Working Papers

From Research and Monetary Policy Department, Central Bank of the Republic of Turkey
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0811: Turkiye�de Para Politikasinin Aktarimi:Para Politikasinin Mali Piyasalara Etkisi

Zelal Aktas, Harun Alp, Refet Gürkaynak, Mehtap Kesriyeli and Musa Orak

0810: On the Stability of Domestic Financial Market Linkages in the Presence of time-varying Volatility

Thomas Flavin, Ekaterini Panopoulou and Deren Ünalmış

0809: Islenmis Gida Fiyatlarini Belirleyen Faktorler

Yusuf Baskaya, Tugrul Gurgur and Fethi Ogunc

0808: Monetary Pressures and Inflation Dynamics in Turkey: Evidence from P-Star Model

Kazim Özdemir and Mesut Saygili

0807: Tangos, Sambas or Belly Dancing? Or, do Spreads Dance to the Same Rhythm? Signaling Regime Sustainability in Argentina, Brazil and Turkey

Santiago Herrera and Ferhan Salman

0806: Can Central Bank Interventions Affect the Exchange Rate Volatility? Multivariate GARCH Approach Using Constrained Nonlinear Programming

Tolga Caskurlu, Mustafa C. Pinar, Aslihan Salih and Ferhan Salman

0805: Entry to Export Markets and Productivity: Analysis of Matched Firms in Turkey

Altan Aldan and Mahmut Gunay

0804: How did the Turkish Industry Respond to Increased Competitive Pressures, 1998-2007?

Gökhan Yılmaz and Rauf Gonenc

0803: On Roots of Housing Bubbles

Erdem Basci and Ismail Saglam

0802: Oil Price Shocks, Macroeconomic Stability and Welfare in a Small Open Economy

Deren Ünalmış, Ibrahim Unalmis and Filiz Unsal

0801: Expectations, Communication and Monetary Policy in Turkey

Yusuf Baskaya, Hakan Kara and Defne Mutluer Kurul

0708: Empirical Analysis of Structural Change in Turkish Exports

Faruk Aydin, Hulya Saygili and Mesut Saygili

0707: Monetary Policy and External Shocks in a Dollarized Economy with Credit Market Imperfections

Koray Alper

0706: Kuresel Finansal Riskler Karsisinda Turkiye'de Reel Sektor Finansal Yapisi ve Borc Dolarizasyonu

Erdal Ozmen and Cihan Yalcin

0705: Interest Rate Pass-Through in Turkey

Halil Aydin

0704: The monetary transmission mechanism in Turkey: New developments

Erdem Basci, Ozgur Ozel and Cagri Sarikaya

0703: Exchange Rates and Fundamentals: Is there a Role for Nonlinearities in Real Time?

Kurmaş Akdoğan and Yunus Aksoy

0702: Turkiye�de Kamu Borc Stokunun Yapisi: Orijinal Gunah Gostergeleri ve Risk-Dahil Kamu Borc Yuku

Burcu Gürcihan and Erdal Yılmaz

0701: The Evolution and Determinants of Profitability in Turkish Manufacturing Industry, 1997-2006

Rauf Gonenc and Gökhan Yılmaz

0609: Convergence Across Provinces of Turkey: A Spatial Analysis

Altan Aldan and Esma Gaygisiz

0608: Devlet Ic Borclanma Senetleri Icin Getiri Egrisi Tahmini

Ozge Akinci, Burcu Gürcihan, Refet Gürkaynak and Ozgur Ozel

0607: Corporate Sector Financial Structure in Turkey: A Descriptive Analysis

Halil Aydin, Cafer Kaplan, Mehtap Kesriyeli, Erdal Ozmen, Cihan Yalcin and Serkan Yigit

0606: The Determinants and Implications of Financial Asset Holdings of Non-Financial Firms in Turkey: An Emprical Investigation

Cafer Kaplan, Erdal Ozmen and Cihan Yalcin

0605: A Structural VAR Analysis of the Determinants of Capital Flows Into Turkey

Ali Askin Culha

0604: The Determinants of Sovereign Spreads in Emerging Markets

Olcay Çulha, Fatih Ozatay and Gülbin Şahinbeyoğlu

0603: Turkish Experience With Implicit Inflation Targeting

Hakan Kara

0602: Turkiye�de Imalat Sanayindeki Firmalarin Fiyatlama Davranisi

Ercan Karadas, Defne Mutluer Kurul, Yasemin Barlas and Cevriye Aysoy

0601: Monetary Policy, Corporate Financial Composition and Real Activity

Paul Mizen and Cihan Yalcin

0517: Dolarizasyon Endeksleri: Turkiye�deki Dolarizasyon Surecine Iliskin Gostergeler

Ozge Akinci, Yasemin Barlas and Bulent Usta

0516: Corporate Sector Debt Composition and Exchange Rate Balance Sheet Effect in Turkey

Mehtap Kesriyeli, Erdal Ozmen and Serkan Yigit

0515: The Determinants of the Price-Cost Margins of the Manufacturing Firms in Turkey

Ali Culha and Cihan Yalcin

0514: Risk Aversion, Sovereign Bonds and Risk Premium

Ferhan Salman

0513: Information, Capital Gains Taxes & New York Stock Exchange

Ferhan Salman

0512: Some Evidence on the Irrationality of Inflation Expectations in Turkey

Hakan Kara and Hande Kucuk

0511: Monetary Policy Challenges for Turkey in European Union Accession Process

Fatih Ozatay

0510: Exchange Rate Pass-Through in Turkey: It is Slow, but is it Really Low?

Hakan Kara and Fethi Ogunc

0509: Public Sector Price Controls and Electoral Cycles

Fatih Ozatay

0508: Effects of US Interest Rates and News on the Daily Interest Rates of a Highly Indebted Emerging Country: Evidence from Turkey

Olcay Yucel Emir, Fatih Ozatay and Gülbin Şahinbeyoğlu

0507: A Monetary Disequilibrium Model for Turkey: Investigation of a Disinflationary Fiscal Rule and its Implications on Monetary Policy

Kazim Özdemir

0506: The Effectiveness of Foreign Exchange Interventions for the Turkish Economy: A Post-Crisis Period Analysis

Ozge Akinci, Olcay Çulha, Umit Ozlale and Gülbin Şahinbeyoğlu

0505: Causes and Effectiveness of Foreign Exchange Interventions for the Turkish Economy

Ozge Akinci, Olcay Çulha, Umit Ozlale and Gülbin Şahinbeyoğlu

0504: Exchange Rate Pass-Through in Turkey: Has it Changed and to What Extent?

Hakan Kara, Hande Kucuk, Umit Ozlale, Burc Tuger, Devrim Yavuz and Mustafa Yücel

0503: Estimating Output Gap for the Turkish Economy

Cagri Sarikaya, Fethi Ogunc, Dilara Ece, Hakan Kara and Umit Ozlale

0502: The Price Puzzle in Emerging Markets: Evidence from the Turkish Economy Using Model Based Risk Premium Derived from Domestic Fundamentals

Zelal Aktas, Neslihan Kaya and Umit Ozlale

0501: A Dynamic Model of Central Bank Intervention

Ana María Herrera and Pınar Özbay Özlü

0415: Monetary Policy under Imperfect Commitment: Reconciling Theory with Evidence

Hakan Kara

0414: Nonlinearity and Structural Change in Interest Rate Reaction Functions for the US, UK and Germany

Mehtap Kesriyeli, Denise Osborn and Marianne Sensier

0413: Revealing Turkey�s Public Debt Burden: A Transparent Payments Approach

Ertunc Alioglu, Can Erbil and Ferhan Salman

0412: The Demand for Base Money in Turkey: Implications for Inflation and Seigniorage

Kazim Özdemir and Paul Turner

0411: Public Debt in Turkey

Kazim Özdemir