Browsing Dept. of Economics - Master's degree by Subject "Adaptive Expectations"
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Item Open AccessEstimation of velocity function for Turkey using Engle-Granger two-step method(Bilkent University, 1990) Yülek, Murat AliThis study aims at estimating the velocity function, for Turkey using quarterly data. Estimation is done using cointegration and error correction methods. This enabled incorporating short-term disequilibria moments in long run equilibrium. The analysis starts with examination of level of integration of series in question. Then a number of cointegrating regressions are run. Cointegrated series are employed in different "lag-rich" error correction formulations. Finally using a general to specific approach, parsimonious models are reached dropping insignificant regressors. Item Open AccessMoney demand, the Cagan model, testing rational expectations vs adaptive expectations: the case of Turkey(Bilkent University, 1995) Muslu, İlkerThis thesis considers the demand for money under conditions of high inflation in Turkey during the period 1986; 1-1995:3. We test whether the monetary and inflationary experiences of Turkey can be adequately characterized by the Cagan (1956) model, using an econometric procedure which is reliant only on the assumption that forecasting errors are stationary. We also examine the hypothesis that monetary policy was conducted in such a way as to maximize the inflation tax revenue. Finally we test the Cagan model with the additional assumption of rational expectations for Turkey for the considered period.