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Rejecting “Conventional” Wisdom: Estimating the Economic Impact of National Political Conventions

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Author Info
Robert Baade () (Department of Economics and Business, Lake Forest College)
Robert Baumann () (Department of Economics, College of the Holy Cross)
Victor Matheson () (Department of Economics, College of the Holy Cross)

Additional information is available for the following registered author(s):

Abstract

This paper provides an empirical examination of the economic impact of the Democratic and Republican National Conventions on local economies. Our analysis from 1970-2005 of the 50 largest metropolitan areas in the country, including all cities that have hosted one of the national conventions during this time period, finds that the presence of the Republican or the Democratic National Convention has no discernable impact on employment, personal income, or personal income per capita in the cities where the events were held confirming the results of other ex post analyses of mega-events.

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File URL: http://www.holycross.edu/departments/economics/RePEc/Matheson-Baumann_Conventions.pdf
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Publisher Info
Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0804.

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Length: 19 pages
Date of creation: Apr 2008
Date of revision:
Publication status: Published in Eastern Economic Journal
Handle: RePEc:hcx:wpaper:0804

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Web page: http://www.holycross.edu/departments/economics/website/
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Related research
Keywords: conventions; impact analysis; mega-event;

Find related papers by JEL classification:
O18 - Economic Development, Technological Change, and Growth - - Economic Development - - - Regional, Urban, and Rural Analyses
R53 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Blackwell Publishing, vol. 58(2), pages 277-97, April. [Downloadable!] (restricted)
  2. Robert Baade & Victor Matheson, 2000. "Bidding for the Olympics: Fools Gold?," IASE Conference Papers 0007, International Association of Sports Economists. [Downloadable!]
  3. Robert Baade & Victor Matheson, 2004. "The Quest for the Cup: Assessing the Economic Impact of the World Cup," Regional Studies, Taylor and Francis Journals, vol. 38(4), pages 343-354, June. [Downloadable!] (restricted)
    Other versions:
  4. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July. [Downloadable!] (restricted)
  5. Victor Matheson & Robert Baade, 2004. "Padding Required: Assessing the Economic Impact of the Super Bowl," Working Papers 0403, College of the Holy Cross, Department of Economics. [Downloadable!]
  6. Holtz-Eakin, Douglas & Newey, Whitney & Rosen, Harvey S, 1988. "Estimating Vector Autoregressions with Panel Data," Econometrica, Econometric Society, vol. 56(6), pages 1371-95, November. [Downloadable!] (restricted)
  7. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August. [Downloadable!] (restricted)
    Other versions:
  8. Robert Baade & Robert Baumann & Victor Matheson, 2006. "Selling the Big Game: Estimating the Economic Impact of Mega-Events through Taxable Sales," Working Papers 0610, International Association of Sports Economists. [Downloadable!]
    Other versions:
  9. Coates, Dennis & Humphreys, Brad R., 2003. "The effect of professional sports on earnings and employment in the services and retail sectors in US cities," Regional Science and Urban Economics, Elsevier, vol. 33(2), pages 175-198, March. [Downloadable!] (restricted)
  10. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May. [Downloadable!] (restricted)
    Other versions:
  11. Frank Windmeijer, 2000. "A finite sample correction for the variance of linear two-step GMM estimators," IFS Working Papers W00/19, Institute for Fiscal Studies. [Downloadable!]
  12. Dennis Coates & Craig A. Depken, II, 2006. "Mega-Events: Is the Texas-Baylor game to Waco what the Super Bowl is to Houston?," Working Papers 0606, International Association of Sports Economists. [Downloadable!]
  13. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, vol. 115(1), pages 53-74, July. [Downloadable!] (restricted)
    Other versions:
  14. Steve Bond, 2002. "Dynamic panel data models: a guide to microdata methods and practice," CeMMAP working papers CWP09/02, Centre for Microdata Methods and Practice, Institute for Fiscal Studies. [Downloadable!]
  15. David Roodman, 2006. "How to Do xtabond2," North American Stata Users' Group Meetings 2006 8, Stata Users Group. [Downloadable!]
  16. Robert A. Baade & Robert Baumann & Victor A. Matheson, 2008. "Selling the Game: Estimating the Economic Impact of Professional Sports through Taxable Sales," Southern Economic Journal, Southern Economic Association, vol. 74(3), pages 794-810, January.
  17. Victor Matheson, 2004. "Economic Multipliers and Mega-Event Analysis," Working Papers 0402, College of the Holy Cross, Department of Economics. [Downloadable!]
    Other versions:
  18. Dennis Coates, 2006. "The Tax Benefits of Hosting the Super Bowl and the MLB All-Star Game: The Houston Experience," International Journal of Sport Finance, Fitness Information Technology, vol. 1(4), pages 239-252, November. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Robert Baumann & Bryan Engelhardt & Victor Matheson, 2009. "Hail to the Chief: Assessing the Economic Impact of Presidential Inaugurations on the Washington, D.C. Local Economy," Working Papers 0901, College of the Holy Cross, Department of Economics. [Downloadable!]
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