Time-varying role of macroeconomic shocks on house prices in the US and UK: evidence from over 150 years of data

Expanding beyond the text of the Bible, this chapter explores instead a piece of political scripture, namely the Second Amendment of the US Constitution. Over the last half-decade, the Second Amendment has come to enjoy the status of a kind of scripture-within-scripture. Vaulted to a much more prominent status than it had held in the first 150 years or so of its existence, and having undergone a remarkable shift in what most Americans think it means, the Second Amendment provides an opportunity to examine the linguistic, racial, and gendered modes by which these changes were effected, paying particular attention to the ways in which white children and white women were conscripted into the role of the masculine, frontier-defending US citizen.

Download Full-text

Real Estate

10.1093/oso/9780198807537.003.0006 ◽

2017 ◽

Author(s):

Stefan Homburg

Keyword(s):

Real Estate ◽

Great Recession ◽

House Prices ◽

Borrowing Constraints ◽

Macroeconomic Models ◽

Land Prices ◽

The Great Recession ◽

Quantitative Importance

Chapter 6 examines real estate as a neglected feature of actual economies. It begins with an empirical overview demonstrating the preeminent role of land as a part of nonfinancial wealth. Whereas many macroeconomic models represent nonfinancial wealth by a symbol K that is interpreted as machines and equipment (if not robots), the text makes clear that such items are of minor quantitative importance. In contemporary economies, nonfinancial wealth consists chiefly of real estate. This is the proper reason so many analysts conjecture a link between house prices and the Great Recession. Changes in house prices (primarily changes in land prices) operate on the economy through their influence on nonfinancial wealth. Nonfinancial wealth affects consumption directly and investment indirectly since it relaxes or tightens borrowing constraints. Building on the results obtained in previous chapters, the text studies housing manias and leverage cycles and relates its main findings to US data.

Download Full-text

Threshold effects of inequality on economic growth in the US states: the role of human capital to physical capital ratio

Applied Economics Letters ◽

10.1080/13504851.2019.1696449 ◽

2019 ◽

Vol 27 (19) ◽

pp. 1546-1551

Author(s):

Oğuzhan Çepni ◽

Rangan Gupta ◽

Zhihui Lv

Keyword(s):

Economic Growth ◽

Human Capital ◽

Physical Capital ◽

Threshold Effects ◽

Us States ◽

The Us

Download Full-text

EXPRESS: The Role of Patient Satisfaction in Hospitals’ Medicare Reimbursements

Journal of Public Policy & Marketing ◽

10.1177/0743915620984723 ◽

2020 ◽

pp. 074391562098472

Author(s):

Lu Liu ◽

Dinesh K. Gauri ◽

Rupinder P. Jindal

Keyword(s):

Patient Satisfaction ◽

Pain Management ◽

Hospital Care ◽

Pay For Performance ◽

Data Sources ◽

Satisfaction Survey ◽

The Us ◽

Performance System ◽

Diverse Data

Medicare uses a pay-for-performance program to reimburse hospitals. One of the key input measures in the performance formula is patient satisfaction with their hospital care. Physicians and hospitals, however, have raised concerns especially about questions related to patient satisfaction with pain management during hospitalization. They report feeling pressured to prescribe opioids to alleviate pain and boost satisfaction survey scores for higher reimbursements. This over-prescription of opioids has been cited as a cause of current opioid crisis in the US. Due to these concerns, Medicare stopped using pain management questions as inputs in its payment formula. We collected multi-year data from six diverse data sources, employed propensity score matching to obtain comparable groups, and estimated difference-in-difference models to show that, in fact, pain management was the only measure to improve in response to pay-for-performance system. No other input measure showed significant improvement. Thus, removing pain management from the formula may weaken the effectiveness of HVBP program at improving patient satisfaction, which is one of the key goals of the program. We suggest two divergent paths for Medicare to make the program more effective.

Download Full-text