Faculty of Economics, Administrative And Social Sciences
Recent Submissions
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Efficiency of the Turkish Stock Exchange with respect to Monetary Variables: A C
(Elsevier, 1996-05-10)In this study, we test the semistrong form of the efficient market hypothesis in Turkey by using the recently developed techniques in time series econometrics, namely unit roots and cointegration. The long run ... -
A note on price-volume dynamics in an emerging stock market
(Elsevier, 1996-03)We present a continuum economy with risk neutral. agents having heterogeneous expectations and restricted short sales. A stochastic version of the model is also formulated and the resulting time series behavior of the price ... -
Catching-up and innovation in high and low income countries
(Elsevier, 1997-01)The study utilizes a variant of the Malmquist Productivity Index computed by nonparametric linear programming techniques to empirically investigate the catching-up hypothesis for a group of high- and low-income countries. ... -
Dilemmas of Structural Adjustment and Environmental Policies under Instability
(Elsevier, 1996-02)The Turkish structural adjustment since 1980 has been associated with chronic instability. Since the late 1980s, the weaknesses in the fiscal system and the premature external liberalization emerge as the main factors ... -
Incomplete Information and Incentives to Free Ride on International Environment Resources
(Elsevier, 1996-05)This paper studies free-riding incentives on common environmental resources in an incomplete information repeated game where abatements are perishable and perfect substitutes. Two contrasting types of perfect Bayesian ... -
Central Bank independence and financing government spending
(Elsevier, 1998)This paper incorporates the effect of the central bank's independence into the government's optimum financing model. When the implications of the hypotheses are tested for eighteen OECD countries, this paper shows that ... -
Issue by issue negotiation: The role of information and time preference
(Elsevier, 1996-03)The alternating offers bargaining game with two pies and incomplete information has a bargaining sequential equilibrium where the ''strong'' type of the informed player restricts his offer to one pie, leaving it to the ... -
A genetic game of trade, growth and externalities
(Elsevier, 1998-06)A genetic algorithm is introduced to search for optimal policies in the presence of knowledge spillovers and local pollution in a dynamic North/South trade game. Noncooperative trade compounds inefficiencies stemming from ... -
Prakash and Sertel's theory of non-cooperative equilibria in social systems - twenty years later
(Elsevier, 1996)This paper is intended as a companion to the paper 'Existence of non-cooperative equilibria in social systems by Prakash and Sertel (1974b) appearing in this volume. It aims to perform two tasks: (1) to give the reader a ... -
Corruption and supervision costs in hierarchies
(Elsevier, 1996-04)This article studies the relation between the structure of monitoring hierarchies and corruption, that is, the expected number of bribed members. The model allows for internal corruption, a form of collusion eliminating ... -
Demographic Shock Transmission from Large to Small Countries: An Overlapping Generations CGE Analysis
(Elsevier, 2001-08)International commodity and capital flows provide channels for the transmission of the effects of demographic changes in large countries onto small open economies by altering the prices and interest rates facing them. This ... -
Statistical properties of genetic algorithm learning in a model of exchange rate
(Elsevier, 2000-06)We study statistical properties of the time series of the exchange rate data generated in the environment where agents update their savings and portfolio decisions using the genetic algorithm. The genetic algorithm adaptation ... -
Optimal Time Aggregation of infinite horizon optimal control problems
(Elsevier, 2006-04)This paper proposes a novel method that enhances numerical approximation of infinite horizon optimal control problems. For direct numerical optimization, a continuous-time infinite horizon model needs to be first recast ... -
Long Live Fenerbahçe: The Production Boosting Effects of Football in Turkey
(Elsevier, 2005-12)The connection between Turkish industrial production performance and the success of a popular Turkish football team, namelyFenerbahc¸e, is the central theme of this article. The success of Fenerbahc¸e is interpreted as ... -
High volatility, thick tails and extreme value theory in value-at-risk estimation
(Elsevier, 2003-10-20)In this paper, the performance of the extreme value theory in value-at-risk calculations is compared to the performances of other well-known modeling techniques, such as GARCH, variance–covariance (Var–Cov) method and ... -
Measuring Environmental Performance of State Manufacturing Through Changes in Pollution Intensities: a DEA Framework
(Elsevier, 2004-01)In decomposing the total emissions into scale and pollution intensity, the conventional approach uses the total output as a measure of scale, and hence ignores the fact that pollution is mainly a byproduct of the manufacturing ... -
Price Stability vs. Output Stability: Tales From Federal Reserve Administrations
(Elsevier, 2003-07)This study disentangles policy parameters from those describing private sector behavior by simultaneously estimating an empirical model for inflation and output along with a loss function for the last three Federal Reserve ... -
The Effects of Privatization on Efficiency: How Does Privatization Work?
(Elsevier, 2006-09)Uncovering the effects of privatization is difficult, because privatization of a particular firm usually is not an accident. This paper tests the effects of privatization on productive and allocative (market) efficiency ... -
What Fisher Knew About His Relation, We Sometimes Forget
(Elsevier, 2008-12)Expected consumption growth increases the real interest rate as one tries to smooth consumption over time. We demonstrate that placing it in the Fisher relation 1) is consistent with the Euler equation governing the purchase ... -
The Day of the Week Effect on Stock Market Volatility and Volume: Internationla Evidence
(Elsevier, 2003)This study investigates the day of the week effect on the volatility of major stock market indexes for the period of 1988 through 2002. Using a conditional variance framework, we find that the day of the week effect is ...
