Changes In Exchange Rates And The Performance Of The Manufacturing Sectors In Turkey,
2010
Marmara University
Changes In Exchange Rates And The Performance Of The Manufacturing Sectors In Turkey, A. Suut Dogruel, Fatma Dogruel, Umit Izmen
Topics in Middle Eastern and North African Economies
No abstract provided.
Sustainability Of The Turkish Paygo System's Generosity In People's Eyes,
2010
Saint Mary's University
Sustainability Of The Turkish Paygo System's Generosity In People's Eyes, Yigit Aydede
Topics in Middle Eastern and North African Economies
No abstract provided.
Inquiry Into Income Convergence In Mena Countries: A Neural Network Approach,
2010
Shekoofeh Farahmand
Inquiry Into Income Convergence In Mena Countries: A Neural Network Approach, Majid Sameti
Topics in Middle Eastern and North African Economies
No abstract provided.
The 2009 Contribution Of Professional And Public Programs (P3) To The El Paso Community,
2010
University of Texas at El Paso
The 2009 Contribution Of Professional And Public Programs (P3) To The El Paso Community, Elizabeth K. Gibson, Guadalupe Corral, David A. Schauer, Mario Caire, Dennis L. Soden
IPED Technical Reports
The Institute for Policy and Economic Development (IPED) at the University of Texas at El Paso (UTEP) was contracted by Professional and Public Programs (P3), the continuing education division of UTEP, to conduct a study assessing the impact of the organization on the local community, as well as evaluate the programs offered by its Professional Training and Development (PT&D) and Community Enrichment (CE) departments. As a continuing education provider, P3 offers a variety of educational, professional and personal programs to the El Paso region’s traditional and non-traditional consumers of University resources including business, professional, and government entities, as well as …
Lobbying And Growth: Explaining Differences Among Oecd Countries,
2010
Marmara University and Istanbul Commerce University
Lobbying And Growth: Explaining Differences Among Oecd Countries, Mehmet Babacan
Topics in Middle Eastern and North African Economies
No abstract provided.
Semiparametric Estimation In Time Series Of Simultaneous Equations,
2010
Yale University
Semiparametric Estimation In Time Series Of Simultaneous Equations, Jiti Gao, Peter C.B. Phillips
Cowles Foundation Discussion Papers
A system of vector semiparametric nonlinear time series models is studied with possible dependence structures and nonstationarities in the parametric and nonparametric components. The parametric regressors may be endogenous while the nonparametric regressors are strictly exogenous and represent trends. The parametric regressors may be stationary or nonstationary and the nonparametric regressors are nonstationary time series. This framework allows for the nonparametric treatment of stochastic trends and subsumes many practical cases. Semiparametric least squares (SLS) estimation is considered and its asymptotic properties are derived. Due to endogeneity in the parametric regressors, SLS is generally inconsistent for the parametric component and a …
Dating The Timeline Of Financial Bubbles During The Subprime Crisis,
2010
Yale University
Dating The Timeline Of Financial Bubbles During The Subprime Crisis, Peter C.B. Phillips, Jun Yu
Cowles Foundation Discussion Papers
A new recursive regression methodology is introduced to analyze the bubble characteristics of various financial time series during the subprime crisis. The methods modify a technique proposed in Phillips, Wu and Yu (2010) and provide a technology for identifying bubble behavior and consistent dating of their origination and collapse. The tests also serve as an early warning diagnostic of bubble activity. Seven relevant financial series are investigated, including three financial assets (the Nasdaq index, home price index and asset-backed commercial paper), two commodities (the crude oil price and platinum price), one bond rate (Baa), and one exchange rate (Pound/USD). Statistically …
The Mysteries Of Trend,
2010
Yale University
The Mysteries Of Trend, Peter C.B. Phillips
Cowles Foundation Discussion Papers
Trends are ubiquitous in economic discourse, play a role in much economic theory, and have been intensively studied in econometrics over the last three decades. Yet the empirical economist, forecaster, and policy maker have little guidance from theory about the source and nature of trend behavior, even less guidance about practical formulations, and are heavily reliant on a limited class of stochastic trend, deterministic drift, and structural break models to use in applications. A vast econometric literature has emerged but the nature of trend remains elusive. In spite of being the dominant characteristic in much economic data, having a role …
Interdependent Preferences And Strategic Distinguishability,
2010
Yale University
Interdependent Preferences And Strategic Distinguishability, Dirk Bergemann, Stephen Morris, Satoru Takahashi
Cowles Foundation Discussion Papers
We study agents whose expected utility preferences are interdependent for informational or psychological reasons. We characterize when two types can be “strategically distinguished” in the sense that they are guaranteed to behave differently in some finite mechanism. We show that two types are strategically distinguishable if and only if they have different hierarchies of interdependent preferences. The same characterization applies for rationalizability, equilibrium, and any interim solution concept in between. Our results generalize and unify results of Abreu and Matsushima (1992), who characterize strategic distinguishability on fixed finite type spaces, and Dekel, Fudenberg, and Morris (2006), (2007), who characterize strategic …
Banking Reforms For Effective Monetary Policy Transmissions.,
2010
Central Bank Nigeria
Banking Reforms For Effective Monetary Policy Transmissions., O. A. Uchendu
Bullion
This paper evaluates the effects of the recent banking sector in Nigeria on monetary policy transmission. The remainder of this paper is structured as follows: section two dwells on the transmission mechanism of monetary policy; section three examines the features of the banking sector that affect the conduct of monetary policy; section four presents banking sector reforms in Nigeria while section five examines the impact of the reforms on monetary policy. Section six presents the challenges while section seven concludes the paper.
Overview Of The Four Pillars Of The Banking Reforms.,
2010
Central Bank Nigeria
Overview Of The Four Pillars Of The Banking Reforms., Samuel A. Oni
Bullion
The reports of the risk assessment exercise formed the basis of the intervention by the CBN in some banks and the introduction of the four pillar reform programme, to guarantee the safety and soundness of the banking system. The four pillars of the banking system reforms, which is the main subject, are as follows: Enhancing the quality of banks; Establishing financial stability; Enabling healthy financial sector evolution; and Ensuring that the financial sector contributes to the real economy.
Identifying Finite Mixtures In Econometric Models,
2010
Yale University
Identifying Finite Mixtures In Econometric Models, Marc Henry, Yuichi Kitamura, Bernard Salanié
Cowles Foundation Discussion Papers
We consider partial identification of finite mixture models in the presence of an observable source of variation in the mixture weights that leaves component distributions unchanged, as is the case in large classes of econometric models. We first show that when the number J of component distributions is known a priori, the family of mixture models compatible with the data is a subset of a J ( J – 1)-dimensional space. When the outcome variable is continuous, this subset is defined by linear constraints which we characterize exactly. Our identifying assumption has testable implications which we spell out for J …
Nonlinear Cointegrating Regression Under Weak Identification,
2010
Yale University
Nonlinear Cointegrating Regression Under Weak Identification, Xiaoxia Shi, Peter C.B. Phillips
Cowles Foundation Discussion Papers
An asymptotic theory is developed for a weakly identified cointegrating regression model in which the regressor is a nonlinear transformation of an integrated process. Weak identification arises from the presence of a loading coefficient for the nonlinear function that may be close to zero. In that case, standard nonlinear cointegrating limit theory does not provide good approximations to the finite sample distributions of nonlinear least squares estimators, resulting in potentially misleading inference. A new local limit theory is developed that approximates the finite sample distributions of the estimators uniformly well irrespective of the strength of the identification. An important technical …
Interdependent Preferences And Strategic Distinguishability,
2010
Yale University
Interdependent Preferences And Strategic Distinguishability, Dirk Bergemann, Stephen Morris, Satoru Takahashi
Cowles Foundation Discussion Papers
A universal type space of interdependent expected utility preference types is constructed from higher-order preference hierarchies describing (i) an agent’s (unconditional) preferences over a lottery space; (ii) the agent’s preference over Anscombe-Aumann acts conditional on the unconditional preferences; and so on. Two types are said to be strategically indistinguishable if they have an equilibrium action in common in any mechanism that they play. We show that two types are strategically indistinguishable if and only if they have the same preference hierarchy. We examine how this result extends to alternative solution concepts and strategic relations between types.
Interdependent Preferences And Strategic Distinguishability,
2010
Yale University
Interdependent Preferences And Strategic Distinguishability, Dirk Bergemann, Stephen Morris, Satoru Takahashi
Cowles Foundation Discussion Papers
We identify a universal type space of possible interdependent (expected utility) preferences of a group of agents satisfying two criteria. First, a type consists of a “detail free” description, in a natural language, of the agents’ interdependent preferences. Second, distinct types in the universal type space must be “strategically distinguishable” in the sense that there must exist a mechanism where those types are guaranteed to behave differently in equilibrium. Our results generalize and unify results of Abreu and Matsushima (1992b) (who characterized strategic distinguishability on fixed finite type spaces) and Dekel, Fudenberg, and Morris (2006), (2007) (who characterized strategic distinguishability …
Medium-Term Economic Growth In The Caribbean,
2010
Swarthmore College
Medium-Term Economic Growth In The Caribbean, Frederic L. Pryor
Economics Faculty Works
This study compares the GDP growth rates of twenty-two Caribbean countries and territories between 1980 and 2007. It shows that a simple model with one economic, two environmental and two political variables provides relatively good predictions of per capita GDP growth for the period. Other historical factors, that some have used to explain differential growth rates in the Caribbean, do not seem to play an important role. Este estudio compara el ritmo de crecimiento del PIB en veintidós países y territorios caribeños entre 1980 y 2007. El mismo muestra que un simple modelo con una variable económica, dos variables medioambientales …
Effects Of Urban Growth Controls On Intercity Commuting,
2010
Grand Valley State University
Effects Of Urban Growth Controls On Intercity Commuting, Laudo M. Ogura
Peer Reviewed Articles
This paper presents an empirical study of the effects of urban growth controls on the intercity commuting of workers. Growth controls (land use regulations that attempt to restrict population growth and urban sprawl) have increased housing prices and diverted population growth to uncontrolled cities. It has been suggested that resulting changes in local labour supply might stimulate intercity commuting from uncontrolled to controlled cities. To test this hypothesis, a gravity model of commuting flows between places in California is estimated using alternative econometric methods (OLS, Heckman selection and count-data). The possibility of spatial dependence in commuting flows is also taken …
Seemingly Unrelated Regressions With Spatial Error Components,
2010
Syracuse University
Seemingly Unrelated Regressions With Spatial Error Components, Badi H. Baltagi, Alain Pirotte
Center for Policy Research
This paper considers various estimators using panel data seemingly unrelated regressions (SUR) with spatial error correlation. The true data generating process is assumed to be SUR with spatial error of the autoregressive or moving average type. Moreover, the remainder term of the spatial process is assumed to follow an error component structure. Both maximum likelihood and generalized moments (GM) methods of estimation are used. Using Monte Carlo experiments, we check the performance of these estimators and their forecasts under misspecification of the spatial error process, various spatial weight matrices, and heterogeneous versus homogeneous panel data models.
The Margins Of Multinational Production And The Role Of Intrafirm Trade,
2010
University of Oslo
The Margins Of Multinational Production And The Role Of Intrafirm Trade, Alfonso Irarrazabal, Andreas Moxnes, Luca David Opromolla
Dartmouth Scholarship
In this paper we provide a quantitative analytical framework for analyzing trade and multinational production (MP), consistent with a set of stylized facts for trade and MP, among them that both exports and MP adhere to a gravity model. We propose a heterogeneous firm trade model where firms choose endogenously whether to serve foreign markets through MP or exports, where headquarters and affiliates are vertically integrated, and where firms face stochastic entry and demand shocks in each market. Using a unique firm-level data set on production, trade and MP, we establish key regularities about the entry and sales patterns of …
The Costs Of Municipal Curbside Recycling And Waste Collection,
2010
Bucknell University
The Costs Of Municipal Curbside Recycling And Waste Collection, Thomas C. Kinnaman
Faculty Journal Articles
This paper estimates cost functions for both municipal solid waste collection and disposal services and curbside recycling programs. Cost data are obtained from a national survey of randomly selected municipalities. Results suggest, perhaps unsurprisingly, that both marginal and average costs of recycling systems exceed those of waste collection and disposal systems. Economies of scale are estimated for all observed quantities of waste collection and disposal. Economies of scale for recycling disappear at high levels of recycling - marginal and average cost curves for recycling take on the usual U-shape. Waste and recycling costs are also estimated as functions of factor …
