My new paper, “Oil Shocks and the US Economy: Evidence from a FAVAR Model”, with Kuhelika De (GVSU) and Dan Giedeman (GVSU), is now available as a SSRN Working Paper.
We investigate the economic eﬀects of three separate types of oil price shocks on the U.S. economy using a factor augmented vector autoregression framework and 185 monthly macroeconomic indicators from 1978 to 2017. We ﬁnd that while increases in the price of crude oil triggered by oil supply shocks and oil demand shocks lead to a signiﬁcant and permanent increase in the U.S. price level, the main drivers of ﬂuctuations in the price of crude oil and the U.S. price level are oil-speciﬁc precautionary demand shocks. Further, while increases in the price of oil triggered by oil supply shocks are recessionary and lower U.S. economic activity, those triggered by oil demand shocks driven by global economic activity are associated with increased U.S. economic activity. We also ﬁnd evidence that monetary policy-makers tighten monetary policy in response to oil demand shocks to mitigate inﬂationary eﬀects, however we ﬁnd no such evidence for oil supply shocks. Finally, we ﬁnd the U.S. dollar real exchange rate depreciates in response to increases in the price of oil caused by both oil demand and supply shocks, however the eﬀects from oil supply shocks are more permanent.
Big congratulations to Janice Compton and Dana Bazarkulova on the acceptance of their paper “Marriage Traditions and Investment in Education: The Case of Bride Kidnapping” at the Journal of Comparative Economics!
Big congratulations to my coauthor, and University of Oklahoma PhD student, Chen Xu on his new position at St. Edward’s University in Austin Texas!! Good luck with the next stage of your career!
The Journal of Economics, Race and Policy is soliciting manuscripts for a special issue on the COVID-19 pandemic. As the focus of the journal is the intersection of local and global issues concerning economic conditions around race, ethnicity, gender, linguistic, and tribal differences along with policy prescriptions that address economic disparities, we seek papers that consider COVID-19 within this context. The manuscripts can be theoretical, empirical, or descriptive.
To be considered for publication in the special issue, please submit your proposed paper abstract of no more than 250 words to email@example.com. Invited authors will need to submit completed manuscripts, not exceeding 7,000 words, via JERP’s online submission portal no later than August 1, 2020 for the highest consideration. All submissions will be peer-reviewed.
If you have questions, please contact the Guest Editor, Gregory N. Price at firstname.lastname@example.org.
The Journal of Economics, Race, and Policy announces a Call for Papers that examine trends in socioeconomic outcomes for indigenous groups compared to non-indigenous groups. The call is also interested in studies that explore determinants of socioeconomic outcomes for indigenous groups. Papers can also examine the gaps in socioeconomic outcomes between indigenous and non-indigenous groups over time. Possible socioeconomic outcomes could include, but are not limited to: education, employment, health and well-being, economic and social participation, community and family violence, and housing.
More information is available here.
Art Carden from Samford University visited the department last week to give a pair of talks including a seminar on “James M. Buchanan: Smithian Economist as Business Ethicist”. Art gave a great seminar and made for a super visit!! It was great catching up with you Art!
My new paper, “Macroeconomic Shocks and Racial Labour Market Differences”, with Kuhelika De (GVSU), Dan Giedeman (GVSU), and Gary Hoover(Oklahoma) is now available as a Center for Economic Studies (CESifo) working paper.
“Paying for Freedom: Indentured Labour and Strategic Default” is now forthcoming at Economic Modelling. This is coauthored with Pinaki Bose (Manitoba) and Arnab Basu (Cornell). It was a pleasure to work with both of them!!
Great time at the recent Defence and Security Economics Workshop in Ottawa. Big thanks to Patrick Alexander for his great comments on my paper Civil War and State Capacity (coauthored with Bryan Paterson and Karl Skogstad).
Had a great visit at Grand Valley State University to work with my coauthors Dan Giedeman and Kuhelika De on our paper Macroeconomic Shocks and Racial Labour Market Differences. Looking forward to having this under review shortly. Was great to get to meet Sebastian Linde and Christopher Cruz this visit as well!
Just a quick note that I am on leave until January 2020. I hope to move a number of projects along over the coming months and so hopefully will see a few publications in the coming 6-9 months. I’ll be sure to update any news here.
Just back from a great time at the Defence and Security Economics Workshop in Ottawa. Really enjoyed my time on the panel discussing Eli Berman’s fantastic new book Small Wars, Big Data! I highly recommend the book to those interested in the study of terrorism, civil wars, and foreign interventions. As always, big thanks to Karl Skogstad (Lakehead), Ugurhan Berkok (RMC), and Dane Rowlands (Carleton) for putting on a super workshop.