This paper extends the standard new Keynesian (NK) model by using the endogenous markup setting a la Kimball (1995). In this setting, consumers' price elasticity of demand for a good is increasing in the good's relative ...

We investigate how the forecasting performance of the Federal Reserve Greenbooks has changed relative to commercial forecasters between 1974 and 2009. To this end, we analyze time-variation in the Greenbook coefficients ...

We investigate the relationship between GDP volatility and income inequality to explain the changes in both variables in the last decades of 20(th) century. The theoretical results show that these variables are related to ...

We examine policy rules that are consistent with inflation targeting (IT) framework in a small macroeconomic model of the Canadian economy. We set up an optimal linear regulator problem and derive policy rules to compare ...

Relative deprivation (RD) defines the feeling of being deprived of something that others have. Most studies of RD rely on within-country reference groups. This study is one of the few studies examining the role of global ...

This study first investigates the empirical relationship between economic growth and unemployment rate in Turkey for the 2005-2015 period. Our results show that there is a strong negative relationship between the variables ...

We investigate whether the February 2012 amendments to the Check Law in Turkey that replaced imprisonment with administrative fines for issuing bad checks were a driver of the surge in bad checks since late 2011. As the ...

We examine the change in the effect of Federal Reserve's policy actions on stock returns after the Fed started to use unconventional policy actions. We find that the response of stock returns to monetary policy actions are ...

Micro income studies show that relative income of individuals-with respect to their colleagues, friends, etc.-affects their life satisfaction significantly. This paper attempts to extend these studies by using the idea ...

This study documents the evolution of hourly wages and annual labor earnings, as well as the inequality in these measures, in Turkey between 2002 and 2011. The findings indicate that in this period the median hourly wages ...