This paper provides new evidence on price dispersion in the US airline industry. Using the observed fare differences between refundable and non-refundable tickets, we first document evidence on the prices passengers pay for a refund option. We find that the factors related to the value of refund...

This paper develops new inference methods for m-dependent data. Our approach is based on sample splitting by regular sampling of original data at lower frequencies, so that standard techniques can be used for independent data in individual subsamples. We then explore several alternatives of...

This study finds evidence of an age restriction premium that is maintained over time and across varying market conditions. Prior research has demonstrated that the reduced uncertainty associated with private covenants and deed restrictions can be capitalized into value. Age-restricted...

This paper examines the persistent properties of 12 sectoral relative prices between Korea and Japan obtained following the Classification of Individual Consumption according to Purpose (COICOP) over the period of 1985-2016. Applying a new econometric method developed by Pesaran which controls...

This paper examines the persistence of relative consumer price indices for 15 regions in Korea including 6 metropolitan cities and 9 provinces over the period of 1990-2016. In particular, we ask if relative regional price indices contain a common stochastic trend and find that they are not. We...

English Abstract: We examine the predictability of real house price movements along with demographic shifts, using a long time series international panel data set that covers 17 advanced countries over the period of 1950-2015. Since demographic structures change slowly and housing markets adjust...

Korean Abstract: 미래환율의 변동을 정확하게 예측하는 것은 중앙은행, 금융시장 참가자 및 정책당국자에게 대단히 중요하다. 하지만 현존하는 다양한 경제모형들의 환율 예측력이 크지 않다는 것은 잘 알려진 사실이다. 예를...