An Empirical Model of the Sources of Innovation in the U.S. Manufacturing Sector

2007 ◽  
Vol 42 (4) ◽  
pp. 33-45 ◽  
Author(s):  
Jeremy A Leonard ◽  
Cliff Waldman
Keyword(s):  
Empirical Model ◽  
Manufacturing Sector ◽  
The U.S

scholarly journals The Economic Underpinnings of the Drug Epidemic

2019 ◽  
Author(s):  
Nathan Seltzer
Keyword(s):  
Labor Market ◽  
Labor Markets ◽  
Drug Overdose ◽  
Manufacturing Sector ◽  
State Level ◽  
Opioid Overdose ◽  
Transformative Change ◽  
Drug Deaths ◽  
Overdose Deaths ◽  
The U.S

U.S. labor markets have experienced transformative change over the past half century. Spurred on by global economic change, robotization, and the decline of labor unions, state labor markets have shifted away from an occupational regime dominated by the production of goods to one characterized by the provision of services. Prior studies have proposed that deterioration of employment opportunities may be associated with the rise of substance use disorders and drug overdose deaths, yet no clear link between changes in labor market dynamics in the U.S. manufacturing sector and drug overdose deaths has been established. Using restricted-use vital registration records between 1999-2017 that comprise over 700,000 drug deaths, I test two questions. First, what is the association between manufacturing decline and drug and opioid overdose mortality rates? Second, how much of the increase in these drug-related outcomes can be accounted for by manufacturing decline? The findings provide strong evidence that restructuring of the U.S. labor market has played an important upstream role in the current drug crisis. Up to 77,000 overdose deaths for men and up to 40,000 overdose deaths for women are attributable to the decline of state-level manufacturing over this nearly two-decade period. These results persist in models that adjust for other social, economic, and policy trends changing at the same time, including the supply of prescription opioids. Critically, the findings signal the value of policy interventions that aim to reduce persistent economic precarity experienced by individuals and communities, especially the economic strain placed upon the middle class.

scholarly journals Crash Risk in Currency Returns

2018 ◽  
Vol 53 (1) ◽  
pp. 137-170 ◽  
Author(s):  
Mikhail Chernov ◽  
Jeremy Graveline ◽  
Irina Zviadadze
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Exchange Rates ◽  
Empirical Model ◽  
Crash Risk ◽  
Currency Risk ◽  
Jump Risk ◽  
Bilateral Exchange ◽  
The U.S

We develop an empirical model of bilateral exchange rates. It includes normal shocks with stochastic variance and jumps in an exchange rate and in its variance. The probability of a jump in an exchange rate corresponding to depreciation (appreciation) of the U.S. dollar is increasing in the domestic (foreign) interest rate. The probability of a jump in variance is increasing in the variance only. Jumps in exchange rates are associated with announcements; jumps in variance are not. On average, jumps account for 25% of currency risk. The dollar carry index retains these features. Options suggest that jump risk is priced.

The Direction of Wage Spillovers in Manufacturing

ILR Review ◽  
1982 ◽  
Vol 36 (1) ◽  
pp. 102-112 ◽  
Author(s):  
Susan Vroman
Keyword(s):  
Union Wage ◽  
Manufacturing Sector ◽  
Spillover Effect ◽  
Traditional View ◽  
Model Specification ◽  
Wage Change ◽  
Empirical Results ◽  
Nonunion Wage ◽  
Data Period ◽  
The U.S

This study develops a model of wage behavior for both union and nonunion workers in the U.S. manufacturing sector and tests that model with separate union and nonunion wage-change series covering the period 1960 to 1978. The empirical results support the traditional view that union wage behavior influences or spills over into nonunion wage changes but not vice versa. These results are of particular interest because they contrast sharply with an earlier study by Flanagan that reported an opposite spillover effect. Flanagan's results are shown to be quite sensitive to the choice of model specification and data period.

DO UNIONS IMPACT EFFICIENCY?: EVIDENCE FROM THE U.S. MANUFACTURING SECTOR

2010 ◽  
Vol 29 (3) ◽  
pp. 431-440 ◽  
Author(s):  
PANDEJ CHINTRAKARN ◽  
YI-YI CHEN
Keyword(s):  
Manufacturing Sector ◽  
The U.S

PUBLIC INFRASTRUCTURE AND EXTERNALITIES IN U.S. MANUFACTURING: EVIDENCE FROM THE PRICE-AUGMENTING AIM COST FUNCTION

2012 ◽  
Vol 17 (7) ◽  
pp. 1367-1410
Author(s):  
Guohua Feng ◽  
Apostolos Serletis
Keyword(s):  
Cost Function ◽  
Manufacturing Industry ◽  
Manufacturing Sector ◽  
Efficiency Index ◽  
Production Factor ◽  
Public Infrastructure ◽  
Ideal Model ◽  
Productivity Effect ◽  
Factor Effect ◽  
The U.S

In this paper, we propose a price-augmenting asymptotically ideal model (AIM) cost function to investigate the effects of public infrastructure on the performance of the U.S. manufacturing industry, using KLEMS data over the period from 1953 to 2001. In doing so, we make a distinction between the productivity effect and the production factor effect of public infrastructure. This distinction allows us to focus on the more interesting productivity effect by incorporating public infrastructure into the AIM cost function through the efficiency index. Moreover, we specify the growth rate of the efficiency index as a Box–Cox function of public infrastructure and a time trend, a proxy for other technology. The excellent flexibility of our price-augmenting AIM cost function offers many insights regarding the effects of infrastructure on the U.S. manufacturing sector.

scholarly journals Do firms park capital? Evidence from the U.S. manufacturing sector

2018 ◽  
Vol 15 (2) ◽  
pp. 194-202
Author(s):  
Paul Moon Sub Choi ◽  
Francis Joonsung Won
Keyword(s):  
Capital Expenditure ◽  
Manufacturing Sector ◽  
Moving Average ◽  
Cash Holdings ◽  
Positive Association ◽  
Demand For Money ◽  
Cost Of Carry ◽  
The Cost ◽  
Corporate Cash Holdings ◽  
The U.S

This study uses the “cost of carry” (CoC) measure to identify the motive for corporate cash holdings. Based on the historical, moving-average holdings of currency and liquid assets, the measure represents the net opportunity cost of corporate demand for money. This study finds that large manufacturing firms in the U.S. park their capital in short-term assets appealing to the agency motive for cash holdings. Because dividend-paying firms can choose to distribute their capital to equity shareholders when their investment opportunities are unfavorable, these firms might show a non-positive association between capital expenditure and the CoC measure, championing the transactions motive. Still, dividend-paying large firms exhibit an overall positive correlation, suggesting that they park their capital on the agency motive. A detailed literature review and discussions are followed.

scholarly journals An Analysis of Mexican Remigration To The U.S.

1970 ◽  
Vol 26 (1) ◽  
pp. 55-72
Author(s):  
David Molina ◽  
R. Todd Jewell
Keyword(s):  
Empirical Model ◽  
Temporary Workers ◽  
Undocumented Migrants ◽  
Mexican Migrants ◽  
Illegal Migrants ◽  
Migration Networks ◽  
Market Factors ◽  
Using Data ◽  
And Migration ◽  
The U.S

This paper presents an analysis of Mexican migrants to the U.S. and theirdecisions to remigrate. We concentrate on the relative impacts of market and nonmarketfactors such as income, remittances, and migration networks. We analyze theremigration decision of male, illegal migrants using data from the Mexican MigrationProject. Current migration proposals are geared towards policy that would allowfor some type of temporary workers. The empirical model presented here allowsfor a comparison of the relative impacts of market and non-market factors on thedecision to choose among different remigration options. The results indicate thatincome, remittances, and migration networks have significant effects on the remigrationdecisions of male, undocumented migrants.

scholarly journals An Empirical Model of Behavioral Heterogeneity

2017 ◽  
Vol 8 (2) ◽  
pp. 125-134
Author(s):  
Subal C Kumbhakar ◽  
Mike G Tsionas
Keyword(s):  
Mixture Model ◽  
Empirical Model ◽  
Latent Class ◽  
Cost Minimization ◽  
Profit Maximization ◽  
Behavioral Heterogeneity ◽  
Profit Maximizing ◽  
Sample Separation ◽  
Additional Sample ◽  
The U.S

In this paper we propose a new latent class/mixture model (LCM) to determine whether firms behave like profit maximizers or just cost minimizers when there is no additional sample separation information. Since some firms might be maximizing profit while others might minimize cost, the LCM with behavioral heterogeneity can be quite useful. Estimation of the LCM amounts to mixing a cost minimization and a profit maximization model. Using the U.S. airlines data we find that after deregulation about 15% of the airlines are found to be consistent with profit maximizing behavior. 

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