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Publication Metadata only Trans-Atlantic equity volatility connectedness: U.S. and European financial institutions, 2004-2014(Oxford Univ Press, 2016) Diebold, Francis X.; Department of Economics; Yılmaz, Kamil; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 6111We characterize equity return volatility connectedness in the network of major American and European financial institutions, 2004-2014. Our methods enable precise characterization of the timing and evolution of key aspects of the financial crisis. First, we find that during 2007-2008 the direction of connectedness was clearly from the United States to Europe, but that connectedness became bidirectional starting in late 2008. Second, we find an unprecedented surge in directional connectedness from European to U.S. financial institutions in June 2011, consistent with massive deterioration in the health of EU financial institutions. Third, we identify particular institutions that played disproportionately important roles in generating connectedness during the U.S. and the European crises.Publication Metadata only Multi-dimensional skills, specialization, and oligopolistic competition in higher education(Elsevier, 2010) Department of Economics; Sarpça, Sinan; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 52406This paper develops a differentiated products model of school competition that distinguishes among different dimensions that matter in the skill acquisition process. The model predicts that when identical schools compete for students, specialization may arise as a competition strategy. This serves rich students' education goals well. Poorer students, however, may attend schools with specializations that do not cater to their relative strengths. By doing so, these poorer students complement the weaknesses of the richer students through peer effects and receive financial aid in return. The empirical analysis provides strong support for the model's predictions about within-school implications of specialization.Publication Metadata only Foreign ownership, survival and growth dynamics in Turkish manufacturing(Routledge, 2014) Taymaz, Erol; Department of Economics; Yılmaz, Kamil; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 6111The chapter is organized as follows. Section 11.2 provides a brief overview of FDI flows to Turkey followed by brief information on the establishment-level Turkish manufacturing industry data used in empirical analysis. Section 11.3 presents the model and results of the firm survival dynamics. Section 11.4 presents the estimation model and results on the employment growth of domestic and foreign firms. Section 11.5 concludes the chapter.Publication Metadata only Asymmetric response to monetary policy surprises at the long-end of the yield curve(Louisiana State University Press, 2012) Department of Economics; Department of Economics; Demiralp, Selva; Yılmaz, Kamil; Faculty Member; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; College of Administrative Sciences and Economics; 42533; 6111This paper investigates the responsiveness of asset markets to monetary policy path revisions. Using federal funds futures contracts to extract near-term path revisions, we find that the responsiveness of longer term Treasury securities to path revisions is significantly asymmetric, the magnitude of which increases during tightenings and decreases during easings. These findings blend nicely with the earlier literature that documents asymmetric effects of monetary policy on output. (C) 2012 Elsevier Inc. All rights reserved.Publication Metadata only Time series evidence on the saving-investment relationship(Routledge, 1996) Barkoulas, J; Murphy, R; Department of Economics; Filiztekin, Alpay; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 4010The long-run saving-investment correlation for the 24 OECD countries is re-examined using the Johansen procedure. It is found that saving and investment rates are not correlated in the long run for the majority of OECD countries. In the countries where cointegration is found, the Gonzalo-Granger common factor analysis suggests that saving is the driving force of the cointegrated system.Publication Metadata only Survey data, expectations and the macroeconomy(Elsevier, 2023) Beckmann, J.; Czudaj, R.L.; Department of Economics; Yılmaz, Kamil; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 6111N/APublication Metadata only Ordinal efficiency and dominated sets of assignments(Academic Press Inc Elsevier Science, 2003) Abdülkadiroğlu, Atila; Department of Economics; Sönmez, Tayfun; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/AUsing lotteries is a common tool for allocating indivisible goods. Since obtaining preferences over lotteries is often difficult, real-life mechanisms usually rely on ordinal preferences over deterministic outcomes. Bogomolnaia and Moulin (J. Econom. Theory 19 (2002) 623) show that the outcome of an ex post efficient mechanism may be stochastically dominated They define a random assignment to be ordinally efficient if and only if it is not stochastically dominated. In this paper we investigate the relation between ex post efficiency and ordinal efficiency. We introduce a new notion of domination defined over sets of assignments and show that a lottery induces an ordinally efficient random assignment if and only if each subset of the full support of the lottery is undominated.Publication Metadata only Bargaining over a finite set of alternatives(Springer, 2007) Kıbrıs, Özgür; Department of Economics; Sertel, Murat Rauf; Other; Department of Economics; College of Administrative Sciences and Economics; N/AWe analyze bilateral bargaining over a finite set of alternatives. We look for "good" ordinal solutions to such problems and show that Unanimity Compromise and Rational Compromise are the only bargaining rules that satisfy a basic set of properties. We then extend our analysis to admit problems with countably infinite alternatives. We show that, on this class, no bargaining rule choosing finite subsets of alternatives can be neutral. When rephrased in the utility framework of Nash (1950), this implies that there is no ordinal bargaining rule that is finite-valued.Publication Metadata only The hazards of training: attrition and retention in construction industry apprenticeship programs(Sage, 2003) Department of Economics; Bilginsoy, Cihan; Other; Department of Economics; College of Administrative Sciences and Economics; N/AApprenticeship programs in the United States, which provide workers with the broad-based skills required for practicing a trade via on-the-job training, are sponsored either unilaterally by employers or jointly by employers and trade unions. A comparison of the attrition and retention rates in these programs shows that program completion is more likely for apprentices in joint programs than for similar apprentices in unilateral programs. Rates of completion are lower for women than for men, and lower for ethnic and racial minorities than for whites. Apprenticeship duration rises with the unemployment rate.Publication Metadata only Guest Editor's introduction(Taylor & Francis, 2014) Department of Economics; Altuğ, Sumru; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; N/A