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Permanent URI for this collectionhttps://hdl.handle.net/20.500.14288/3
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Publication Metadata only Computerized matching algorithms to optimize matches and increase opportunities for live donor kidney exchange(2005) Saidman, SL; Roth, AE; Sönmez, T; Delmonico, FL; Department of Economics; Ünver, Utku; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AN/APublication Metadata only Vulnerability to purely contagious balance-of-payment crises in emerging economies: an application to the cases of Russia, Turkey, and Brazil(Taylor and Francis, 2001) Zenginobuz, Ünal; Department of Economics; Akçay, Osman Cevdet; Other; Department of Economics; College of Administrative Sciences and Economics; N/A[No abstract available]Publication Metadata only Observations on recent monetary policy measures(Bilgesel Yayincilik San & Tic Ltd, 2011) Department of Economics; Üçer, Murat; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/ALast December, the Central Bank embarked on a new monetary policy experiment, which signaled a paradigm shift of sorts in monetary policy practice in Turkey. On the one hand, what the Bank did was very courageous and timely: it saw the unsustainability of the current account deficit and made an attempt to “remove the punch bowl, as the party was still going”. But the preferred policy mix created a number of question marks in analysts’ minds. We also think a different and a somewhat more comprehensive and simpler route could have been taken in the management of capital inflows, or in the conduct of monetary policy, in particular. In this article, we tried to explain why we thought so, from three perspectives: the context from which the new policy mix has originated; the internal consistency of and the risks associated with the Bank’s approach, and whether it had been successful (as of late March/early April) in achieving the targeted objectives. / Geçen Aralık ayında uygulamaya sokulan para politikası karışımı, yeni bir dönemin başlangıcı oldu, Merkez Bankası para politikası uygulamasında bir nevi paradigma değişikliğine gitti. Merkez Bankası bir yandan bu çıkışıyla çok takdir edilecek bir şey yaptı: önemli bir irade göstererek, tüm hızıyla parti devam ederken, ortalığı biraz sakinleştirmeye karar verdi; cari açık tarafında sürdürülemezliği gördü. Ancak tercih edilen bileşim bir takım soruları da beraberinde getirdi. Kanımızca daha kapsamlı, daha farklı ve aynı zamanda daha anlaşılır bir yöntem izlenebilirdi. Bu makalede neden böyle düşündüğümüzü 3 farklı açıdan – politika bileşiminin çıkış noktası; kendi içsel tutarlılığı ile riskleri, ve şimdiye kadar (Mart sonu/Nisan başı itibariyle) alınan sonuçlar açısından -- değerlendirmeye çalıştık.Publication Metadata only Efectos derrame en los mercados de valores del continente Americano(El Banco Publishers, 2009) Diebold, Francis X.; Department of Economics; Yılmaz, Kamil; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 6111N/APublication Metadata only More on properness: the case of mean-variance preferences(Springer, 2002) N/A; Department of Economics; Lajeri-Chaherli, Fatma; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AThis paper focuses on the situations where individuals with mean-variance preferences add independent risks to an already risky situation. Pratt and Zeckhauser (Econometrica, 55, 143-154, 1987) define a concept called proper risk aversion in the expected utility framework to describe the situation where an undesirable risk can never be made desirable by the presence of an independent undesirable risk. The assumption of mean-variance preferences allows us to study proper risk aversion in an intuitive manner. The paper presents an economic interpretation for the quasi-concavity of a utility function derived over mean and variance. The main result of the paper says that quasi-concavity plus decreasing risk aversion is equivalent to proper risk aversion.Publication Metadata only Equity market spillovers in the Americas(Banco Central Chile, 2009) Diebold, Francis X.; Department of Economics; Yılmaz, Kamil; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 6111Using a recently-developed measure of financial market spillovers, we provide an empirical analysis of return and volatility spillovers among five equity markets in the Americas: Argentina, Brazil, Chile, Mexico and the U. S. The results indicate that both return and volatility spillovers vary widely. Return spillovers, however, tend to evolve gradually, whereas volatility spillovers display clear bursts that often correspond closely to economic events.Publication Metadata only Human capital and sorting models reconsidered(Bilgesel Yayincilik San and Tic Ltd, 2010) Department of Economics; Yüret, Tolga; Teaching Faculty; Department of Economics; College of Administrative Sciences and Economics; N/ATurkey changed its compulsory attendance law in the 1997-1998 academic year the requirement increased from five to eight years of primary education. after the law change, there is an abrupt increase in the high school enrollment rate. This is despite the fact that the law does not cover high school education. By using the 2003 household budget survey and differences in differences methodology we find that a typical student is 3.2 percent more likely to have high school education if he is subject to the new law Moreover the largest increase in the likelihood of having high school education is attained by the students who have the weakest socioeconomic background. these findings are consistent with the standard sorting model but contrast the standard human capital model. / Türkiye 1997-1998 akademik yılında ilkokul/ilköğretime devam zorunluluğunu değiştirmiştir. Daha önce beş sene olan bu zorunluluk kanunla sekiz seneye çıkartılmıştır. Kanun değişikliğinden sonra liseye devam etme oranında da ciddi bir artış meydana gelmiştir. Kanun değişikliği lise eğitimini kapsamadığından bu değişim şaşırtıcıdır. Biz 2003 hanehalkı bütçe anketini ve değişim içinde değişimi bulan ekonometri yöntemini kullanarak bu artışın ne kadarının kanun yüzünden olduğunu bulmaya çalıştık. Bulgularımıza göre, yeni kanuna tabi olanların liseye gitme oranı eski kanuna tabi olanlardan yüzde 3,2 oranında fazladır. Ayrıca, liseye gitme oranını en fazla geliştirenlerin en zayıf sosyo-ekonomiye sahip anne-babaların çocukları olduğunu bulduk. Bu bulgularımız sıralama teorisine uymakla beraber standart beşeri kapital modeliyle bir tezat oluşturmaktadır.Publication Metadata only A note on the geometric ergodicity of a nonlinear AR-ARCH model(Elsevier Science Bv, 2010) Saikkonen, Pentti; Department of Economics; Meitz, Mika; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AThis note studies the geometric ergodicity of nonlinear autoregressive models with conditionally heteroskedastic errors. A nonlinear autoregression of order p (AR(p)) with the conditional variance specified as the conventional linear autoregressive conditional heteroskedasticity model of order q (ARCH(q)) is considered. Conditions under which the Markov chain representation of this nonlinear AR-ARCH model is geometrically ergodic and has moments of known order are provided. The obtained results complement those of Liebscher [Liebscher, E., 2005. Towards a unified approach for proving geometric ergodicity and mixing properties of nonlinear autoregressive processes, journal of Time Series Analysis, 26,669-689] by showing how his approach based on the concept of the joint spectral radius of a set of matrices can be extended to establish geometric ergodicity in nonlinear autoregressions with conventional ARCH(q) errors.Publication Metadata only Parameter estimation in nonlinear AR-GARCH models(Cambridge Univ Press, 2011) Saikkonen, Pentti; Department of Economics; Meitz, Mika; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AThis paper develops an asymptotic estimation theory for nonlinear autoregressive models with conditionally heteroskedastic errors. We consider a general nonlinear autoregression of order p (AR(p)) with the conditional variance specified as a general nonlinear first-order generalized autoregressive conditional heteroskedasticity (GARCH(1,1)) model. We do not require the rescaled errors to be independent, but instead only to form a stationary and ergodic martingale difference sequence. Strong consistency and asymptotic normality of the global Gaussian quasi-maximum likelihood (QML) estimator are established under conditions comparable to those recently used in the corresponding linear case. To the best of our knowledge, this paper provides the first results on consistency and asymptotic normality of the QML estimator in nonlinear autoregressive models with GARCH errors.Publication Metadata only Stability of an allocation of objects(Springer, 2022) Yilmaz, Murat; Department of Economics; Yılmaz, Özgür; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 108638A central stability notion for allocation problems when there are private endowments is core: no coalition should be able to block the allocation. But, for an exchange economy of discrete resources, core can be empty. An alternative stability axiom is the bargaining set a la Aumann and Maschler (Advances in game theory, Annals of mathematics studies, Princeton University Press, Princeton, pp 443-476, 1964): a blocking by a coalition is justified only if there is no counter-objection to it and an allocation is in the bargaining set if there does not exist a justified blocking. Allowing for weak preferences, we prove that any allocation obtained by the well-known Top Trading Cycles class is in the bargaining set, but not all allocations in the bargaining set can be obtained by this class.