Liberal dusunce 1830’lu yillardan itibaren Osmanli Imparatorlugu’nda taraftar bulurken, liberal politikalar genel ekonomik yapiyi olumsuz etkilemis ve 1847 yilinda ilk banka kurulmustur. Cumhuriyet’le birlikte Turkiye’de piyasa kosullarinin egemen olacagi iktisadi duzenin...

This paper examines the time-series properties of the price level in five inflation-targeting countries. For the regimes in Australia, New Zealand, Sweden, and the United Kingdom, the price level wanders away from the path implied by the inflation target, and test results suggest that it has a...

Prudential instruments are commonly seen as the tools that can be used to deliver the macroprudential policy goals of reducing the frequency and severity of financial crises. And interest rates are traditionally viewed as the means to deliver the macroeconomic stabilization goals of low, stable...

This paper provides new insights about the existence of expansionary fiscal consolidations in the Economic and Monetary Union, using annual panel data for 14 European Union countries over the period 1970-2012. Different measures for assessing fiscal consolidations based on the changes in the...

This paper examines the relationship between monetary policy uncertainty and the term structure of interest rates. Extending the Ellingsen and Soderstrom (2001) model, we demonstrate that long-term interest rates are positively related to monetary policy uncertainty, with the magnitude...

This paper aims primarily to propose the framework for estimating the optimal levels of capital at banks with broad perspectives, elaborating factors such as liquidity and macroeconomic conditions. First, we attempt to reorganize the variety of policy proposals for enhancing financial sector...

Monetary policy became more difficult to characterize during and after the mortgage foreclose and financial crises because of a shift to a new credit policy focused on private sector credit and that relies on traditional commercial banking strategies. The new credit policy broke the tight link...

This article describes experimental economics, in general, and new developments in experimental macroeconomics, in particular. The approach has a clear niche in providing evidence on economic phenomena that cannot be observed directly or that are difficult to measure. Experimental work conducted...

E tanulmányban azt vizsgáljuk, hogy miként alkalmazkodik egy kis, nyitott gazdaság a külső finanszírozási feltételek hirtelen romlásához. A hitelválságot nemlineáris specifikációval modellezzük, amely kezelhető módon jeleníti meg a hitelezési korlátokat. Megközelítésünk...

This article summarizes the proceedings of a conference hosted by the Bank of Canada in November 1995. The conference examined the interaction between monetary policy operations and the money market. It provided an opportunity to assess current operations before the introduction of a large-value...