This paper assesses the effect of soccer success on stock market returns for three big Turkish teams (Besiktas, Fenerbahce and Galatasaray) after certain characteristics of the stock market are controlled for. The empirical evidence presented here suggests that Besiktas's win against foreign...

It is a well-established regularity that permanent oil price shocks do not have a permanent effect on the current account deficit. This requires that sub-components of the current account or trade balance will make the necessary adjustments to accommodate the higher energy bill of a country...

Total factor productivity (TFP) is an important component of growth for most countries. This paper assesses the role of macroeconomic instability on TFP growth. We consider volatility in inflation, openness of an economy and financial market deepness as measures of macroeconomic instability....

This paper tests the validity of the Fisher hypothesis, which establishes a positive relation between interest rates and expected inflation, for the G7 countries and 45 developing economies. For this purpose we estimate a version of the GARCH specification of the hypothesis for all countries...

This article examines whether various macroeconomic policy shocks have different effects on overall unemployment rate and the unemployment rate by different levels of education in Turkey. These effects are assessed for total, male and female unemployment rates separately. To examine the...