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Theoretical Foundation for the Pareto Distribution of International Trade Strength and Introduction of an Equation for International Trade Forecasting Atlantic Economic Journal Pub Date : 2024-03-18 Mikrajuddin Abdullah
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Using the Value of a Statistical Life to Measure the Benefit from the Clean Air Act: Comment Atlantic Economic Journal Pub Date : 2024-03-14 Jon R. Neill
The benefit-cost study of the Clean Air Act conducted by the EPA a decade ago found that the benefit from that act far exceeds its cost. However, 85% of that benefit came from the EPA's valuation of the lives saved by the act. This valuation was based on estimates of the statistical value of a life, the majority of which were made using a hedonic wage equation. The analysis presented here shows that
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Relationship Between Red Flag Laws and Mass Shootings Atlantic Economic Journal Pub Date : 2024-03-04 Mark Gius
The purpose of the present study is to determine if there is a relationship between red flag laws and mass shootings. Mass shootings may be averted if the potential shooter’s firearms are seized per a warrant emanating from a red flag statute. Using a fixed effects model and a propensity score matching model, it was found that red flag laws are not significantly related to the number of mass shooting
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Gender and Risk-Taking in the Building of U.S. Retirement Wealth Atlantic Economic Journal Pub Date : 2024-01-15 Christos I. Giannikos, Efstathia D. Korkou
The growing weight being placed on self-directed retirement accounts within the United States retirement income policy framework, and the time inconsistency challenge of individuals, particularly women, tending to under-invest in retirement savings accounts motivated the current work. Using data from the United States Federal Reserve Board’s Survey of Consumer Finances, for a period spanning from 1989
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Determinants of FDI Inflows as Seen Through the Doing Business Indicators Lens: Evidence from the EU Atlantic Economic Journal Pub Date : 2023-12-27 Ioanna Bardakas, Dimitris Doulos, George A. Zombanakis
The Doing Business indicators published by the World Bank serve as a proxy for assessing the quality of institutions and the business environment. In recent years, Doing Business scores or rankings have been used to evaluate choices affecting foreign direct investment decisions. The study purpose is to examine the extent to which the quality of institutions and the business environment, as reflected
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Labor Market Flexibility and General and Firm-specific Skills Atlantic Economic Journal Pub Date : 2023-12-21 Naoki Shintoyo
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Dual Sourcing and Resilient Supply Chains: The Case of Essential Resources Atlantic Economic Journal Pub Date : 2023-12-11 Thomas Gehrig, Rune Stenbacka
The resilience of supply chains is analyzed in a model of strategic technology investments in markets with essential resources. With a monopoly supplier, dual sourcing is a strategy to reduce switching costs in the long-run. It serves as an insurance mechanism against future opportunism by providing access to competitive global markets. Investments in dual sourcing are required to limit abuse of market
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Price Elasticity of Demand for Domestic Air Travel in the United States: A Robust Quasi-Experimental Estimation Atlantic Economic Journal Pub Date : 2023-09-21 Ignacio Escañuela Romana, Mercedes Torres-Jiménez, Mariano Carbonero-Ruz
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The Minimum Wage and Natural Rate of Unemployment Atlantic Economic Journal Pub Date : 2023-09-19 Donald F. Vitaliano
The unemployment theory of Pissarides-Mortensen-Diamond is applied to the close-by geographic comparison identification strategy to analyze the effect of the minimum wage in New York State. The increase in the minimum wage in 2018 is estimated to raise the natural rate of unemployment almost 20 percent. The elasticity of the unemployment rate with respect to the minimum wage is 2.11 in New York City
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Short-Term Stock Performance of Health Care Companies in Times of Viral Epidemics and Pandemics Atlantic Economic Journal Pub Date : 2023-09-14 Eugen Alberti, Tim Alexander Herberger, Manuela Ender
The spread of Coronavirus Disease 2019 significantly influenced the global economy. Companies from the health care industry could emerge as potential winners in health crises, and their listed stocks could potentially outperform. For the first time in the English and German language literatures, this study investigates whether this occurred and which factors influenced the short-term stock price performance
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Inflation Expectations and Monetary Policy in the Euro Area Atlantic Economic Journal Pub Date : 2023-07-12 Ignazio Visco
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Latent Comparative Advantages of the Turkish Economy: Evidence from the GIFF Application Atlantic Economic Journal Pub Date : 2023-06-26 Eren Can Gurbuz, Ismail Tuncer
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Asset Management as Creator of Market Inefficiency Atlantic Economic Journal Pub Date : 2023-04-19 Dimitri Vayanos, Paul Woolley
In this paper, we describe how agency frictions in asset management can generate prime violations of the Efficient Markets Hypothesis, such as momentum, value and an inverted risk-return relationship. Momentum in our theory is associated with procyclical fund flows and price over-reaction, and is more pronounced for overvalued assets. The investors who generate the momentum and who are losing from
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Current Account Imbalances after Bretton Woods Atlantic Economic Journal Pub Date : 2023-04-17 Gylfi Zoega
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Management of the U.S. Dollar 1971–2022 Atlantic Economic Journal Pub Date : 2023-04-13 Robert Z. Aliber
This paper asks whether the policy of benign neglect that the United States (U.S.) government adopted in the 1970s toward foreign purchases of U.S. dollar securities and the price of the U.S. dollar has advanced the ability of the U.S. to achieve its employment, price level, growth, and national security objectives. The dominant objective of some members of the U.S. team at Camp David in August 1971
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Will Monetary Policy be the Bullwhip's Final Crack? Atlantic Economic Journal Pub Date : 2023-03-14 Charles F Beauchamp,Michelle Bednarz Beauchamp
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The Catching up in Steady State per Capita Income: Latin America and the Caribbean Atlantic Economic Journal Pub Date : 2023-03-07 Valentina Ciriotto, José Noguera-Santaella
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The Case for Annual Special Drawing Right Allocations Atlantic Economic Journal Pub Date : 2023-02-09 Edwin M. Truman
The special drawing right (SDR) is issued by the International Monetary Fund (IMF). The SDR has the potential to strengthen dramatically the international monetary system. Established in 1969 and allocated twice during its first decade, the SDR was in the institutional closet from 1980 until 2009 when $250 billion in SDRs were allocated to members of the IMF to help address the global financial crisis
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Effects of Deflation and Macroeconomic Shocks on Leisure Spending in the Pre-War Era: Evidence from Major League Baseball, 1890–1940 Atlantic Economic Journal Pub Date : 2023-01-09 Ran Tao, Richard C. K. Burdekin, David Berri
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In Search of the "Right" Integration Effects: From Complex to Simple Modeling Atlantic Economic Journal Pub Date : 2022-12-27 Fritz Breuss
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Estimating Teacher Quality: Comparing Objective and Subjective Measures Atlantic Economic Journal Pub Date : 2022-12-27 Mira G. Potter-Schwartz
Teacher quality is widely considered to be an important contributor towards student academic success. However, there is no universally agreed upon method to measure teacher quality and, often, different measures of teacher quality reveal different information about teachers. This paper examines the academic achievement of Mexican sixth grade students utilizing data from surveys administered to students
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Pandemic Preference Shocks and Inflation in a New Keynesian Model Atlantic Economic Journal Pub Date : 2022-12-27 William D. Craighead
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Transitioning Economic Statuses of Appalachian Counties during COVID-19 Atlantic Economic Journal Pub Date : 2022-09-22 Ruohan Wu
In the past decade, the Appalachian economy in the United States was scarcely discussed in the literature. No studies were devoted to local economic development after the outbreak of the Coronavirus Disease in 2019. This paper fills the literature gap by empirically examining how the Appalachian economy transitioned under the influence of the pandemic. Using county-level data from the Appalachian Regional
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The Future of Money: Central Bank Digital Currencies Atlantic Economic Journal Pub Date : 2022-09-12 Michael Lloyd
This paper examines the rationale behind the exploration by the vast majority of central banks of introducing central bank digital currencies. This phenomenon is discussed in the context of the main drivers of central bank interest, the crucial role of public money in supporting and complementing private money channels, the role of digital ledger technology in facilitating the delivery of both wholesale
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COVID-19 and Exchange Rates: Spillover Effects of U.S. Monetary Policy Atlantic Economic Journal Pub Date : 2022-06-28 Hakan Yilmazkuday
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Relationship Between Smoking and Motor Vehicle Death Rates in the U.S. Atlantic Economic Journal Pub Date : 2022-06-07 Mary J. Becker, Thomas J. Zlatoper
Motor vehicle crashes are a leading cause of death in the United States. Further, cigarette smoking is associated with negative health and work outcomes. However, scant research on data for the United States has analyzed the association between cigarette smoking rates and motor vehicle death rates. This study fills that void. It estimates the association via ordinary least squares regression on annual
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Short-Term Household Economic Stress Effects on Retail Activity in El Paso, Texas Atlantic Economic Journal Pub Date : 2022-06-03 Thomas M. Fullerton, Patricia Arellano-Olague
Economic stress indices are beginning to be developed as gauges of business cycle conditions for regional economies. Although the popularity of these metrics is increasing, there have been only a small number of studies that analyze the effectiveness of these tools for monitoring regional economic developments. This effort employs data for one such index that is maintained by the University of Texas
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Causality Between International Trade and International Patenting: A Combination of Network Analysis and Granger Causality Atlantic Economic Journal Pub Date : 2022-06-02 Bachar Moussa, Nikos C. Varsakelis
This paper combines network analysis with Granger causality tests to examine the possible causal relationship between a country’s position in the international trade and international patenting networks. This combination has not been examined thus far. The first stage applies social network analysis to the international patenting and international trade networks using data for 82 countries for the
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Rationality and Business Cycle Theory in the Austrian Tradition: A Note on Methodology Atlantic Economic Journal Pub Date : 2022-03-28 Theofanis Papageorgiou, Panayotis G. Michaelides
Since most economic theories that discuss individual choices treat individuals as acting for reason, and thus in some way rationally, questions about the role that rationality plays in economics are of great importance. Rationality is often expressed by “Homo Economicus” through utility theory versus its identification through social terms by “Homo Sociologicus”. In this framework, business cycle theory
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Methodological Individualism: Still a Useful Methodology for the Social Sciences? Atlantic Economic Journal Pub Date : 2022-03-21 Reinhard Neck
This paper explains the role of methodological individualism as a methodology for the social sciences by briefly discussing its forerunners in economics and sociology, especially in the works of Carl Menger and Max Weber, followed by some comments on Karl Popper’s and other critical rationalists’ contributions as well as rational choice theories. Some recent arguments against methodological rationalism
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Amartya Sen and the Revival of Ethical Tradition in Economics Atlantic Economic Journal Pub Date : 2022-03-10 Farah Naz
Much of the twentieth century debate regarding economics revolved around the contested roles of the state and the market. The outcome of this debate largely deprived economics of the moral compass that was once one of its hallmarks. In this regard, Sen made a significant contribution in placing ethics back into the theory of economics by focusing his work on the long-neglected relationship between
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Internet Access and Bank Deposit Rates Atlantic Economic Journal Pub Date : 2022-03-07 Ruby P. Kishan, Dean Showalter, Timothy P. Opiela
This paper explores the level and dispersion of retail bank deposit interest rates and finds that a crucial differentiating factor in whether deposit rates rise or fall in search costs is the extent to which depositors are responsive to higher deposit rates. Using a search-theoretic model in which depositors have uniform search costs but differing utilities from bank services, lower search costs through
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Spontaneous Order and the Hayekian Challenge to Interdisciplinary Social Scientists Atlantic Economic Journal Pub Date : 2022-02-14 David Emanuel Andersson
The social sciences have been divided into departmental silos for far too long, yielding at best partial insights among economists, political scientists, and sociologists. The most influential attempt at integration, economic imperialism, distorted our understanding of processes with looser constraints than among producers in competitive markets. The theory of spontaneous order, first developed by
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Equal Convergence? Convergence Patterns Among Immigrants by Occupation Atlantic Economic Journal Pub Date : 2021-12-28 Donahue, Gwyneth
This study examines the immigrant-native wage gap in the United States using 2019 Annual Social and Economic Supplement data from the Current Population Survey. Ordinary least squares regression analyses were used to estimate the wages of immigrants while controlling for human capital characteristics, sociodemographic factors, and time since arrival in the United States. The results demonstrate that
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Will Overturning Roe v. Wade Blow More Holes in America’s Safety Net? Atlantic Economic Journal Pub Date : 2021-12-01 Paul M. Sommers
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Best Article Award: Antonie, Gatto, Plesca Atlantic Economic Journal Pub Date : 2021-12-01 Katherine S. Virgo
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Economics in the Social Science Spectrum: Evolution and Overlap with Different Academic Areas Atlantic Economic Journal Pub Date : 2021-12-01 Dieter Bögenhold
AbstractCauses for the distinct and growing separation of the academic domains of economics and neighboring fields are ongoing processes of specialization, fragmentation, and evolution. Thanks to the proliferation of publications and knowledge in economics, degrees of specialization have emerged. One of the great paradoxes in economics is the existence of mainstream economics, which is taught to undergraduate
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Economics in the Social Sciences: Emergence and Co-existence of Different Discourses and Methods Atlantic Economic Journal Pub Date : 2021-12-01 Dieter Bögenhold
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The Holdover Effect: Fact or Fantasy? Atlantic Economic Journal Pub Date : 2021-12-01 Ladd Kochman,David Bray
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Economic Complexity and Inflation: An Empirical Analysis Atlantic Economic Journal Pub Date : 2021-11-29 Al Marhubi, Fahim
This study examines the relationship between inflation and economic complexity, the set of productive capabilities and know-how embedded in the structure of an economy. It posits that economic complexity, by providing the economy with the ability to reduce macroeconomic shocks, is associated with lower inflation. Economic complexity is inferred from the overall sophistication and mix of a country’s
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Protestant Refugees, the Calvinist Ethic and the Industrial Revolution Atlantic Economic Journal Pub Date : 2021-11-22 Beaudreau, Bernard C.
In this paper, it is argued that the industrial revolution in eighteenth century Great Britain had its origins in the arrival of 100,000–140,000 Protestant refugees in England and Ireland in the sixteenth, seventeenth and eighteenth centuries. Specifically, it is argued that their arrival prompted both Schmooklerian pull and push factors. The pull factor was the thousands of refugee merchants and ship
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Marriage, Cohabitation, and Charitable Giving Atlantic Economic Journal Pub Date : 2021-09-01 Matt Yorkilous
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Non-Euro EU Member States and ECB-Originating Monetary Shocks: A Macroeconomic Policy Trilemma Question Atlantic Economic Journal Pub Date : 2021-09-01 Robert Jacek Wlodarski
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Did Georgia’s Post-Pipeline-Hack Gasoline-Tax Suspension Lower Prices? Atlantic Economic Journal Pub Date : 2021-09-01 Brooke Hansbrough,E. Frank Stephenson
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Higher Education and Economic Mobility: Who Punches Above Their Weight? Atlantic Economic Journal Pub Date : 2021-09-01 Isabella L. Roman,William C. Wood,Scott Niederjohn
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Measuring Labor Supply and Demand Shocks during COVID-19 Atlantic Economic Journal Pub Date : 2021-09-01 Tania Chaar,Charles Bromwich
The COVID-19 pandemic has resulted in significant disruption to the Canadian labour market. In the initial stage of the pandemic, Canadian authorities enforced containment measures to curb the pandemic’s impact within Canada. Following new waves of cases, public health authorities shifted their approach to instill more targeted and less general restrictive measures. The supply and demand effects caused
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Are College Football Playoff Payouts Becoming More Imbalanced? Atlantic Economic Journal Pub Date : 2021-09-01 Emma S. Domingo,Paul M. Sommers
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A Note on Push–Pull Analysis in Macroeconomics Atlantic Economic Journal Pub Date : 2021-09-01 Ben L. Kyer,Gary E. Maggs
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Auric Goldfinger, Henry Morgenthau, and Camp David: August 1971 Atlantic Economic Journal Pub Date : 2021-08-27 Aliber, Robert Z.
There were two dramatic changes in United States (U.S.) government policy toward the monetary role of gold in the last 100 years. The first was in 1933-34. Private holdings of gold were nationalized in March 1933. Then, the U.S. Treasury adopted a new parity for the U.S. dollar of $35.00 an ounce at the end of January 1934. Gold production surged, the private demand for gold fell sharply and the U
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Managing the Dollar Over Its Cycles Atlantic Economic Journal Pub Date : 2021-08-17 Kreicher, Lawrence L., McCauley, Robert N.
The United States has ceded to the rest of the world managing the dollar’s value. For a generation, the U.S. authorities have all but withdrawn from the foreign exchange market. Yet the dollar does not float freely as a result of this hands-off U.S. policy. Instead, other authorities manage the dollar exchange rates, albeit separately. These authorities make heavier purchases of dollars in its downswings
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Why Has Foreign Monetary Resistance to the Inflationary Dollar Hegemon Been So Weak in the Past Quarter Century (1995-)? Atlantic Economic Journal Pub Date : 2021-08-03 Brown, Brendan
During the quarter century of severe U.S. monetary inflation starting in the mid-1990s, the rest of the world failed to implement defensive strategies against its spread. In contrast, during the U.S.’ greatest peacetime inflation from the late 1960s to the late 1970s, there was powerful and increasingly successful defence against the spread of monetary inflation by the U.S. hegemon, most notably in
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Financial Crises and Current Account Surpluses Atlantic Economic Journal Pub Date : 2021-08-03 Zoega, Gylfi
The Nordic countries of Denmark, Finland, Norway and Sweden have had persistent current account surpluses in recent decades. While oil production set Norway apart, the emergence of the surpluses in Finland and Sweden coincided with a financial crisis in both countries and can be traced to a rise in national saving. These surpluses have persisted in the decades since the crisis. The same pattern can
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Efficiency-adjusted Public Capital and Economic Growth in Guyana: A Cointegration Analysis Atlantic Economic Journal Pub Date : 2021-06-15 Nelson C. Modeste
Using data for Guyana that spans the period 1980 to 2017, this study assessed the impact of efficiency-adjusted public capital on the country’s overall economic growth and expenditures for private investment. This paper contributes to the literature in four ways. First, it constructed an efficiency-adjusted and unadjusted public capital stock series for Guyana, a less developed country within the Caribbean
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Correction to: Interpreting Linear Beta Coefficients Alongside Feature Importances in Machine Learning Atlantic Economic Journal Pub Date : 2021-06-01 James Ming Chen
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Financial Development and Macroeconomic Performance Atlantic Economic Journal Pub Date : 2021-06-01 Cândida Ferreira
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Teacher Retirement Pension or 401(k) Alternative? Atlantic Economic Journal Pub Date : 2021-06-01 Ladd Kochman,David Bray
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The Political Economy of Medical Marijuana Laws Revisited Atlantic Economic Journal Pub Date : 2021-06-01 Lindsay N. Calkins,Alexander J. Ryan,Thomas J. Zlatoper
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Modern Monetary Theory: A Solid Theoretical Foundation of Economic Policy? Atlantic Economic Journal Pub Date : 2021-05-25 Aloys L. Prinz, Hanno Beck
This paper shows that so-called modern monetary theory (MMT) lacks a sound economic foundation for its far-reaching policy recommendations. This paper’s main contribution to the literature concerns the theoretical foundation of MMT. A simple macroeconomic model shows that MMT is indistinguishable from the Keynesian cross model, as well as a neoclassical macroeconomic model, even when taking account
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Interpreting Linear Beta Coefficients Alongside Feature Importances in Machine Learning Atlantic Economic Journal Pub Date : 2021-05-25 James Ming Chen
Machine-learning regression models lack the interpretability of their conventional linear counterparts. Tree- and forest-based models offer feature importances, a vector of probabilities indicating the impact of each predictive variable on a model’s results. This brief note describes how to interpret the beta coefficients of the corresponding linear model so that they may be compared directly to feature