School of Economics and Finance · Te Kura Ohaoha Pūtea: Working Paper Series: Recent submissions

  • Trading dynamics with adverse selection and search: Market freeze, intervention and recovery 
    Chiu, Jonathan; Koeppl, Thorsten V (Te Herenga Waka—Victoria University of Wellington, 2016)
    We study trading dynamics in an asset market where the quality of assets is private information and finding a counterparty takes time. When trading ceases in equilibrium as a response to an adverse shock to asset quality, ...
  • On the essentiality of E-money 
    Chiu, Jonathan; Wong, Tsz-Nga (Te Herenga Waka—Victoria University of Wellington, 2016)
    Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different ...
  • US-China trade: Who is telling the truth? 
    Shaar, Karam; Baharumshah, Ahmad Zubaidi (Te Herenga Waka—Victoria University of Wellington, 2016)
    Econometric studies investigating the US-China trade have largely retrieved data from one side only, mainly the US. There is a considerable difference between what each partner claims to have actually traded with the other. ...
  • US-China trade and exchange rate dilemma: The role of trade data discrepancy 
    Shaar, Karam; Baharumshah, Ahmad Zubaidi (Te Herenga Waka—Victoria University of Wellington, 2016)
    The US and China report substantially different figures regarding their trade with each other. Empirical studies suggest that neither the US nor China can be solely blamed for this discrepancy. Previous empirical studies ...
  • Infinite horizon hydroelectricity games 
    Robles, Jack (Te Herenga Waka—Victoria University of Wellington, 2016)
    We present an infinite horizon game between a hydro power plant and a thermal power plant. The Markov perfect equilibrium is characterized and related to the closed loop equilibrium of a one year finite horizon game. We ...
  • Attorney fees in repeated relationships 
    Graham, Brad; Robles, Jack (Te Herenga Waka—Victoria University of Wellington, 2016)
    We investigate contracts between a law firm and a corporate client involved in a repeated relationship. In contrast to the previous literature pertaining to one-time interactions between clients and attorneys, we find that ...
  • Inflation and the growth rate of money in the long run and the short run 
    Díaz-Giménez, Javier; Kirkby, Robert (Te Herenga Waka—Victoria University of Wellington, 2016)
    Between 1960 and 2013, in the United States the inflation rate was essentially proportional to the growth rate of money in the long run, but that relationship did not hold in the short run. We ask whether three standard ...
  • High times: The effect of medical marijuana laws on student time use 
    Chu, Luke Yu-Wei; Gershenson, Seth (Te Herenga Waka—Victoria University of Wellington, 2016)
    Medical marijuana laws (MMLs) represent a major change of marijuana policy in the U.S. Previous research shows that these laws increase marijuana use among adults. In this paper, we estimate the effects of MMLs on secondary ...
  • Viability of an economy with constrained inequality in a two tax system 
    O'Keefe, Maximilien D.; Krawczyk, Jacek B. (Te Herenga Waka—Victoria University of Wellington, 2016)
    Motivated by Karacaoglu's treasury paper concerning the sustainability and equity of capital, as well as by Piketty's research suggesting that income inequality will increase if no action is taken to remedy it, we search ...
  • The long-term consequences of natural disasters — A summary of the literature 
    Noy, Ilan; duPont IV, William (Te Herenga Waka—Victoria University of Wellington, 2016)
    The long-term economic impact of natural disasters is a subject that is highly debated among scholars. Several factors should be taken into consideration: These include the type and severity of natural disaster, the ...
  • The role of commercial insurance in post-disaster recovery: Quantitative evidence from the 2011 Christchurch earthquake 
    Poontirakul, Porntida; Brown, Charlotte; Noy, Ilan; Seville, Erica; Vargo, John (Te Herenga Waka—Victoria University of Wellington, 2016)
    We examine the role of business interruption insurance in business recovery following the Christchurch earthquake in 2011 in the short- and medium-term. In the short-term analysis, we ask whether insurance increases the ...
  • The measurement of disaster risk: An example from tropical cyclones in the Philippines 
    Yonson, Rio; Gaillard, J. C.; Noy, Ilan (Te Herenga Waka—Victoria University of Wellington, 2016)
    What shapes people’s disaster risk exposure? Using a sub-national (provincial) panel econometric and deductive approach we answer this question by focussing on tropical cyclones, and using the Philippines as a case study ...
  • A survey of the theory and measurement of economic vulnerability and resilience to natural hazards 
    Noy, Ilan; Yonson, Rio (Te Herenga Waka—Victoria University of Wellington, 2016)
    About four decades ago, the discourse on disasters was largely about natural hazards and their characteristics. The failure of this approach to substantially explain disaster impacts led to a change in paradigm. This new ...
  • The trade impacts of a food scare: The Fonterra contamination incident 
    Stojkov, Katarina; Noy, Ilan; Sağlam, Yiğit (Te Herenga Waka—Victoria University of Wellington, 2016)
    This paper presents the results of an investigation into the economic implications for New Zealand of the 2013 Whey Protein Concentrate contamination incident. It assesses the impact of this incident on dairy exports using ...
  • The household response to persistent natural disasters: Evidence from Bangladesh 
    Karim, Azreen (Te Herenga Waka—Victoria University of Wellington, 2016)
    We examine the short-run economic impacts of recurrent flooding on Bangladeshi households surveyed in 2000, 2005 and 2010. In 2010 Household Income and Expenditure Survey (HIES), households answered a set of questions’ on ...
  • Understanding Peer Effects: On the Nature, Estimation and Channels of Peer Effects 
    Feld, Jan; Zölitz, Ulf (Te Herenga Waka—Victoria University of Wellington, 2015)
    This paper estimates peer effects in a university context where students are randomly assigned to sections. While students benefit from better peers on average, low-achieving students are harmed by high-achieving peers. ...
  • Gender gap in upward mobility: What is the role of non-cognitive traits? 
    Chu, Luke Yu-Wei; Linz, Susan J. (Te Herenga Waka—Victoria University of Wellington, 2015)
    Do non-cognitive traits contribute to the gender gap in supervisory status and promotion? We use a large linked employer-employee dataset collected from six former socialist countries to assess the link between non-cognitive ...
  • Innovation and growth with financial, and other, frictions 
    Chiu, Jonathan; Meh, Cesaire; Wright, Randall (Te Herenga Waka—Victoria University of Wellington, 2015)
    The generation and implementation of ideas are crucial for economic performance. We study this in a model of endogenous growth, where productivity increases with innovation, and where the exchange of ideas (technology ...
  • The effect of payday lending restrictions on liquor sales 
    Cuffe, Harold E; Gibbs, Christopher G (Te Herenga Waka—Victoria University of Wellington, 2015)
    We exploit a change in lending laws to estimate the causal effect of restricting access to payday loans on liquor sales. Leveraging lender- and liquor store-level data, we find that the changes reduce sales, with the largest ...
  • Viability of an economy with constrained inequality 
    Krawczyk, Jacek B; Townsend, Wilbur (Te Herenga Waka—Victoria University of Wellington, 2015)
    Governments want to prevent high inequality while maintaining economic effi ciency. This paper investigates how an economy can satisfy both these constraints. We use the relative factor share as a proxy for inequality and ...

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