In the midst of the current financial crisis the economics profession has seen a monumental resurrection of Keynesian ideas. The debate, which Keynes started back in the 1930s, is being picked up again, not where it left off, but in exactly the same place it started. While Keynesian theories...

Writing over 230 years ago, Adam Smith noted the 'juggling trick' whereby governments hide the extent of their public debt through 'pretend payments.' As the fiscal crises around the world illustrate, this juggling trick has run its course. This paper explores the relevance of Smith’s juggling...

In this paper the causality relationships between the inflationary process, experienced by the Turkish economy, and some main money supply measures have been tried to be investigated, and the direction of these relationships has also been aimed to be determined through the vector autoregression...

In this paper, a money demand model constructed on currency in circulation is used to determine the appropriate alternative cost to hold monetary balances in the Turkish economy. Our estimation results, using contemporaneous multivariate co-integration methodology, indicate that the most...

The main purpose in this paper is to investigate the determinants of the inflationary process in the Turkish economy. For this purpose, based on a some potential consequential reasons, a vast literature is tried to be investigated on the Turkish inflation, and a model attempt on inflation...

This paper examines the extent to which changes in exchange rates result in changes in Turkish domestic inflation. Specifically, we determine if there has been a change in the magnitude of this impact from the pre-2003 period to the post-2003, when the exchange rates were allowed to float....

In this paper, a reserve money demand model is tried to be constructed for the Turkish economy. Using contemporaneous multivariate co-integration methodology for the investigation period 1987Q1-2007Q3 of the quarterly observations, we find that the real income elasticity of money demand is...