Nonrenewable resource prices: deterministic or stochastic trends?
In: NBER working paper series 11487
17 Ergebnisse
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In: NBER working paper series 11487
In: Environmental and resource economics, Band 29, Heft 1, S. 21-37
ISSN: 1573-1502
In: Structural change and economic dynamics, Band 8, Heft 2, S. 221-232
ISSN: 1873-6017
In: International journal of forecasting, Band 18, Heft 3, S. 455-460
ISSN: 0169-2070
In: Contemporary economic policy: a journal of Western Economic Association International, Band 27, Heft 1, S. 16-27
ISSN: 1465-7287
Since many smokers begin consuming tobacco products in their adolescent years, many states have adopted a variety of restrictions on youth access to tobacco, which studies show reduces the demand for tobacco among this cohort. This paper takes a different track by addressing the demand for youth access restrictions. Specifically, using a random effects Probit procedure, which controls for the endogeneity of cigarette consumption and taxation, we examine the determinants of nine methods commonly used by states to restrict youth access to tobacco. (JEL H70, I18)
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 27, Heft 6, S. 665-672
ISSN: 0161-8938
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 27, Heft 6, S. 665-672
ISSN: 0161-8938
In: The International trade journal, S. 1-20
ISSN: 1521-0545
In: Journal of economics, race, and policy, Band 6, Heft 2, S. 102-125
ISSN: 2520-842X
In: Defence and peace economics, Band 34, Heft 1, S. 13-35
ISSN: 1476-8267
SSRN
Working paper
In: NBER Working Paper No. w11487
SSRN
SSRN
In: Bank of Korea WP 2020-15
SSRN
Working paper
In: Review of financial economics: RFE, Band 22, Heft 4, S. 187-193
ISSN: 1873-5924
AbstractIn this paper, we test for asymmetric adjustments in the spread of the U.S. prime lending rate and 3‐month certificate of deposit rate. In doing so, we extend the pioneering threshold unit root tests of Enders and Granger (1998) to more flexible models where the deterministic terms and short‐run dynamics, in addition to the persistent parameters, can differ in two regimes. While some previous works have tested for asymmetric adjustments in the spread of lending and deposit rates using threshold unit root tests, the deterministic terms and short‐run dynamics were assumed to be symmetric, which can lead to bias and less accurate conclusions if these conditions do not hold. Overall, we find that the spread in lending and deposit rates is stationary but adjustment to the equilibrium is asymmetric. In particular, we find more rapid adjustment when the spread is narrowing below a threshold level than when widening above this level. Several theoretical implications are suggested.