Working Papers

from Research and Monetary Policy Department, Central Bank of the Republic of Turkey
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1207: Common Movement of the Emerging Market Currencies

Meltem Gulenay Chadwick, Fatih Fazilet and Necati Tekatli

1206: Trade Openness, Market Competition, and Inflation: Some Sectoral Evidence from OECD Countries

Mahir Binici, Yin-Wong Cheung and Kon S. Lai

1205: Trend Shocks, Risk Sharing and Cross-Country Portfolio Holdings

Yavuz Arslan, Gursu Keles and Mustafa Kilinc

1204: An Empirical Study on Liquidity and Bank Lending

Koray Alper, Timur Hulagu and Gursu Keles

1203: Learning, Monetary Policy and Housing Prices

Birol Kanik

1202: Stylized Facts for Business Cycles in Turkey

Harun Alp, Yusuf Soner Baskaya, Mustafa Kilinc and Canan Yuksel

1201: Oil Prices and Emerging Market Exchange Rates

Ibrahim M. Turhan, Erk Hacihasanoglu and Ugur Soytas

1127: Global Imbalances, Current Account Rebalancing and Exchange Rate Adjustments

Yavuz Arslan, Mustafa Kilinc and Ibrahim M. Turhan

1126: Optimal Monetary Policy Rules, Financial Amplification, and Uncertain Business Cycles

Salih Fendoglu

1125: Price Rigidity In Turkey: Evidence From Micro Data

Utku Ozmen and Orhun Sevinc

1124: Arzin Merkezine Seyahat: Bankacilarla Yapilan Gorusmelerden Elde Edilen Bilgilerle Turk Bankacilik Sektorunun Davranisi

Koray Alper, Defne Mutluer Kurul and Ramazan Karasahin

1123: Esigi Asinca: Kredi Notunun “Yatirim Yapilabilir” Seviyeye Yukselmesinin Etkileri

İbrahim Burak Kanlı and Yasemin Barlas

1122: Turkiye Icin Getiri Egrileri Kullanilarak Enflasyon Telafisi Tahmin Edilmesi

Murat Duran, Eda Gulsen and Refet S. Gürkaynak

1121: Quality Growth versus Inflation in Turkey

Yavuz Arslan and Evren Ceritoğlu

1120: Filtering Short Term Fluctuations in Inflation Analysis

Huseyin Cagri Akkoyun, Oguz Atuk, Necmettin Alpay KOÇAK and Utku Ozmen

1119: Do Bank Stockholders Share the Burden of Required Reserve Tax? Evidence from Turkey

Mahir Binici and Bülent Köksal

1118: Monetary Policy Communication Under Inflation Targeting: Do Words Speak Louder Than Actions?

Selva Demiralp, Hakan Kara and Pınar Özbay Özlü

1117: Expectation Errors, Uncertainty And Economic Activity

Yavuz Arslan, Aslihan Atabek, Timur Hulagu and Saygin Sahinoz

1116: Exchange Rate Dynamics under Alternative Optimal Interest Rate Rules

Mahir Binici and Yin-Wong Cheung

1115: Informal-Formal Worker Wage Gap in Turkey: Evidence From A Semi-Parametric Approach

Yusuf Soner Baskaya and Timur Hulagu

1114: Exchange Rate Equations Based on Interest Rate Rules: In-Sample and Out-of-Sample Performance (Faiz Kurallarina Dayali Doviz Kuru Denklemleri: Orneklem Ici ve Disi Performans)

Mahir Binici and Yin-Wong Cheung

1113: Nonlinearities in CDS-Bond Basis (CDS-Bono Farkinin Dogrusal Olmayan Duzeltme Hareketi)

Kurmaş Akdoğan and Meltem Gulenay Chadwick

1112: Financial Shocks and Industrial Employment

Erdem Basci, Yusuf Soner Baskaya and Mustafa Kilinc

1111: Turkiye’de Yapisal Butce Dengesi ve Mali Durus

Cem Çebi and Umit Ozlale

1110: The Role of Monetary Policy in Turkey during the Global Financial Crisis (Kuresel Kriz Doneminde Turkiye'de Para Politikasinin Rolu)

Harun Alp and Selim Elekdag

1109: The Impact of Labour Income Risk on Household Saving Decisions in Turkey (Turkiye'de Isgucu Geliri Riskinin Hanehalki Tasarruf Kararlari Uzerindeki Etkisi)

Evren Ceritoğlu

1108: Finansal Istikrar ve Para Politikasi

Erdem Basci and Hakan Kara

1107: Credit Market Imperfections and Business Cycle Asymmetries in Turkey (Turkiye’de Kredi Piyasasi Noksanliklari ve Is Cevrim Nispetsizlikleri)

Huseyin Gunay and Mustafa Kilinc

1106: The Turkish Wage Curve: Evidence from the Household Labor Force Survey (Türkiye’de Ücret Egrisi: Hanehalki Isgücü Anketi’nden Bulgular)

Badi H. Baltagi, Yusuf Soner Baskaya and Timur Hulagu

1105: Increasing Share of Agriculture in Employment in the Time of Crisis: Puzzle or Not? (Kriz Zamanlarinda Artan Tarim Istihdami: Bilmece mi, Degil mi? )

Gonul Sengul and MURAT Üngör

1104: The Interaction between Monetary and Fiscal Policies in Turkey: An Estimated New Keynesian DSGE Model (Yeni Keynesyen Dinamik Stokastik Genel Denge Modeli Çerçevesinde Türkiye’de Para ve Maliye Politikalarinin Etkilesimi )

Cem Çebi

1103: Productivity and Wage Differentials between Private and Public Sector in the Developing Countries (Gelismekte Olan Ülkelerde Özel ve Kamu Sektöründeki Verimlilik ve Ücret Farklilasmasi)

Arzu Yavuz

1102: Cross-Country Growth Empirics and Model Uncertainty: An Overview (Ülkelerarasi Büyüme Farkliliklarina Iliskin Ampirik Çalismalar ve Model Belirsizligi: Genel Bir Bakis)

Bulent Ulasan

1101: Augmented Neoclassical Growth Model: A Replication over the 1960-2000 Period (Genisletilmis Neoklasik Büyüme Modeli: 1960-2000 Dönemi Için Bir Replikasyon)

Bulent Ulasan

1019: A New Core Inflation Indicator for Turkey (Turkiye Ekonomisi Icin Yeni Bir Cekirdek Enflasyon Gostergesi)

Necati Tekatli

1018: A Bayesian Generalized Factor Model with Comparative Analysis (Genellestirilmis Faktor Modellerinin Bayesyen Yaklasimi ve Karsilastirmali Analizi)

Necati Tekatli

1017: Measuring the Impact of Monetary Policy on Asset Prices in Turkey (Turkiye’de Para Politikasinin Finansal Varlik Fiyatlari Uzerine Etkisi)

Murat Duran, Gulserim Ozcan, Pınar Özbay Özlü and Deren Unalmis

1016: The Trade Credit Channel of Monetary Policy Transmission: Evidence from Non-Financial Firms in Turkey (Firma Ticari Borclari ve Kredi Aktarim Mekanizmasi: Turkiye Ornegi)

Pınar Özbay Özlü and Cihan YALCIN

1015: Economic Uncertanity and Money Demand Stability in Turkey (Turkiye'de Ekonomik Belirsizlik ve Para Talebinin Istikrari)

Kazim Azim Özdemir and Mesut Saygili

1014: Effects of Monetary Unions on Inequalities (Para Birliklerinin Esitsizlikler Uzerindeki Etkileri)

Timur Hulagu and Devrim Ikizler

1013: Understanding Sectoral Growth Cycles and the Impact of Monetary Policy in the Turkish Manufacturing Industry (Turkiye Imalat Sanayinde Sektorel Buyume Cevrimleri ve Para Politikasinin Etkileri)

Saygin Sahinoz and Evren Erdoğan Coşar

1012: Turkiye icin Yeni Reel Efektif Doviz Kuru Endeksleri

Hulya Saygili, Mesut Saygili and Gökhan Yılmaz

1011: Turkiye’de Piyasa Gostergelerinden Para Politikasi Beklentilerinin Olculmesi (Measuring Market Based Monetary Policy Expectations in Turkey)

Harun Alp, Hakan Kara, Gursu Keles, Refet S. Gürkaynak and Musa Orak

1010: Organization of Innovation and Capital Markets (Teknolojik Yeniligin Orgutlenmesi ve Sermaye Piyasalari)

Cuneyt Orman

1009: Welfare Gains from Disinflation in an Economy With Currency Substitution (Para Ikamesinin Oldugu Bir Ekonomide Enflasyonun Dusurulmesinden Kaynaklanan Refah Kazanimlari)

Hüseyin Murat Özbilgin

1008: Interest Rates and Real Business Cycles in Emerging Markets (Yukselen Piyasalarda Faiz Oranlari ve Reel Is Cevrimleri)

S. Tolga Tiryaki

1007: Output and Employment Dynamics in a Model with Social Interactions in Labor Supply (Isgucu Arzinda Sosyal Etkilesimler Iceren bir Modelde Istihdam ve Uretim Dinamikleri)

Yusuf Soner Baskaya and Mustafa Kilinc

1006: Regulation and the Market for Checks (Duzenlemeler ve Cek Piyasasi)

Semih Tumen

1005: On the Sources of Oil Price Fluctuations (Petrol Fiyatlarindaki Dalgalanmalarin Kaynaklari)

Deren Unalmis, Ibrahim Unalmis and Filiz D. Unsal

1004: Optimal Monetary Policy under Sectoral Heterogeneity in Inflation Persistence (Sektorel Enflasyon Ataleti Farkliligi Altinda Optimal Para Politikasi)

Sevim Kösem