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Economics: Econometric Analysis

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The Impact of Education on Poverty

2015-11 , Balamurali, Aditya , Janflone, Jordan , Zhu, Ed

The effects of education on poverty has often been discussed and analyzed by economic researchers. This paper aims to do the same, researching the education-poverty relationship. In this paper, we create a regression model with education level as our independent variable and its causality upon the income to poverty ratio. Using data compiled from the US Census Bureau, we created a single variable regression model estimating the ceteris paribus effect of education on income to poverty. We followed this regression model with several others, separating our data into different population groups, to compare the effect of education within these groups. The results of our regression model indicate a positive correlation between education and the income to poverty ratio with a coefficient of 15.5 indicating that each additional threshold of education achievement results in a 15.5% increase in the income to poverty ratio. When contrasting this coefficient with different population groups, such as minorities and those within poverty, we can see that the education coefficient varies, many times drastically. We also see, through multiple variable regression models, the effects other independent variables have on poverty.

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Cross Sectional Analysis of Financial Development on Economic Growth

2015-11 , Carmack, Jeremy , Krishnam, Hari , Zhou, Haidan

Substantial amount of recent theoretical and empirical work is focused on the role that financial market plays in economic growth. This paper provides a crosssectional review on the relationship of financial development and economic growth. Although the result indicates that the influence of financial development on economic growth is positive, the level of effect varies on each indicator of financial development.

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Impact of Household Income on Standardized Test Scores

2015-11 , Sheu, Leilan , Dada, Sara

The influence of socioeconomic factors on standardized test scores has been long debated and studied. This paper examines the relationship between family income and state-mandated achievement test scores for students in the State of Georgia. We first use a simple linear regression model of average test score and average household income to first establish a positively correlated relationship. This relationship is further analyzed by differentiating for other community-based factors (race, household type, and educational attainment level) in three multiple variable regression models. For comparison and to evaluate any consistencies these variables may have, the regressions were run on data from both 2007 and 2014. In both cases, the final multiple regressions found that average household income was not statistically significant in impacting the average test scores of the counties studied, while household type and educational attainment level were statistically significant.

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The Relationship Between Mathematical Performance and GDP per Capita

2015-11 , DiCorrado, Eric , Kelly, Kayla , Wright, Malcolm

It is a commonly held belief that a country’s scholastic performance in STEM related subjects is indicative of a country’s future economic standing. This paper is intended to present a quantitative analysis on the subject matter, testing our hypothesis that there is indeed a positive correlation between academic performance in STEM subjects and a country’s economic strength. The PISA 2012 math scores and GDP per Capita were chosen as indicators of academic performance and economic strength respectively. Other indicators such as Literacy Rate and Educational Spending (indicators that are commonly associated with economic standing), are also included in the analysis. The findings from our study confirm our hypothesis and suggest that there is a positive correlation between academic performance in STEM subjects (in particular math) and economic strength.

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Impact of Household Income on Poverty Levels

2015-11 , Strothmann, Annie , Marsh, Anne , Brown, Samuel

The relationship between poverty and household income is an important political topic concerning a country's economy. This study tests the commonly held theory that poverty and household income are negatively correlated. This analysis uses county-level data in the United States in 2013. The simple regression model looks at median household income's effect on total poverty in each county. Then, we added the independent variables: total unemployment, population, and total number of people with less than a high school education. After finding that poverty and household income appeared to be positively correlated, even with these control variables, we then added two dummy variable to test if there was a significant difference in our finding between urban, suburban, and rural counties.

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The Effect of Minimum Wage on Poverty

2015-11 , Ramirez, Carlos , Pensa, Robert , Mogensen, Asgeir

Minimum wage is a topic gaining lots of attention by policymakers in Washington. Additionally, the poverty rate in the U.S. is almost 15% with over 47 million Americans living in poverty. That said, would increasing the minimum wage help to decrease the poverty rate? In this paper, we addressed that topic, developing a regression model looking at minimum wage, education level, labor force participation rate, and the cost of living and their impact on the poverty rate. Our results indicate that there is no statistical significance between minimum wage and poverty rate and our other independent variables were all statistically stronger than minimum wage.

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Economic and Socioeconomic Determinants of Infant Mortality: A cross-country investigation

2015-11 , Liu, Yang , Chen, Yiwen , Wang, Di

Infant mortality rate has been gaining greater importance in recent years as an indicator of population wellness. In previous studies, infant mortality rate is often found to be higher in countries with lower income and less socioeconomic development. This paper concentrates on investigating possible determinants of infant mortality rate across countries. Using data of 114 countries in 2011 from the World Bank, analysis has been done to explore the relationship of infant mortality rate with economic strength and socioeconomic factors. Based on the results, in can be concluded that female education and government health expenditure are negatively related to infant mortality rate, but fertility rate is positively related to infant mortality rate. Comparing with fertility and female education, government health expenditure has less impact on infant mortality rate, especially with respect to countries with lower per capita GDP.

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The Correlation Between Minimum Wage and Youth Unemployment: A Cross Country Analysis

2015-11 , Griffith, Watson , Paull, Kathryn , Smith, Rebecca

In this paper, we are exploring the correlation of minimum wage with youth unemployment across 25 OECD countries. We chose to focus on youth unemployment as opposed to overall unemployment for multiple reasons. One reason is that the effects of economic changes are often exaggerated in the youth labor market because of the lower skillset and experience that youth tend to have, making them more easily disposable than other workers. We developed two models. The first is a simple linear regression model; however, because of low statistical significance in this model, we decided to further explore the correlation using a multiple linear regression model. With this model, we found the relationship between the minimum wage and youth unemployment is positive and has a coefficient of 0.0176.

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Income Inequality and Economic Growth: A Cross-Country Analysis

2015-11 , Baden, Daniel , Holliday, Daniel , Medhekar, Rohan

This study seeks to find a relationship between economic growth and income inequality. Past studies remain divided about this subject, where some find there to be a positive relationship and others support a negative relationship. Single and multiple linear regression models were formed using data from 2010. This study found a positive relationship between economic growth and income inequality. Statistical inference tests supported the significance of all but one variable, unemployment. A robustness test concluded that this variable was jointly significant. Further studies should include increasing sample size, splitting up countries based on level of development, and implementing new explanatory variables.

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Analyzing the Impact of Immigration on Unemployment in European Union Member States, Norway, and Iceland

2015-11 , Ortiz, Johanna , Grimée, Juliane , Prichard, Taylor

This paper analyzes the impact immigration has on unemployment in European Union member states, excluding Bulgaria, and Norway and Iceland in both 2005/2006 and 2011/2012. Given the importance of the current Syrian refugee crisis and political debates, particularly those featuring Eurosceptic politicians in various European nation states and those featured in the 2016 US Presidential campaign, about the impact immigration has on a nation state, we decided that it is vital that immigration’s impact on unemployment is studied empirically. Our hypothesis was that immigration is positively correlated with unemployment in the short run (up to 3 years after immigration occurs). Our rationale for this was that a lot of adult immigrants are immediately added to the labour force, thereby increasing the labour force more quickly than if there was no immigration, while not all of these immigrants will be employed immediately upon arrival to a new country. This would increase the labour force by the number of adult immigrants, while the number of employed members in the labour force may not increase by the total number of adult immigrants, thereby increasing the unemployment rate. We ran a simple regression between immigration and unemployment and several multiple regressions that included other independent variables, including GDP growth, a binary variable for whether or not a country has a national minimum wage, and how much the countries spend on social welfare programs. All but one of these regressions suggest that increases in immigration in a country decrease unemployment in that country in the short run. After running a robustness test on a couple of our multiple regression models, including the only one that suggested that increases to immigration lead to increases in the unemployment rate, we determined that Model 2 was our best model. In this model log(immigration) is statistically significant at the 1% level and the coefficient on log(immigration) is negative. This suggests that our initial hypothesis was incorrect and that increased immigration in a nation state leads to a decrease in the unemployment rate in the short run.

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