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Article Citation - WoS: 6Citation - Scopus: 4Is real per capita state personal income stationary? New nonlinear, asymmetric panel-data evidence(Wiley, 2020) Emirmahmutoglu, Furkan; Gupta, Rangan; Miller, Stephen M.; Omay, TolgaThis paper re-examines the stochastic properties of U.S. state real per capita personal income, using new panel unit-root procedures. The new developments incorporate non-linearity, asymmetry, and cross-sectional correlation within panel-data estimation. Including nonlinearity and asymmetry finds that 43 states exhibit stationary real per capita personal income whereas including only nonlinearity produces 42 states that exhibit stationarity. Stated differently, we find that two states exhibit nonstationary real per capita personal income when considering nonlinearity, asymmetry, and cross-sectional dependence.Article Citation - WoS: 7Citation - Scopus: 6Oil and Stock Prices: New Evidence From a Time Varying Homogenous Panel Smooth Transitionvecmfor Seven Developing Countries(Wiley, 2022) Ceylan, Resat; Ivrendi, Mehmet; Shahbaz, Muhammed; Omay, TolgaThis paper investigates the relationship between international oil price and stock prices applying the time varying causality testing over the period of 2000(M1)-2017(M3). The panel unit root and panel cointegration tests considering cross-section dependence are also employed. A time varying panel smooth transition vector error correction (TV-PSTRVEC) model is a developed and estimated for testing the presence of non-linear short-run and long-run causality, and cointegrating relationship between stock and oil prices. The empirical findings indicate that short and long-run causalities between oil price and stock prices are time-dependent. Moreover, oil price cause stock prices in the long-run. In the short-run, neutral effect exists between oil price and stock prices. These two findings are evidence of a strong exogeneity of oil price in time-dependent regimes which is also supporting the recent arguments and empirical findings.Article Citation - WoS: 1Citation - Scopus: 2A Tale of Two Taxes: State-Dependency of Tax Policy(Wiley, 2024) Arin, Kerim Peren; Gahramanov, Emin; Omay, Tolga; Tang, Xueli; Ulubasoglu, Mehmet A.In this paper, we build a simple endogenous growth model with labour and corporate taxes to investigate the asymmetric effects of tax policy over the growth trajectory. We employ a newly developed panel smooth transition model to empirically analyse a sample of 19 advanced economies over the 1961-2017 period. We find that both the asymmetric effects and the tax measures used are essential. We also find that the effects of corporate and personal taxes on long-run growth are non-linear, while the detrimental effects of personal taxes are empirically larger compared to those of corporate taxes once non-linearities are controlled for.
