Money Income Research Articles

Political fragmentation and economic growth in U.S. metropolitan areas

ABSTRACT This paper analyzes the impact of local political fragmentation on population, employment, and per capita money income growth in 314 U.S. metropolitan areas. The results are mixed. Smaller central cities and more special district overlap are important for population growth. The findings do not generalize in regard to employment or per capita money income growth. These findings mask important regional variation: political fragmentation is largely unrelated to economic growth in midwestern and western metropolitan areas. These results partially support the hypothesis that governmental fragmentation can enhance local economic growth; however, the overall impact appears muted relative to a metropolitan area’s economic characteristics.

Introduction

Introduction

Analysis of the high order ADL(<i>p, q</i>) models used to describe connections between time series

In the paper the mathematical models describing connection between two time series are researched. At first each of them is investigated separately, and the ARIMA(p, d, q) model is constructed. These models are based on the time series characteristics obtained during the analysis stage. The connection between two time series is confirmed with the aid of cointegration statistical tests. Then the mathematical model of the connection between series is constructed. The ADL(p, q) model describes this dependence. It’s shown that for the time series under investigation the ordersp, qof the ADL(p, q) model are connected with the ARIMA(p, d, q) orders of the describing each series separately. This step makes the set of the investigated ADL(p, q) models much smaller. In the previous papers it was also shown that the ARIMA(p, d, q) automatical fitting functions in popular packages use limitations on thep,qorders of the time series process:q≤ 5,p≤ 5. The wish to use the simplest models is also built in the structure of the Akaike (AIC) and Bayes (BIC) informational criteria. In the paper the maximal values of the ADL(p, q) model orders are supposed to be the orders of the appropriate ARIMA(p, d, q) series. In the previous work it was shown that using high order ARIMA(p, d, q) it is possible to fit the models better. In this paper the experiments on the ADL(p, q) models construction are presented. The wage index and money income index time series pair is researched, and also the gas, water and energy production and consumption index/real agricultural production index pair is investigated. The data in the 2000–2018 time period is taken from the dynamic series of macroeconomic statistics of the Russian Federation.

Pharmacy students attitude and perception toward working in community pharmacy in Saudi Arabia

ObjectiveThe objective of this study is to determine the level of attitude and perception of Saudi pharmacy students toward working in community pharmacies after graduation and to assess cultural, educational, and job related barriers and limitations that interfere with students and community pharmacy as a favorable workplace. MethodsA cross sectional questionnaire, was mailed to a random sample of 600 pharmacy students. It included questions on students' future careers, ideal environment and barriers that might face them in community pharmacy. ResultsFour hundreds and twelve (412) completed the survey (response rate was 69%). Mean age was 23 years and 51.2% of respondents were female. Our results revealed low responses toward how interested they are to work in community pharmacy. The study response showed that improvement in salary and money incomes (46%) and culture and society issue (45%) are the two main barrier to make the career in community pharmacy more attractive. ConclusionsSaudi pharmacy students had a negative attitudes and insufficient knowledge about community pharmacy. Pharmacy school would have an important role to fill the knowledge gap and prepare the student to work in the community pharmacy. In order to successfully “Saudization” the community pharmacy setting, efforts should be made to overcome their perceived barriers.

The Population Health of a Mining Region as a Factor Affecting the Social and Economic Development of the Area (A Case Study of Kemerovo Region)

The most vital component of human, labour capital, the foundation of public welfare of a country and its regions is population health. Development of Russian regions without taking into account the health factor will be limited in its nature. The study examines the impact of the health indicators of Kemerovo Region’s population on the social and economic development of the region. We used data on morbidity and mortality by main categories of causes, indicators of gross regional product per capita, money income per capita and absolute poverty incidence in Kemerovo Region for 2003–2017. The impact of health indicators on key regional development indicators was studied on the basis of correlation and regression analysis. A statistically significant relationship has been established between the incidence of active tuberculosis, mortality from circulatory system diseases, deaths from external causes and indicators of the social and economic development of Kuzbass. The incidence of active tuberculosis, mortality from suicides and accidental alcohol poisoning has a significant negative impact on the gross regional product. Mortality from circulatory system diseases and accidental alcohol poisoning results in reduction in the level of nominal money incomes of the population. The increase in absolute poverty incidence is significantly affected by mortality from suicides, from accidental alcohol poisoning and all causes of external mortality in the aggregate. The research results can be recommended for use in the strategic planning of the development of the region.

Estimating Extended Income Equivalence Scales from Income Satisfaction and Time Use Data

In this paper, I estimate extended income equivalence scales from income satisfaction and time-use data contained in the German Socio-Economic Panel. Designed to capture the needs of additional household members, these scales account for both, increases in households’ money income and domestic production requirements. The estimation procedure determines equivalence weights in these two components separately by combing the subjective with the objective approach. The findings suggest greater monetary equivalence weights for adults than for children, whereas household production increases more strongly in the number of children than in the presence of an adult partner. Differences in relative needs tend to balance out in the extended income equivalence scale, assigning additional adults and children almost identical weights of about 45%. I illustrate the implications of these estimates for measures of income inequality using the same dataset.

An Optimal Rice Policy for Sierra Leone: Balancing Consumer and Producer Welfare

Rice is a staple food in the West African nation of Sierra Leone with little difference in consumption between poor and wealthy households. Rice production is also an important source of livelihood with half of all households, three-quarters of rural households and about two-thirds of poor households grow rice. The final price of rice in the domestic market is an important policy issue. The policy challenge is complicated by the fact that poor households, which earn the bulk of their income from rice production, also purchase rice when own production is inadequate. Under the broad assumption that money income is a reasonable measure of well-being, this paper develops a simple model of the Sierra Leone rice sector and applies procedures to determine key outcomes in terms of domestic production, imports, and exports under conditions that maximize consumer’s and producer’s surplus. The paper finds that the rice sector is operating at a suboptimal level. In addition, simulations suggest that an optimal policy path to balance consumer and producer welfare and meet the higher societal objective of creating jobs requires a moderate level of tariff on imported rice, combined with structural policies to improve the productivity of the sector.

Príjmová nerovnosť v regiónoch Slovenskej republiky

The problem of inequality has become increasingly important in recent years, increasing its weight in addressing the problems of economic and regional development lagging behind. Although income inequality in Slovakia is among the lowest in Europe, there are regions in Slovakia where income inequality is high. The aim of the paper is to contribute to the expansion of knowledge in the area of income inequality in self-governing regions in the Slovak Republic. In the paper we examine the causes of inequalities, measure the levels of inequality over the selected time period based on the development of indicators of net money income and household expenditures, average disposable equivalent household income of indicators S80 / S20, Gini coefficient and poverty risk ratio for 2014-2018.

Consumption of food in relation to income and saturation limit of Slovak households

Food represents everyday need and from this point of view is stable and computable demand on the consumer market. Based on the current development of households’ net money income and consumption expenditures, the aim of the paper is to point at the development of food consumption and changes in the cost of living of the population in Slovakia. Previous food consumption analyses proved that eating habits of the Slovak population comply neither with healthy lifestyle nor recommended doses, due to the low level of disposable net money income. In the analysis, linear and nonlinear functions were used in order to evaluate the development and saturation of demand for basic foods in Slovakia in the period 2008–2017. During these years, the share of expenditures on food and non-alcoholic beverages did not significantly change the consumption expenditures; they moved in intervals from 19.2% (2017) to 23.1% (2013), which is still a high share in comparison with EU countries (12.2%). The analysis provided in the paper is a suitable base for food businesses to create a product portfolio based on different net money income and saturation demand for basic foods.

Rurality and Income Inequality in the United States, 1975–2015

AbstractRecent events have focused attention on the perceived widening of the economic divide between urban and rural areas, and on the continued rise of national income inequality. We demonstrate that, in fact, the average income gap between urban (metropolitan) and rural (nonmetropolitan) households has not risen over the past 40 years, and makes virtually no contribution to national income inequality. Rising national inequality is driven by rising inequality within both urban and rural America, not by an urban/rural divergence. As is well known, the growing dispersion of household money income is partly driven by rising wage inequality, particularly in urban areas. Less well recognized is the role played by other income sources. We show that a decline in the progressivity of the distribution of social security payments and cash transfers, and an increase in the regressivity of the distribution of retirement incomes, have jointly made a comparably large contribution to rising income inequality. At the same time, the share of income from self‐employment has declined, particularly in rural America, and because self‐employment income is very unequally distributed, its diminution has retarded the growth of rural inequality. In 2014–15, however, rural inequality increased, cutting the urban/rural inequality gap in half.

Переосмысление эмпирических данных об отсутствии нейтральности денег в экономике

The article rethinks the empirical data of non-neutrality of money in the economy. According to modern empirical data, there is a relationship between the money supply and the real variables — real output, unemployment and relative prices. However, the understanding of the fact that the money supply is a nominal variable, which cannot be related to the real situation of the economy. These considerations raise doubts about the existence of above-mentioned dependence. Moreover, the paper proves that the changes of money supply do not affect the real variables. These arguments cause the need to rethink the empirical data of non-neutrality of money in the economy. Further analysis shows that another parameter has impact on real variables — agents ‘purchasing power of money (income). This variable changes simultaneously with the change in money supply and this variable is the one that influences the real variables. Thus, the impact of monetary policy on the economic system is only through the redistribution of income between agents. As a result, monetary policy is only a less effective fiscal policy.

Основные тенденции и проблемы развития человеческого потенциала России в постсоветский период

Target. The purpose of this study is to trace the change in Russia’s position in world rankings in terms of humanitarian development, identify the main driving forces, as well as identify problems and suggest ways to solve them. Methods: Methods of demographic and economic and statistical analysis. Results and discussion: Characterized by the dynamics of the human potential of Russia — in 2018, the country first entered the group of countries with a very high level of human development. Выводы : The main problems in human development in the Russian Federation are revealed: low standard of living, long-term permanent decline in real money incomes of Russians (2014–2018), a high degree of material inequality, low life expectancy of the population, high excess mortality of certain categories of the population, a sharp drop in the number of students enrolled in higher education programs, per 1000 people population.

Retail in the Russian Federation in the Economic and Social Context: Part II. Retail and Human Well-Being

The article discusses the relationship between the dynamics and structure of retail turnover and the population’s level of money income. It analyzes features in individual income groups in the territorial context, the impact of rising prices on food and nonfood products, the structure of consumer expenditures, and the quality problems of consumer goods.

Improving the Measure of the Distribution of Personal Income

Developing a national account-based measure of the distribution of income from the commonly used census-based concept of money income has been the subject of earlier research. We use publicly available survey and administrative data to construct a distribution of personal income after enhancing the top income distribution in the Current Population Survey (2007 and 2012). We show that inequality measures are fairly sensitive to the definition of income contemporaneously and across time. This work helps bridge the gap between micro data and macro statistics and informs about results from other studies, such as Piketty et al. (2018).

Causal Change Detection in Possibly Integrated Systems: Revisiting the Money–Income Relationship*

AbstractThis paper re-examines changes in the causal link between money and income in the United States over the past half century (1959–2014). Three methods for the data-driven discovery of change points in causal relationships are proposed, all of which can be implemented without prior detrending of the data. These methods are a forward recursive algorithm, a rolling window algorithm, and a recursive evolving algorithm all of which utilize subsample tests of Granger causality within a lag-augmented vector autoregressive framework. The limit distributions for these subsample Wald tests are provided. Bootstrap methods are developed to control family-wise size in the implementation of the recursive testing algorithms. The results from a suite of simulation experiments suggest that the recursive evolving window algorithm provides the most reliable results, followed by the rolling window method. The forward expanding window procedure is shown to have the worst performance. Both the rolling window and recursive evolving approaches find evidence of Granger causality running from money to income during the Volcker period in the 1980s. The forward algorithm does not find any evidence of causality over the entire sample period.

Impact of transfer Income on Cognitive Impairment in the elderly

The purpose of this study is to identify and analyze the association of cognitive impairment with the transfer income of the elderly. Cognitive disorder was examined using K-MMSE (Korean mini-mental state examination) in the elderly aged 65 and over who were admitted to the Department of Neurology A and Department of Psychiatry B in Suwon City and Osan City, Gyeonggi-do Province. The transfer income is comprised of private income transfers and public transfer incomes. This survey was conducted from November 2015 to March 2016 and a total of 214 questionnaires were received. Except for 7 unsuitable questionnaires, the rest of the 207 were analyzed with frequency analysis, descriptive statistics, t-test, ANOVA, Pearson correlation analysis and multiple regression analysis using SPSS WIN 20.0. In the correlation analysis of transfer income, there was a statistically significant proportional relation of various allowances, national pension, property income, basic pension, special occupational pension, and personal pension, respectively. Only the basic livelihood security recipients showed an inverse proportional relation. Multiple regression analysis was done to examine the effects of private income transfer on cognitive impairment. The result was that there was a statistically significant proportional relation on various allowance money and property income, respectively. The explanatory power of the model was 31.9%. The public income transfer showed a statistically significant proportional relation in the national pension, special occupation pension, and basic pension, sr. The basic livelihood pension had a statistically significant inverse proportional relation and the explanatory power of the model was 31.1%. The effect of transfer income of the elderly on cognitive impairment was confirmed. The study of public transfer income is necessary to provide alternatives to the existing mental health policy for the elderly. Through more detailed and accurate research using cohort and other types of studies, various approaches to public transfer income of the elderly are suggested.

Commodity Money, Free Banking, and Nominal Income Targeting

Some have argued that nominal income targeting is desirable because it would replicate characteristics of a free banking regime. However, the degree to which this is true and desirable depends on the properties of commodity-based monetary regimes. In this paper, I provide a model of commodity money. I find that a pure commodity money regime can only generate an efficient stationary equilibrium by divine coincidence or by giving policymakers control over the supply of the commodity. The introduction of bank notes makes it much more likely that the economy will achieve an efficient equilibrium. In particular, in a commodity-based system, bank notes are equivalent to call options on the commodity, and the commodity holdings are equivalent to a put option on the commodity. Assuming that there is no risk-free arbitrage in equilibrium, then both bank notes and the commodity will have an expected rate of return equal to the risk-free rate. If the risk-free rate is equal to the rate of time preference, then this commodity regime is efficient. A free banking system would therefore not only minimize deviations between the supply and demand for money, but it would also (potentially) implement the Friedman rule. Both market-based and more conventional nominal income targeting regimes are unlikely to replicate both features of a free banking system unless the nominal income target has a deflationary bias.

On the Issue of Food Security of Coal Mining Region

The problems of food security of Kemerovo region are studied in the article. It was found that agribusiness and its performance are significantly affected by the pronounced industry orientation of the region, in which coal mining is intensively developed, which is accompanied by the annual land retirement. Assessing the food security of the region in terms of balanced nutrition in terms of calories, protein, fats and carbohydrates in food, one could conclude that they are not consistent with the vital needs of people. The imbalance of nutrition of the population affects its health, which, according to epidemiologists, is commensurate with genetic, active chemical or infectious negative effects on humans. To address food security of the region, a forecast of food consumption by the population was developed taking into account scientifically-based nutrition standards, taking into account: the level of money income and purchasing power of the population, effective demand for agricultural products; production capacity of agricultural industry and production facilities. It is proposed to apply a synergistic approach based on the creation of an agri-food cluster.

Accounting for homeownership in estimating real income growth

Have real median incomes in the U.S. stagnated or achieved modest growth? Answers often vary depending on the price index one uses. Several researchers have argued that the Consumer Price Index (CPI) overstates inflation and understates real income growth. The CPI’s approach to estimating homeowner shelter inflation is owners’ equivalent rent. In this paper, we investigate a user cost approach for estimating homeowner shelter cost inflation, addressing the expected appreciation challenge. We find that over the 1984–2016 period, using money income deflated by the official CPI understates real income growth substantially relative to the user cost approach.

Accounting for Homeownership in Estimating Real Income Growth

Have real median incomes in the U.S. stagnated or achieved modest growth? Answers often vary depending on the price index one uses. Several researchers have argued that the Consumer Price Index (CPI) overstates inflation and understates real income growth. The CPI's approach to estimating homeowner shelter inflation is owners' equivalent rent. In this paper, we investigate a user cost approach for estimating homeowner shelter cost inflation, addressing the expected appreciation challenge. We find that over the 1984-2016 period, using money income deflated by the official CPI understates real income growth substantially relative to the user cost approach.