Stuart J. Fowler, Ph.D.
Economics and Finance Department
MTSU Box 27
1301 East Main Street
Murfreesboro, TN 37132
Office: (615) 898-2383
Fax: (615) 898-5596
I am a faculty member in the Department of Economics at Middle Tennessee State University.
My research is centered on macroeconomics and, in particular, fiscal policy.
Before joining MTSU, I earned a PhD degree in Economics from Southern Methodist University
Econ 2420, Microeconomic Principles
Econ 3210, The Financial System and the Economy.
Econ 3510, Intermediate Macroeconomic Theory.
Fin 3910, Computer Applications in Finance.
Econ 6010, Macroeconomic Theory I (MA)
Econ 6110, Macroeconomic Theory I
Econ 7110, Macroeconomic Theory II
Econ 7030, Macroeconomic Theory II
Econ 7710, Monetary Economics
Econ 6630, Econometrics II
Econ 7630, Econometrics III
"Moral Hazard and Social Security Benefit Guarantees," with E. Young
We calculate the intergenerational welfare consequences resulting from partially privatized Social Security with safety nets -- guarantees are
set such that total benefits are no smaller than the benefit that would be received before privatization. Our main contribution is the addition
of moral hazard in the form of portfolio reallocations; with guarantees households choose riskier public portfolios. We find that a change from
3.2 to 2.0 workers per retiree and increased investment from partial privatization significantly decrease the real return to equity. We find,
relative to equity's historical performance, the real return to equity falls from 7.29 to 5.49 percent per annum. Relative to a case in which the
government can commit credibly to no bailouts ex ante but fund them ex post, safety nets decrease the probability of a fiscal revenue shortfall
but increase the average size. On average, welfare increases and, relative to an economy without bailout guarantees, lifetime consumption
"A DCDP Model of Search and Matching in Real Estate Markets," with C. Beauchamp and J. Fowler,
The primary purpose of this study is to introduce and estimate a structural model
of search and matching in real estate markets. A benefit of developing such a theory is
to better understand the structure that determines these choices. First, the estimation
method is able to accurately and efficiently recover the structural demand and supply
functions of the buyers and sellers. Second, the model is able to replicate several salient
features of real estate markets with respect to how sales price and time on the market
are correlated across time and sellers.
"Patterns in Sequential Album Releases: Are Labels/Artists Acting Optimally?," with J. Fowler and R. Hicks,
Using SoundScan data for the periods 1992-2003, we create a panel data set comprised of “Heatseeker” artists for the purpose of studying empirical
patterns of subsequent album releases. For our panel of artists, we document the following empirical facts. First, the time between album releases is
a function of past album sales; all else equal, the larger the hit the less time it takes for the next album to be released. Second, backward spillover
effects - new album releases affect past album sales - are more likely to occur when subsequent albums have delayed releases. Given these empirical facts,
we develop a simple theory of artist behavior. In our model, artists optimally weigh the costs and benefits of release. The benefits include sales on the
release and spillovers on past albums. Delaying a release foregoes these benefits for the opportunity of a better future release. The model predicts artists
with mild hits delay release for the opportunity of sales and spillovers. Big hit artists release quickly and have smaller spillover effects.
Department Seminar Schedules and Working Paper Series
Of Interest to Graduate Students
College of Business
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