Economics
Recent Submissions
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Performance of inflation targeting in retrospect
(Springer International Publishing, 2016)Both inflation and inflation expectations declined considerably in the inflation targeting countries during the past two decades. The questions of whether this decline has actually been an outcome of inflation targeting ... -
Catching up or drifting apart: convergence of household and business credit in Europe
(Elsevier, 2017)We provide evidence for convergence in the levels of household and business credit across European countries. The process is particularly strong for the transition countries that have a low initial level of private credit ... -
A comparison of optimal policy rules prior to and during inflation targeting: empirical evidence from Bank of Canada
(Taylor & Francis, 2017)We examine policy rules that are consistent with inflation targeting (IT) framework in a small macroeconomic model of the Canadian economy. We set up an optimal linear regulator problem and derive policy rules to compare ... -
Credit decomposition and business cycles in emerging market economies
(Elsevier, 2016)This paper analyzes the differential effects of household and business credit dynamics on business cycles in emerging market economies. We first provide evidence that existing results relating credit expansions to economic ... -
Will a fat tax work?
(Wiley, 2016-01)Of the many proposals to reverse the obesity epidemic, the most contentious is the use of price-based interventions such as the fat tax. Previous investigations of the efficacy of such initiatives in altering consumption ... -
Accounting for age in marital search decisions
(Elsevier, 2016-06)Spouse quality, measured by educational attainment, varies significantly with the age at which an individual marries, peaking in the mid-twenties then declining through the early-forties. Interestingly, this decline is ... -
Emerging market economies and the world interest rate
(Elsevier, 2015-11)We use a Factor Augmented VAR model to estimate the dynamic responses of interest rates in emerging market economies to the ‘world’ interest rate, which we extract from a dynamic factor model of yields in industrialized ... -
The reset inflation puzzle and the heterogeneity in price stickiness
(Elsevier, 2015-11)New Keynesian models have been criticised on the grounds that they require implausibly large price shocks to explain inflation. Bils et al. (2012) show that, while these shocks are needed to reduce the excessive inflation ... -
An experiment on aspiration-based choice
(Elsevier, 2015-11)This paper experimentally studies the influence of aspirations on choice. Motivated by the theoretical model of Guney et al. (2015), we consider choice problems which may include unavailable alternatives. In a choice ... -
The Turkish appetite for gold: An Islamic explanation
(Elsevier, 2016-06)A significant constituent of household wealth in Turkey is gold. Families accumulate gold especially on a variety of cultural occasions such as female-only gold days, circumcision feasts, and engagement and wedding ceremonies. ... -
Hierarchical modeling of choice concentration of US households
(Wiley, 2014)This chapter contains sections titled: Introduction Data Description Measures of Choice Concentration Methodology Results Interpreting θ Decomposing the Effects of Time, Number of Decisions and Concentration Preference Conclusion. -
An equilibrium analysis of the probabilistic serial mechanism
(Springer Science+Business Media, 2016-08)The prominent mechanism of the recent literature in the assignment problem is the probabilistic serial (PS). Under PS, the truthful (preference) proÖle always constitutes an ordinal Nash Equilibrium, inducing a random ... -
Financial development convergence
(Elsevier, 2015-07)We show that credit levels relative to GDP and other measures for financial development tend to converge across countries over time. The results are obtained using a broad sample of countries over many years and controlling ... -
The productivity gap: Monetary policy, the subprime boom, and the post-2001 productivity surge
(Elsevier, 2015-03)It is widely believed that, in the wake of the dot.com crash, the Fed kept the federal funds target rate too low for too long, inadvertently contributing to the subprime boom. We attribute this and other Fed departures ... -
A theory of iterative choice in lists
(Elsevier, 2014-08)In a list, alternatives appear according to an order and the decision maker follows this order to evaluate alternatives. He records the first alternative as the initial survivor and then at every stage, he compares the ... -
A picture's worth a thousand numbers
(Harvard Business Publishing, 2013-06)The article examines research on the subject of humans' difficulty in understanding probability and the value of graphic representations in improving that understanding. Topics include research by "Harvard Business Review" ... -
Reclaim-proof allocation of indivisible objects
(Elsevier, 2013-09)We study desirability axioms imposed on allocations in indivisible object allocation problems. The existing axioms in the literature are various conditions of robustness to blocking coalitions with respect to agentsʼ ex ...
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