Quantifying and Explaining Stickiness in Housing Rents: A Turkish Case Study with Micro-Level Data

Using a national panel of housing units, this paper documents that the rate of nominal rigidity in housing rents is high in Turkey between 2008 and 2011. We find that, on average, 31.5 percent of the rents did not change from year to year in nominal terms. We then ask if the incidence of nominal rigidity depends on the turnover status of the housing unit. We show that 35.4 percent of the nonturnover units had rigid rents, while for only 17.1 percent of the turnover units rents did not change. We also present evidence that grid pricing is associated with more than half of the nominal rigidity in housing rents in our sample. The household- and individual-level determinants of the nominal rigidity in rents and turnover status are also investigated using the micro-level details available in our dataset. We document that, relative to the low-income tenants, high-income tenants are less likely to have rigid rents and they are also less likely to change units frequently. This finding suggests that search and moving costs impose frictions that amplify the opportunity costs of high-income tenants; thus, they are more likely to agree on reasonable rent increases for the purpose of saving time and reducing emotional stress

Quantifying and Explaining Stickiness in Housing Rents: A Turkish Case Study with Micro-Level Data

Using a national panel of housing units, this paper documents that the rate of nominal rigidity in housing rents is high in Turkey between 2008 and 2011. We find that, on average, 31.5 percent of the rents did not change from year to year in nominal terms. We then ask if the incidence of nominal rigidity depends on the turnover status of the housing unit. We show that 35.4 percent of the nonturnover units had rigid rents, while for only 17.1 percent of the turnover units rents did not change. We also present evidence that grid pricing is associated with more than half of the nominal rigidity in housing rents in our sample. The household- and individual-level determinants of the nominal rigidity in rents and turnover status are also investigated using the micro-level details available in our dataset. We document that, relative to the low-income tenants, high-income tenants are less likely to have rigid rents and they are also less likely to change units frequently. This finding suggests that search and moving costs impose frictions that amplify the opportunity costs of high-income tenants; thus, they are more likely to agree on reasonable rent increases for the purpose of saving time and reducing emotional stress

Turkiye’de Imalat Sanayindeki Firmalarin Fiyatlama Davranisi

Bu calismada, Turkiye Cumhuriyet Merkez Bankasi tarafindan 2005 yili Mayis-Temmuz aylari arasinda ozel imalat sanayinde yer alan 999 firmaya uygulanan ve firmalarin fiyatlama politikalarinin incelendigi “Firmalarin Fiyatlama Davranisi Anketi” projesinin sonuclari degerlendirilmektedir. Elde edilen sonuclara gore, urun fiyatlarinin belirlenmesinde rakip fiyatlari goz onune alarak belirlenen degisken kar marji uygulamasinin oldukca yaygin oldugu gorulmektedir. Bu sonuc, firmalarin fiyat alici olmaktan ziyade, fiyat yapici olduklarini gostermektedir. Imalat sanayinde faaliyet gosteren firmalarin yaklasik yuzde 36,0’inin ana urun fiyatinin bir degiskene endeksli olmasi, endeksleme davranisinin imalat sanayi icindeki onemini korudugunu gostermektedir. Firmalarin fiyatlarini gozden gecirirken normal zamanlarda agirlikli olarak zamana bagli bir politika takip ettikleri ve zaman araligi olarak ise aylik gozden gecirmelerin one ciktigi gorulmektedir. Bu sonuca, firmalarin maliyet veya talepteki soklara cevap vermeleri icin gecmesi gereken sure olarak bir aylik bir sureyi belirtmeleri de eklenince, fiyatlari degistirmede aylik periyotlarla hareket etmenin oldukca yaygin oldugu ortaya cikmaktadir. Maliyet ve talep soklarinin fiyatlar uzerindeki etkileri asimetrik bir yapi gostermektedir. Maliyet degisimleri fiyatlari dusurmeye kiyasla artirmada daha etkilidir. Talepte ise tersi bir durum soz konusudur; yani firmalar talepteki dususlere, artislara kiyasla daha duyarli davranmaktadirlar. Hem gozden gecirme sikliginin yuksek olmasi hem de ankette sinanan katilik teorilerine atfedilen onem duzeylerinin cok yuksek olmamasi nominal katiliklarin belirgin olmadigina isaret etmektedir. Boyle bir sonucun ortaya cikmasi, enflasyonist bir ortamda karsilasilan soklar sonrasi fiyatlari degistirmenin getirisinin, degistirmemenin saglayacagi faydaya kiyasla daha fazla olmasiyla aciklanabilir.Fiyatlama Davranisi, Fiyat Katiligi, Endeksleme, Fiyatlama Anketi

Relationship of Epicardial Adipose Tissue Thickness with Early Indicators of Atherosclerosis and Cardiac Functional Changes in Obese Adolescents with Metabolic Syndrome

Objective: Epicardial adipose tissue thickness (EATT) is suggested as a new cardiometabolic risk factor. Carotid intima-media thickness (IMT) is a potential indicator of subclinical atherosclerosis in patients with metabolic syndrome (MS). We investigated the association of EATT with carotid IMT and cardiac functional changes in obese adolescents with MS. Methods: One hundred thirty-eight obese adolescents and 63 lean subjects were enrolled in the study. The obese subjects were divided into two subgroups based on the presence or absence of MS (MS group and non-MS group). All subjects underwent transthoracic echocardiographic examination for determination of left ventricular (LV) function, LV mass index (LVMI), and myocardial performance index (MPI). EATT and carotid IMT were also measured during echocardiography. Results: The average LVMI measurements were higher in both MS and non-MS obese patients in comparison with the lean children. The MS group had significantly higher LVMI measurements than the non-MS and lean groups (88.5 +/- 23.0, 67.5 +/- 24.8 g/m(2), and 62.4 +/- 18.2 g/m(2), respectively; p<0.01). Carotid IMT was higher in both the MS and non-MS obese patients in comparison with the lean group. The MS group had significantly higher carotid IMT measurements than the non-MS and lean groups (0.91 +/- 0.23, 0.78 +/- 0.18, and 0.52 +/- 0.08 mm, respectively; p<0.01). The EATT was also increased significantly in patients with MS compared to lean adolescents (7.42 +/- 1.55 vs. 4.28 +/- 0.79 mm; p=0.001). EATT was positively correlated with body mass index-SDS, waist circumference, fasting glucose, insulin, homeostasis model assessment-insulin resistance, triglyceride levels, LV thickness, LVMI, and MPI in the MS obese group. EATT was the only independent predictor of carotid IMT in the multivariate analysis (beta= 0.69, p<0.001). Conclusion: The findings of the present study demonstrate a close relationship of EATT with carotid IMT and early cardiac dysfunction in obese adolescents with MS. Assessment of EATT and carotid IMT in routine echocardiographic examinations is suggested as a feasible and reliable method for the evaluation of obesity with MS and its related cardiovascular risks in children and adolescents.Publisher's Versio

Relationship of Epicardial Adipose Tissue Thickness with Early Indicators of Atherosclerosis and Cardiac Functional Changes in Obese Adolescents with Metabolic Syndrome

Objective: Epicardial adipose tissue thickness (EATT) is suggested as a new cardiometabolic risk factor. Carotid intima-media thickness (IMT) is a potential indicator of subclinical atherosclerosis in patients with metabolic syndrome (MS). We investigated the association of EATT with carotid IMT and cardiac functional changes in obese adolescents with MS. Methods: One hundred thirty-eight obese adolescents and 63 lean subjects were enrolled in the study. The obese subjects were divided into two subgroups based on the presence or absence of MS (MS group and non-MS group). All subjects underwent transthoracic echocardiographic examination for determination of left ventricular (LV) function, LV mass index (LVMI), and myocardial performance index (MPI). EATT and carotid IMT were also measured during echocardiography. Results: The average LVMI measurements were higher in both MS and non-MS obese patients in comparison with the lean children. The MS group had significantly higher LVMI measurements than the non-MS and lean groups (88.5±23.0, 67.5±24.8 g/m2, and 62.4±18.2 g/m2, respectively; p<0.01). Carotid IMT was higher in both the MS and non-MS obese patients in comparison with the lean group. The MS group had significantly higher carotid IMT measurements than the non-MS and lean groups (0.91±0.23, 0.78±0.18, and 0.52±0.08 mm, respectively; p<0.01). The EATT was also increased significantly in patients with MS compared to lean adolescents (7.42±1.55 vs. 4.28±0.79mm; p=0.001). EATT was positively correlated with body mass index-SDS, waist circumference, fasting glucose, insulin, homeostasis model assessment-insulin resistance, triglyceride levels, LV thickness, LVMI, and MPI in the MS obese group. EATT was the only independent predictor of carotid IMT in the multivariate analysis (β= 0.69, p<0.001). Conclusion: The findings of the present study demonstrate a close relationship of EATT with carotid IMT and early cardiac dysfunction in obese adolescents with MS. Assessment of EATT and carotid IMT in routine echocardiographic examinations is suggested as a feasible and reliable method for the evaluation of obesity with MS and its related cardiovascular risks in children and adolescents. Conflict of interest:None declared