The Education/Growth Relationship: Evidence from Real State Panel Data

This article employs 1963–97 panel data for the 48 contiguous U.S. states (and District of Columbia) to examine the relationship between real personal income and real education expenditures as well as that between real personal income and six measures of real research and development expenditures. Bivariate regressions are employed to determine whether the information content between real education expenditures and real income runs from real income to real education spending or vice versa. The authors find that when data are relative to the U.S. average, the direction of information content runs from real state-level education expenditures to real state-level income. (JEL I2 , H72 )     

The dynamics of job separation: The case of federal employees

In this paper we develop a model of workers' quit decisions. Using panel data on a sample of US Federal government employees we use maximum-likelihood techniques to determine how much of the observed decline in quits with job tenure is a result of declining individual quit propensities (‘state dependence’) rather than dynamic sample self-selection (‘heterogeneity’). The latter is found to be much more important than the former. The effects of relative Federal government wages and other variables on quits are also estimated. The results are useful for analysing Federal compensation policies.     

Cost-effectiveness of the convergent procedure and catheter ablation for non-paroxysmal atrial fibrillation

Objective:

Patients with persistent or longstanding atrial fibrillation have modest success achieving sinus rhythm with catheter ablation or rhythm control medications. Their high risk of stroke, bleed, and heart failure leads to significant morbidity and health care costs. The convergent procedure has been shown to be successful in this population, with 80% of patients in sinus rhythm after 1 year. This study evaluated the cost-effectiveness of the convergent procedure, catheter ablation, and medical management for non-paroxysmal AF patients.

Methods:

A Markov micro-simulation model was used to estimate costs and effectiveness from a payer perspective. Parameter estimates were from the literature. Three patient cohorts were simulated, representing lower, medium, and higher risks of stroke, bleed, heart failure, and hospitalization. Effects were estimated by quality-adjusted life-years (QALYs). Single-variable sensitivity analysis was performed.

Results:

After 5 years, convergent procedure patients averaged 1.10 procedures, with 75% of survivors in sinus rhythm; catheter ablation patients had 1.65 procedures, with 49% in sinus rhythm. Compared to medical management, catheter ablation and the convergent procedure were cost-effective for the lower risk (ICER <$35,000) and medium risk (ICER <$15,000) cohorts. The procedures dominated medical management for the higher risk cohort (lower cost and higher QALYs). The convergent procedure dominated catheter ablation for all risk cohorts. Results were subject to simplifying assumptions and limited by uncertain factors such as long-term maintenance of sinus rhythm after successful procedure and incremental AF-associated event rates for AF patients relative to patients in sinus rhythm. In the absence of clinical trial data, convergent procedure efficacy was estimated with observational evidence. Limitations were addressed with sensitivity analyses and a moderate 5 year time horizon.

Conclusion:

The convergent procedure results in superior maintenance of post-ablation sinus rhythm with fewer repeat ablation procedures compared to catheter ablation, leading to lower cost and higher QALYs after 5 years.     

Nurses who do not nurse: factors that predict non-nursing work in the U.S. registered nursing labor market

Registered nurses (RNs) who work outside of nursing have seldom been examined. This aim of this study was to compare the 122,178 (4%) of RNs who are employed outside of nursing to those who work in nursing jobs in terms of sociodemographic, market, and political variables to determine if these groups are substantively different from one another. Using a logit regression model, wages were a significant predictor of working outside of nursing for unmarried nurses but not for married nurses. Married and unmarried male nurses were more likely to work outside of nursing. Baccalaureate education, children under age 6, higher family income, and years since graduation increased the odds of working outside of nursing for married nurses. Ultimately, identifying characteristics on which these groups differ may inform future policy directions that could target nurses who may leave nursing at a time when retention efforts might be effective to alter their trajectory away from the profession.     

Thoughts on management education

Management education is a growth sector of the economy. But is it effective? The author discusses many points of interest to those who wish to evaluate the costs and benefits of management education.     

The effect of common bond on credit union performance: The case of black-controlled credit unions

This article compares the financial characteristics of black-controlled credit unions by type of common bond. The study found that many of the operational differences of these credit unions can be attributed to institutional characteristics associated with the three distinct types of credit unions. It also found that black credit unions are viable financial institutions, regardless of type of common bond. This finding is linked to the ownership of credit unions by its membership. This unique relationship has implications for black economic development.