Managerial delegation is essential for firm growth. While firms in poor countries often shun outside managers and instead recruit among family members, the pattern is quite the opposite for firms in rich countries. In this paper, we ask whether these differences in managerial delegation have...

[TR] Bu calismada Bayesci yontem kullanilarak Turkiye’de çikti acigini temel bilesenlerine ayristiran bir çerçeve sunulmaktadir. Sonuclarimiz, Lehman krizini takip eden surecte Turkiye’de ic ve dis talep arasinda ciddi bir ayrisma yasanirken, ekonomi genelinde asiri bir isinma olmadigini...

Bu calismada, para politikasi kararlarinin piyasalar tarafindan beklenen ve beklenmeyen kisimlari ayristirilarak, Merkez Bankasi’nin faiz kararlarinin finansal piyasalardaki goreli uzun vadeli faiz oranlari ve IMKB-100, IMKB-Mali, doviz kuru, risk primi gibi degiskenler uzerindeki etkisi...

This study documents the stylized facts about the business cycles in Turkey using quarterly data between 1987 and 2009. In particular, we document the business cycle turning points and average duration of cycles for Turkey, as well as the optimal smoothing parameter for Hodrick-Prescott (HP)...

This study aims at estimating the optimal smoothing parameter for Hodrick-Prescott filter for Turkey using 1987-2007 quarterly real Gross Domestic Product (GDP) data. Two alternative methods, proposed by Pedersen (2001) and Dermoune et al (2008) are used for estimation which gives the values for...

This paper studies how incorporation, which provides limited liability to firm owners, affects firm dynamics and macroeconomy. I propose an endogenous growth model of firm dynamics with endogenous entry and exit, where firms spend resources to improve their productivity and choose whether to...

This paper investigates a unique policy designed to maintain employment during the privatization of East German firms after the fall of the Iron Curtain. The policy required new owners of the firms to commit to employment targets, with penalties for non-compliance. Using a dynamic model, we...

There is a large literature on the role infrastructure plays in economic development, but few papers document the causal effect of infrastructure on the sustainability of natural resources. We examine the effect of the arrival of two new national highways on ground water levels in a small...