Template-Type: ReDIF-Paper 1.0 Title: Why Firms Smooth Seasonals in a Boom. Author-Name: Stephen G. Cecchetti Author-Email: cecchett@ecolan.sbs.ohio-state.edu Author-Name: Anil Kashyap Author-Name: David Wilcox Creation-Date: 199511 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/cecchett/cecchett.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:001 Template-Type: ReDIF-Paper 1.0 Title: Pollution and Economic Growth Author-Name: Eric Fisher Author-Email: efisher@ecolan.sbs.ohio-state.edu Author-Name: Charles van Marrewijk Creation-Date: 199703 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/fisher/jited97.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:004 Template-Type: ReDIF-Paper 1.0 Title: Risk, Return and Regulation in Chinese Stock Markets Author-Name: Belton Fleisher Author-Email: fleisher@ecolan.sbs.ohio-state.edu Author-Name: Dongwei Su Creation-Date: 199601 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/fleisher/volpap-j.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:005 Template-Type: ReDIF-Paper 1.0 Title: The Role of Housing Privatization and Labor-Market Reform in China's Dual Economy Author-Name: Belton Fleisher Author-Email: fleisher@ecolan.sbs.ohio-state.edu Author-Name: Keyong Dong Author-Name: Yunhua Liu Creation-Date: 199611 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/fleisher/newpaper.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:008 Template-Type: ReDIF-Paper 1.0 Title: HOW DO TRAINING AND EARLY LABOR MARKET EXPERIENCE AFFECT THE ECONOMIC WELL-BEING OF YOUTHS? Author-Name: Ross Miller Author-Email: mhashi@ecolan.sbs.ohio-state.edu Author-Name: Masanori Hashimoto Creation-Date: 199702 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/mhashi/pap297.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:009 Template-Type: ReDIF-Paper 1.0 Title: The Impact of School Quality on Real House Prices: Interjurisdictional Effects Author-Name: Donald Haurin Author-Email: dhaurin@ecolan.sbs.ohio-state.edu Author-Name: David Brasington Creation-Date: 199609 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/haurin/haurin.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:010 Template-Type: ReDIF-Paper 1.0 Title: A Profit-Center Game With Incomplete Information Author-Name: Tatsuro Ichiishi Author-Email: ichiishi@ecolan.sbs.ohio-state.edu Author-Name: Roy Radner Creation-Date: 199609 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/ichiishi/ichiish1.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:011 Template-Type: ReDIF-Paper 1.0 Title: Cooperative Interim Contract and Re-Contract: Chandler's M-Form Firm Author-Name: Tatsuro Ichiishi Author-Email: ichiishi@ecolan.sbs.ohio-state.edu Author-Name: Murat R. Sertel Creation-Date: 199604 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/ichiishi/ichiish2.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:012 Template-Type: ReDIF-Paper 1.0 Title: Equitable Allocations of Divisible Goods and Market Allocation of Indivisible Goods Author-Name: Tatsuro Ichiishi Author-Email: ichiishi@ecolan.sbs.ohio-state.edu Author-Name: Adam Idzik Creation-Date: 199606 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/ichiishi/ichiish3.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:013 Template-Type: ReDIF-Paper 1.0 Title: Risk, Policy Rules, and Noise: Rethinking Deviations From Uncovered Interest Parity Author-Name: Nelson C. Mark Author-Email: nmark@ecolan.sbs.ohio-state.edu Author-Name: Yangru Wu Creation-Date: 199611 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/mark/noise.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:014 Template-Type: ReDIF-Paper 1.0 Title: Asset Pricing under Distorted Beliefs: Are Equity Returns Too Good to Be True? Author-Name: Nelson C. Mark Author-Email: nmark@ecolan.sbs.ohio-state.edu Author-Name: S.G. Cecchetti Author-Name: P-s. Lam Creation-Date: 199701 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/mark/distort.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:017 Template-Type: ReDIF-Paper 1.0 Title: Demand Uncertainty and Price Maintainance: Markdowns as Destructive Competition. Author-Name: Howard P. Marvel Author-Email: hmarvel@ecolan.sbs.ohio-state.edu Author-Name: Raymond Deneckere Author-Name: James Peck Creation-Date: 199508 Abstract: This paper offers a new theory of destructive competition. We compare minimum resale price maintenance (RPM) to retail market clearing in a model with a monopolistic manufacturer selling to competitive retailers. In both the RPM and Flexible-Pricing Games, retailers must order inventories before the realization of demand uncertainty. We find that manufacturer profits and equilibrium inventories are higher under RPM than under market clearing. Surprisingly, consumer surplus can also be higher, in which case unfettered retail competition can legitimately be called destructive. File-URL: http://ecolan.sbs.ohio-state.edu/pdf/marvel/dmp-flex.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:018 Template-Type: ReDIF-Paper 1.0 Title: Demand Uncertainty, Inventories, and Resale Price Maintainance. Author-Name: Howard P. Marvel Author-Email: hmarvel@ecolan.sbs.ohio-state.edu Author-Name: Raymond Deneckere Author-Name: James Peck Creation-Date: 199510 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/marvel/niche.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:019 Template-Type: ReDIF-Paper 1.0 Title: Antitrust Policy and the Republican Congress: Vertical Integration and Vertical Restraints Author-Name: Howard P. Marvel Author-Email: hmarvel@ecolan.sbs.ohio-state.edu Creation-Date: 199508 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/marvel/anti2.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:020 Template-Type: ReDIF-Paper 1.0 Title: Competition in Transactions Mechanisms: The Emergence of Price Competition. Author-Name: James Peck Author-Email: jpeckl@ecolan.sbs.ohio-state.edu Creation-Date: 199510 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/peck/emerge.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:022 Template-Type: ReDIF-Paper 1.0 Title: Reaction to Price Changes and Aspiration Level Adjustments Author-Name: David Schmeidler Author-Email: dschmeid@ecolan.sbs.ohio-state.edu Author-Name: Itzhak Gilboa Creation-Date: 199406 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/schmeidler/reaction.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:023 Template-Type: ReDIF-Paper 1.0 Title: Cumulative Utility Consumer Theory Author-Name: David Schmeidler Author-Email: dschmeid@ecolan.sbs.ohio-state.edu Author-Name: Itzhak Gilboa Creation-Date: 199606 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/schmeidler/cuct.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:025 Template-Type: ReDIF-Paper 1.0 Title: A Cognitive Model of Individual Well-Being Author-Name: David Schmeidler Author-Email: dschmeid@ecolan.sbs.ohio-state.edu Author-Name: Itzhak Gilboa Creation-Date: 199607 File-URL: http://ecolan.sbs.ohio-state.edu/pdf/schmeidler/well-be.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:029 Template-Type: ReDIF-Paper 1.0 Title: Commodity Prices and the Terms of Trade Author-Name: Mario Crucini Author-Name: Prasad Bidarkota Creation-Date: 199712 File-URL: http://economics.sbs.ohio-state.edu/pdf/crucini/wp98-01.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-01 Template-Type: ReDIF-Paper 1.0 Title: Decreasing Relative Risk Aversion and Tests of Risk Sharing Author-Name: Masao Ogaki Author-Email: Mogaki@econ.ohio-state.edu Author-Name: Qiang Zhang Author-Email: Zhang.100@osu.edu Creation-Date: 199805 File-URL: http://economics.sbs.ohio-state.edu/pdf/ogaki/pap1.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-02 Template-Type: ReDIF-Paper 1.0 Title: Why Does Return Volatility Differ in Chinese Stock Markets? Author-Name: Belton Fleisher Author-Email: Fleisher.1@osu.edu Author-Name: Dongwei Su Creation-Date: 199801 File-URL: http://economics.sbs.ohio-state.edu/pdf/fleisher/volresta.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-03 Template-Type: ReDIF-Paper 1.0 Title: Asset Pricing under Distorted Beliefs: Are Equity Returns Too Good to Be True? Author-Name: Stephen G. Cecchetti Author-Email: Cecchett@econ.ohio-state.edu Author-Name: Pok-Sang Lam Author-Email: Pslam@econ.ohio-state.edu Author-Name: Nelson Mark Author-Email: Nmark@econ-ohio-state.edu Creation-Date: 199808 File-URL: http://economics.sbs.ohio-state.edu/pdf/mark/distort.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-04 Template-Type: ReDIF-Paper 1.0 Title: Rethinking Deviations from Uncovered Interest Parity: The Role of Covariance Risk and Noise Author-Name: Nelson Mark Author-Email: Nmark@econ-ohio-state.edu Author-Name: Yangru Wu Creation-Date: 199803 File-URL: http://economics.sbs.ohio-state.edu/pdf/mark/noise.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-05 Template-Type: ReDIF-Paper 1.0 Title: Computer Use and the Demand for Women Workers Author-Name: Bruce Weinberg Author-Email: Weinberg@econ.ohio-state.edu Creation-Date: 199806 File-URL: http://economics.sbs.ohio-state.edu/pdf/weinberg/wocomweb.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-06 Template-Type: ReDIF-Paper 1.0 Title: Non-Empty Core as a Precondition for Horizontal Merger: Core Existence without Using Balancedness Author-Name: Jingang Zhao Creation-Date: 199805 File-URL: http://economics.sbs.ohio-state.edu/pdf/zhao/merger.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-07 Template-Type: ReDIF-Paper 1.0 Title: Income Dynamics in Regions and Countries Author-Name: Paul Evans Author-Email: Pevans@econ.ohio-state.edu Creation-Date: 199809 File-URL: http://economics.sbs.ohio-state.edu/pdf/evans/IDRC1.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-09 Template-Type: ReDIF-Paper 1.0 Title: Testing the Spatial Mismatch Hypothesis using Inter-City Variations in Industrial Composition uthor-Name: Bruce Weinberg Author-Email: Weinberg@econ.ohio-state.edu Creation-Date: 199807 File-URL: http://economics.sbs.ohio-state.edu/pdf/weinberg/mismatch1.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-10 Template-Type: ReDIF-Paper 1.0 Title: Crime Rates and Local Labor Market Opportunities in the United States: 1979-1995 Author-Name: Bruce Weinberg Author-Email: Weinberg@econ.ohio-state.edu Author-Name: Eric Gould Author-Name: David Mustard Creation-Date: 199807 File-URL: http://economics.sbs.ohio-state.edu/pdf/weinberg/crimeweb.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-11 Template-Type: ReDIF-Paper 1.0 Title: The Inflation Premium Implicit in the US Real and Nominal Term Structures of Interest Rates uthor-Name: J. Huston McCulloch Author-Email: Hmccullo@econ.ohio-state.edu Author-Name: Levin A. Kochen Creation-Date: 199808 File-URL: http://economics.sbs.ohio-state.edu/pdf/mcculloch/qnspline.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-12 Template-Type: ReDIF-Paper 1.0 Title: Keynes and the Classics: An End of Century View Author-Name: Peter Howitt Author-Name: Robert Clower Creation-Date: 199808 File-URL: http://economics.sbs.ohio-state.edu/pdf/howitt/classics.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-13 Template-Type: ReDIF-Paper 1.0 Title: Fundamentals of the Real Dollar-Pound Rate: 1871-1994 Author-Name: Nelson Mark Author-Email: Nmark@econ-ohio-state.edu Creation-Date: 199808 File-URL: http://economics.sbs.ohio-state.edu/pdf/mark/REXRA-21.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-14 Template-Type: ReDIF-Paper 1.0 Title: Between Liberalism and Democracy Author-Name: David Schmeidler Author-Email: Dschmeid@econ-ohio-state.edu Creation-Date: 199810 File-URL: http://economics.sbs.ohio-state.edu/pdf/schmeidler/SaSch.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-18 Template-Type: ReDIF-Paper 1.0 Title: Norminal Exchange Rates and Monetary Fundamentals: Evidence from a Small Post-Bretton Woods Panel Author-Name: Nelson Mark Author-Email: Nmark@econ-ohio-state.edu Author-Name: Donggyu Sul Creation-Date: 199812 File-URL: http://economics.sbs.ohio-state.edu/pdf/mark/coint.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:98-19 Template-Type: ReDIF-Paper 1.0 Title: Price Level Convergence Among United States Cities: Lessons for the European Central Bank Author-Name: Stephen Cecchetti Author-Email: Cecchett@econ.ohio-state.edu Author-Name: Nelson C. Mark Author-Email: Nmark@econ.ohio-state.edu Author-Name: Robert Sonora Creation-Date: 199901 File-URL: http://economics.sbs.ohio-state.edu/pdf/mark/price.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-01 Template-Type: ReDIF-Paper 1.0 Title: R&D-Induced Growth? Evidence from the US Manufacturing Sector Author-Name: Marios Zachariadis Creation-Date: 199905 File-URL: http://economics.sbs.ohio-state.edu/zachari/paper1fi.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-02 Template-Type: ReDIF-Paper 1.0 Title: FDI Selection: Crowding Out and Distributional Effects Author-Name: Amy Glass Author-Email: Aglass@econ.ohio-state.edu Author-Name: Kamal Saggi Creation-Date: 199906 File-URL: http://economics.sbs.ohio-state.edu/pdf/glass/equ.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-03 Template-Type: ReDIF-Paper 1.0 Title: The Dynamic Impact of Internalization Advantage Author-Name: Amy Glass Author-Email: Aglass@econ.ohio-state.edu Author-Name: Kamal Saggi Creation-Date: 199906 File-URL: http://economics.sbs.ohio-state.edu/pdf/glass/loc.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-04 Template-Type: ReDIF-Paper 1.0 Title: Dual Bargaining, Cost Sharing, and the Talmud Bankruptcy Problem Author-Name: Jingang Zhao Creation-Date: 199906 File-URL: http://economics.sbs.ohio-state.edu/Zhao/wp/dualb.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-05 Template-Type: ReDIF-Paper 1.0 Title: A Characterization of the Negative Welfare Effects of Cost Reduction in Cournot Oligopoly Author-Name: Jingang Zhao Creation-Date: 199906 File-URL: http://economics.sbs.ohio-state.edu/Zhao/wp/cost.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-06 Template-Type: ReDIF-Paper 1.0 Title: The Core in Oligopoly Market with Indivisibility Author-Name: Jingang Zhao Creation-Date: 199906 File-URL: http://economics.sbs.ohio-state.edu/Zhao/wp/omi.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-07 Template-Type: ReDIF-Paper 1.0 Title: Cost Savings and the Optimal Market Structure Author-Name: Jingang Zhao Creation-Date: 199906 File-URL: http://economics.sbs.ohio-state.edu/Zhao/wp/optim.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-08 Template-Type: ReDIF-Paper 1.0 Title: The Proper Efficiency and Homogeneity of Bargaining Solutions Author-Name: Jingang Zhao Creation-Date: 199906 File-URL: http://economics.sbs.ohio-state.edu/Zhao/wp/efficiency.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-09 Template-Type: ReDIF-Paper 1.0 Title: The Strategic Equilibrium in an Oligopoly Market with Indivisibility Author-Name: Jingang Zhao Creation-Date: 199907 File-URL: http://economics.sbs.ohio-state.edu/Zhao/wp/se.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-10 Template-Type: ReDIF-Paper 1.0 Title: Imitation as a Stepping Stone to Innovation Author-Name: Amy Jocelyn Glass Author-Email: Aglass@econ.ohio-state.edu Creation-Date: 199907 File-URL: http://economics.sbs.ohio-state.edu/pdf/glass/lmn.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-11 Template-Type: ReDIF-Paper 1.0 Title: Substitution and Returns to Scale in R&D Author-Name: Amy Glass Author-Email: Aglass@econ.ohio-state.edu Creation-Date: 199907 File-URL: http://economics.sbs.ohio-state.edu/pdf/glass/srd.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-12 Template-Type: ReDIF-Paper 1.0 Title: Empirical Investigation of Credit Card Default Author-Name: Lucia Dunn Author-Email: Ldunn@econ.ohio-state.edu Author-Name: TaeHyung Kim Creation-Date: 199908 File-URL: http://economics.sbs.ohio-state.edu/pdf/credit.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-13 Template-Type: ReDIF-Paper 1.0 Title: Job Matching: A Multi-Principal, Multi-Agent Model Author-Name: Tatsuro Ichiishi Author-Email: Ichiishi@econ.ohio-state.edu Author-Name: Semih Koray Creation-Date: 199908 File-URL: http://economics.sbs.ohio-state.edu/pdf/ichiishi/sign.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-14 Template-Type: ReDIF-Paper 1.0 Title: Linkages, Multinationals, and Industrial Development Author-Name: Amy Jocelyn Glass Author-Email: Aglass@econ.ohio-state.edu Creation-Date: 199908 File-URL: http://economics.sbs.ohio-state.edu/pdf/glass/linabs.htm File-Format: application/pdf Handle: RePEc:osu:osuewp:99-16 Template-Type: ReDIF-Paper 1.0 Title: Belief-Updating and Information-Revelation in a Two-Period Model Author-Name: Kyjell Nygren Creation-Date: 199909 File-URL: http://economics.sbs.ohio-state.edu/papers/pdf/knygren/dyninfo.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-17 Template-Type: ReDIF-Paper 1.0 Title: Generic Full Information-Revelation and Finiteness of Equlibria in Bayesian Games Author-Name: Kyjell Nygren Creation-Date: 199909 File-URL: http://economics.sbs.ohio-state.edu/papers/pdf/knygren/geinfo.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-18 Template-Type: ReDIF-Paper 1.0 Title: A Theory of Exchange Rates and the Term Structure of Interest Rates Author-Name: Masao Ogaki Author-Email: Mogaki@econ.ohio-state.edu Creation-Date: 199912 File-URL: http://economics.sbs.ohio-state.edu/pdf/ogaki/99-19.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-19 Template-Type: ReDIF-Paper 1.0 Title: A Empirical Investigation of Exchange Rates and the Term Structure of Interest Rates Author-Name: Masao Ogaki Author-Email: Mogaki@econ.ohio-state.edu Author-Name: Young Hwan Byeon Creation-Date: 199912 File-URL: http://economics.sbs.ohio-state.edu/pdf/ogaki/99-20.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-20 Template-Type: ReDIF-Paper 1.0 Title: The Exchange Rate and the Term Structure of Interest Rates in Mexico Author-Name: Masao Ogaki Author-Email: Mogaki@econ.ohio-state.edu Author-Name: Julio Santaella Creation-Date: 199912 File-URL: http://economics.sbs.ohio-state.edu/pdf/ogaki/Exrate99.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:99-21 Template-Type: ReDIF-Paper 1.0 Title: A Dynamic Model of NATO Behavior and its Empirical Testing Author-Name: Jingang Zhao Author-Name: Jon Pevehouse Creation-Date: 200001 File-URL: http://economics.sbs.ohio-state.edu/pdf/zhao/nato1.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-01 Template-Type: ReDIF-Paper 1.0 Title: Risk Sharing in Village India: the Rule of Decreasing Relative Risk Aversion Author-Name: Masao Ogaki Author-Email: Mogaki@econ.ohio-state.edu Author-Name: Qiang Zhang Author-Email: Zhang.100@osu.edu Creation-Date: 200004 File-URL: http://economics.sbs.ohio-state.edu/papers/00-02.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-02 Template-Type: ReDIF-Paper 1.0 Title: Wages, Human Capital, and Work Incentives in a Transition Economy: The Case of Mainland China Author-Name: Belton Fleisher Author-Email: Fleisher@econ.ohio-state.edu Author-Name: Xiaojun Wang Creation-Date: 200004 File-URL: http://economics.sbs.ohio-state.edu/pdf/fleisher/wages82.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-03 Template-Type: ReDIF-Paper 1.0 Title: Coordinating FDI Policies among Host Countries Author-Name: Amy Glass Author-Email: Aglass@econ.ohio-state.edu Author-Name: Kamal Saggi Creation-Date: 200004 File-URL: http://economics.sbs.ohio-state.edu/pdf/glass/cooabs.html File-Format: application/pdf Handle: RePEc:osu:osuewp:00-04 Template-Type: ReDIF-Paper 1.0 Title: Tests for Instrument Relevance: A Monte Carlo Investigation and a New Bootstrap Approach Author-Name: Alfonso Flores-Lagunes Author-Email: Fleisher@econ.ohio-state.edu Creation-Date: 200005 File-URL: http://economics.sbs.ohio-state.edu/alfonso/weakinst.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-05 Template-Type: ReDIF-Paper 1.0 Title: Utility in Case-Based Decision Theory Author-Name: David Schmeidler Author-Email: Dschmeid@econ.ohio-state.edu Creation-Date: 200006 File-URL: http://economics.sbs.ohio-state.edu/pdf/schmeidler/uincb.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-06 Template-Type: ReDIF-Paper 1.0 Title: Cognitive Foundations of Inductive Inference and Probability: An Axiomatic Approach Author-Name: David Schmeidler Author-Email: Dschmeid@econ.ohio-state.edu Creation-Date: 200003 File-URL: http://economics.sbs.ohio-state.edu/pdf/schmeidler/Gilboa_Schmeidler_Foundations.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-07 Template-Type: ReDIF-Paper 1.0 Title: Between LIberalism and Democracy Author-Name: David Schmeidler Author-Email: Dschmeid@econ.ohio-state.edu Creation-Date: 200001 File-URL: http://economics.sbs.ohio-state.edu/pdf/schmeidler/SaSch.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-08 Template-Type: ReDIF-Paper 1.0 Title: Vertical Control, Retail Inventories & Product Variety Author-Name: Howard Marvel Author-Email: Marvel.2@osu.edu Author-Name: James Peck Author-Email: Jpeck@econ.ohio-state.edu Creation-Date: 200006 File-URL: http://economics.sbs.ohio-state.edu/pdf/marvel/peck7.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-09 Template-Type: ReDIF-Paper 1.0 Title: Exporting versus Direct Investment under Local Sourcing Author-Name: Amy Glass Author-Email: Aglass@econ.ohio-state.edu Author-Name: Kamal Saggi Creation-Date: 200007 File-URL: http://economics.sbs.ohio-state.edu/pdf/glass/polabs.html File-Format: application/pdf Handle: RePEc:osu:osuewp:00-10 Template-Type: ReDIF-Paper 1.0 Title: State-Space Times Series Modeling of Structural Breaks Author-Name: J Huston McCulloch Author-Email: Hmccullo@econ.ohio-state.edu Creation-Date: 200008 File-URL: http://economics.sbs.ohio-state.edu/pdf/mcculloch/Breaks.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-11 Template-Type: ReDIF-Paper 1.0 Title: Long Forward and Zero-Coupon Rates Indeed Can Never Fall, but Are Indeterminate: A Comment on Dybvig, Ingersoll and Ross Author-Name: J. Huston McCulloch Author-Email: Hmccullo@econ.ohio-state.edu Creation-Date: 200009 File-URL: http://economics.sbs.ohio-state.edu/pdf/mcculloch/Dir.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-12 Template-Type: ReDIF-Paper 1.0 Title: Policy Stability under Different Electoral Systems Author-Name: Massimo Morelli Author-Email: Morelli@econ.ohio-state.edu Author-Name: Michele Tertilt Creation-Date: 200010 File-URL: http://economics.sbs.ohio-state.edu/pdf/morelli/wp0013.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-13 Template-Type: ReDIF-Paper 1.0 Title: Provision Point Mechanisms and Over Provision of Public Goods Author-Name: Massimo Morelli Author-Email: Morelli@econ.ohio-state.edu Author-Name: Lise Vesterlund Creation-Date: 200012 File-URL: http://economics.sbs.ohio-state.edu/pdf/morelli/wp0014.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:00-14 Template-Type: ReDIF-Paper 1.0 Title: Structural Error Correction Models: Instrumental Variables Methods and Application to an Exchange Rate Model Author-Name: Jaebeom Kim Author-Name: Masao Ogaki Author-Email: Mogaki@econ.ohio-state.edu Author-Name: Min-Seok Yang Creation-Date: 200103 File-URL: http://economics.sbs.ohio-state.edu/pdf/ogaki/01-01.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-01 Template-Type: ReDIF-Paper 1.0 Title: The Effects of Monetary Policy Shocks on Exchange Rates: A Structural Vector Error Correction Model Approach Author-Name: Kyungho Jang Author-Email: jang.39@osu.edu Author-Name: Masao Ogaki Author-Email: Mogaki@econ.ohio-state.edu Creation-Date: 200103 File-URL: http://economics.sbs.ohio-state.edu/pdf/ogaki/01-02.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-02 Template-Type: ReDIF-Paper 1.0 Title: The Stable Demand Set General Characterization and Application to Majority Games Author-Name: Massimo Morelli Author-Email: Morelli@econ.ohio-state.edu Author-Name: Maria Montero Creation-Date: 200103 File-URL: http://economics.sbs.ohio-state.edu/pdf/morelli/wp0103.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-03 Template-Type: ReDIF-Paper 1.0 Title: Impulse Response Analysis with Long Run Restrictions on Error Correction Models Author-Name: Kyungho Jang Author-Email: jang.39@osu.edu Creation-Date: 200101 File-URL: http://economics.sbs.ohio-state.edu/pdf/kjang/wp0104.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-04 Template-Type: ReDIF-Paper 1.0 Title: The Forward Premium in a Model with Heterogeneous Prior Beliefs Author-Name: Eric O'N. Fisher Author-Email: fisher.244@osu.edu Creation-Date: 200010 File-URL: http://economics.sbs.ohio-state.edu/pdf/fisher/forward.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-05 Template-Type: ReDIF-Paper 1.0 Title: Economic Geography, Trade, and War Author-Name: David H. Bearce Author-Email: bearce.1@osu.edu Author-Name: Eric O'N. Fisher Author-Email: fisher.244@osu.edu Creation-Date: 200102 File-URL: http://econ.ohio-state.edu/efisher/EGTW.PDF File-Format: application/pdf Handle: RePEc:osu:osuewp:01-06 Template-Type: ReDIF-Paper 1.0 Title: Purchasing Power Parity and Interest Parity in the Laboratory Author-Name: Eric O'N. Fisher Author-Email: fisher.244@osu.edu Creation-Date: 200104 File-URL: http://econ.ohio-state.edu/efisher/pppuip.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-07 Template-Type: ReDIF-Paper 1.0 Title: On the Evolution of Comparative Advantage in a Matching Model Author-Name: Eric O'N. Fisher Author-Email: fisher.244@osu.edu Author-Name: Vikas Kakkar Author-Email: efvikas@cityu.edu.hk Creation-Date: 200105 File-URL: http://econ.ohio-state.edu/efisher/evolution.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-08 Template-Type: ReDIF-Paper 1.0 Title: Retrading in Market Games Author-Name: Massimo Morelli Author-Email: Morelli@econ.ohio-state.edu Author-Name: Sayantan Ghosal Creation-Date: 200105 File-URL: http://economics.sbs.ohio-state.edu/pdf/morelli/01-09.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-09 Template-Type: ReDIF-Paper 1.0 Title: Stock Options and Employees' Firm-Specific Human Capital under the Threat of Divesture and Aquisition Author-Name: Hiroshi Osano Author-Email: Osano@econ.ohio-state.edu Creation-Date: 200107 File-URL: http://economics.sbs.ohio-state.edu/pdf/osano/01-10.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-10 Template-Type: ReDIF-Paper 1.0 Title: Resale Price Maintenance in an Oligopoly with Uncertain Demand Author-Name: Hao Wang Author-Email: Wang.490@osu.edu Creation-Date: 200103 File-URL: http://economics.sbs.ohio-state.edu/pdf/hwang/01-11.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-11 Template-Type: ReDIF-Paper 1.0 Title: Optimal Monetary Policy When Interest Rates are Bound at Zero Author-Name: Ryo Kato Author-Email: kato.13@osu.edu Author-Name: Shinichi Nishiyama Author-Email: nishiyama.2@osu.edu Creation-Date: 200108 File-URL: http://economics.sbs.ohio-state.edu/pdf/nishiyama/01-12.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-12 Template-Type: ReDIF-Paper 1.0 Title: The Gauss-Markov Theorem and Spurious Regressions Author-Name: Masao Ogaki Author-Email: Mogaki@econ.ohio-state.edu Author-Name: Chi-Young Choi Creation-Date: 200109 File-URL: http://economics.sbs.ohio-state.edu/pdf/ogaki/01-13.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-13 Template-Type: ReDIF-Paper 1.0 Title: Covariate Unit Root Test with a Structural Change Author-Name: Sukha Shin Author-Email: shin.89@osu.edu Creation-Date: 200109 File-URL: http://economics.sbs.ohio-state.edu/pdf/sshin/wp01-14.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:01-14 Template-Type: ReDIF-Paper 1.0 Title: The Distortionary Effects of Inflation: An Empirical Investigation Author-Name: Masao Ogaki Author-Email: Mogaki@econ.ohio-state.edu Author-Name: Vikas Kakkar Creation-Date: 200202 File-URL: http://economics.sbs.ohio-state.edu/pdf/ogaki/KakOga0102.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:02-01 Template-Type: ReDIF-Paper 1.0 Title: Bounded Rationality and Individual Heterogeneity: A Study with Genetic Algorithm Author-Name: Marco Casari Author-Email: casari@purdue.edu Creation-Date: 200206 File-URL: http://economics.sbs.ohio-state.edu/pdf/casari/GAOSUwp0202.PDF File-Format: application/pdf Handle: RePEc:osu:osuewp:02-02 Template-Type: ReDIF-Paper 1.0 Title: Consumer Search Behavior in the Changing Credit Card Market Author-Name: Lucia Dunn Author-Email: dunn.4@osu.edu Author-Name: Sougata Kerr Creation-Date: 200209 File-URL: http://economics.sbs.ohio-state.edu/pdf/ldunn/wp02-03.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:02-03 Template-Type: ReDIF-Paper 1.0 Title: Signal Extraction Can Generate Volatility Clusters From IID Shocks Author-Name: J. Huston McCulloch Author-Email: mcculloch.2@osu.edu Author-Name: Prasad V. Bidarkota Creation-Date: 200211 File-URL: http://economics.sbs.ohio-state.edu/pdf/mcculloch/wp02-04.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:02-04 Template-Type: ReDIF-Paper 1.0 Title: Why Parents Play Favorites: Explanations for Unequal Bequests Author-Name: Audrey Light Author-Email: light.20@osu.edu Author-Name: Kathleen McGarry Creation-Date: 200302 File-URL: http://economics.sbs.ohio-state.edu/pdf/alight/wp03-01.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:03-01 Template-Type: ReDIF-Paper 1.0 Title: Who Receives the College Wage Premium? Assessing the Labor Market Returns to Degrees and College Transfer Patterns Author-Name: Audrey Light Author-Email: light.20@osu.edu Author-Name: Wayne Strayer Creation-Date: 200303 File-URL: http://economics.sbs.ohio-state.edu/pdf/alight/wp03-02.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:03-02 Template-Type: ReDIF-Paper 1.0 Title: Endogenous Entry in First-Price Private Value Auctions: the Self-Selection Effect Author-Name: Svetlana Pevnitskaya Author-Email: spevnitskaya@fsu.edu Creation-Date: 200304 File-URL: http://economics.sbs.ohio-state.edu/pdf/pevnitskaya/wp03-03.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:03-03 Template-Type: ReDIF-Paper 1.0 Title: Gender Differences in the Marriage and Cohabitation Income Premium Author-Name: Audrey Light Author-Email: light.20@osu.edu Creation-Date: 200308 File-URL: http://economics.sbs.ohio-state.edu/pdf/alight/wp03-04.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:03-04 Template-Type: ReDIF-Paper 1.0 Title: Efficient Semiparametric Estimation of Censored and Truncated Regressions via a Smoothed Self-Consistency Equation Author-Name: Stephen R. Cosslett Author-Email: cosslett.1@osu.edu Creation-Date: 200309 File-URL: http://economics.sbs.ohio-state.edu/pdf/cosslett/wp03-05.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:03-05 Template-Type: ReDIF-Paper 1.0 Title: Living Arrangements, Employment Status, and the Economic Well-Being of Mothers: Evidence from Brazil, Chile and the United States Author-Name: Audrey Light Author-Email: light.20@osu.edu Author-Name: Manuelita Ureta Creation-Date: 200308 File-URL: http://economics.sbs.ohio-state.edu/pdf/alight/wp03-06.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:03-06 Template-Type: ReDIF-Paper 1.0 Title: The Risk-Neutral Measure and Option Pricing under Log-Stable Uncertainty Author-Name: J. Huston McCulloch Author-Email: mcculloch.2@osu.edu Creation-Date: 200306 File-URL: http://economics.sbs.ohio-state.edu/pdf/mcculloch/wp03-07.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:03-07 Template-Type: ReDIF-Paper 1.0 Title: A Spurious Regression Approach to Estimating Structural Parameters Author-Name: Masao Ogaki Author-Email: ogaki.1@osu.edu Author-Name: Ling Hu Author-Email: hu.156@osu.edu Author-Name: Chi-Young Choi Author-Email: cychoi@uta.edu Creation-Date: 200406 File-URL: http://economics.sbs.ohio-state.edu/ogaki/wp/wp04-01.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:04-01 Template-Type: ReDIF-Paper 1.0 Title: Dynamic Seemingly Unrelated Cointegrating Regression Author-Name: Masao Ogaki Author-Email: ogaki.1@osu.edu Author-Name: Nelson Mark Author-Email: nmark@nd.edu Author-Name: Donggyu Sul Author-Email: d.sul@auckland.ac.nz Creation-Date: 200406 File-URL: http://economics.sbs.ohio-state.edu/ogaki/wp/wp04-02.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:04-02 Template-Type: ReDIF-Paper 1.0 Title: Turns in Consumer Confidence: An Information Advantage Linked To Manufacturing Author-Name: Lucia Dunn Author-Email: dunn.4@osu.edu Author-Name: Ida Mirzaie Author-Email: mirzaie.1@osu.edu Creation-Date: 200408 File-URL: http://economics.sbs.ohio-state.edu/pdf/ldunn/wp04-03.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:04-03 Template-Type: ReDIF-Paper 1.0 Title: An Index to Track Credit Card Debt and Predict Consumption Author-Name: Lucia Dunn Author-Email: dunn.4@osu.edu Author-Name: Tufan Ekici Author-Email: ekici@metu.edu.tr Author-Name: Paul J. Lavrakas Author-Name: Jeffery A. Stec Creation-Date: 200408 File-URL: http://economics.sbs.ohio-state.edu/pdf/ldunn/wp04-04.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:04-04 Template-Type: ReDIF-Paper 1.0 Title: Consumer Lines of Credit: The Choice Between Credit Cards and Helocs Author-Name: Lucia Dunn Author-Email: dunn.4@osu.edu Author-Name: Shubhasis Dey Author-Email: sdey@bankofcanada.ca Creation-Date: 200408 File-URL: http://economics.sbs.ohio-state.edu/pdf/ldunn/wp04-05.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:04-05 Money Demand in Japan and the Liquidity Trap Template-Type: ReDIF-Paper 1.0 Title: Money Demand in Japan and the Liquidity Trap Author-Name: Youngsoo Bae Author-Email: yob206@lehigh.edu Author-Name: Vikas Kakkar Author-Name: Masao Ogaki Author-Email: ogaki.1@osu.edu Creation-Date: 200412 File-URL: http://economics.sbs.ohio-state.edu/pdf/ogaki/wp04-06.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:04-06 Template-Type: ReDIF-Paper 1.0 Title: An Empirical Investigation of Collateral and Sorting in the HELOC Market Author-Name: Lucia Dunn Author-Email: dunn.4@osu.edu Author-Name: Shubhasis Dey Author-Email: sdey@bankofcanada.ca Creation-Date: 200410 File-URL: http://economics.sbs.ohio-state.edu/pdf/ldunn/wp04-07.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:04-07 Template-Type: ReDIF-Paper 1.0 Title: Do Banks Use Private Information from Consumer Accounts? Evidence of Relationship Lending in Credit Card Interest Rate Heterogeneity Author-Name: Sougata Kerr Author-Email: sougata.kerr@chase.com Author-Name: Lucia Dunn Author-Email: dunn.4@osu.edu Author-Name: Stephen Cosslett Author-Email: cosslett.1@osu.edu Creation-Date: 200412 File-URL: http://economics.sbs.ohio-state.edu/pdf/ldunn/wp04-08.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:04-08 Template-Type: ReDIF-Paper 1.0 Title: Issues Facing the Japanese Labor Market Author-Name: Masanori Hashimoto Author-Email: hashimoto.1@osu.edu Author-Name: Yoshio Higuchi Creation-Date: 200506 File-URL: http://economics.sbs.ohio-state.edu/pdf/wp05-01.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:05-01 Template-Type: ReDIF-Paper 1.0 Title: Credit Card Debt and Consumption: Evidence from Household-Level Data Author-Name: Lucia Dunn Author-Email: dunn.4@osu.edu Author-Name: Tufan Ekici Author-Email: ekici@metu.edu.tr Creation-Date: 200603 File-URL: http://economics.sbs.ohio-state.edu/pdf/ldunn/wp06-01.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:06-01 Template-Type: ReDIF-Paper 1.0 Title: Time Allocation and Selling Mechanisms in Outcry Auctions Author-Name: Lucia Dunn Author-Email: dunn.4@osu.edu Author-Name: Stephen Cosslett Author-Email: cosslett.1@osu.edu Author-Name: Tasneem Chipty Author-Email: tchipty@crai.com Creation-Date: 200603 File-URL: http://economics.sbs.ohio-state.edu/pdf/ldunn/wp06-02.pdf File-Format: application/pdf Handle: RePEc:osu:osuewp:06-02 Template-Type: ReDIF-Paper 1.0 Author-Name: Donald Haurin Author-X-Name-First: Donald Author-X-Name-Last: Haurin Author-Email: haurin.2@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Stuart Rosenthal Author-X-Name-First: Stuart Author-X-Name-Last: Rosenthal Author-Email: ssrosent@maxwell.syr.edu Author-Workplace-Name: Department of Economics, Syracuse University Title: The Influence of Household Formation on Homeownership Rates across Time and Race Abstract: Homeownership rates equal the number of households that own homes divided by the number of households in the population. Differences in the propensity to form a household, therefore, may contribute to changes in homeownership rates over time in addition to longstanding racial gaps in homeownership. We examine these issues on an age-specific basis using data from the 1970 to 2000 public use micro samples (PUMS) of the decennial census. Results indicate that lower headship rates tend to reduce homeownership rates. This pattern is most notable for individuals in their early and mid-20s. For these individuals, declining headship rates between 1970 and 2000 reduced homeownership rates by 3 to 5 percentage points. Moreover, year-2000 African American headship rates narrow white-black gaps in homeownership by roughly three percentage points, while year-2000 Hispanic headship rates widen white-Hispanic gaps in homeownership by two to three percentage points. Thus, controlling for differences in headship behavior, white-black homeownership gaps are somewhat more severe than previously recognized, but the reverse is true for white-Hispanic gaps. Length: 43 pages Creation-Date: 2007-01 File-URL: http://www.econ.ohio-state.edu/haurin/wp/The%20Influence%20of%20Household%20Formation%20on%20Homeownership%20Rates%20Across%20Space%20and%20Time.pdf File-Format: Application/pdf Number: 07-01 Classification-JEL: R21, D10 Keywords: Household headship, Household formation, Homeownership rates, Racial gap in homeownership, Black-white differences Handle: RePEc:osu:osuewp:07-01 Template-Type: ReDIF-Paper 1.0 Author-Name: Donald Haurin Author-X-Name-First: Donald Author-X-Name-Last: Haurin Author-Email: haurin.2@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Christopher Herbert Author-X-Name-First: Christopher Author-X-Name-Last: Herbert Author-Email: Chris_Herbert@abtassoc.com Author-Workplace-Name: Abt Associates, Inc. Author-Name: Stuart Rosenthal Author-X-Name-First: Stuart Author-X-Name-Last: Rosenthal Author-Email: ssrosent@maxwell.syr.edu Author-Workplace-Name: Department of Economics, Syracuse University Title: Homeownership Gaps Among Low-Income and Minority Households Abstract: While homeownership rates currently stand at historically high levels for all segments of the U.S. population, large gaps are present comparing various groups of the population. As of the third quarter of 2006, the non-Hispanic white homeownership rate was 76 percent while black and Hispanic homeownership rates were below 50 percent, and the Asian rate was 60 percent. The ownership gap between black and white households is larger in 2006 than 1990, while that between Hispanics and whites is only slightly smaller. Households with very-low income had a homeownership rate that was 37 percentage points below the rate for high-income households. These gaps have changed little over the last 50 years. The primary goal of this study is to synthesize what is known about the determinants of gaps in homeownership rates by income, racial, and ethnic status. We first present a conceptual framework for analyzing the determinants of homeownership. We then review the literature that identifies the relative importance of various contributing factors to observed homeownership gaps, separating the factors into those that are observed and those that are part of an unexplained residual that represents unmeasured factors such as discrimination, lack of information about the home buying and mortgage financing process, and omitted socio-economic variables. Length: 52 pages Creation-Date: 2007-01 File-URL: http://www.econ.ohio-state.edu/haurin/wp/Homeownership%20Gaps%20Among%20Low-Income%20and%20Minority%20Households.pdf File-Format: Application/pdf Number: 07-02 Classification-JEL: J1, J7, R21, R31 Handle: RePEc:osu:osuewp:07-02 Template-Type: ReDIF-Paper 1.0 Author-Name: Steven Bourassa Author-X-Name-First: Steven Author-X-Name-Last: Bourassa Author-Email: steven.bourassa@louisville.edu Author-Workplace-Name: School of Urban and Public Affairs, University of Louisville Author-Name: Donald Haurin Author-X-Name-First: Donald Author-X-Name-Last: Haurin Author-Email: haurin.2@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Jessica Haurin Author-X-Name-First: Jessica Author-X-Name-Last: Haurin Author-Email: jhaurin@alum.mit.edu Author-Workplace-Name: Center for Real Estate, Massachusetts Institute of Technology Author-Name: Martin Hoesli Author-X-Name-First: Martin Author-X-Name-Last: Hoesli Author-Email: martin.hoesli@hec.unige.ch Author-Workplace-Name: University of Geneva Author-Name: Jian Sun Author-X-Name-First: Jian Author-X-Name-Last: Sun Author-Email: j0sun002@louisville.edu Author-Workplace-Name: School of Urban and Public Affairs, University of Louisville Title: House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics Abstract: While the average change in house prices is related to changes in fundamentals or perhaps market-wide bubbles, not all houses in a market appreciate at the same rate. The primary focus of our study is to investigate the reasons for these variations in price changes among houses within a market. We draw on two theories for guidance, one related to the optimal search strategy for sellers of atypical dwellings and the other focusing on the bargaining process between a seller and potential buyers. We hypothesize that houses will appreciate at different rates depending on the characteristics of the property and the change in the strength of the housing market. These hypotheses are supported using data from three New Zealand housing markets. Length: 33 pages Creation-Date: 2007-01 File-URL: http://www.econ.ohio-state.edu/haurin/wp/House%20Price%20Changes%20and%20Idiosyncratic%20Risk.pdf File-Format: Application/pdf Number: 07-03 Classification-JEL: R31, R21, D83 Keywords: Atypicality, Bargaining, Housing Risk, House Price Appreciation, Search Models Handle: RePEc:osu:osuewp:07-03 Template-Type: ReDIF-Paper 1.0 Author-Name: Donald Haurin Author-X-Name-First: Donald Author-X-Name-Last: Haurin Author-Email: haurin.2@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Stuart Rosenthal Author-X-Name-First: Stuart Author-X-Name-Last: Rosenthal Author-Email: ssrosent@maxwell.syr.edu Author-Workplace-Name: Department of Economics, Syracuse University Title: Language, Agglomeration, and Hispanic Homeownership Abstract: As of the fourth quarter of 2005, 76 percent of white non-Hispanic families owned homes, but only 50 percent of Hispanic families. We argue that low rates of homeownership in Hispanic communities create a self-reinforcing mechanism that contributes to this large disparity. In part, this occurs because proximity to other homeowners belonging to a family’s social network improves access to information about how to become a homeowner. Role model effects may also be relevant. We investigate these issues using household-level data on out-of-state movers from the 2000 Decennial Census. Three especially important results are obtained. First, proximity to Hispanic homeowners in the 1995 place of residence increases the propensity of a Hispanic family to own a home in 2000. Second, that effect is especially strong with respect to proximity to weak English speaking Hispanic homeowners. Third, these patterns hold regardless of the Hispanic family’s own ability to speak English. From a policy perspective, these results suggest that local programs designed to promote homeownership among weak English-speaking Hispanic families likely increase Hispanic homeownership beyond just the immediate program participants. Length: 41 pages Creation-Date: 2007-01 File-URL: http://www.econ.ohio-state.edu/haurin/wp/Language,%20Agglomeration,%20and%20Hispanic%20Homeownership.pdf File-Format: Application/pdf Number: 07-04 Classification-JEL: R11, R12, R21 Keywords: Language, Agglomeration, Homeownership Handle: RePEc:osu:osuewp:07-04 Template-Type: ReDIF-Paper 1.0 Author-Name: Masao Ogaki Author-X-Name-First: Masao Author-X-Name-Last: Ogaki Author-Email: ogaki.1@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Sungwook Park Author-X-Name-First: Sungwook Author-X-Name-Last: Park Author-Email: park.622@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Title: Long-run real exchange rate changes and the properties of the variance of k-differences Abstract: Engel (1999) computes the variance of k-differences for each time horizon us- ing the method of Cochrane (1988) in order to measure the importance of the traded goods component in U.S. real exchange rate movements. The importance of traded goods should decrease as the horizon increases if the law of one price holds for traded goods in the long run. However, Engel ?nds that the variance of k-di¤erences decreases only initially and then increases as k approaches the sample size. He interpets the increasing variance as evidence of an increase in the long-run importance of the traded goods component. By contrast, we show that the variance of k-di¤erences tends to return to the initial value as k approaches the sample size whether the variable is stationary or unit root nonstationary. Our results imply that the increasing variances for k-values close to the sample size cannot be inter- preted as evidence of an increase in the importance of the traded goods component in the long run. We ?nd that our test results regarding the variance of k-di¤erences are consistent with smaller importance of the traded goods component in the longer run. Length: 36 pages Creation-Date: 2007-02 File-URL: http://www.econ.ohio-state.edu/pdf/ogaki/wp07-05.pdf File-Format: Application/pdf Number: 07-05 Classification-JEL: F31 Keywords: Real exchange rate, Variance ratio, Traded and nontraded goods Handle: RePEc:osu:osuewp:07-05 Template-Type: ReDIF-Paper 1.0 Author-Name: Hammad Qureshi Author-X-Name-First: Hammad Author-X-Name-Last: Qureshi Author-Email: qureshi.18@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Title: Explosive Roots in Level Vector Autoregressive Models Abstract: Level vector autoregressive (VAR) models are used extensively in empirical macroeconomic research. However, estimated level VAR models may contain explosive roots, which is at odds with the widespread consensus among macroeconomists that roots are at most unity. This paper investigates the frequency of explosive roots in estimated level VAR models in the presence of stationary and nonstationary variables. Monte Carlo simulations based on datasets from the macroeconomic literature reveal that the frequency of explosive roots exceeds 40% in the presence of unit roots. Even when all the variables are stationary, the frequency of explosive roots is substantial. Furthermore, explosion increases significantly, to as much as 100% when the estimated level VAR coefficients are corrected for small-sample bias. These results suggest that researchers estimating level VAR models on macroeconomic datasets encounter explosive roots, a phenomenon that is contrary to common macroeconomic belief, with a very high frequency. Monte Carlo simulations in the paper reveal that imposing unit roots in the estimation can substantially reduce the frequency of explosion. Hence one way to mitigate explosive roots is to estimate vector error correction models. Length: 16 pages Creation-Date: 2008-02 File-URL: http://www.econ.ohio-state.edu/pdf/qureshi/wp08-02.pdf File-Format: Application/pdf Number: 08-02 Classification-JEL: F31 Keywords: Level VAR Models, Explosive Roots, Bias Correction Handle: RePEc:osu:osuewp:08-02 Template-Type: ReDIF-Paper 1.0 Author-Name: Belton Fleisher Author-X-Name-First: Belton Author-X-Name-Last: Fleisher Author-Email: fleisher.1@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Haizheng Li Author-X-Name-First: Haizheng Author-X-Name-Last: Li Author-Email: Haizheng.li@econ.gatech.edu Author-Workplace-Name: School of Economics, Georgia Institute of Technology Author-Name: Min-Qiang Zhao Author-X-Name-First: Min-Qiang Author-X-Name-Last: Zhao Author-Email: zhao.151@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Title: Human Capital, Economic Growth, and Regional Inequality in China Abstract: We show how regional growth patterns in China depend on physical,, human, and infrastructure capital; foreign direct investment (FDI); and market reforms, especially the reforms that followed Deng Xiaoping’s South Trip in 1992 those that resulted from serious hardening of budget constraints of state enterprises around 1997. We find that FDI had a much larger effect on TFP growth before 1994 than after, and we attribute this to the encouragement of and increasing success of private and quasi-private enterprises. We find that human capital positively affects output per worker and productivity growth in our cross-provincial study. Moreover, we find both direct and indirect effects of human capital on TFP growth. The direct effect is hypothesized to come from domestic innovation activities, while the indirect impact is a spillover effect of human capital on TFP growth. We conduct cost-benefit analysis of hypothetical investments in human capital and infrastructure. We find that, while investment in infrastructure generates higher returns in the developed, eastern regions than in the interior, investing in human capital generates slightly higher or comparable returns in the interior regions. We conclude that human capital investment in less-developed areas can improve economic efficiency, neither investment strategy is a magic bullet for reducing China’s regional income disparities. Length: 76 pages Creation-Date: 2009-01 File-URL: http://www.econ.ohio-state.edu/pdf/fleisher/wp09-01.pdf File-Format: Application/pdf Number: 09-01 Classification-JEL: O15 O18 O47 O53 Keywords: Handle: RePEc:osu:osuewp:09-01 Template-Type: ReDIF-Paper 1.0 Author-Name: Belton Fleisher Author-X-Name-First: Belton Author-X-Name-Last: Fleisher Author-Email: fleisher.1@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Xiaojun Wang Author-X-Name-First: Xiaojun Author-X-Name-Last: Wang Author-Email: xiaojun@hawaii.edu Author-Workplace-Name: Department of Economics, University of Hawaii at Manoa Author-Name: Haizheng Li Author-X-Name-First: Haizheng Author-X-Name-Last: Li Author-Email: Haizheng.li@econ.gatech.edu Author-Workplace-Name: School of Economics, Georgia Institute of Technology Author-Name: Shi Li Author-X-Name-First: Shi Author-X-Name-Last: Li Author-Email: Haizheng.li@econ.gatech.edu Author-Workplace-Name: School of Economics and Business, Beijing Normal University Title: Access to Higher Education and Inequality: The Chinese Experiment Abstract: We apply a semi-parametric latent variable model to estimate selection and sorting effects on the evolution of private returns to schooling for college graduates during China’s reform between 1988 and 2002. We find that there were substantial sorting gains under the traditional system, but they have decreased drastically and are negligible in the most recent data. We take this as evidence of growing influence of private financial constraints on decisions to attend college as tuition costs have risen and the relative importance of government subsidies has declined. The main policy implication of our results is that labor and education reform without concomitant capital market reform and government support for the financially disadvantaged exacerbates increases in inequality inherent in elimination of the traditional "wage-grid." Length: 42 pages Creation-Date: 2009-02 File-URL: http://www.econ.ohio-state.edu/pdf/fleisher/wp09-02.pdf File-Format: Application/pdf Number: 09-02 Classification-JEL: J31 J24 O15 Keywords: Return to schooling, selection bias, sorting gains, heterogeneity, financial constraints, comparative advantage, China Handle: RePEc:osu:osuewp:09-02 Template-Type: ReDIF-Paper 1.0 Author-Name: Masao Ogaki Author-X-Name-First: Masao Author-X-Name-Last: Ogaki Author-Email: ogaki.1@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Hyeongwoo Kim Author-X-Name-First: Hyeongwoo Author-X-Name-Last: Kim Author-Email: gmmkim@gmail.com Author-Workplace-Name: Department of Economics, Auburn University Title: Purchasing Power Parity and the Taylor Rule Abstract: In the Kehoe and Midrigan (2007) model, the persistence parameter of the real exchange rate is closely related to the measure of price stickiness in the Calvo-pricing model. When we employ this view, Rogo 's (1996) 3 to 5 year consensus half-life implies that rms update their prices every 18 to 30 quarters on average. This is at odds with most estimates from U.S. aggregate data when single equation methods are applied to the New Keynesian Phillips Curve (NKPC), or when system methods are applied to Dynamic Stochastic General Equilibrium (DSGE) models that include the NKPC. It is well known, however, that there is a large degree of uncertainty around the consensus half-life of the real exchange rate. To obtain a more efficient estimator, this paper develops a system method that combines the Taylor rule and a standard exchange rate model to estimate half-lives. We use a median unbiased estimator for the system method with nonparametric bootstrap confidence intervals, and compare the results with those from the single equation method typically used in the literature. Applying the method to the real exchange rates of 18 developed countries against the U.S. dollar, we nd that most of the half-life estimates from the single equation method fall in the range of 3 to 5 years with wide confidence intervals that extend to positive infinity. In contrast, the system method yields median-unbiased estimates that are typically shorter than one year with much sharper 95% confidence intervals, most of which range from 3 quarters to 5 years. These median unbiased estimates and the lower bound of the confidence intervals for the half-lives of real exchange rates are consistent with most estimates of price stickiness using aggregate U.S. data for the NKPC and DSGE models. Length: 34 pages Creation-Date: 2009-04 File-URL: http://www.econ.ohio-state.edu/pdf/ogaki/wp09-03.pdf File-Format: Application/pdf Number: 09-03 Classification-JEL: J31 J24 O15 Keywords: Purchasing Power Parity, Calvo Pricing, Taylor Rule, Half-Life of PPP Deviations, Median Unbiased Estimator, Grid-t Confidence Interval Handle: RePEc:osu:osuewp:09-03 Template-Type: ReDIF-Paper 1.0 Author-Name: Belton M. Fleisher Author-X-Name-First: Belton Author-X-Name-Last: Fleisher Author-Email: fleisher.1@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Seonghoon Kim Author-X-Name-First: Seonghoon Author-X-Name-Last: Kim Author-Email: kim.2390@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Title: The China Great Leap Forward Famine: The Lasting Impact of Mothers’ Fetal Malnutrition on Their Offspring Abstract: Mothers born around the China Great Leap Forward Famine (famine-born mothers) are likely to have worse adult outcomes due to a negative relationship between fetal malnutrition and their health and cognitive ability. Using data from the China Health and Nutrition Survey, I investigate whether famine-born mothers transmit less human capital to their offspring through various channels, including less cognitive ability and other innate traits and by the choice of less investment in children’s human capital. My study also focuses on possible gender differences in these effects. I find that in-utero famine experience of famine-born mothers is negatively related to the education and labor outcomes of their offspring. However, female children are less affected by mothers’ famine experience than are men. This outcome suggests that Trivers-Willard (1973) effects dominate parental-choice effects despite the well-known son-preference of China. Length: 19 pages Creation-Date: 2009-05 File-URL: http://www.econ.ohio-state.edu/pdf/fleisher/wp09-04.pdf File-Format: Application/pdf Number: 09-04 Classification-JEL: I12, J16, P36 Keywords: Gender difference, Malnutrition, Health, Labor Market Outcomes, Schooling, Barker hypothesis, Trivers-Willard hypothesis, China Famine Handle: RePEc:osu:osuewp:09-04 Template-Type: ReDIF-Paper 1.0 Author-Name: Belton M. Fleisher Author-X-Name-First: Belton Author-X-Name-Last: Fleisher Author-Email: fleisher.1@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Dinghuan Hu Author-X-Name-First: Dinghuan Author-X-Name-Last: Hu Author-Email: dinghuanhu@vip.sohu.com Author-Workplace-Name: China Academy of Agricultural Sciences Author-Name: William McGuire Author-X-Name-First: William Author-X-Name-Last: McGuire Author-Email: mcguire.150@osu.edu Author-Workplace-Name: Department of Agricultural, Environmental, and Development Economics, Ohio State University Author-Name: Xiaobo Zhang Author-X-Name-First: Xiaobo Author-X-Name-Last: Zhang Author-Email: x.zhang@cgiar.org Author-Workplace-Name: International Food Policy Research Institute (IFPRI) Title: The Evolution of an Industrial Cluster in China Abstract: We use two rounds of surveys, in 2000 and 2008, in the Zhili Township children’s garment cluster in Zhejiang Province to examine in depth its evolution. Firm size has grown on average in terms of output and employment, and increasing divergence in firm sizes has been associated with a significant increase in specialization and outsourcing among firms in the cluster. Although initial investments have more than tripled, they remain low enough so that formal bank loans remain an insignificant source of finance. Accompanying lower entry barriers, there have been an increasing number of firms in the cluster, which have driven down profit and bid up wages, particularly since the year 2000. Facing severe competition, more firms have begun to upgrade their product quality. By the year 2007, nearly half of the sampled had established registered trademarks and nearly 20 percent had become ISO certified. Declining profit ratios to initial investment and stagnant TFP imply that the future of this industry is likely to rest on using more advanced technology and higher ratios of capital to labor, which imply increases in firm size and initial investment. Thus traditional sources of finance that do not require honest, efficient, and transparent courts are likely to fade as the need for improved legal and financial institutions become critical factor influencing China’s growth prospects. Length: 19 pages Creation-Date: 2009-05 File-URL: http://www.econ.ohio-state.edu/pdf/fleisher/wp09-05.pdf File-Format: Application/pdf Number: 09-05 Classification-JEL: L22, O14, P23 Keywords: Handle: RePEc:osu:osuewp:09-05 Template-Type: ReDIF-Paper 1.0 Author-Name: Hammad Qureshi Author-X-Name-First: Hammad Author-X-Name-Last: Qureshi Author-Email: qureshi.18@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Title: News Shocks and Learning-by-doing Abstract: The idea that expectations about future economic fundamentals can drive business cycles dates back to the early twentieth century. However, the standard real business cycle (RBC) model fails to generate positive comovement in output, consumption, labor-hours and investment in response to news shocks. This paper proposes a simple and intuitive solution to this puzzling feature of the RBC model, based on a mechanism that has strong empirical support: learning-by-doing (LBD). First, we show that the one-sector RBC model augmented by LBD can generate aggregate comovement in response to news shock about technology. Second, we show that in the two-sector RBC model, LBD along with an intratemporal adjustment cost can generate sectoral comovement in response to news about three types of shocks: i) neutral technology shock, ii) consumption technology shock, and iii) investment technology shock. We show that these results hold for contemporaneous technology shocks and for different specifications of LBD. Length: 31 pages Creation-Date: 2009-06 File-URL: http://www.econ.ohio-state.edu/pdf/qureshi/wp09-06.pdf File-Format: Application/pdf Number: 09-06 Classification-JEL: E3 Keywords: News Shocks, Learning-by-Doing, Pigou Cycles Handle: RePEc:osu:osuewp:09-06 Template-Type: ReDIF-Paper 1.0 Author-Name: Belton M. Fleisher Author-X-Name-First: Belton Author-X-Name-Last: Fleisher Author-Email: fleisher.1@osu.edu Author-Workplace-Name: Department of Economics, Ohio State University Author-Name: Mi Zhou Author-X-Name-First: Mi Author-X-Name-Last: Zhou Author-Email: M.Zhou0302@gmail.com Author-Workplace-Name: College of Economics and Trade, Hunan University Title: Are Patent Laws Harmful to Developing Countries? Evidence from China Abstract: Has upgrading and enforcing its patent laws slowed China’s economic growth? The answer we draw from detailed analysis of provincial aggregate data covering roughly the period 1990 through 2007 is strongly negative, but understanding the channels through which stricter protection of intellectual property rights has contributed to more rapid productivity growth is elusive. Our best estimate of the direct impact of the 1992 and 2001 patent laws on TFP growth amounts to not quite 15 percent of the average TFP growth rate over the period, but a much larger share of TFP growth is associated with enactment of the laws in a simple interpretation of our empirical investigation. We estimate that virtually none of the laws’ impact on TFP growth can be directly associated with increased quantity of FDI or R&D, although both series are strongly positively correlated with promulgation of the patent laws. We infer that amount of technology transfer through a FDI and the focus of R&D activity, decline of state ownership and increased marketization, growth of the human capital stock, and movement of the labor force from agriculture to manufacturing and service industries are all processes that were encouraged and whose effect has been magnified by stronger IPR protection. Moreover, adopting and enforcing the patent laws probably cannot be treated as an independent event with causation running in only one direction to China’s economic development.. Length: 50 pages Creation-Date: 2009-09 File-URL: http://www.econ.ohio-state.edu/pdf/fleisher/wp09-07.pdf File-Format: Application/pdf Number: 09-07 Classification-JEL: O31, O33, O34 Keywords: Patent law, Intellectual Property Rights, TRIPS, TFP Growth Handle: RePEc:osu:osuewp:09-07