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Fluctuations in Overseas Travel by Americans, 1820 to 2000
Dupont, Brandon - 2010
There were substantial fluctuations in the numbers of American overseas travelers, especially before World War II. These fluctuations in travel around the robust, long term upward trend are the focus of this paper. We first identify those fluctuations in the raw data and then try to explain the...
Persistent link: https://www.econbiz.de/10012757617
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Workday, Holiday and Calendar Adjustment with 21st Century Data : Monthly Aggregates from Daily Diesel Fuel Purchases
Leamer, Edward E. - 2011
This paper uses a Ceridian transaction-by-transaction data set on purchases of diesel fuel by over-the-road truckers to form a monthly diesel volume purchase index from 1999 to 2011, purged of weekday, holiday and calendar effects. These high-frequency data support a new and improved set of...
Persistent link: https://www.econbiz.de/10013127986
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Identification and Estimation in Discrete Choice Demand Models When Endogenous Variables Interact with the Error
Gandhi, Amit - 2011
We develop an estimator for the parameters of a utility function that has interactions between the unobserved demand … contraction can still be used to recover the mean utility term that now contains both the demand error and the interactions with … and we show together they are sufficient for identification of all of the demand parameters. A major advantage of our …
Persistent link: https://www.econbiz.de/10013128265
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Sale Rates and Price Movements in Art Auctions
Ashenfelter, Orley - 2011
The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary and impressionist art, we show that while sale rates...
Persistent link: https://www.econbiz.de/10013130962
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A Simple Test of Private Information in the Insurance Markets with Heterogeneous Insurance Demand
Gan, Li - 2011
A positive correlation between insurance coverage and ex post risk can be an indicator for private information in insurance markets. However, this test fails if agents have heterogeneous risk attitudes. We propose a new test that conditions on unobserved types of individuals who differ in their...
Persistent link: https://www.econbiz.de/10013130968
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Optimal Price Indices for Targeting Inflation Under Incomplete Markets
Anand, Rahul - 2011
-constrained consumers' access to financial markets make demand insensitive to interest rate fluctuations. The demand of credit … price sector influence aggregate demand and, for monetary policy to have its desired effect, the central bank has to …
Persistent link: https://www.econbiz.de/10013133080
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Firm Heterogeneity and Costly Trade : A New Estimation Strategy and Policy Experiments
Cherkashin, Ivan - 2010
dimensions of heterogeneity: firms specific productivity shocks and firm-market specific demand shocks. The structural parameters …
Persistent link: https://www.econbiz.de/10013135758
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Precautionary Hoarding of Liquidity and Inter-Bank Markets : Evidence from the Sub-Prime Crisis
Acharya, Viral V. - 2010
We study the liquidity demand of large settlement banks in the UK and its effect on the Sterling Money Markets before … amount of payment activity and more so for weaker banks. We establish that the liquidity demand by settlement banks caused …
Persistent link: https://www.econbiz.de/10013137765
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Decomposing the Great Trade Collapse : Products, Prices, and Quantities in the 2008-2009 Crisis
Haddad, Mona - 2010
importance of demand and supply-side factors in explaining the fall in trade. In particular, we decompose the fall in …
Persistent link: https://www.econbiz.de/10013139522
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Innovation and Welfare : Results from Joint Estimation of Production and Demand Functions
Jaumandreu, Jordi - 2010
elasticity of the demand for the output and the impact of demand and cost shifters. The use of this framework helps, in the first … way to assess the welfare effects of firms' innovative actions by estimating their impact on both cost and demand. We show …
Persistent link: https://www.econbiz.de/10013139891