Stock Markets and Household Wealth: Can a Stock Market Crash Cause a Recession in The U.S. Economy?

Stock market wealth effects on the level of consumption in the United States economy have been constantly debated; there is evidence for arguments for and against its prominence and its symmetry. This paper seeks to investigate the strength of its negative effect by creating models to analyze unexpected shocks to the Standard and Poor's 500 index. First, a transmission mechanism between the stock market and GDP is established through the use of second-order vector autoregressive models. Following which, theory from the life cycle model and adaptations of previous researchers' models are used to create a structural model. This paper finds that stock market wealth effects are small, but important to consider, especially if markets are overpriced; this claim is corroborated by evidence from simulation of 'alternative scenarios' and the historical experiences of 1987 and 2001.

Intent and Method: A Study of Female Characters in Aeschylean and Euripidean Drama

Aeschylus and Euripides used tragic female characters to help fulfill the purpose of religious celebration and to achieve the motivation of public reaction. The playwrights, revising myths about tragic woman and redefining the Greek definition of appropriate femininity, supported or questioned the very customs which they changed. Originally composed as part of a religious festival for Dionysus, the god of wine, revelry and fertility, the tragedies of Aeschylus and Euripides were evaluated by Aristotle. He favored Aeschylus over Euripides, but it appears as if his stipulations for tragic characterization do not apply to Aeschylean and Euripidean women. Modem critics question both Aristotle's analysis in the Poetics as well as the tragedies which he evaluated. As part of the assessment of Aeschylus, the character of the Persian Queen, Atossa, appears as a conradiction the images that Greeks maintain of non-Greeks. The Persians is discussed in relation to modem criticisms and as on its function as a warning against radical changes in Athenian domestic life. The Oresteia, a trilogy, also charts the importance of an atypical woman in Aeschylean tragedy, and how this role, Clytaemnestra, represents an extreme example of the natural and necessary evolution of families, households and kingdoms. In contrast to Aeschylus' plea to retain nomoi (traditional custom and law), EUripides' tragedy, the Medea, demonstrates the importance of a family and a country to provide security, especially for women. Medea's abandonment by Jason and subsequent desperation drives her to commit murder in the hope of revenge. Ultimately, Euripides advocates changes in social convention away from the alienation of non-Greek, non-citizens, and females. Euripides is, unfortunately, tagged a misogynist by some in this tragedy and another example-the Hippolytus. Euripides' Phaedra becomes entangled in a scheme of divine vengeance and ultimately commits suicide in an attempt to avoid societal shame. Far from treatises of hate, Euripidean women take advantage of the little power they possess within a constrictive social system. While both Aeschylus and Euripides revise customary images and expectations of women in the context of religiously-motivated drama, one playwright intends to maintain civic order and the other intends to challenge the secular norm.