to the composite goods and the refill packs. In order to compete in terms of the prices of the composite goods, the incumbent sells the refill packs not only to increase profit, but also to reduce the amount of waste resulting from the durable goods. As for competing in regard to the prices of the refill packs, if the cost of the composite goods is small, then the incumbent's profit from selling the composite goods will increase. By comparing two extensions of the model, we find that the environmental effect of the price competition in regard to the refill packs is greater than the environmental effect of the price competition in relation to the composite goods.

https://ir.nctu.edu.tw:443/bitstream/11536/20910/1/000312298700008.pdf

Economic and environmental effects of refill packs

本研究蒐集2009年9月至2013年2月之台灣總體經濟月資料，以線性迴歸模型與曲線線性化迴歸模型估計實質薪資型菲利浦曲線，並發現台灣實質薪資型菲利浦曲線的誤差修正項遠高於歐美國家，顯示台灣薪資成長率不僅受到通貨膨脹率與失業率影響，還明顯地受到勞動生產力影響。其次，台灣實質薪資型菲利浦曲線以曲線線性化迴歸模型估計更為精準且具有較高解釋力，並可觀察到台灣的實質薪資成長率並無成長跡象，此結果對決策者而言需注意政策擬定時慎重考量使用之數據。最後，台灣的實質薪資型菲利浦曲線不可以OECD國家之估計方程式標準進行估計，而需考量台灣的經濟結構特殊性，如高貿易依存度、小國特質或中國崛起因素所影響。 This study focuses on the estimation of Taiwan Wage-Phillips curve depending on Blanchard and Katz (1999) and uses the macroeconomic data from National Statistics database of R.O.C. and Taiwan Economic Journal database during September, 2009 to February, 2013. The study can compare the estimated values of Wage-Phillips curve of US and EU but compare the linear and curve-linear regressive models. The main findings are (1) Taiwan’s error correction term comes in a significant and more right-signed coefficient than US and EU; (2) curve-linear regressive model can accurately explain the wage-Phillips curve of Taiwan such as the decreasing real wage rate and increasing nominal wage rate of 3% by Taiwan government; and (3) curve-linear regressive model can forecast that the real wage rate has less increasing stretch. Finally, this study does not add the export-oriented variables in linear and curve-linear model, there might be that the raising China is an important factor to affect Taiwan’s wage rate.

Mei-Yu Lee

Papers

The Effect of Nonzero Autocorrelation Coefficients on the Distributions of Durbin-Watson Test Estimator: Three Autoregressive Models

On the Durbin-Watson statistic based on a Z-test in large samples

Computer Simulates the Effect of Internal Restriction on Residuals in Linear Regression Model with First-order Autoregressive Procedures

Economic and environmental effects of refill packs

An Estimation of Taiwan Wage-Phillips Curve by Comparing Linear and Curve-Linear Regressive Model