[TR] Bu notta belirsizlik ile firmalarin yatirim beklentileri arasindaki iliski Iktisadi Yonelim Anketi (IYA) verileri kullanilarak incelenmektedir. Firmalarin yatirim kararlarini verirken icinde bulundugu belirsizlik, IYA’ya verdikleri cevaplardan elde edilen uretim hacmi beklenti hatalarinin...

We use annual, quarterly and monthly data from the US to show that the correlation between housing prices and transaction volume (number of existing houses sold) di¤ers across di¤erent frequencies. While the correlation is high at the low frequencies it declines to the levels close to zero at...

In this paper, we show that tradable and non-tradable TFP processes of the US and Europe have unit roots and can be modeled by a vector error correction model (VECM). Then, we develop a standard two country and two good (tradable and non-tradable) DSGE model. Our model implies that using...

I study the general equilibrium of the housing market in an economy populated by over-lapping generations of households. A contribution of the present paper is to solve for the housing market equilibrium in the presence of aggregate (interest rate) uncertainty with a realistic mortgage contract....

The extent of interaction between international capital flows and macro-financial stability is an important and unsettled topic of debate. We contribute to this discussion by providing empirical evidence on the relationship between capital flows and domestic credit growth using a large...

In this paper, we incorporate a price search decision into an incomplete markets model and differentiate consumption from expenditure. In our model, consumers are allowed to allocate part of their time on searching for low prices which leads to an endogenous price dispersion. A plausibly...

Bu calismada Turkiye icin nufus dagilimi dinamiklerinin uzun donemde konut talebi uzerindeki etkisi incelenmektedir. TUIK hanehalki butce anketi verileri kullanilarak hanehalki konut talebi hanehalkindaki bireylerin yas araliklari ile iliskilendirilmis ve her bir yas araligi icin konut talebi...

The aim of this study is to analyze the relationship between uncertainty and economic activity. For this purpose, we use a confidential firm level panel data set (Business Tendency Survey) from Turkey to form three uncertainty measures, namely total, idiosyncratic and aggregate uncertainty. In...

We analyze the global imbalances and the required adjustments for rebalancing in current accounts and real exchange rates. We set up a two-country two-sector model for the US-China with two asymmetries. First, we assume that the size of China initially is one third of the US but its size becomes...

This paper analyzes the dynamics of risk premia, real exchange rates and portfolio movements in a two-country, two-good, two-bond model. We use an asymmetric set-up in the model, where one of the countries is emerging and the other one is developed and both countries issue bonds in domestic...