Fiscal stress is an important and recurring problem that states face. Research to date on state fiscal stress involves, predominantly, cross-sectional and case study analyses and does not address the effectiveness of state responses. Many of these studies use different definitions and measures of fiscal stress compounding the difficulty of comparing fiscal stress findings. The present research effort adds to the fiscal stress literature by (1) clarifying the meaning of fiscal stress in the state context, (2) developing a measure of fiscal stress that operationalizes this meaning and is comparable across units, and 3) using this measure analyzes patterns in and the effectiveness of state responses. Fiscal stress is measured using four indexes: budget, cash, long-run, service-level. Eleven financial indicators, calculated using data from state Comprehensive Annual Financial Reports (CAFRs), are used to create these indexes for all fifty states for the years 2002-2009. Descriptive analysis compares state fiscal stress levels (grouped into low, moderate, and high fiscal stress by cluster analysis) to state economic growth rates, state responses, and institutional factors yielding several findings. First, states do not use an incremental or punctuated equilibrium strategy in responding to fiscal stress; nor do their responses follow the pattern predicted by Cutback Management theory. Second, institutional factors affect both the levels of fiscal stress and state responses to fiscal stress. Regression analysis supports and extends these findings. First, short-term responses of expenditure cuts, tax increases, and rainy day fund use do not affect state fiscal stress levels. Second, these responses have long-term effects on fiscal stress levels. A major implication of this research is that there is very little states can do in the short-term to reduce fiscal stress. However, by balancing expenditures and revenues states can set themselves up to weather the next economic downturn with lower levels of fiscal stress.

As medical care becomes an increasingly large share of Gross Domestic Product, understanding the mechanisms for how and why medical care spending is rising becomes increasingly important. Such an evaluation should consider the productivity relationship between medical care and health. An evaluation of medical productivity involves the measurement of medical care input prices, disease treatment output prices, and the productive relationship between medical care inputs and disease treatment health outcomes. Medical care price measurement is complicated by the heterogeneity of services, the role of insurance in negotiating prices, rapid technological advancements in medical care and limited availability of transaction price data. Health outcome prices are difficult to construct because of the difficulty in measuring health outcomes, the heterogeneity of health outcomes, and the messy relationship between consumption goods and health. Finally, in addition to accurate input and output price measurement, a productivity assessment requires a measurable causal relationship between medical care services and health outcomes. To date, all of these requirements have been insurmountable hurdles to assessing the productivity of medical care for the entire United States economy. This dissertation uses the Medical care Expenditure Panel Survey to address the necessary requirements for evaluating the productivity of medical care. The second chapter constructs regional medical care price indices using transaction prices that control for service type heterogeneity. The data employed in the analysis associates the observed medical care spending with the diseases the spending is used to treat. This association is exploited in the third chapter, which constructs medical care treatment prices for twelve of the major health conditions in the United States. The fourth chapter compares the productivity of medical care services used to produce disease treatment health outcomes across insurance types. / text

This report examines the role of Latino consumers, specifically looking at Mexican-Americans and their first generation experiences. It looks at how these experiences influence their consumption patterns. While observing the idea that first generation Latinos are much like ‘adolescent consumers’, a concept stemming from the idea that much like teenagers Latino immigrants are in a sense coming of age in this country. They are under a whole different set of social norms, cultural expectations and values different from their country of origin. This report proposes a reconsideration of the heuristics that marketers hold for Latino consumer spending habits. It maintains the idea that Latino consumer behaviors should be attributed and conceptualized as a process of maturation, not just based on culture and class. Lastly it re-examines the Customer Based Brand Equity model and places it in the context of the Latino consumer while keeping in mind the above framework about Latinos as adolescent consumers. / text

Fiscal stress is an important and recurring problem that states face. Research to date on state fiscal stress involves, predominantly, cross-sectional and case study analyses and does not address the effectiveness of state responses. Many of these studies use different definitions and measures of fiscal stress compounding the difficulty of comparing fiscal stress findings. The present research effort adds to the fiscal stress literature by (1) clarifying the meaning of fiscal stress in the state context, (2) developing a measure of fiscal stress that operationalizes this meaning and is comparable across units, and 3) using this measure analyzes patterns in and the effectiveness of state responses. Fiscal stress is measured using four indexes: budget, cash, long-run, service-level. Eleven financial indicators, calculated using data from state Comprehensive Annual Financial Reports (CAFRs), are used to create these indexes for all fifty states for the years 2002-2009. Descriptive analysis compares state fiscal stress levels (grouped into low, moderate, and high fiscal stress by cluster analysis) to state economic growth rates, state responses, and institutional factors yielding several findings. First, states do not use an incremental or punctuated equilibrium strategy in responding to fiscal stress; nor do their responses follow the pattern predicted by Cutback Management theory. Second, institutional factors affect both the levels of fiscal stress and state responses to fiscal stress. Regression analysis supports and extends these findings. First, short-term responses of expenditure cuts, tax increases, and rainy day fund use do not affect state fiscal stress levels. Second, these responses have long-term effects on fiscal stress levels. A major implication of this research is that there is very little states can do in the short-term to reduce fiscal stress. However, by balancing expenditures and revenues states can set themselves up to weather the next economic downturn with lower levels of fiscal stress.

Historically the United States has welcomed immigration from all over the world; from Ellis Island to the Statue of Liberty, whose iconic “Mother of Exiles” is considered a symbol of hope to generations upon generations of immigrants. In the last few years there has been an increase in hostility towards immigration but more precisely towards unauthorized immigration. This has caused several states to enact anti-unauthorized immigration measures. States such as South Carolina, Utah, Alabama, have all followed Arizona, which was the first state to enact such a laws. Unauthorized immigrants typically vacate three labor areas, construction, food service, and agriculture. The following thesis tries to detail House Bill 56, which is Alabama’s anti-unauthorized immigration bill, and its impact on the construction industry in Alabama. House Bill 56 was passed by the Alabama House of Representatives, the following research shows that it has negatively affected the construction industry in Alabama. Alabama has three major indexes that detail the overall “health” of the construction industry. They are employment rates, Construction GDP, and Construction Spending. Since the passage of HB 56, all three construction indexes in Alabama have encountered significant negative changes. A survey of sub-contractors in Alabama shows that there is a negative construction labor pool, with most of sub-contractors blaming the passage of HB 56 as the culprit.

This thesis aims to contribute to a better understanding of the overall magnitude of intangible investment and the impact of this intangible investment on the behavior of the capital stock and on the value of capital goods. I begin by constructing a data set to document firms’ expenditures on an identi- fiable list of intangible items in Canada. I then examine the implications of treating intangible spending as the acquisition of final (investment) goods on estimates of GDP growth for Canada. I find that investment in intangible capital by 2002 is almost as large as the investment in physical capital. Furthermore, the growth in GDP and labor productivity may be underestimated by as much as 0.1 percentage point per year during this same period. I proceed by measuring the size of the stock of the intangible capital in Canada using newly released data on the market value of all securities in the economy. The approach taken relies on a quantitative application of the q-theory of investment to generate the quantity of capital owned by firms. I find that the intangible capital stock accounted for approximately 30% of overall capital since 1994. Of this, the R&D reported by national accounts makes up only 23%. These results imply that official Canadian statistics failed to account for 26% of the value of the capital stock in their 2005 quarterly data collection. Finally, I extend the q-theory of investment to model explicitly the decision of firms to invest in intangibles. I then use the model to measure the contribution of intangible goods to the overall capital stock in the U.S. The model departs from the one mentioned earlier in that it highlights the embodiment of intangible goods in tangibles and the role of relative price movements in the measurement of the contribution of each type of investment to the overall capital stock. I find that the growth in the overall capital stock from the late-80s until 2000 was driven mainly by an increase in the contribution of intangibles. However, the contribution of intangibles fell consistently after 2000. These results underscore the importance of accounting for the movements in the price of intangibles rather than focusing only on their rising share in overall investment. / Thesis (Ph.D, Economics) -- Queen's University, 2008-06-26 09:32:06.389

This study examines how the South African government's expenditure on social services impacts on the poverty levels in the country. To provide a background on poverty, different concepts and views on the subject are reviewed and then the nature and distribution of poverty in South Africa are discussed. In post-apartheid South Africa, the thrust of macroeconomic framework and corresponding policies implemented by the democratic government have been geared towards poverty alleviation, employment creation and national output expansion (economic growth). This study examines the trends in government expenditure on social services and uses econometric analyses to further investigate the effects of government spending on social services on the poverty levels in South Africa. Economic growth and employment opportunities will have to exist and complement fiscal redistribution to enable the poor lift themselves out of poverty in the long run. Improved targeting methods that correctly identify the poor could also ensure that social spending reaches the intended poor, thus narrowing the gap between macro policies and the poor, and preventing a waste of resources. Various poverty alleviation measures have been implemented, of which redistribution through the budgetary policy is an important one. As part of its package towards addressing the poverty problem, the post-apartheid government in South Africa has consistently been injecting considerable amounts of resources on inter alia, education, housing, welfare and health services. The initial results indicate that fiscal redistribution on its own is inadequate in combating poverty in South Africa. Models that incorporate economic growth and unemployment show that expenditure on social services do impact on poverty alleviation, in particular expenditure on housing, education and welfare. Further regression analyses show that poverty can be tackled through economic growth and employment creation. In short, there cannot be significant fiscal redistribution unless the South African economy registers high levels of economic growth and job creation. / Thesis (M.Comm.)-University of KwaZulu-Natal, Pietermaritzburg, 2005.

The interest in the use of fiscal policy as an effective economic policy tool has been revived recently, since the global recession of 2008 hit the world. In spite of a large empirical literature, there remains substantial uncertainty about the size and even the direction of the effects of discretionary fiscal policy. This thesis seeks to investigate the macroeconomic effects of discretionary fiscal policy in the short term, highlighting several methodologies for identifying discretionary fiscal policy. In Chapters 2 and 3, we suggest a new instrument based on the narrative approach for identifying exogenous government spending shocks: natural disaster damages and the subsequent government emergency spending. While applying our methodology to the Korean and the U.S data, we find that our instrument is not only powerful but also superior to military build-ups used by most of the literature. The relief expenditure in the wake of natural disaster has several advantages such as the similarity in scope to general government activity and the easy applicability beyond the U.S. compared to military build-ups. In the analysis of Korean fiscal policy, using our narrative method and the Structural Vector Autoregression (SVAR) model, we find that government spending shocks increase GDP, consumption, and real wage, which is in line with the New Keynesian model. We also find that the timing is crucial in identifying government spending shocks due to the anticipation effects of fiscal policy. Furthermore, while analyzing the U.S. fiscal policy both at the state as well as national level, we estimate two kinds of non-defense spending multipliers: federal (1.4~1.7) and state (1.5~2.5), which exceed the defense spending multiplier obtained in the literature using military building-ups. In Chapter 4, in regard to the study of effects of fiscal adjustment, we develop the approach based on changes in cyclically adjusted primary balance (CAPB) by including fluctuations of asset price in the CAPB measure and allowing for individual country heterogeneity in the definition of fiscal adjustment. Using our new CAPB in 20 OECD countries, we find that fiscal adjustments have contractionary effects on economic activity in the short term, which is consistent with the result based on the narrative approach. Nevertheless, our results suggest that fiscal adjustments that rely predominantly on spending cuts are less contractionary than those involving tax increases.

This thesis confronts the ‘taken-for-granted’ nature of money. It explores the word ‘money’ itself, contrasting the way it is used/defined in the economics discourse with the way it has been approached in the psychological discourse. The thesis crosses disciplinary boundaries in an attempt to come closer to the everyday, personal experience of money. It unwraps the childhood history of money, showing how adult money attitudes emerge from unconscious predispositions and childhood experience. It demonstrates the importance of ‘control’ as a variable and the lifelong balancing act which takes place between spending and saving. Today, the form of money is in the process of change. It has undergone significant changes before: the nineteenth century adoption of paper money upset the bullionists as much as plastic or virtual money can unsettle traditionalists at the end of the twentieth century. Attitudes to the underlying substance 'money' remain relevant, whatever physical form the currency takes. Thus, gold and silver coins, the treasure of childhood pirate stories, may retain mental currency long after their demise as physical currency. Indeed, the more money becomes abstracted from something tangible, the more it is necessary to understand the primal nature of the underpinning attitudes that are affected.

The view of on-site school support for curriculum delivery is shared by most countries and its effects have been felt by schools. There is fear that the Austerity Measures will negate the outcomes of the action taken by the teams that visit the schools. The reviewed literature is more biased towards the Austerity Measures in the whole government sector rather than in a department or an institution like the Education District in Idutywa. Even though the effects of Austerity Measures have been researched all over the world based on a specific country, there is deficiency of such literature done in the institution like the department of Education Districts. The researcher intends contributing to the filling of this gap by this study. The researcher therefore carried out a focused study of the effect of Department’s Austerity Measures on on-site school curriculum support in Idutywa Education District. It is also imperative to know how the teachers are affected by these departmental Austerity Measures, hence the interviews were carried out with the school personnel in addition to the District Professional staff. The District is characterised by poor performance in both Annual National Assessment (ANA) and the final National Senior Certificate results. The findings revealed that the implementation of AM have contributed to, amongst other things, the following issues: The inadequate on-site school support for curriculum delivery; The shortage of resources that includes teachers and vehicles; and ultimately the learner underperformance The researcher expect that the recommendation made will be embraced and be factored through, during the planning process of the Eastern Cape Department of Basic Education in order to improve learner performance.