This 20th edition of the NBER Macroeconomics Annual treats many questions at the cutting edge of macroeconomics that are central to current policy debates. The papers and discussions include an analysis of the differential between American and European unemployment rates, with the authors of the...

The Granger-causality (GC) and error correction (ECM) techniques were applied 1980-2005 data for Turkey to examine cointegration and causality among foreign direct investment(FDI) in tourism sector, overall GDP, and exchange rate volatility (EX). According to the ECM technique, the hypothesis...

Turkey has always been grappled with economic crises since its foundation. The human resources and economic potential inherited from Ottoman Empire are both insufficient and poor-quality. In addition, the new political and ideological regime had not been accepted by nationals for a while....

It is widely known that Muslim society inherited an interest based financial intermediation system from others instead of developing their own banking system. However, Muslim Economists and scholars around the world made efforts to have and develop their own financial intermediation since there...

The financial crisis that erupted in 2007, continues in 2008 and likely continues longer, is in need for explanation by economic theory. The monetary authorities and financial regulators provide us with piecemeal engineering on the fly but there is a lack of overview. The lack of convincing...

The problems Turkey faces today are because of neither poor performances of a few governments nor solely economic factors. Turkey has serious structural difficulties in the fields of economic, political and human rights which have been seen in totalitarian and authoritarian countries of Latin...

This study attempts to examine empirically aggregate tourism outflows in the case of Turkey using the time series data for the period 1970-2005. As far as this article is concerned, there exists no previous empirical work dealing with the tourist outflows from Turkey. The previous tourism...

The present essay constitutes a plea to widen macro-economic analysis and "new political economics" by utilizing the procedure of "analytic narratives" that has been successfully put to the test by economic historians.

We prove the generality of the methodology proposed in Benigno and Woodford (2006). We show that, even in the presence of a distorted steady state, it is always possible and relatively simple to obtain a purely quadratic approximation to the welfare measure. We also show that, in order to do so,...

Unemployment in the big continental European economies like France and Germany has been substantially increasing since the mid 1970s. So far it has been difficult to empirically explain the increase in unemployment in these countries via changes in supposedly employment unfriendly institutions...