Open Access. Powered by Scholars. Published by Universities.®
Social and Behavioral Sciences Commons™
Open Access. Powered by Scholars. Published by Universities.®
- Keyword
Articles 1 - 22 of 22
Full-Text Articles in Social and Behavioral Sciences
Daily Exchange Rate Pass-Through Into Micro Prices, Renzo Alvarez, Amin Shoja, Syed A. Uddin, Hakan Yillmazkuday
Daily Exchange Rate Pass-Through Into Micro Prices, Renzo Alvarez, Amin Shoja, Syed A. Uddin, Hakan Yillmazkuday
Economics Research Working Paper Series
This paper estimates the exchange rate pass-through (ERPT) by using good-level daily data on wholesale prices of imported agricultural products, where the identifcation is achieved by using daily data on the domestic inflation rate. The results of standard empirical analyses are in line with existing studies that employ lower frequencies of data by showing evidence for incomplete daily ERPT of about 5 percent. The key innovation is achieved when nonlinearities in ERPT are considered, where ERPT is doubled to about 10 percent when daily nominal exchange rate changes are above 0.55 percent, daily frequencies of price change are above 3.12 …
Spatial Dispersion Of Retail Margins: Evidence From Turkish Agricultural Prices, Hakan Yilmazkuday
Spatial Dispersion Of Retail Margins: Evidence From Turkish Agricultural Prices, Hakan Yilmazkuday
Economics Research Working Paper Series
The farmer share of retail prices is shown to be about 16 percent, corresponding to about 84 percent of a distribution share, on average across agricultural products and regions within Turkey. The share of transportation costs in retail prices is only about 7 percent, while the share of retail margins is about 77 percent of retail prices. The disper- sion of retail prices across regions is shown to be mostly due to local wages and variable markups, while the contribution of traded-input prices is relatively small. Accordingly, the high dispersion of farmer prices across locations is not reáected in the …
Illegal Immigration, Unemployment, And Multiple Destinations, Kaz Miyagiwa, Yasuhiro Sato
Illegal Immigration, Unemployment, And Multiple Destinations, Kaz Miyagiwa, Yasuhiro Sato
Economics Research Working Paper Series
We develop a multi-country model of illegal immigration with equilibrium unemployment. Two geographic cases are considered. One has two destinations adjacent to the source country while the other has just one destination country adjacent to it. In both cases, the equilibrium border control proves insufficient compared with the joint optimum, calling for enforcement by federal authorities. Absent such authorities, delegating border control to the country with a larger native labor force can improve each destination country’s welfare. In contrast, the equilibrium internal enforcement policy is efficient, obviating enforcement by supranational authorities.
The Patent-Issuing Rules And Economic Growth: Are We In A “Wrong” Patent Regime?, Tetsugen Haruyama, Kaz Miyagiwa
The Patent-Issuing Rules And Economic Growth: Are We In A “Wrong” Patent Regime?, Tetsugen Haruyama, Kaz Miyagiwa
Economics Research Working Paper Series
No abstract provided.
Statistical Evidence And The Problem Of Robust Litigation, Jesse Bull, Joel Watson
Statistical Evidence And The Problem Of Robust Litigation, Jesse Bull, Joel Watson
Economics Research Working Paper Series
We develop a model of statistical evidence with a sophisticated Bayesian fact-finder. The context is litigation, where a litigant (defendant or plaintiff) may disclose hard evidence and a jury (the fact-finder) interprets it. In addition to hard evidence, the litigant has private unverifiable information. We study the robustness of the parties’ reasoning regarding the legal fundamentals and the litigant’s strategic behavior. The litigant’s choice of whether to disclose hard evidence entails two channels of information: the face-value signal of the hard evidence disclosure (relating to the probabilities that the hard evidence exists in different states of the world) and as …
Geographical Dispersion Of Consumer Search Behavior, Hakan Yilmazkuday
Geographical Dispersion Of Consumer Search Behavior, Hakan Yilmazkuday
Economics Research Working Paper Series
No abstract provided.
Geographical Dispersion Of Consumer Search Behavior, Hakan Yilmazkuday
Geographical Dispersion Of Consumer Search Behavior, Hakan Yilmazkuday
Economics Research Working Paper Series
This paper investigates whether consumer search behavior differs across zip codes within the U.S.. As an application, daily gasoline price data covering virtually all gas stations within the U.S. are employed to estimate the distribution of search costs in each zip code. The results show that there are signifcant differences across zip codes regarding the expected number of searches achieved before consumers purchase gasoline. In order to have a systematic explanation, such differences are further connected to geographic, demographic and economic conditions of the zip codes in a secondary analysis. The corresponding results imply several strategies for gas stations in …
Global Investigation Of Return Autocorrelation And Its Determinants, Pawan Jain, Wenjun Xue
Global Investigation Of Return Autocorrelation And Its Determinants, Pawan Jain, Wenjun Xue
Economics Research Working Paper Series
No abstract provided.
Asymmetric Incidence Of Sales Taxes: A Short-Run Investigation Of Gasoline Prices, Hakan Yilmazkuday
Asymmetric Incidence Of Sales Taxes: A Short-Run Investigation Of Gasoline Prices, Hakan Yilmazkuday
Economics Research Working Paper Series
No abstract provided.
Anti-Crime Laws And Retail Prices, Hakan Yilmazkuday
Anti-Crime Laws And Retail Prices, Hakan Yilmazkuday
Economics Research Working Paper Series
No abstract provided.
The Economic Recovery Of Havana (Iii), Jorge Salazar-Carrillo
The Economic Recovery Of Havana (Iii), Jorge Salazar-Carrillo
Economics Research Working Paper Series
No abstract provided.
A Solution To The Missing Globalization Puzzle By Non-Ces Preferences, Hakan Yilmazkuday
A Solution To The Missing Globalization Puzzle By Non-Ces Preferences, Hakan Yilmazkuday
Economics Research Working Paper Series
No abstract provided.
Financial Health And The Intensive Margin Of Trade, Deniz Baglan, Hakan Yilmazkuday
Financial Health And The Intensive Margin Of Trade, Deniz Baglan, Hakan Yilmazkuday
Economics Research Working Paper Series
No abstract provided.
Trade Partner Diversification And Growth: How Trade Links Matter, Ali Sina Onder, Hakan Yilmazkuday
Trade Partner Diversification And Growth: How Trade Links Matter, Ali Sina Onder, Hakan Yilmazkuday
Economics Research Working Paper Series
We analyze the e ects of a country's export connections on its income growth using Trade Partner Diversi cation (TPD) measures that capture the country's relative importance in the international trade network. On top of the standard trade openness measures, TPD measures are shown to enter growth regressions positively and significantly, where one standard deviation increase in TPD is associated with a 1 to 1.5 percentage point increase in the annual growth rate. Threshold analyses show that TPD measures are positively and significantly correlated with growth in countries that have low financial depth, high inflation, low levels of human capital, …
Stock Return Autocorrelations And Predictability In The Chinese Stock Market —Evidence From Threshold Quantile Autoregressive Models, Wen-Jun Xue, Li-Wen Zhang
Stock Return Autocorrelations And Predictability In The Chinese Stock Market —Evidence From Threshold Quantile Autoregressive Models, Wen-Jun Xue, Li-Wen Zhang
Economics Research Working Paper Series
This paper applies the threshold quantile autoregressive model to study stock return autocorrelations and predictability in the Chinese stock market from 2005 to 2014. The results show that the Shanghai A-share stock index has significant negative autocorrelations in the lower regime and has significant positive autocorrelations in the higher regime. It attributes that Chinese investors overreact and underreact in two different states. These results are similar when we employ individual stocks. Besides, we investigate stock return autocorrelations by different stock characteristics, including liquidity, volatility, market to book ratio and investor sentiment. The results show autocorrelations are significantly large in the …
The Role Of Direct Flights In Trade Costs, Demet Yilmazkuday, Hakan Yilmazkuday
The Role Of Direct Flights In Trade Costs, Demet Yilmazkuday, Hakan Yilmazkuday
Economics Research Working Paper Series
Effects of direct flights on trade costs are investigated using micro price data at the city level. After controlling for local retail/distribution costs, traded input prices are obtained to be further used in the measurement of trade costs across cities through arbitrage conditions. The existence of a direct flight enters trade costs regressions negatively and significantly. The results are shown to be robust to the consideration of many control variables, nonlinearities in the effects of distance on trade costs, possible endogeneity of having direct flights between cities and alternative definitions of the data. The direct flights that are shown to …
Forecasting The Great Trade Collapse, Hakan Yilmazkuday
Forecasting The Great Trade Collapse, Hakan Yilmazkuday
Economics Research Working Paper Series
This paper introduces a simple methodology to forecast international trade. The main innovation is to calculate non-unitary expenditure elasticities of import demand implied by non-homothetic preferences in the previous year to be further combined with the current change in expenditure to forecast the current imports. Using U.S. data on aggregate expenditure and good-level imports, we test the performance of the methodology in forecasting international imports. The methodology is successful in forecasting not only the Great Trade Collapse and the corresponding recovery period but also the other periods in the sample.
Understanding Gasoline Price Dispersion, Demet Yilmazkuday, Hakan Yilmazkuday
Understanding Gasoline Price Dispersion, Demet Yilmazkuday, Hakan Yilmazkuday
Economics Research Working Paper Series
This paper models and estimates the gasoline price dispersion across time and space by using a unique data set at the gas-station level within the U.S.. Nationwide effects (measured by time fixed effects or crude oil prices) explain up to about 51% of the gasoline price dispersion across stations. Refinery-specific costs, which have been ignored in the literature due to using local data sets within the U.S., contribute up to another 33% to the price dispersion. While state taxes explain about 12% of the price dispersion, spatial factors such as local agglomeration externalities, land prices, distribution costs of gasoline explain …
Constant Versus Variable Markups: Implications For The Law Of One Price, Hakan Yilmazkuday
Constant Versus Variable Markups: Implications For The Law Of One Price, Hakan Yilmazkuday
Economics Research Working Paper Series
This paper compares the implications of having constant versus variable markups on the Law of One Price (LOP) by decomposing the good-category level prices into marginal costs of production, markups, and trade costs. Using a trade model, it is shown that the case of constant markups corresponds to log-linear trade regressions, while the case of variable markups corresponds to lin-log trade regressions. Empirical results show that marginal costs of production contribute most to the deviations from LOP for both cases of constant and variable markups; the decomposition of marginal costs further shows that destination-specific quality measures play the biggest role.
Individual Tax Rates And Regional Tax Revenues: A Cross-State Analysis, Hakan Yilmazkuday
Individual Tax Rates And Regional Tax Revenues: A Cross-State Analysis, Hakan Yilmazkuday
Economics Research Working Paper Series
This paper analyzes the effects of state-level personal tax rates on state tax revenue and individual welfare. The policy analysis based on a general equilibrium model suggests that tax revenues would bene.t from higher wage-income, sales or property taxes, while any in- crease in dividend-income tax would result in a reduction of revenues. It is also shown that individuals would su.er from an increase in state-level wage-income tax, dividend-tax or sales tax, while they would bene.t from an increase in property taxes. The heterogeneity across states is determined by a TaxIndex, a weighted average of initial taxes at the state …
Financial And Housing Wealth, Expenditures And The Dividend To Ownership, Sheng Guo Ph.D., William G. Hardin Iii
Financial And Housing Wealth, Expenditures And The Dividend To Ownership, Sheng Guo Ph.D., William G. Hardin Iii
Economics Research Working Paper Series
For a household, home ownership provides necessary shelter, potential investment returns associated with property appreciation and a hedge against increased housing related cash outlays. In addition to potential appreciation, individual households benefit over time from a housing dividend defined as the difference between the market rent for the individual household’s housing unit and the household’s actual house ownership costs. The purchase of a house can substantially fix a household’s recurring housing related expenditures and generates a hedge (implied housing dividend) that increases with ownership tenure. This expenditure hedge (dividend) to home ownership is documented using pooled, cross-year samples from the …
Property Rights And The First Great Divergence: Europe 1500-1800, Cem Karayalcin
Property Rights And The First Great Divergence: Europe 1500-1800, Cem Karayalcin
Economics Research Working Paper Series
Recent literature on developing countries has revived interest in structural change involving the reallocation of resources from agriculture to industry. Here, we focus on the first such historically important structural transformation in which some parts of Europe escaped from the Malthusian trap centuries earlier than the Industrial Revolution, while others stagnated. There is as yet no consensus as to the causes of this First Great Divergence. The paper advances the thesis that what lies at the root of different paths is the type of property rights inherited. As populations everywhere in Europe recovered from the catastrophes of the late medieval …