this paper investigates the effects of globalization, (export+import)/gdp, tariffs, total factor productivity and per capita capital stock on industrial profitability. we employ the price-wage gap as a proxy for profitability. data used has been made of pooled mean group estimation of dynamic heterogeneous panel, a technique recently developed in dynamic panel data literature. our results show ...

We consider a regulator who does not know how many firms should be granted a license to enter a market as he has limited information on their setup costs. We propose two auction formats which implement the efficient market structure. One is called ”jumping English auction”, where the price for a license increases continuously most of the times, but jumps at pre-specified points. The other is ca...

This paper provides a robust statistical approach to nonstationary time series regression and inference. Fully modified extensions of traditional robust statistical procedures are developed that allow for endogeneities in the nonstation-ary regressors and serial dependence in the shocks that drive the regressors and the errors that appear in the equation being estimated. The suggested estima-to...

This paper develops a fully modified OLS estimator for cointegrating polynomial regressions, i.e. for regressions including deterministic variables, integrated processes and powers of integrated processes as explanatory variables and stationary errors. The errors are allowed to be serially correlated and the regressors are allowed to be endogenous. The paper thus extends the fully modified appr...

This paper proposes a semiparametrically modified OLS (SM-OLS) estimator and a semiparametrically modified IV (SM-IV) estimator via kernel method for linear cointegrating models when cointegrating equilibrium errors respond instantaneously to changes of the first-differenced integrated regressor in the linear cointegrating models. Both the proposed estimators are shown to have a mixed normal li...

This paper investigates how variations in macroeconomic uncertainty distort commercial banks’ allocation of loanable funds by analyzing the dispersion of banks’ total loan-to-asset ratios over a quartercentury period. JEL: C22, C23, D81, E51.

abstract t he relationship between public sector deficits and inflation is one of the important and controversial issues in the academic literature as well as in economic policy field. on the other hand, a major objective of macroeconomic policies is to foster economic growth and to keep inflation on a low level. so keeping the price stability plays an important role in determining the growth r...

Abstract. Since 2021, Russia has maintained a list of unfriendly countries. This and the import ban introduced in 2014 are some main economic sanctions uses to influence trading partners. paper attempts quantify effect putting partner on countries compared Russian ban. The study data trade flows between its partners from UN COMTRADE database for select agri-food products. Employing gravity fram...