In this study we have investigated fertility levels during periods of unusually high unemployment levels. Our research questions were: 1. To what extent does fertility levels change during periods of higher unemployment? 2. Can family policies affect changes of fertility levels during these periods? Our hypothesis states that firstly, fertility levels are expected to be lower during periods of higher unemployment, due to households perceiving a lower level of economic security. Secondly, effective family policies should counter this effect, making unemployment having less of an effect on household fertility decisions, due to family policy lowering the economic risks associated with having a child. We performed an analysis in two parts. In the first part we divided countries into groups based on which countries had experienced a period of higher unemployment, and which countries had more or less generous family policies. The second part of our analysis was a regression analysis of TFR, unemployment and family policy variables. The results were in line with our first hypothesis: In our first analysis, the group of countries that were experiencing a period of higher unemployment also had a more negative development of fertility. In our regression analysis, we could observe a negative relationship between unemployment and fertility. On the other hand, our results could not support our second hypothesis: No individual family policy could be found to change the effect of unemployment on fertility levels.

In the United States, nobody can survive without depending on the income of oneself or of those that support them. Thus, economic opportunity and its skewed availability is pertinent to everyone. With income inequality in the United States measured in the early 2010s reaching some of the highest estimates among nations around the globe, people seek to investigate the forces behind this phenomenon and reverse it. This paper focuses on some of the many cycles and structures that exist to reinforce the challenges of achieving economic equality. Specifically, I extrapolate data to measure the correlations between the Great Recession and measures of income disparity. I then measure the effects across suburban, urban, and rural areas to highlight their differences. The paper further explains the relationship among the three, their relevance to the economy, and general directions in which organizations can circumvent the negative trends observed from the data.

John Smith is the superintendent of Green Hill Public Schools. This case study follows John through the whole budget process from July 2011 to July 2012. An interpretative perspective was used to tell his story. Ten interviews were given from October 2011 to July 2012. Newspaper articles and the minutes from meetings were analyzed and used as discussion items in the interview questions. This study was an analysis of how he made his budget decisions in a time of fiscal constraint and the role values played in the budget decision making. The budget year started out normal with John doing an analysis of the 2011/2012 budget during the month of July. A hurricane hit in August and it delayed the school year. The Governor’s budget was released in December and it caused the school division to scramble to figure how to cover the VRS and health insurance increase which amounted to $1.8 million. The budget from the General Assembly was delayed until April it confirmed that the VRS increase was to be implemented. The school division looked to the Board of Supervisors to fund $1.8 million. The Board of Supervisors claimed they did not have the money so a tense negotiation occurred. The school division ended up receiving $1.277 million from the Board of Supervisors. This study looked at the decision making process of the superintendent during a time of fiscal constraint. John had a budget team that he worked with that help him with this decision making. John had to display flexibility throughout the budget as unexpected expenses occurred during the process and deadlines were not followed. Values were used by John during his decision making. The first value was his compliance with the rules. He believed that the Standards of Quality dictated his decision making. The second value was keeping the quality of education high. John valued protecting the quality of education for the students. The third value was relationships and trust. This budget process was tense and many relationships were damaged during the process. The final value was transparency. John believed in a budget process that was open so the public could see what was going on.

This paper aims to evaluate merits of the Austrian business cycle theory in explaining the 2001-2009 business cycle in the US economy. The theory postulates that a monetary shock upsets equilibrium in the market for loanable funds and adversely influences coordination mechanisms of the economy. The structure of relative prices is distorted and resources are misallocated as a result. The economy follows an unsustainable investment trajectory inconsistent with the amount of available resources and with the consumer preferences. When the inconsistencies are revealed, some of the investments are liquidated and costly correction follows. After providing exposition of the theory and description of the US economy in 2001-2009, the theory is confronted with the data. Although some deviations are conceded, mainly in development of the labor market, analysis presented in the paper supports the Austrian business cycle theory as a solid theoretical tool for explanation of the economic development throughout the examined period. The theory exhibits its main strengths in accounting for development of relative prices and linking them to conditions in the market for loanable funds.

No description available.

Thesis advisor: Peter Ireland / We study historical hedge fund performance characteristics with a particular focus on the 2007 – 2009 Financial Crisis (the “Crisis”). Using the Credit Suisse Hedge Fund Indexes as proxies for broader hedge fund industry performance, we apply a factor model based on common investment strategies to determine if the broad industry or any particular hedge fund strategies have been able to deliver excess returns, or alpha. We find evidence that the broad hedge fund index did deliver statistically significant excess monthly returns of 0.39% (4.67% annualized) over the period January 1995 – January 2016, with seven of ten individual strategy indexes contributing. However, our results indicate that these excess returns were delivered primarily during the pre-Crisis period of January 1995 – November 2007. Over this period, the broad index delivered statistically significant monthly excess returns of 0.49% (5.93% annualized), with six of ten individual strategy indexes contributing. Our results do not indicate, however, that hedge funds delivered statistically significant monthly excess returns over the period December 2007 – June 2009 or over the period December 2007 – December 2012, which takes into account the uniquely drawn out recovery from the Crisis. We find that the broad index delivered statistically significant excess monthly returns of 0.23% (2.74% annualized) during the post-Crisis period, though these returns are less than half of the pre-Crisis period returns and only three individual strategy indexes contributed. We posit that this apparent shift in performance characteristics might be the result of a shift in the risk tolerances of hedge fund investors and managers following the Crisis. We conclude that, while hedge funds might certainly serve legitimate purposes in financial markets, they are not immune to financial crises, especially those as severe as the Crisis. / Thesis (BA) — Boston College, 2016. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: Arts and Sciences Honors Program. / Discipline: Economics.

Thesis advisor: Robert Murphy / Hysteresis, in an economic context, is the idea that periods when the unemployment rate is greater than the natural rate have the effect of raising the underlying natural rate of unemployment (or, non-accelerating inflation rate of unemployment, NAIRU) and moving it to a new higher equilibrium state. The existence of hysteresis is still a matter of dispute in modern economics.This study examines the economic and employment situation from 1980 to the present and in particular since the beginning of the most recent recession in December 2007 and demonstrates that there exists evidence of hysteresis. It then aims to predict the economic consequences for the future and offers possible solutions to the problem.Given the scale of unemployment in the present economy and the importance of crafting an appropriate policy response, an examination of unemployment through the perspective of the hysteresis theory is a valuable approach that deserves further exploration. / Thesis (BS) — Boston College, 2012. / Submitted to: Boston College. Carroll School of Management. / Discipline: Carroll School of Management Honors Program. / Discipline: Economics.

This thesis assesses the welfare of immigrants in Greece and examines the changes in their welfare following the outbreak of the economic crisis in 2009. Data from 320 structured interviews and 42 semi structured interviews with immigrants in urban and rural areas in Greece are analysed through Descriptive Analysis, Analysis of Variance (ANOVA) and Thematic Analysis. Analysis focuses on three aspects of immigrants' welfare: (i) labour market integration and income; (ii) living conditions; and (iii) social integration. Among the most distinctive findings are: (i) weakening labour market position of immigrants; (ii) declining ability to financially support themselves and their families; (iii) deteriorating quality of housing and neighbourhood conditions; and (iv) decreasing levels of social integration. It is suggested that those welfare changes are directly linked to the eruption of the Greek economic recession in 2009. Last, this deprivation of immigrants' welfare is of critical importance for humanitarian reasons, but also due to posing a serious threat for the political and socio-economic stability of Greece and the EU.

This thesis is a study of the Troubled Asset Relief Plan, referred to as TARP, and its effectiveness, proper allocation of resources, and governance in response to the 2008 U.S. Recession. By examining the eight largest banking institutions that effectively provided the largest net gain of funds to the government and comparing those to the eight largest banking institutions with shares still listed on the market as of 2018 that provided the largest net loss of funds to the government, we attempt to draw conclusions upon the effectiveness and decision making of the TARP plan and how to best address future economic recessions. By comparing share price change and return that the government received over 10 years, from FY 2009 to FY 2018, of both the most profitable and least profitable banks back to the taxpayer, it is shown that the market reacts accordingly to these funds being allocated to select institutions and favors companies that can effectively return resources lent by the government and then some. The share prices for those banks that returned more than expected to the government universally outperformed both the financial sector and S&P 500 over the ten-year period following the subsidy of TARP funds. This pairing of both share price rise and successful return on investment to the taxpayer of the United States Federal Government during the turmoil following the stock market crash point towards not only the success of the TARP program but that its resources should have been allocated even stronger towards large banks.

The topic of corporate sustainability reporting has seen rapid growth in the past couple of years as more firms are placing a greater emphasis on becoming sustainable. However, the true impact of sustainability reporting on firm value has been widely debated, often due to the nature of the qualitative data in sustainability reports. This thesis uses a normalized sustainability scoring system to examine the effects of sustainability reporting on firm value. In particular, this paper analyzes these effects during the Great Recession to note if there was any change in the effects on a year-by-year basis due to macroeconomic differences. This study finds that not only is superior corporate sustainability reporting positively correlated with increased firm value, but also that the degree of the impact greatly drops during the recession. These findings suggest that sustainability could be an advantageous business tool during stable economic times but not nearly as important in terms of increasing firm value during times of recession. Therefore, the results of this thesis have important practical uses and serve as a basis for analyzing the financial effects of corporate sustainability initiatives as this type of reporting becomes more prevalent in the future.