WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection

Permanent URI for this collectionhttps://hdl.handle.net/11147/7150

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Subject: search.filters.subject.Spatial panel regression

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  • Article
    Citation - WoS: 1
    Citation - Scopus: 1
    State-Level Taylor Rule and Monetary Policy Stress
    (Instytut Badan Gospodarczych/Institute of Economic Research (Poland), 2023) Duran, Hasan Engin; Duran, Hasan Engin; Gajewski, Pawel; 02.03. Department of City and Regional Planning; 02. Faculty of Architecture; 01. Izmir Institute of Technology
    Research background: Taylor rule is a widely adopted approach to follow monetary policy and investigate various mechanisms related to or triggered by monetary policy. To date, no in-depth examination of scale, determinants and spillovers of state-level monetary policy stress, stemming from the Federal Reserve Board's (Fed's) policy has been performed. Purpose of the article: This paper aims to investigate the nature of monetary policy stress on US States delivered by the single monetary policy by using a quarterly dataset spanning the years between 1989 and 2017. Methods: We apply a wide array of time series and panel regressions, such as unit root tests, co-integration tests, co-integrating FMOLS and DOLS regressions, and Spatial Panel SAR and SEM models. Findings & value added: When average stress imposed on states is calculated, it is observed that the level of stress is moderate, but the distribution across states is asymmetric. The cross-state determinants behind the average stress show that states with a higher percentage of working-age and highly educated population, as well as those with higher population density and more export-oriented are negatively stressed (i.e. they experience excessively low interest rates), whereas higher unemployment rate contributes to a positive stress (too high interest rates). To the best of our knowledge, the contribution of this paper lies in estimating monetary policy stress at the state level and unveiling some of the determinants of this stress. Moreover, the paper makes the first attempt to empirically test spatial spillovers of the stress, which are indeed found significant and negative.
  • Article
    Citation - WoS: 17
    Citation - Scopus: 15
    Analyzing Housing Price Determinants in Izmir Using Spatial Models
    (Elsevier, 2022) Elburz, Zeynep; Sayın, Zeynep Melike; Duran, Hasan Engin; 01. Izmir Institute of Technology; 02.03. Department of City and Regional Planning; 02. Faculty of Architecture
    The vast majority of the studies on house price dynamics focus on either structural/locational/demographic variables in a cross-sectional setting (i.e., hedonic price modeling) or on the impact of macroeconomic fundamentals in a time series framework. In this work, we argue that both approaches fall short of providing adequate information as cross-sectional analyses largely ignore the macro-dynamics, whereas time series approaches fail to incorporate the cross-sectional dimension. Current work combines both dimensions in a panel framework and provides, in this way, a methodological contribution as well as more informative analyses as it captures the impact of a wide array of variables. Thus, this study examines the housing prices in Izmir/Turkey by adopting the above-mentioned dimensions with both panel and spatial panel regressions. The study area consists of 212 neighborhoods located in different districts of Izmir. The period of analysis covers 30 months between 2017 and 2019. As an outcome of the empirical analyses, both structural/demographic, and macroeconomic variables were found evidently important. Hence, it is understood that all dimensions (structural/locational/demographic, macroeconomic) should be incorporated into comprehensive modeling. A high spatial dependence and positive spatial spillover effects were also detected.