Following the financial crises in November 2000 and February 2001, the Turkish government canceled the 2000-2002 disinflation and economic restructuring program on February 22, 2001, and introduced a new macroeconomic-policy program on April 14, 2001. According to this new program, the annual...

Ham petrol ithal fiyatlarindaki degismeler dolayisiyla akaryakit urunlerinin yurtici fiyatlarinda meydana gelen degismelerin Turkiye'deki olasi enflasyonist ve/veya deflasyonist etkileri, Kibritcioglu ve Kibritcioglu (1999) tarafindan kuramsal ve olgusal bilgiler isiginda sematik ve ampirik...

Ham petrol fiyatlarindaki artislarin petrol ithalatcisi ulkelerdeki olasi enflasyonist etkileri, ozellikle 1970’li yillarda Dunya’da yasanan iki buyuk petrol krizinden bu yana tartisilir olmustur. Bir ham petrol ithalatcisi olan Turkiye’de de, enflasyonun onemli kaynaklarindan birinin ham...

Potential output figures are important ingredients of many macroeconomic modelsand are routinely applied by policy makers and global agencies. Despite itswidespread use, estimation of potential output is at best uncertain and dependsheavily on the model. The task of estimating potential output...

We assess the correlation of supply and demand shocks between current countries in the euro area and EU accession candidates from 1993/1995 to 2002. Supply and demand shocks are recovered from estimated structural VAR models of output growth and inflation. Notably, the economic slowdown between...

This paper investigates the dynamics of output, employment and prices in an economy with costs of adjusting labor and prices. In an economy with non convex adjustments costs, firms do not adjust labor and prices continuously to accommodate every shift in demand. Rather, firms adjust employment...

064Taylor's model of staggered contracts is an influential explanation for nominal inertia and the persistent real effects of nominal shocks. However, in standard imperfect competition models, if agents are allowed to choose the timing of pricing decisions, they will typically choose to...

This paper investigates whether monetary policy has asymmetric effects on stock returns using Markov-switching models. Different measures of the stance of monetary policy are adopted. Empirical evidence from monthly returns on the standard & Poor 500 (S&P 500) price index suggests that monetary...

This paper is a follow-on to our earlier paper, "Bifurcations in Continuous-Time Macroeconomic Systems." In this paper, we determine the stability properties of the UK continuous time macroeconometric model on its bifurcation boundaries and we test the null hypothesis that the model's parameters...

Much research on the dynamics of the aggregate economy concerns the adjustment policy of the microeconomic units. This paper investigates the optimal adjustment policy when there are seasonal fluctuations and fixed adjustment costs. The optimal policy in this case can be described in terms of...