Habit persistence is typically modeled in consumption when investigating implications for asset demands. We test habit persistence in six asset demand categories using U.S. data and a dynamic forward-looking model. We find habit persistence is greater for liquid assets compared to riskier assets and may in part explain low holdings of risky assets. Cash assets are found to be substitutes with other liquid assets. Consistent with portfolio analysis, riskier asset categories, money market mutual funds, and bonds are found to be complements. Those two risky asset categories and a third risky asset category have budget elasticities greater than unity.
{"title":"Habit persistence in assets demand","authors":"Adrian R. Fleissig, James L. Swofford","doi":"10.1002/soej.12610","DOIUrl":"https://doi.org/10.1002/soej.12610","url":null,"abstract":"Habit persistence is typically modeled in consumption when investigating implications for asset demands. We test habit persistence in six asset demand categories using U.S. data and a dynamic forward-looking model. We find habit persistence is greater for liquid assets compared to riskier assets and may in part explain low holdings of risky assets. Cash assets are found to be substitutes with other liquid assets. Consistent with portfolio analysis, riskier asset categories, money market mutual funds, and bonds are found to be complements. Those two risky asset categories and a third risky asset category have budget elasticities greater than unity.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44956438","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper uses Google Trends to rank economists and discusses the advantages and disadvantages of using Google Trends compared with other ranking methods, like those based on citations or downloads. I find that search intensity rankings based on Google Trends data are only modestly correlated with more traditional measures of scholarly impact; hence, search intensity statistics can provide additional information, allowing one to show a more comprehensive picture of academics’ impact. In addition, search intensity rankings can help to illustrate the variety in economists’ careers that can lead to fame and allows a comparison of the current impact of both contemporaneous and past economists. Complete rankings can be found at https://doi.org/10.7910/DVN/NHZJLA.
{"title":"Who is the most sought‐after economist? Ranking economists using Google Trends","authors":"T. Coupé","doi":"10.1002/soej.12606","DOIUrl":"https://doi.org/10.1002/soej.12606","url":null,"abstract":"This paper uses Google Trends to rank economists and discusses the advantages and disadvantages of using Google Trends compared with other ranking methods, like those based on citations or downloads. I find that search intensity rankings based on Google Trends data are only modestly correlated with more traditional measures of scholarly impact; hence, search intensity statistics can provide additional information, allowing one to show a more comprehensive picture of academics’ impact. In addition, search intensity rankings can help to illustrate the variety in economists’ careers that can lead to fame and allows a comparison of the current impact of both contemporaneous and past economists. Complete rankings can be found at https://doi.org/10.7910/DVN/NHZJLA.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41500731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Governors and electoral hazard in the allocation of federal disaster aid","authors":"Thomas A. Husted, David Nickerson","doi":"10.1002/soej.12603","DOIUrl":"https://doi.org/10.1002/soej.12603","url":null,"abstract":"","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48885735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Market response to typhoons: The role of information and expectations","authors":"Chin-Hsien Yu, B. McCarl, Jianzhi Zhu","doi":"10.1002/soej.12605","DOIUrl":"https://doi.org/10.1002/soej.12605","url":null,"abstract":"","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45408892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Idiosyncratic shocks, such as health shocks, have been shown to have significant effects of income, consumption smoothing and asset accumulation in developing countries. However, less is known about how health shocks impact on individuals’ and households’ consumption and saving behaviour in developed countries. In this paper we examine how health shocks impact on households’ decision to save, and how different socio-economic and ethnic groups respond to health shocks in Australia. We find that health shocks are associated with a substantial reduction in individual savings, but not in household net worth. We do not find any substitution of labour supply by a partner in response to an individual’s health shocks. We also find evidence that negative health shocks are associated with an increase in receipts of public transfers and benefits in the following years. There is some evidence that the fall in savings is greater for low-income individuals, even if they are insured by the public health system and unemployment benefits. Migrants experience a larger decline in savings compared to Australian-born individuals. Surprisingly, savings of individuals who have private health insurance are more affected by health shocks, compared to individuals who do not have private health insurance, suggesting a role for selection into private health insurance. JEL codes: D14, I13, I14
{"title":"Heterogeneous effects of health shocks in developed countries: Evidence from Australia","authors":"A. Islam, Jaai Parasnis","doi":"10.1002/soej.12604","DOIUrl":"https://doi.org/10.1002/soej.12604","url":null,"abstract":"Idiosyncratic shocks, such as health shocks, have been shown to have significant effects of income, consumption smoothing and asset accumulation in developing countries. However, less is known about how health shocks impact on individuals’ and households’ consumption and saving behaviour in developed countries. In this paper we examine how health shocks impact on households’ decision to save, and how different socio-economic and ethnic groups respond to health shocks in Australia. We find that health shocks are associated with a substantial reduction in individual savings, but not in household net worth. We do not find any substitution of labour supply by a partner in response to an individual’s health shocks. We also find evidence that negative health shocks are associated with an increase in receipts of public transfers and benefits in the following years. There is some evidence that the fall in savings is greater for low-income individuals, even if they are insured by the public health system and unemployment benefits. Migrants experience a larger decline in savings compared to Australian-born individuals. Surprisingly, savings of individuals who have private health insurance are more affected by health shocks, compared to individuals who do not have private health insurance, suggesting a role for selection into private health insurance. JEL codes: D14, I13, I14","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":" 599","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41251912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Diamond's study compares the citation time series for Schumpeter and Keynes from 1956 to 2006. Citations to Schumpeter steadily increase throughout the period, whereas citations to Keynes begin to level off and then trend slightly downward beginning in the 1990s. As a result, citations to Schumpeter begin to outstrip those to Keynes. This paper replicates Diamond's study and extends the analysis to 2017, incorporating citations since the onset of the Great Recession. The replication confirms the results in Diamond's study. The analysis beyond 2006 shows citations to Schumpeter remain larger than to Keynes, but citations to Keynes undergo a resurgence due to the Great Recession. Google Trends data for Schumpeter and Keynes are compared and provide evidence showing the heightened interest in Keynes during the Great Recession. For example, in the United States, the peak of Keynes's search interest occurs in February 2009, 5 months after Lehman Brothers declared bankruptcy.
{"title":"Schumpeter vs. Keynes redux: “Still not dead”","authors":"John T. Dalton, Lillian R. Gaeto","doi":"10.1002/soej.12598","DOIUrl":"https://doi.org/10.1002/soej.12598","url":null,"abstract":"Diamond's study compares the citation time series for Schumpeter and Keynes from 1956 to 2006. Citations to Schumpeter steadily increase throughout the period, whereas citations to Keynes begin to level off and then trend slightly downward beginning in the 1990s. As a result, citations to Schumpeter begin to outstrip those to Keynes. This paper replicates Diamond's study and extends the analysis to 2017, incorporating citations since the onset of the Great Recession. The replication confirms the results in Diamond's study. The analysis beyond 2006 shows citations to Schumpeter remain larger than to Keynes, but citations to Keynes undergo a resurgence due to the Great Recession. Google Trends data for Schumpeter and Keynes are compared and provide evidence showing the heightened interest in Keynes during the Great Recession. For example, in the United States, the peak of Keynes's search interest occurs in February 2009, 5 months after Lehman Brothers declared bankruptcy.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":"29 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138541336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
By the middle of the eighteenth century the word “liberal” had had multiple non-political meanings. Adam Smith famously advances “the liberal plan” of political economy. In The Wealth of Nations he indicates several ways that his liberal plan is “liberal” in a non-political sense. The liberal plan leads to economic growth, which leads to a rise in real wages and population through an extending division of labor. The liberal plan facilitates market integration, leading toward a distribution of food supplies that could be called liberal and generous if it was brought about by design of a distributor. The liberal plan entails a generous view of the person that dignifies the mundane and elevates ordinary work. Considering ways that Smith's liberal plan is “liberal” shines light on the soul of classical liberal political economy.
{"title":"What is liberal about Adam Smith's “liberal plan”?","authors":"Erik W. Matson","doi":"10.1002/soej.12601","DOIUrl":"https://doi.org/10.1002/soej.12601","url":null,"abstract":"By the middle of the eighteenth century the word “liberal” had had multiple non-political meanings. Adam Smith famously advances “the liberal plan” of political economy. In <i>The Wealth of Nations</i> he indicates several ways that his liberal plan is “liberal” in a non-political sense. The liberal plan leads to economic growth, which leads to a rise in real wages and population through an extending division of labor. The liberal plan facilitates market integration, leading toward a distribution of food supplies that could be called liberal and generous if it was brought about by design of a distributor. The liberal plan entails a generous view of the person that dignifies the mundane and elevates ordinary work. Considering ways that Smith's liberal plan is “liberal” shines light on the soul of classical liberal political economy.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":"25 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138541337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The impact of oil and gas job opportunities during youth on human capital","authors":"Amanda Chuan","doi":"10.1002/soej.12595","DOIUrl":"https://doi.org/10.1002/soej.12595","url":null,"abstract":"","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48385126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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