The Phillips Curve Relevance in Indiana in the 21st Century

Nirad Inamdar

Nirad Inamdar, Ph.D. Student Economics and Business Environment

The Phillips curve is a mathematical study of the relationship between inflation and unemployment in an economy. We know that for any place or region — and consequently, for its government — some of the primary goals are:

  1. high Gross Domestic Product (GDP) per capita
  2. high trade deficit (more exports than imports)
  3. low percentage of below poverty line (BPL) families
  4. low unemployment
  5. low inflation, especially of essential goods

However, achieving all of these goals at once is the economic equivalent of Utopia. It requires a veritable balancing act to manage these goals because they are conflicting in nature. Every year, administrators face a trade-off. One of these is between inflation and unemployment. Intuitively, we understand that to reduce unemployment, the government gives incentives and creates more jobs. While this increases the GDP output, it also reduces the supply of labor in the market. Ironically, the reduction in the available workforce makes labor costly and wages increase. This causes inflation.

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Owners prefer to build small homes outside of metro areas

Andrey Kamenov

Andrey Kamenov, Ph.D. Probability and Statistics

As anyone who has looked to buy a new house likely knows, there are basically four types of houses. Some are built for sale or for rent, and some are built by owners, either with help from a contractor or by themselves. The U.S. Census Bureau’s Survey of Construction provides us with this data on each surveyed home.

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Fake news and stories on social media

Pavel Prikhodko, Ph.D. Machine Learning

As we saw in a previous article about digital news, there are many sources for the news today, including public social media. But are they actually true? According to a survey conducted by BuzzFeed in 2017, about 5 percent of respondents in the United States always trusted the news they saw on social media. The largest share of the respondents (31 percent) said that they trusted news on social media about half the time, while 28 percent of the respondents stated that they rarely trusted news on social media. Interestingly, 17 percent of respondents almost never trusted the news they saw on social media. Around 10 percent of people trusted news on social media most of the time.

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Refugees: what religion do they follow?

Alexander Fishkov

Alexander Fishkov, Ph.D. student Computer Science

Every year people arrive in the United States of America to start a new life here. Some of them are refugees, fleeing their country due to military conflicts, fear of persecution and other harsh circumstances. The maximum number of refugees allowed to enter the country is set by the President of the United States annually. In the past twenty years, this admission ceiling was between 90,000 and 70,000 people, while for the current year of 2017 it was raised to 110,000. The Bureau of Population, Refugees, and Migration tracks various information about admitted individuals; today, we will look at religion.

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The most expensive homes are getting cheaper

Andrey Kamenov

Andrey Kamenov, Ph.D. Probability and Statistics

We all know that the home prices are slowly rising. The question is, what type of homes are driving the increase — cheap homes or expensive ones?

Let us split the home prices into four groups — from the top 25 percent to the bottom 25 percent by sale price. To better understand the dynamics of prices, we plot the ratio of the average price in the top three groups to the bottom one.

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Why is Florida now third among the most populous states?

Andrey Kamenov

Andrey Kamenov, Ph.D. Probability and Statistics

According to the U.S. Census Bureau, by the end of 2014, Florida passed New York to become the Nation’s third most populous state. Let’s take a more detailed look into the matter.

We’ve highlighted the four most populous states on the map below: California, Texas, Florida and New York. The fifth state by population, Illinois, is over a third smaller.

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Fast food chains growth is largest in the sector

Andrey Kamenov

Andrey Kamenov, Ph.D. Probability and Statistics

As we continue our study of the business patterns in different U.S. industries, we now focus on the accommodation and food services sector. The major share of all businesses in this industry is restaurants, both full-service and limited-service. The latter, according to the North American Industry Classification System, are restaurants in which patrons order at a counter and pay before eating. Most of these are fast food chains.

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Hard market: consumption and production of cement

Pavel Prikhodko, Ph.D. Machine Learning

Cement is one of the key building materials in the world, both in the residential and nonresidential sector. This material is also used for the production of concrete. Thus, more than 70 percent of cement sales in the United States went to producers of ready-mixed concrete, and about 12 percent of sales went to concrete product manufacturers. According to information published at Statista.com, around 4,100 million metric tons of cement were produced globally in 2015. The U.S. accounted for about 83.4 million metric tons of this production. The year before, 4,180 million metric tons of material were produced worldwide, and 83.2 million metric tons were produced in the U.S. In 2013, these numbers were smaller: 4,080 million metric tons globally and about 77.4 million metric tons in the U.S.

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The number of attached homes has been declining since the 2007 crash

Andrey Kamenov

Andrey Kamenov, Ph.D. Probability and Statistics

The U.S. Census Bureau’s Survey of Construction provides us with, among many other aspects, data on house design: whether a house is attached or detached. Attached houses are 20 percent smaller — 2000 square feet on average, compared to 2500 square feet for detached houses. The difference is even more pronounced on a scatterplot; as one may have expected, there are virtually no attached houses among large and expensive ones.

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Small homes are cheaper in the East

Andrey Kamenov

Andrey Kamenov, Ph.D. Probability and Statistics

How many bedrooms does the average home have? And how much would an extra bedroom cost you?

In order to answer these questions, we take another look at the U.S. Census Bureau’s Survey of Construction data. First of all, let’s make a map showing in which parts of the country houses have the highest average number of bedrooms:

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Telling stories through data