After the publication of Keynes' "General Theory," economics was frequently described as schizophrenia: (neo-) classical at the micro-level, but Keynesian at the macro-level. In actuality, Keynes' revolution was, to a substantial part, based on the behavioral micro-foundations of the world we...

Purpose – The purpose of this paper is to provide a framework for connecting macro‐ and micro‐level research on competitiveness. Design/methodology/approach – Based on some major international survey research reports (by the WEF, IMD, OECD, and the EU) and research experience, a gap is...

Purpose – The purpose of this paper is to show the feasibility of effectual ethics on foundations of micro and macro issues of economics. Design/methodology/approach – In this paper, the library research method has been used to reflect some ideas about the necessity of changing the concept...

Purpose – To examine in depth one of the currency crises proliferating in emerging markets during the last decade. Design/methodology/approach – Three “generations” of currency crisis models are used to identify vulnerabilities facing the Turkish economy in the period 1999‐2000,...

Purpose – The purpose of this paper is to investigate the determinants of the timing of bank failure in North Cyprus over the period of 1984‐2002 using a discrete‐time logistic survival analysis. Design/methodology/approach – The empirical methodology employed in the paper allows for the...

Macroeconomic and microeconomic data paint conflicting pictures of price behavior. Macroeconomic data suggest that inflation is inertial. Microeconomic data indicate that firms change prices frequently. We formulate and estimate a model which resolves this apparent micro - macro conflict. Our...

Many recent studies in macroeconomics have focused on the estimation of DSGE models using a system of loglinear approximations to the models' nonlinear equilibrium conditions. The term macroeconometric equivalence encapsulates the idea that estimates using aggregate data based on first-order...