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Hire a PhD Candidate

  • Arias, Daniela

    Expected Completion
    January 2014

    Curriculum vitae (PDF)

    Dissertation Title
    Essays on Employment Elasticity, Employment Forecasts, and Distributive Shares of Income

    Dissertation Abstract
    This dissertation project is divided in three essays that use empirical methods to study the different relations in the labor market. The focus of the first essay is centered on the study of the relationship between output and unemployment as postulated by Arthur Okun in 1962. Further, the objective is to analyze the apparent existence of nonlinearities that have affected and affect the elasticity of employment over time. The second essay focuses on the study of distributive shares through the use of a Marxian framework and updates the work initiated by Amsden in 1981, with the aim of documenting and analyzing whether the rate of surplus value changes in magnitude at varying levels of development. Lastly, the third essay is an empirical application of the employment projections model used by the ILO for Colombia. The model, based on input-output analysis, is used to forecast the trends for employment, unemployment and output growth for the Colombian economy by industries and occupational groups.

    Contact Information
    ariasd56@newschool.edu.

    Bahn, Kate

    Expected Completion
    Spring 2014

    Curriculum vitae (PDF)

    Dissertation Title
    Monopsony in Caring Labor: New Estimates of Labor Supply Elasticity of Female and Male Teachers and Implications for Education Policy

    Dissertation Abstract
    To examine the labor supply of care workers, the teacher labor market is examined here with the comprehensive Beginning Teachers Longitudinal Study. K-12 teachers are a common example of caring labor and this data set allows for thorough of their labor supply. A monopsony model can help determine how teachers' responses to monetary incentives and how different personal and non-monetary job factors influence their labor market decisions. These conditions are similar to labor market frictions and would imply that teachers have different (lower) labor supply elasticities predicted by a competitive model, and thus the teacher labor market exhibits monopsonistic conditions. If these factors are common to caring labor more generally, than monopsony may help elucidate and quantify the pay gap in caring labor. This would also shed light on education policy debates over appropriate policy regarding teacher pay and job structure.

    Contact Information
    katebahn@gmail.com

    Fisher, Eloy

    Expected Completion
    Spring 2014

    Curriculum vitae (PDF)

    Dissertation Title
    Essays in the Political and Macroeconomic Dynamics of Public Finance and Social Policy

    Dissertation Abstract
    This dissertation highlights the tensions between political interests, social policy and public finance and suggests how these tensions cut across institutional levels and play against the constraints given domestic and economic pressures. This document is divided in three sections. The first chapter reviews how political pressures around welfare states in advanced capitalism shaped their variety, with special attention to the reaction of two broad policy tools central to welfare policy: automatic social spending and discretionary policy and how these two types of policies reflect two interrelated yet distinct types of political engagement. The second section explores the interplay between debt and politically-driven expenditures over the short-run through a political business cycle formal model, which borrows heavily from Michal Kalecki's a seminal contribution on a politically-driven economic model which features a struggle between capitalist and worker interests. Finally, the third section presents econometric evidence of how financial debt pressures sways the direction of one type of social spending, public welfare expenditures through a series of panel models for seventeen states with the largest muni markets (that represent 71% of all state-level public welfare spending in the United States or 326 billion USD).

    Areas of expertise
    Political Economy, American and Latin American Economics, Macroeconomics, Applied Econometrics

    Contact Information
    fishe248@newschool.edu.

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    Gevorkyan, Arkady

    Expected Completion
    Spring 2014

    Curriculum vitae (PDF)

    Dissertation Title
    Macroeconomic variables and the sovereign risk premia in European economies

    Dissertation Abstract
    This project studies and models key macroeconomic variables and their impact on sovereign risk premia across 12 European economies. The country sample is divided in two groups represented by countries that are part of the European Monetary Union and stand alone economies. The main subject of examination across both groups is the impact of macroeconomic variables on sovereign borrowing costs. Some of the relevant indicators are private and public over-leveraging, vulnerability of the banking system, current account deficits, debt held by foreigners. Another dimension to this analysis is the study of the interaction of the private and public borrowing costs in different countries. Much of the analysis relies on careful examination of a five-year CDS spread as a leading forward indicator in sovereign finance. The Non-linear Model Predictive Control (NMPC) method is used to mathematically solve different variants of the dynamic macro model. The NMPC method allows determining the dynamic paths of macro variables and sovereign borrowing costs for each country group. Finally, GARCH modeling is applied to show interrelations of the volatilities of the five-year sovereign CDS for each country group.

    Contact Information
    gevoa020@newschool.edu

    Pineda, Percival

    Expected Completion
    Spring 2014

    Dissertation Title
    Essays in Financial Liberalization in ASEAN 4 Countries

    Dissertation Abstract
    This dissertation includes three essays on financial liberalization in the ASEAN 4 countries: Indonesia, Malaysia, Philippines, and Thailand using data from 1990 to 2011. It explores the effects of financial liberalization on the cost of capital, investment, and borrowing behavior of the firm sector in ASEAN 4 countries. Essay one calculates an aggregate tax-adjusted weighted average cost of capital. Empirical results show that the cost of capital in ASEAN 4 significantly decreased since financial liberalization. Essay two analyzes the investment behavior of the firm sector since financial liberalization. Stepwise least square forward multiple regression shows that future changes on the return of capital affects investment in Indonesia, Malaysia, and Thailand while future changes in the cost of capital affects investment in the Philippines. Breaking down the cost of capital in terms of debt and equity, future changes in the cost of debt, not the cost of equity, matters for investment in Indonesia, Malaysia, and Thailand along with future changes in the return of capital. These results suggest that current and expected returns on capital and cost of debt explains investment behavior in ASEAN 4 except in the Philippines. Essay three calculates an optimal debt-to-net worth ratio and shows that lower cost of capital since financial liberalization led to episodes of excessive borrowing by the firm sector in ASEAN 4 economies except in the Philippines.

    Contact Information
    pinep498@newschool.edu

    Rabah, Houda

    Expected Completion
    Spring 2014

    Curriculum vitae (PDF)

    Dissertation Title
    Optimization of a portfolio with restrictions on the assets selected and weights using the Markowitz model and CAPM - Islamic Finance (Ethical investment)

    Dissertation Abstract
    The essence of the Islamic portfolio is that it is Sharia compliant. People who want to invest in these funds are looking for the ultimate "hallal" or permissable investments. Although return is a key to any investment, Islamic investors are looking for more than just the return. With this in mind, my research concentrates on getting insights to how to manage the Islamic funds and which criteria are better to use. I will study 3 groups of portfolios and compare their returns and variances: the most compliant portfolios, the "middle mark" sharia compliant, and the least compliant portfolio. We will answer the question: Should investors' choose stricter (compliant) portfolios or are they better off with the least amount of compliance.

    Areas of expertise
    Finance modeling and management, islamic finance, business intelligence, econometrics/statistics

    Contact Information
    rabah246@newschool.edu

    Rugitsky, Fernando

    Expected Completion
    Spring 2014

    Curriculum vitae (PDF)

    Dissertation Title
    Essays on Growth, Distribution, and Finance: studies on Kaleckian and Marxian political economy

    Dissertation Abstract

    The present thesis consists of three essays that engage with the heterodox economics tradition, in particular its Kaleckian and Marxian variants. The first two essays deal specifically with Kalecki's analysis of the relationship between pricing and distribution and its development by the Kaleckians. In the first of them, his formulation is reconstructed and compared with a growth and distribution model elaborated by his followers, especially Rowthorn, Dutt, and Taylor. Then, some questionings that this theory has received (concerning the relation between competition and distribution, the relation between short and long term determination, and some issues of aggregation) are discussed. Finally, alternative interpretations of the model suggested by these questionings are analyzed. The second essay can be seen as a further development of the topic of the first, focusing on the political dimension of the relationship between pricing and distribution. It investigates the concept of class struggle in Kalecki's writings. First, his inclusion of trade unions' strength as one of the determining elements of the degree of monopoly is examined, taking into consideration Lerner's formulation of the latter. Then, the limits of this understanding of class struggle are pointed out from the standpoint of Marx's conceptual distinction between labor and labor-power. Finally, a reinterpretation of Kalecki's "Political aspects of full employment" is provided, indicating the broader conception of class struggle implicit in this work and its usefulness to a better understanding of capital-labor conflicts in contemporary capitalism.

    After this engagement with the Kaleckian tradition, the third essay shifts the focus toward Marxian economics. It offers an interpretation of the Great Recession based on Foley's circuit of capital model. According to this interpretation the contractionary effects of financialization were compensated by the housing bubble, from the mid-1990s to the early 2006. The busting of the bubble, then, was followed by the crisis. The model is calibrated with reference to quarterly data from the Flow of Funds Accounts, from 1960 to 1995. The interaction of financialization and the housing bubble, from 1996 to 2006 and from 2006 to 2009, is examined by simulating a baseline version of the model and imposing observed shocks.

    Areas of expertise
    Macroeconomics, Political Economy, History of Economic Thought, Economic History

    Contact Information
    rugitsky@gmail.com

    Villanueva, Luis A.

    Expected Completion
    Spring 2014

    Curriculum vitae (PDF)

    Dissertation Title
    The political economy of growth and inequality in Latin America

    Dissertation Abstract
    My dissertation investigates issues of growth and inequality from a political economy perspective in three different ways; the first has a theoretical approach and compares the Latin American structuralism and the Anglo-Saxon approaches of growth and inequality, contrasting modeling approaches and the implications of assumptions in the predictions and insights obtained in each tradition. The second studies the empirical relationship between patterns of growth and personal income inequality for a sample of Latin American countries, during the 1963-2008 period. The main finding reveals that the persistence of increases (or decreases) in income inequality is closely associated with the persistence of political and economic coalitions rather than the patterns of growth that emerge in a particular period. This finding allows us to provide an alternative explanation for increases in inequality during the initial periods of military dictatorships as well as the reduction in inequality in recent periods in the region. The third approach of my research uses input output analysis to study the relationship between globalization (measured by the openness index) and income inequality in a sample of Latin American economies at different levels of income distribution (deciles). The results bring evidence that the structure of the export sector as well as the strength of the linkages between the dynamic sectors and the rest of the economy matters for equality.

    Areas of expertise
    Teaching: Development economics, Macroeconomics, Political Economy, Mathematics for Economists, Econometrics
    Research: Economic Development, Classical Political Economy, Input Output analysis, Agent Based Modeling, Economic History of Latin America

    Contact Information
    villl461@newschool.edu

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