This study comes up with a measure of the structural budget balance for the Turkish economy between 2006-2010 in order to assess fiscal stance and evaluate the sensitivity of the budget balance with respect to the business cycles. Calculating structural budget balance requires three steps:...

Turkish economy in the aftermath of the global crisis has faced an unprecedented divergence between domestic and external demand. Increasing risks in the face of surging short-term capital inflows, deteriorating current account deficit and rapid credit growth have called for an alternative...

This paper compares the ability of different market instruments in terms of predicting monetary policy decisions to find out which one best captures market participants policy expectations. Towards this end, policy rate expectations implied by various market instruments and different approaches...