Enhancing Online Learning Through Technology: Case Study of Principles of Macroeconomics at Central Connecticut State University

International Advances in Economic Research -     

An indicator-based integrated assessment of ecosystem change and human-well-being: Selected case studies from Indonesia, China and Japan

The paper highlights the findings of a study from selected ecosystems in Indonesia, China and Japan. The study sought to trace changes to productive resources of ecosystems over a period of 50 years; and trace the dependence of well-being of local populations on the ecosystems for the same time period. Data was collected from land-use maps, records and participatory rapid/rural appraisal (PRA) surveys in multistakeholder forums. To illustrate the changes, an indicator-based assessment framework was developed that integrates data from biophysical and socio-economic parameters. We observed that the approach (1) provides a better representation of the preferences of different stakeholders of ecosystem services, (2) fosters validation of data between the different stakeholders and (3) enables a communication and planning process among the stakeholders to sustainably utilize and manage their ecosystems. The use of spatial maps validates the relevance and utility of diachronic observations of communities and other stakeholders directly dependent on ecosystems. At the same time, they can be used to strengthen local planning processes for the development of services in the ecosystem. Such research thereby also acts as a catalyst to a social process of coordinated action to address local issues of global relevance.     

Do Female Mutual Fund Managers Manage Differently?

We examine the performance and investment behavior of female fixed‐income mutual fund managers compared with male fixed‐income mutual fund managers. We find that male‐ and female‐managed funds do not differ significantly in terms of performance, risk, and other fund characteristics. Our results suggest that differences in investment behavior often attributed to gender may be related to investment knowledge and wealth constraints. Despite the similarities between male and female managers, we find evidence that gender influences the decision making of mutual fund investors. We find that the net asset flows into funds managed by females are lower than for males, especially for the manager's initial year managing the fund.     

Suboptimal international equity portfolio diversification and stock market development

Review of Quantitative Finance and Accounting - This paper examines whether the widely reported phenomena of home and foreign biases (i.e. suboptimal international equity portfolio diversification)...     

A Bayesian interpretation of the Federal Reserve's dual mandate and the Taylor Rule

When the Federal Reserve was established by the US Congress in 1913, its charter mandated that the new central bank “promote an elastic currency” and the institution was given extraordinary powers to serve as a lender of last resort to the banking system. Congress was reacting to the cycle of financial panics that had beset the country since the Civil War and had worsened with the Panic of 1907. Congress sought to find a remedy to prevent runs on banks turning into full-fledged financial crises. The term “elastic” in the opening words of the charter was intended to underscore the need for a robust banking system that could withstand shocks and not collapse upon itself. There was no mention whatsoever of a dual mandate of promoting price stability and encouraging full employment.With prodding from the US Congress, the Federal Reserve became highly involved in the management of the economy of the United States after WWII, focusing on inflation and full employment objectives. In 1993 Professor John Taylor set forth an elegant and simple framework (aka, the Taylor Rule) for analyzing the interest rate policy of the Federal Reserve in terms of its dual mandate.This paper examines Federal Reserve behavior from the mid-1950s to 2011 through the lens of the Taylor Rule. Our contribution is to use a dynamic linear model with Bayesian inference to update the evolution through time of the key parameters surrounding the inflation and full employment mandates, using only the information available to the Federal Reserve at each point in time. Our findings provide a more nuanced quantitative view than is previously available in the literature of how the Federal Reserve shifted its management of its dual mandate over time and in response to different economic challenges. Moreover, our research leads to serious questions of how Federal Reserve decision making may change in the future, following the financial panic of 2008, pointing toward numerous avenues for new research.