We use time-series analysis to examine bank behavior with respect to credit supply employing both banking data and other financial variables for the Turkish economy over the 1990 – 2009 period. We provide a vector error-correction (VEC) model to test for multivariate cointegration and Granger...

Unrecorded economic activities have an important weight, especially in developing countries where environmental regulations are gradually pursued. Both theoretical and empirical studies on the subject which do not take into account the existence of unrecorded economy may not provide a complete...

Based on the recent developments in the high-frequency econometrics and asymmetric GARCH modeling literature, I develop a novel model that accounts for the volatility feedback and leverage effects, effectively incorporating signed continuous and jump components of the realized variance in the...

We propose identifying the drift and the diffusion functions of an ergodic scalar stochastic differential equation using repeated eigenfunction estimation. The transition density will be estimated in a new way involving Kolmogorov’s backward equation, neural networks and functions of our...

We continue the work of Aumann (Ann. Statist. 4 (1976), 1236-1239), Geanakoplos and Polemarchakis (J. Econ. Theory 28 (1982), 192-200) on common knowledge and consensus, reconsidering the arguments and the findings of both Aumann (1976) and Geanakoplos and Polemarchakis (1982) and offering...

In this paper we use Turkish household labor force data to address a number of conceptual issues pertaining to the wage curve, an empirically derived negative relationship between the real wage level and the local unemployment rate. First, we estimate the wage curve using various definitions of...

Ljungqvist and Sargent (1998, 2008, 2007a, 2007b) impute the persistence of long term unemployment in Europe since 80s to the welfare state’s inability to cope with more turbulent times. They claim that global economic conditions have been more turbulent in the 80s and 90s, comparing to the...

We offer an alternative explanation for the decline in labor force participation of senior workers. Typically, tax and transfer explanations have been proposed. On the contrary, a model with imperfectly competitive labor market allows to consider as well the effects of a drop in bargaining...

In this paper, we investigate the effect of the minimum wage on the entire wage distribution. More specifically, we address the issue of wage inequality by taking into account the potential distributional outcomes of the minimum wage legislation. We decompose the wage differences and the changes...

This paper applies the method of Barro and Sala-i Martin to the stability analysis of the Romer model and verifies sufficient conditions for its application.