This paper examines whether there is an asymmetry in the effects of positive versus negative and small versus big money supply shocks, and whether the effects of the shocks on output and prices vary over the business cycles in the case of Turkey. Negative shocks to money are found to have...

In this paper, we re-examine the stochastic behaviour of per capita total primary energy consumption across 178 countries around the world. For this purpose, in addition to conventional unit root tests, we apply newly developed tests that allow for nonlinear adjustments and structural breaks in...

This article tests the validity of Purchasing Power Parity (PPP) for Commonwealth of Independent States (CIS) countries. For this purpose we test whether the real exchange rate series of 10 CIS countries vis-a-vis the US dollar follow a stationary process. Considering the fact that the CIS...

Türkiye'de 2001 yılında yapılan yasal düzenleme ile birlikte, para politikasının birincil hedefi fiyat istikrarının sağlanması olarak belirlenmiş ve enflasyon hedefleme stratejisi benimsenmiştir. Bununla birlikte, 2000'li yıllarda enflasyonu düşürme çabalarının yanısıra...