This paper analyzes how forming a monetary union affects consumption and earnings inequalities caused by adopting a common currency. We use a two country overlapping-generations model to investigate these effects. When countries choose to form a monetary union, the country with higher initial...

Bu calismada, para politikasi uygulamalarindan etkilenmesi beklenen ve bu yonuyle para otoritesi acisindan onem tasiyan dayanikli tuketim mallari fiyatlarinin gelisiminde rol oynayan faktorler incelenmektedir. Elde edilen bulgular, dayanikli tuketim mali sektorunun disa acik konumu ve buna bagli...

In this study we investigate the duration of consumer price spells and the price change patterns for Turkey. The study employs the most comprehensive unofficial micro price data so far for Turkey covering around 6000 items over four years which comprises a major part of the Consumer Price Index...

This study analyses the impact of exchange rates on domestic prices in Turkey. We seek to demonstrate the variations (if any) in the exchange rate pass-through across different exchange rate regimes, identify the determinants of this change, and characterize the degree and extent of pass-through...

The objective of this paper is to study the changes in the monetary policy transmission mechanism in Turkey. The analysis hinges upon both qualitative and quantitative evidence regarding various channels of monetary policy transmission. The arguments about the extent of the exchange rate,...

Finansal sektoru anlamanin onemi kuresel krizle birlikte daha acik bir sekilde ortaya cikmis, sektorun yapisi ve isleyisi makroekonomik politikalara yonelik tartismalarin odak noktasini olusturmustur. Bu anket calismasi Turkiye’deki finansal sistemin buyuk bir kismini olusturan bankacilik...

We provide Bayesian estimates of an empirical model of consumer price inflation for Turkey based on the hybrid New Keynesian Phillips Curve. We decompose real marginal costs into domestic and foreign components and focus particularly on identifying the effect of the domestic component. We find...

In this paper, we revisit the unsettled discussion of whether retail fuel oil prices respond asymmetrically to oil price shocks. Using a novel micro approach that considers each price spell separately; we find evidence of pass-through asymmetry in the fuel oil market in Turkey. With our approach...

Using a national panel of housing units, this paper documents that the rate of nominal rigidities in housing rents is high in Turkey between 2008 and 2011. We find that, on average, 31.5 percent of the rents did not change from year to year in nominal terms. We then ask if the incidence of...

This paper estimates NAIRU (Non-Accelerating Inflation Rate of Unemployment) for the Turkish economy as an unobserved stochastic variable by systems approach. Based on a Phillips curve equation combined with an Okun law for output gap and unemployment gap, the systems approach imposes stochastic...