US Economy Research Articles

FINANCIAL MANAGEMENT IN THE NATIONAL DEFENCE FIELD

The article examines the essence of the defense resources financial management, institutional and legal support, as well as the practice of its modernization in the leading countries of the world and Ukraine under the conditions of a full-scale war. According to the theoretical and institutional aspects analysis results, the concepts of " defense resources financial management" and "defense resources financial management system" were clarified, and the main principles and elements of the mechanism of its implementation were outlined. An assessment of the modern world practice of defense resources financial management was carried out on the example of the US Armed Forces in terms of institutional infrastructure, regulations, standards and tools. The main determinants of the US Armed Forces financial management are established: combat capability, human capital and environmental protection according to ESG principles and Sustainable Development Goals. The components of improving the system of financial management of Ukraine’s defense resources in accordance with the implementation of NATO financial management standards and regulations have been identified. A thorough analysis of the distribution of expenditures and the credits granting under budget programs in accordance with the goals of state policy in 2020-2023 and projected for 2024-2025, of individual defense budget expenditures of the Ministry of Defense of Ukraine in accordance with the budget request for 2024-2026 raised questions about the impact of budget defense expenditures for the development of Ukraine's economy. The existence of the specified positive influence was proved by means of correlation-regression analysis based on the data of budget expenditures in the time horizon of 2014-2023, with the period before the full-scale invasion of the aggressor country being singled out. However, the scientific hypothesis has not been confirmed for the US economy, that is, military spending is not characterized by a significant impact on the US GDP.

EVALUATION OF THE EFFECT OF EXPANSIONARY MONETARY POLICIY IMPLEMENTED DURING COVID-19 ON THE TÜRKİYE, EU AND US ECONOMIES

In this article, the effect of expansionary monetary policy implemented during the covid-19 on the Türkiye, the EU and the USA economies has been evaluated. The beginning of the pandemic covers the period between January 2020 and January 2024. The effects of the monthly percentage change in M3 money supply on unemployment, real economic growth and inflation are presented comparatively with graphs. As a result, while Türkiye was the country where the increase in M3 money supply increased inflation the most, the country where unemployment increased most rapidly at the initial phase of the pandemic was the USA. However, over time, the Fed managed to reduce unemployment to historical low levels with the measures it took. The consequence of the contractionary monetary policy after the pandemic, inflation has been brought under control and the option of reducing interest rates has recently come to the fore. Rising inflation in the EU was also taken under control, but unemployment still remained high

Effects of improved on-farm crop storage on DNA methylation of mothers and their infants: evidence from a randomized controlled trial in Kenya

BackgroundStress during pregnancy can lead to adverse maternal and infant health outcomes through epigenetic changes in the hypothalamic–pituitary–adrenal axis. Among farmers in low-income countries, one important stressor is food insecurity, which can be reduced using hermetic storage bags. This study aimed to determine, for the first time, whether a hermetic storage bag intervention during pregnancy positively affects maternal and infant DNA methylation of the hypothalamic–pituitary–adrenal axis-related genes FKBP5 and NR3C1. We further analyzed whether anthropometrics, stress, and mental health were associated with DNA methylation.MethodsThis study was part of a larger matched-pair randomized controlled trial focusing on the impact of improved on-farm storage on food security, poverty, and net income of smallholder farming households. A total of N = 149 mothers were recruited by telephone and invited to attend a study appointment at health facilities in Kakamega County, Western Kenya, with their infants in April or May 2021. During the appointment, anthropometric measurements were taken, questionnaires on stress and mental health were administered, and saliva samples were collected. Logistic and multiple linear regression were used to examine the effect of the intervention and related measures on DNA methylation.ResultsMothers in the intervention group showed higher mean NR3C1 methylation levels than those in the control group, corrected for multiple testing. Maternal postpartum body mass index was positively associated with infant NR3C1 CpG3 DNA methylation. The more stressful life events a mother had experienced in the previous 12 months (including during pregnancy), the lower her FKBP5 CpG3 methylation levels.ConclusionsFood insecurity and stressful life events during pregnancy seem to exert significant effects on maternal DNA methylation. While these stressors did not appear to impact infant DNA methylation in the present study, maternal postpartum body mass index was significantly related to infant methylation. These findings suggest that while infants may be protected from excessive maternal glucocorticoids by placental barrier activity, maternal metabolic status is still reflected in their epigenetic make-up.Trial registration This study was part of a larger matched-pair randomized controlled trial on the impact of improved on-farm crop storage on welfare, nutrition, and human health. Registration can be found in the American Economic Association (AEA) RCT Registry, RCT ID: AEARCTR-0005845.

Data on the US Economy—A Model for Health Data?

Data on the US Economy—A Model for Health Data?

Adapting of Mental Healthcare Facilities to the COVID-19 Challenges

The healthcare sector is one of the largest in the US economy (generating about 18% of GDP). It is the main employer of American workers. Unfortunately, it has been one of those most affected by the COVID-19 pandemic, as certain medical services had to be suspended under strict quarantine (at least 150 hospitals in the US were forced to send employees on leave or dismiss them, primary care practices reported a 70% decrease in the number of patients). The purpose of the article is to analyse challenges in the US healthcare sector during COVID-19 and to justify ways to overcome these challenges (on the example of the Life Chance Mental Health Medical Group, a leading provider of mental health services in the US with a strong regional network, established good reputation and a wide and loyal customer base). The case of this company was chosen in this context based on the fact that, as the SWOT analysis in the article showed, during the COVID-19 pandemic, the greatest vulnerabilities of medical institutions in the mental health sector are related to the quality of basic services (face-to-face therapy sessions). That is significantly reduced if provided online. In order to operate effectively even during epidemics and pandemics, companies in this specific area should expand partnerships with telemedicine platforms, transform their product portfolio, and ensure that their doctors’ qualification profiles meet the requirements of remote therapy. The article analyses the mechanisms for overcoming pandemic challenges in mental healthcare facilities using the postulates of transformational leadership theory, change management theory, theory of constraints, and organisational culture theory.

Sustainability: Thinking Wide

My first feelings of the theme “Sustainability in the rubber industry”, were exciting and somewhat intriguing. Much has been conceived, conceptualized, discussed deliberated, implemented and various disciplines have emerged on sustainability, which are sometimes, overwhelming to a professional of the older generation. A wide array of theories, disciplines, and technologies have come up during the last 30 years in this area, reminiscing of the eras of 5S and ISO and Lean Management in the early 90s, which took the business and industrial community by storm. I must honestly admit that my experience, in the tyre industry and its sustainability in areas such as material development, (including Nanomaterials), green design and processing technologies, greener technologies and breakthroughs in EVs, is minimal and hence I prefer to leave it to the professionals, and endeavor to share some of my thoughts in this topic of contemporary interest. Another reason for my excitement is the status of affairs in the economic downturn in Sri Lanka and the hardships which we as Sri Lankans are personally experiencing at the moment. Indeed, we are not alone in this predicament and practically every nation is going through unprecedented difficulties, although Sri Lanka is one of the worst affected. Lack of focus, foresight and the inability to comprehend hindsight and not implementing and monitoring practical solutions and corruption are the reasons for not being in a sustainable position for any country, and this applies equally well to business organizations as well. A little over two years ago I penned an article in Tyre Trends on “Sustainability or Vulnerability” at the peak period of the Covid-19 pandemic. The focus of the article was on the relevance of integrating traditional wisdom with modern strategies for sustainability, especially in countries like India and Sri Lanka, which possess a vast extent of collective consciousness accumulated for nearly 4000 + years, and the vulnerability of over-dependence on Western Models based on consumerism. Milton Friedman, the American economist and statistician who received the Nobel Prize in 1976 for his research on consumerism argued in his famous essay that the social responsibility of business is to increase its profits for its shareholders and concluded profit maximization is justified for the risks taken by the investor. This statement made fifty years ago remains polarizing in today’s context; we cannot find fault with entrepreneurs who adopt a strategy of maximizing the use of resources for the maximization of business profits, since after all profit is not such a dirty word as first Prime minister of India, Shree Jawaharlal Nehru once stated. Profit motivation and maximization have been the driving force throughout the four industrial revolutions, resulting in enhancing the quality of life in most countries of the world; especially in what are called the developed countries.

100 Years of Rising Corporate Concentration

We collect data on the size distribution of US businesses for 100 years, and use these data to estimate the concentration of production (e.g., asset share or sales share of top businesses). The data show that concentration has increased persistently over the past century. Rising concentration was stronger in manufacturing and mining before the 1970s, and stronger in services, retail, and wholesale after the 1970s. The results are robust to different measurement methods and consistent across different historical sources. Our findings suggest that large firms have become more important in the US economy for a long period of time. (JEL D22, E24, L11, L25, N12)

Employment in the equine industry in 2022: Insights into career types, salaries, and benefits

The equine industry contributes $74 billion and provides 1.3 million jobs annually to the United States economy. However, limited information is available on the current salaries and benefits of equine professionals. In 2022, an online survey was conducted to assess salaries, benefits, and education levels of equine professionals across several career types in the equine industry. The survey consisted of 38 questions with conditional branching and was distributed through social media and e-newsletters. Survey branching focused on grouping participants by career type into the following categories: farm management, government, industry, nonprofit, private practice, and university. The most prevalent career type represented was farm management (34%) followed by private practice (18%), academia (17%), industry (15%), nonprofit (12%), and government (4%). Associations between variables were examined with Chi-squared analysis. An association was observed between education level and salary (P = 0.001, X2 = 103.17) with salaries greater than $50,000 being more prevalent with advanced degrees. Similarly, job type and salary were associated (P = 0.001, X2 = 73.47), where salaries for academia and industry careers were often greater than $50,000 and nonprofit and farm management salaries were more often less or equal to $50,000. Compared to professionals in farm management or in private practice, those in academia and government received more benefits (P<0.05). Data collected from this survey creates a baseline for evaluating compensation across the equine industry and exposed opportunities for improvements in future surveys. Outside of industry salary comparisons, survey data can be used by educators to emphasize the benefit of further education to increase salary and benefits.

Langeberg Koöperasie Bpk, 1938-1954: 'n triomf in sosiale en ekonomiese koöperasie

Langeberg Co-operation was founded in 1938 out of a need for infrastructure to promote the fruit and vegetable industry in the Langeberg area. The town Ashton as centre of the co-operation subsequently expanded substantially. The big orders during the Second World War boosted the co-operation, but the marketing policy had nevertheless to be adjusted to the war economy. After the war a deliberate national publicity campaign stimulated Langeberg production. To strengthen its position thereafter during the lapse in the South American economy the co-operation took over four other canning companies in 1954. This highlight in its history would, however, signify danger.

Understanding climate damages: Consumption versus investment

Existing climate-economy models assume climate change has equal impacts on the productivity of firms that produce consumption and investment goods and services. We develop a model of structural change to show that the split between damage to consumption and investment productivity matters for the aggregate consequences of climate change. When investment is more vulnerable to climate, we find smaller short-run consumption losses than leading models suggest, but larger long-run consumption losses. We provide a quantitative illustration of these effects for one type of climate damage in the US economy: labor productivity losses from heat stress. We find that accounting for heterogeneous damages increases the welfare cost of the climate damage from heat stress by approximately 4 to 23%, depending on the discount factor.

Europe 1992 and the American Economy: A Project to Strengthen International Economics at Ohio Wesleyan University

Europe 1992 and the American Economy: A Project to Strengthen International Economics at Ohio Wesleyan University

Understanding Post-Pandemic Surprises in Inflation and the Labor Market

Since the COVID-19 pandemic, the United States has experienced sharply rising then falling inflation alongside persistent labor market imbalances. This Economic Commentary interprets these macroeconomic dynamics, as represented by the Beveridge and Phillips curves, through the lens of a macroeconomic model. It uses the structure of the model to rationalize the debate about whether the US economy can expect a hard or soft landing. The model is surprised by the resiliency of the labor market as the US economy experienced disinflation. We suggest that the model's limited ability to capture this resiliency is a feature of using a linear model to forecast the historically unprecedented movements seen after the pandemic among inflation, unemployment, and vacancy rates. We explain how, by adjusting the model to mimic congestion in a tight labor market and greater wage and price flexibility in a high-inflation environment, as during the post-pandemic period, the model can then capture what has been a path consistent with a soft landing.

An empirical analysis of consumption and current account in an intertemporal stochastic model

This study employs a non-linear state space model and applies Extended Kalman Filter to analyze the effects of shocks to output, investment and government consumption for the US economy within a stochastic intertemporal current account framework for the particular period 1989Q2-2019Q4. It is shown that consumption and current account dynamics are successfully explained and the real interest rate, which is needed to rationalize the consumption and income relationship, is found to be fairly reasonable. The parameter estimates of the macroeconomic variables in the model indicate high accuracy of forecast according to the MAPE criteria for model evaluation. The intertemporal substitution and compensation effects allow aggregate consumption function to absorb exogenous shocks and reflect the smooth transition of the economy to the reestablishment of equilibrium position.

International spillovers of conventional versus new monetary policy

We use a calibrated open-economy New Keynesian model to compare the spillovers from conventional and new monetary policy shocks from the US to Canada. We find that shocks with similar effects on the US GDP affect Canada’s private bond yield differently. For example, a forward guidance shock increases Canada’s private bond yield by 0.15%, however a quantitative easing (QE) shock decreases it by 0.13%. Our counterfactual policy simulations for the 2008 crisis show that (1) a more aggressive QE by the Fed would have resulted in a milder recession in the US but a steeper one in Canada. (2) If the Bank of Canada had followed the Fed’s QE policies, the drop in Canada’s GDP would have been much smaller. (3) Finally, if the Fed had implemented a mild negative interest rate policy, the effects on the Canadian economy would be similar to those of the benchmark zero-rate policy.

Religion in neoliberal times: The global spread of marketization, implications for religion, and future research directions

Marketization is a profound force transforming societies, including how people relate to and practice religion. Drawing from a synthesis of interdisciplinary studies, we approach marketization as a megatrend, explicating how its global spread beyond the advanced economies of the United States and Western Europe is leading to significant changes in religion and its marketplace articulations. We identify four specific ways in which marketization’s global spread influences religion: detraditionalization, re-publicization, dedifferentiation, and deterritorialization. We map these four areas of influence at the intersection of religion and consumption. In so doing, we identify several under-theorized areas in consumer research and offer six future research directions: (1) new non-institutional stages of religious performance, (2) transhumanism as a new religion, (3) new religious authorities, (4) transnational networks of religious service movements, (5) prosperity religion in non-Western and non-Christian contexts, and (6) resistance to marketization. We advance marketing theory by drawing attention to the megatrend of globalizing marketization that we argue should inform the future of the study of religion in consumer research.

Adolescent anterior cruciate ligament reconstruction: a decade of rising surgical cost.

The number of anterior cruciate ligament reconstruction (ACL-R) surgeries for adolescent patients has been increasing, and so are the costs for medical care services and the general cost of living. We proposed a novel economic model assessing the cost associated with adolescent ACL-R over time and how this compared with price measures in the US economy. Economic analysis. ACL-R surgeries performed from 2010 to 2022 in a single Level I trauma center were included. The trend of the total charge, charge of anesthesia, and operating room (OR) charge were normalized to 2010 (base year) and compared with the inflation in hospital services, medical care services, and the US economy measured by the Consumer Price Index (CPI). The actual reimbursements-to-charges percentage from the payers was analyzed. Comparing growth rates rather than dollar values circumvented any problematic direct-dollar comparisons across measures. Analyzing 459 qualified ACL-R cases in patients whose ages ranged from 12 to 18 years, the overall total median charge increased 70%, whereas the General CPI, Medical CPI, and Hospital CPI increased 35%, 41%, and 64%, respectively. The anesthesia and OR charges increased 52% and 92%, respectively. The annual reimbursements-to-charges percentage hovered steadily beneath 50%. All inflation measures rose sharply after 2019. The rising cost of adolescent ACL-R has been outpacing the inflation in the cost of medical services and the general economy in the US. The COVID-19 pandemic and market rigidity in medical services may have impacted these trends. Optimizing OR time usage may mitigate the rising cost.

Potential long-term, global effects of enhancing the domestic terrestrial carbon sink in the United States through no-till and cover cropping

BackgroundAchieving a net zero greenhouse gas United States (US) economy is likely to require both deep sectoral mitigation and additional carbon dioxide removals to offset hard-to-abate emissions. Enhancing the terrestrial carbon sink, through practices such as the adoption of no-till and cover cropping agricultural management, could provide a portion of these required offsets. Changing domestic agricultural practices to optimize carbon content, however, might reduce or shift US agricultural commodity outputs and exports, with potential implications on respective global markets and land use patterns. Here, we use an integrated energy-economy-land-climate model to comprehensively assess the global land, trade, and emissions impacts of an adoption of domestic no-till farming and cover cropping practices based on carbon pricing.ResultsWe find that the adoption of these practices varies depending on which aspects of terrestrial carbon are valued. Valuation of all terrestrial carbon resulted in afforestation at the expense of domestic agricultural production. In contrast, a policy valuing soil carbon in agricultural systems specifically indicates strong adoption of no-till and cover cropping for key crops.ConclusionsWe conclude that under targeted terrestrial carbon incentives, adoption of no-till and cover cropping practices in the US could increase the terrestrial carbon sink with limited effects on crop availability for food and fodder markets. Future work should consider integrated assessment modeling of non-CO2 greenhouse gas impacts, above ground carbon storage changes, and capital and operating cost considerations.

Exploring the endogenous structure and evolutionary mechanism of the global coal trade network

The uneven distribution of global coal supply and demand markets has driven coal trade. Effectively characterizing the global coal trade pattern and exploring its evolutionary mechanisms are important for economic development and international energy security. Therefore, this study adopts complex network methods to construct global coal trade network (GCTN) from 1995 to 2021. Based on exploring the overall, individual, and motif structural characteristics of the network, the temporal exponential random graph model is adopted to explore the impact mechanism of endogenous and exogenous variables on the evolution of the GCTN. The research findings demonstrate that (1) at the overall level, the network size, closeness, accessibility, and reciprocity of global coal trade exhibit an increasing trend; (2) at the motif level, aggregation and bilateral reciprocity are the primary trade patterns that affect the formation and evolution of the GCTN that is different from the steady-state structures of the four common super-families and possesses unique characteristics; (3) at the individual level, the United States and European economies possess a higher degree of diversification in coal trade, while Australia and emerging economies exhibit higher coal export trade volumes. The RCEP economies, represented by Japan and South Korea, possess a higher import share. Additionally, the Netherlands plays a “transit station” role in the network; (4) the formation and evolution of the GCTN are influenced by endogenous mechanisms. Reciprocity, transmission closure, and convergence effects have a significant promoting effect on network construction. Ignoring endogenous mechanisms can lead to significant bias in empirical results.

Identifying the Frequency and Connectivity Dynamics of the US Economy

Identifying the Frequency and Connectivity Dynamics of the US Economy

Exploring the Role of AI-Enhanced Online Marketplaces in Facilitating Economic Growth: An Impact Analysis on Trade Relations between the United States and Sub-Saharan Africa

Objective: The integration of artificial intelligence (AI) in the online marketplace represents a turning point in the development of e-commerce and digital trade. This article investigates the transformative potential of AI-enhanced online marketplaces for trade relations between the United States (US) and Sub-Saharan Africa (SSA), with the aim of reviewing the opportunities presented by the AI in enhancing market access, streamlining trade, and driving economic growth. Method: The methodology adopted for this research comprises of expository discussion. We explore theoretical discussion on AI-enhanced online marketplaces and how it has facilitated online marketplaces for trade relations between the United States (US). Results and Discussion: The article finds that there exists a complex mix of opportunities, challenges, and evolving dynamics in the trading landscape between the US and SSA. Furthermore, the rivalry from global powers as well as the geopolitical considerations impact the trade between US and the SSA countries. Implications: The practical and theoretical implications of this research are discussed. The implication of our finding is that by addressing these key areas, stakeholders can navigate the complexities of trade relations effectively and capitalize on opportunities for mutual prosperity and inclusive economic development between the US and SSA in the digital age. Originality/Value: This study contributes to the literature by highlighting how an AI-enhanced online marketplaces can facilitate economic progress by utilizing it for trade relations between the US and SSA economies. The relevance and value of the paper are evidenced by the findings that if both countries leverage on AI-enhance technologies for effective market access, they can unlock their full potential for growth and development. Recommendations: We suggest that stakeholders should leverage on AI technologies by embracing digital transformation, fostering collaboration, prioritizing market research, addressing infrastructure challenges, and ensuring compliance with ethical practices. Future research can explore other areas of emerging technologies, demonstrate the socio-economic implications of AI, and the framework of regulations on AI.