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Payne

James Payne

Office Address: STV 425B
Office Phone: (309).438.8588
Office Hours:
WebSite URL:
Email@ilstu.edu: jepayne
Mailing Address: Illinois State University
Department of Economics
Campus Box 4200
Normal IL 61790-4200

Course Listing:

Course NumberSectionTimeRoom NumberCourse NameOffice HoursCourse Website
ECO291.0100:00 - 00:50 Undergraduate Teaching Experience in Economics  

Teaching Interests:


Research Interests:

Applied Time Series Analysis, Empirical Open Economy Macroeconomics/Finance


Selected Publications:

“Energy Consumption and Economic Growth in Central America:  Evidence from a Panel Cointegration and Error Correction Model” with Nicholas Apergis, Energy Economics, forthcoming.

“Official Dollarization in El Salvador and the Inflation-Inflation Uncertainty Nexus”, Applied Financial Economic Letters, forthcoming.

“Sectoral Analysis of the Causal Relationship between Renewable and Non-Renewable Energy Consumption and Real Output in the U.S.” with Nicholas Bowden (student), Energy Sources, Part B:  Economics, Planning, and Policy, forthcoming.

“On the Dynamics of Energy Consumption and Output in the U.S.”, Applied Energy,
forthcoming.

“Short Term Forecasting of Electricity Price for MISO Hubs:  Evidence from ARIMA-EGARCH Models” with Nicholas Bowden (student), Energy Economics, forthcoming.

“Nuclear Energy Consumption and Economic Growth in the U.S.:  An Empirical Note” with J.P. Taylor (student), Energy Sources, Part B:  Economics, Planning, and Policy, forthcoming.

“Inflation Targeting and the Inflation-Inflation Uncertainty Relationship:  Evidence from Thailand”, Applied Financial Economics Letters, forthcoming.

“Modeling Wind Speed and Time Varying Turbulence in Geographically Dispersed Markets in China” with Brian Carroll (student), Energy Sources, Part A:  Recovery, Utilization, and Environmental Effects, forthcoming.

“Inflation and Inflation Uncertainty:  Evidence from the Caribbean Region”, Journal of Economic Studies, forthcoming.

“Further Evidence on Modeling Wind Speed and Time-Varying Turbulence”, Energy Sources, Part A:  Recovery, Utilization, and Environmental Effects, forthcoming.

“Hotel Tax Receipts and the 'Midnight in the Garden of Good and Evil':  A Time Series Intervention Seasonal ARIMA Model with Time-Varying Variance” with Michael Toma and Richard McGrath, Applied Economics Letters, forthcoming.

“Asymmetric Modeling of the Revenue-Expenditure Nexus: Evidence from Aggregate State and Local Government in the U.S.” with Matthew Zapf (student) Applied Economics Letters, forthcoming.

“Long-Run Relationship between REIT Prices and Inflation: Evidence from Bounds Testing”, Finance Letters, forthcoming.

“Employment Forecasting for a Small MSA:  A Comparison of Seasonal ARIMA and ARIMA-GARCH Type Models” with Utkir Kamilov (student), 2008 Academy of Economics and Finance Papers and Proceedings, forthcoming.

“’We Got Game and Some!’ Efficiency in the WNBA:  A Stochastic Production Frontier Approach with Panel Data” with Richard Hofler, 2008 Academy of Economics and Finance Papers and Proceedings, forthcoming.

“Interest Rate Pass Through and Asymmetric Adjustment:  Evidence from the Federal Funds Rate Operating Target Period” with George A. Waters, Applied Economics, 2008, 40(11), 1355-1362.

“Turkish Budget Deficit Sustainability and the Revenue-Expenditure Nexus” with Hassan Mohammadi and Murat Cak (visiting scholar), Applied Economics, 2008, 40(7), 823-830.

“R&D Spending and Economic Growth in the United States:  A Disaggregated Approach” with Rajeev Goel and Rati Ram, Journal of Policy Modeling, 2008, 30(2), 237-250.

“Testing for a Unit Root in the Net Discount Rate:  A Survey of the Empirical Results”, Journal of Business Valuation and Economic Loss Analysis, 2007, 2(2), Article 4.

“Interest Rate Pass Through and Asymmetries in Adjustable Rate Mortgages”, Applied Financial Economics, 2007, 17(17), 1369-1376.

“Modeling and Forecasting Airport Passengers:  A Case Study for an Introductory Forecasting Course” with J.P. Taylor (student), International Journal of Information and Operations Management Education, 2007, 2(2), 167-182.

“An Analysis of Foreign Tourism Demand for Croatian Destinations:  Long-Run Elasticity Estimates” with Andrea Mervar, Tourism Economics, 2007, 13(3), 407-420.

“New Evidence on Modeling the Phillips Curve and Time-Varying Volatility” with James Saunoris (student), Economia Internazionale/International Economics, 2007, 60(3), 355-364.

“REIT Markets and Rational Speculative Bubbles:  An Empirical Investigation”
with George A. Waters, Applied Financial Economics, 2007, 17(9), 747-753.

“Relative Forecasting Performance of REIT Return Volatility” with Bradley T. Ewing and Mark A. Thompson, Forecasting Letters, 2007, 1(3).

“Have Equity REITs Experienced Periodically Collapsing Bubbles?” with George A. Waters, Journal of Real Estate Finance and Economics, 2007, 34(2), 207-224.

“The Long-Run Relationship between Private and Public Savings:  An Empirical Note” with Abir Mandal (student), Journal of Economics and Finance, 2007, 31(1), 99-103.

“Asymmetries in the Lending-Deposit Rate Spread:  The Case of the Philippines” with Chu V. Nguyen, Empirical Economics Letters, 2007, 6(1), 1-10.

“Forecasting Tourism Demand in Croatia:  A Disaggregated Analysis of Monthly Overnight Stays” with Andrea Mervar, Proceedings of the Seventh International Conference on 'Enterprise in Transition', Faculty of Economics, University of Split, Extended Abstract, 2007, 200-202, Full Manuscript on CD-ROM. 

“More on the Monetary Transmission Mechanism:  Mortgage Rates and the Federal
Funds Rate”, Journal of Post Keynesian Economics, 2006-2007, 29(2), 249-259.

“Time Series Properties of Capitalization Rates:  A Comment and Extension” with Hassan Mohammadi, Journal of Forensic Economics, 2006, 19(1), 85-87.

“Privatization, Foreign Bank Entry and Bank Efficiency in Croatia:  A Fourier-Flexible Function Stochastic Cost Frontier Analysis” with Evan Kraft and Richard A. Hofler, Applied Economics, 2006, 38(17), 2075-2088.

“The Response of the Conventional Mortgage Rate to the Federal Funds Rate:  Symmetric or Asymmetric Adjustment”, Applied Financial Economics Letters, 2006, 2(5), 279-284.

“Capital Mobility and the Feldstein-Horioka Puzzle:  Re-Examination of Less Developed Countries” with Risa Kumazawa, The Manchester School, 2006, 74(5), 610-616.

“Capital Mobility and Savings-Investment Correlations:   Panel Data Evidence from Transition Economies” with Hassan Mohammadi, Applied Economics Letters, 2006, 13(10), 611-613. 

“Government Expenditures and Revenues:  Evidence from Asymmetric Modeling” with Bradley T. Ewing, Mark Thompson, and Omar M. Al-Zoubi, Southern Economic Journal, 2006, 73(1), 190-200.

“Efficiency in the National Basketball Association:  A Stochastic Production Frontier Approach with Panel Data” with Richard A. Hofler, Managerial and Decision Economics, 2006, 27(4), 279-285.

“Further Evidence on the Transmission of Shocks across REIT Markets:  An Examination of REIT Sub-Sectors”, Applied Financial Economics Letters, 2006, 2(3), 141-146.

“The Response of Sub-Sector REIT Returns to Shocks in Fundamental State Variables”, Applied Financial Economics Letters, 2006, 2(2), 71-75.

“Are Adjustments in the U.S. Budget Deficit Asymmetric?  Another Look at Sustainability” with Hassan Mohommadi, Atlantic Economic Journal, 2006, 34(1), 15-22.

“Duration Dependence in Real Estate Investment Trusts” with Thomas A. Zuehlke, Applied Financial Economics, 2006, 16(3), 413-423.

“Wagner’s Hypothesis:  New Evidence from the U.S. Using Bounds Testing Approach” with Bradley T. Ewing and Hassan Mohammadi, The Elgar Companion to Public Economics: Empirical Public Economics edited by Attiat F. Ott and Richard J. Cebula (Edgar Elgar Publishing Co.:  United Kingdom), 2006, 30-40.

“Additional Panel Data Evidence on the Savings-Investment Correlation and Foreign Aid in LDCs” with Risa Kumazawa, Frontiers in Finance and Economics, 2005, 2(2), 58-65.

“Purchasing Power Parity:  Evidence from a Transition Economy” with Junsoo Lee and Richard A. Hofler, Journal of Policy Modeling, 2005, 27(6), 665-672.

“Measuring Volatility Persistence in the Presence of Sudden Changes in the Variance of Canadian Stock Market Returns” with Bradley T. Ewing and Farooq Malik, Canadian Journal of Economics, 2005, 38(3), 1032-1051.

“Savings-Investment Dynamics in Mexico”, Journal of Policy Modeling, 2005, 27(5), 525-534.

“Volatility Forecasting of Global REIT Returns” with Bradley T. Ewing and Mark A. Thompson, Risk Letters, 2005, 1(2).

“Migration, Economic Opportunity, and the Quality of Life, 1999-2000” with Richard J. Cebula, RISEC: International Review of Economics and Business, 2005, 52(2), 245-253.

“Aggregate Demand Shocks and Current Account Asymmetry:  Some Empirical Evidence” with Hassan Mohammadi and Naiwei Sun (student), Economia Internazionale/International Economics, 2005, 58(2), 223-239.

“Capital Mobility, Foreign Aid, and Openness:  Further Panel Data Evidence from Sub-Saharan Africa” with Risa Kumazawa, Journal of Economics and Finance, 2005, 29(1), 122-126.

“Further Evidence on the Relationship between Minimum Wages and Market Wages” with Sherrilyn Billger, International Journal of Applied Economics and Econometrics, 2005, 13(1), 141-148.

“The Long-Run Relationship between Savings and Investment in India:  Implications for Capital Mobility” with Hassan Mohammadi and Amit Prasad (student), International Journal of Applied Economics and Econometrics, 2005, 13(1), 85-94 .

“REIT Markets:   Periodically Collapsing Negative Bubbles?” with George A. Waters, Applied Financial Economics Letters, 1(2), 2005, 65-69. Erratum in Applied Financial Economics Letters, 2006, 2(1), 69.

“The Response of Real Estate Investment Trust Returns to Macroeconomic Shocks” with Bradley T. Ewing, Journal of Business Research, 2005, 58(3), 293-300.

“Total Offset Method:  Is It Appropriate?  Evidence from ECI Data” with Bradley T. Ewing and Michael J. Piette, Journal of Legal Economics, 2001, 11(2), 1-17. Reprinted in Economic Foundations of Injury and Death Damages, edited by Roger T. Kaufman, James D. Rodgers, and Gerald Martin, (Edward Elgar Publishing:   United Kingdom), 2005, 507-523.

“Research and Practice Issues in Personal Injury and Wrongful Death Damage Analysis” with Frank Slesnick and Robert J. Thornton in Developments in Litigation Economics, Contemporary Studies in Economic and Financial Analysis Volume 87, edited by Patrick A. Gaughan and Robert J. Thornton, (Elsevier:  United Kingdom), 2005, 159-203.

Study Guide and Test Item File with James E. Payne to accompany Economics for Managers by Paul Farnham. Pearson Education, New Jersey. 2005.