Dennis W. Jansen
Texas A&M University
Publications 86
#1Dennis W. Jansen (A&M: Texas A&M University)H-Index: 21
#2Anastasia S. Zervou (University of Texas at Austin)H-Index: 2
We find that a surprise increase on the federal funds rate has five times stronger and statistically significant effects on stock returns during 2000–2007, versus statistically insignificant effects during 1989–2000. These differences are not apparent in the bond markets.
#1Timothy J. GronbergH-Index: 16
#2Dennis W. JansenH-Index: 21
Last.Lori L. Taylor (A&M: Texas A&M University)H-Index: 19
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Previous research on the relative efficiency of charter schools focused on schools that serve a general student population. In Texas, as in many other states, some charter schools have been designed specifically to serve students who are at risk of dropping out of school. Such “alternative education campuses” may have very different cost and efficiency profiles than schools designed to serve students in regular education programs. In this article, we estimate a translog stochastic cost frontier ...
#1Dennis W. JansenH-Index: 21
We study the time varying effects of monetary policy on the stock returns in order to capture changes in the effectiveness of monetary policy over time. We find that a one percentage point surprise federal funds rate increase decreases the one-day stock return by 1.33% during the period 1989 to 2000, and by 7.47% during the period 2001 to 2007, i.e., over five times more. Also, surprises of monetary policy announcements do not have significant effects on the stock returns for most of the 1990s, ...
#1Timothy J. GronbergH-Index: 16
#2Dennis W. Jansen (A&M: Texas A&M University)H-Index: 21
Last.Lori L. TaylorH-Index: 19
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Consolidation is often proposed as a strategy for increasing school district quality without increasing educational funding. However, if consolidation reduces competition in the local school market and reduces efficiency, any savings from exploiting economies of scale may be lost to increased inefficiency. We use a stochastic cost function to investigate these effects for districts in Texas. We find important economies of scale, but we also find that increased market concentration leads to incre...
#1Michael D. Bradley (GW: George Washington University)H-Index: 12
#2Dennis W. Jansen (A&M: Texas A&M University)H-Index: 21
Last.Tara M. Sinclair (GW: George Washington University)H-Index: 11
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Does excluding food and energy prices from the Consumer Price Index (CPI) produce a measure that captures permanent price changes? To examine this question we decompose CPI inflation and "core" inflation into their permanent and transitory components using a correlated unobserved components model. One of the key aspects of the correlated unobserved components model is that it allows shocks to the permanent component to potentially be more variable than shocks to the series itself, due to offsett...
#1Norabajra Asava-vallobh (Indian Ministry of Finance)H-Index: 1
#2Timothy J. Gronberg (A&M: Texas A&M University)H-Index: 16
Last.Dennis W. Jansen (A&M: Texas A&M University)H-Index: 21
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Data envelopment analysis or DEA is a standard methodology for assessing technical efficiency. In many DEA applications, e.g. in the case of schools or hospitals, the issue arises of calculating efficiency in the presence of nondiscretionary/environmental inputs. We propose a three-stage DEA model to address the environmental input issue, and we provide a simulation analysis that illustrates the implementation and potential advantages of our approach relative to the leading existing multi-stage ...
#1Dandan Liu (KSU: Kent State University)H-Index: 4
#2Dennis W. Jansen (A&M: Texas A&M University)H-Index: 21
The traditional Vector Autoregression (VAR) method is widely used to trace out the effects of monetary policy innovations on the economy. However, this method suffers from the curse of dimensionality, so that in practice VARs are estimated on a limited number of variables, leading to a potential missing information problem. In this article we use the method of structural factor analysis to evaluate the effects of monetary policy on key macroeconomic variables in a data rich environment. This met...
#1Dennis W. Jansen (A&M: Texas A&M University)H-Index: 21
#2Ruby P. Kishan (Texas State University)H-Index: 6
Last.Diego E. Vacaflores (Texas State University)H-Index: 4
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This article examines the impact of monetary policy on net sales of publicly traded firms in various sectors of the U.S. economy. We find that monetary policy has a heterogeneous effect on firms in different industries, with the strongest effect on firms in Retail and Wholesaling. Balance sheet characteristics, especially size, influence the impact of policy. Larger firms in several industries are able to mitigate the effect of policy. We find mixed results for firms' working capital, short-term...