Researcher:
Artuç, Erhan

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Faculty Member

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Erhan

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Artuç

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Artuç, Erhan

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2008 - 20103

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Researcher Of Publications: search.filters.isAuthorOfPublication.b7b968ce-0c82-4b45-a8d8-668a03aa7fe9

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    Trade shocks and labor adjustment: a structural empirical approach
    (American Economic Association (AEA), 2010) Chaudhuri, Shubham; McLaren, John; Department of Economics; Artuç, Erhan; Faculty Member; Department of Economics; College of Administrative Sciences and Economics
    The welfare effects of trade shocks turn on the nature and magnitude of the costs workers face in moving between sectors. Using an Euler-type equilibrium condition derived from a rational expectations model of dynamic labor adjustment, we estimate the mean and variance of workers' switching costs from the US CPS. We estimate high values of both parameters, implying slow adjustment of the economy and sharp movements in wages in response to trade shocks. However, import-competing workers can still benefit from tariff removal; liberalization lowers their wages in the short and long run but raises their option value.
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    Discount window borrowing after 2003: the explicit reduction in implicit costs
    (Elsevier Science Bv, 2010) Department of Economics; Department of Economics; Artuç, Erhan; Demiralp, Selva; Faculty Member; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; College of Administrative Sciences and Economics; N/A; 42533
    In 2003, the Federal Reserve introduced primary credit as its main discount window lending program. This program replaced the adjustment credit program, which, subject to a number of restrictions, had generated a stigma associated with borrowing from the Federal Reserve. Lessening the stigma of borrowing was viewed as essential for reducing the reluctance to borrow from the Federal Reserve. We develop a structural model of daily borrowing. Using this model, we estimate the implicit cost associated with borrowing. Our results suggest that the stigma of borrowing is significantly reduced. (C) 2009 Elsevier B.V. All rights reserved.
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    Delay and dynamics in labor market adjustment: simulation results
    (Elsevier, 2008) Chaudhuri, Shubham; McLaren, John; Department of Economics; Artuç, Erhan; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/A
    We simulate numerically a trade model with labor mobility costs added, modeled in such a way as to generate gross flows in excess of net flows. Adjustment to a trade shock can be slow with plausible parameter values. In our base case, the economy moves 95% of the distance to the new steady state in approximately eight years. Gross flows have a large effect on this rate of adjustment and on the normative effects of trade. Announcing and delaying the liberalization can build – or destroy – a constituency for free trade. We study the conditions under which these contrasting outcomes occur.