Researcher:
Demiralp, Selva

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Selva

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Demiralp

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Demiralp, Selva
Demiralp Cuda, Selva

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Researcher Of Publications: search.filters.isAuthorOfPublication.61435270-2ed8-4978-a49d-6820d556a410

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Now showing 1 - 10 of 24
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    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; 6111
    This 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.
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    Empirical identification of the vector autoregression: the causes and effects of us M2
    (Oxford University Press, 2009) Hoover, Kevin D.; Perez, Stephen J.; Department of Economics; Demiralp, Selva; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 42533
    The M2 monetary aggregate is monitored by the Federal Reserve, using a broad brush theoretical analysis and an informal empirical analysis. This chapter illustrates empirical identification of an eleven-variable system, in which M2 and the factors that the Fed regards as causes and effects are captured in a vector autoregression. Taking account of cointegration, the methodology combines recent developments in graph-theoretical causal search algorithms with a general-to-specific search algorithm to identify a fully specified structural vector autoregression (SVAR). The SVAR is used to examine the causes and effects of M2 in a variety of ways. The chapter concludes that while the Fed has rightly identified a number of special factors that influence M2 and while M2 detectably affects other important variables, there is 1) little support for the core quantity-theoretic approach to M2 used by the Fed; and 2) M2 is a trivial linkage in the transmission mechanism from monetary policy to real output and inflation.
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    Erosion of Central Bank independence in Turkey
    (Routledge Journals, Taylor & Francis Ltd, 2019) Demiralp, Seda; Department of Economics; Demiralp, Selva; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 42533
    This study provides empirical analysis to show increasing pressures over the Central Bank of Turkey (CBT) throughout the past decade where the CBT gives into such pressures, despite the Central Bank Law, which ensures tool independence. The study suggests that the relations between the government and the CBT reflect recent political changes where the government increased its control over state institutions, following rising costs of losing office. However, this trend not only has economic costs such as a restricted capacity to achieve price stability and sustainable growth but it also limits horizontal accountability of state institutions.
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    The state of property development in Turkey: facts and comparisons
    (Cambridge University Press (CUP), 2016) Demiralp, Seda; Gümüş, İnci; Department of Economics; Demiralp, Selva; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 42533
    In this article, we investigate economic and political developments in Turkey's construction sector over the last decade and consider their implications. We find that during the first term of the government of the Justice and Development Party (Adalet ve Kalkinma Partisi, AKP), thanks to administrative and economic incentives, both private and public construction rose considerably. Despite the construction sector's contribution to growth, there is also evidence of a transfer from the industrial sector toward the construction sector, which led to significant decline in the trend growth of the industrial sector in the era prior to 2006. Such evidence disappears in the post-crisis period, when the growth of private construction slows. However, overcentralization, clientelism, an absence of transparency, and limitations on citizen participation in urban planning remain as problems that need to be addressed through urban reform.
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    Money, reserves, and the transmission of monetary policy: does the money multiplier exist?
    (Elsevier, 2012) Carpenter, Seth; Department of Economics; Demiralp, Selva; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 42533
    With the use of non-traditional policy tools, the level of reserve balances has risen in the US from roughly $20 billion before the financial crisis to well past $1 trillion. The effect of reserve balances in macroeconomic models often comes through the money multiplier, affecting the money supply and the bank lending. In this paper, we document that the mechanism does not work through the standard multiplier model or the bank lending channel. If the level of reserve balances is expected to have an impact on the economy, it seems unlikely that a standard multiplier story will explain the effect. (C) 2011 Elsevier Inc. All rights reserved.
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    Discount window borrowing after 2003: the explicit reduction in implicit costs
    (Elsevier Science Bv, 2010) Department of Economics; Department of Economics; Artuç, Erhan; Demiralp, Selva; Faculty Member; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; College of Administrative Sciences and Economics; N/A; 42533
    In 2003, the Federal Reserve introduced primary credit as its main discount window lending program. This program replaced the adjustment credit program, which, subject to a number of restrictions, had generated a stigma associated with borrowing from the Federal Reserve. Lessening the stigma of borrowing was viewed as essential for reducing the reluctance to borrow from the Federal Reserve. We develop a structural model of daily borrowing. Using this model, we estimate the implicit cost associated with borrowing. Our results suggest that the stigma of borrowing is significantly reduced. (C) 2009 Elsevier B.V. All rights reserved.
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    Measuring stress in money markets: a dynamic factor approach
    (Elsevier Science Sa, 2014) Carpenter, Seth; Schlusche, Bernd; Senyuz, Zeynep; Department of Economics; Demiralp, Selva; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 42533
    We extract an index of interest rate spreads from various money market segments to assess the level of funding stress in real time. We find that during the 2007-2009 financial crisis, money markets switched between low and high stress regimes except for brief periods of extreme stress. Transitions to lower stress regimes are typically associated with the non-standard policy measures by the Federal Reserve. Published by Elsevier B.V.
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    Does anyone listen when politicians talk? the effect of political commentaries on policy rate decisions and expectations
    (Elsevier Sci Ltd, 2019) King, Sharmila; Scotti, Chiara; Department of Economics; Demiralp, Selva; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 42533
    This paper investigates the effects of political commentaries on policy rate decisions and policy expectations in the United States and the euro area. The results suggest that political commentaries do influence policy rate expectations in both regions, even after controlling for macroeconomic releases and immediate interest rate expectations. During the precrisis period, the European Central Bank seems to have steered its policy in line with political commentaries that suggested further easings, consistent with market expectations. Meanwhile, market participants expected the Fed to tighten policy in response to hawkish comments in the post-2007 period.
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    The impact of monetary policy expectations on financial markets
    (Bilgesel Yayincilik San ve Tic Ltd, 2010) 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; 6111
    In this paper we investigate the responsiveness of financial markets to monetary policy expectations in Turkey. According to the efficient markets hypothesis, financial markets respond to anticipated policy actions prior to a policy announcement. As a result, they are expected to respond only to the unanticipated component of the interest rate change following the announcement. By measuring monetary policy expectations through surveys conducted by the Central Bank of the Republic. of Turkey, it was found out that the bond market behaved in accordance with the efficient markets hypothesis in Turkey in the 2002-2009 period. Our results suggested that the same was not necessarily true for the stock market, We also did check the robustness of our results to different survey types in the post-2005 period.
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    The liquidity effect in the federal funds market: Evidence from daily open market operations
    (Wiley-Blackwell, 2006) Carpenter, Seth; Department of Economics; Demiralp, Selva; Faculty Member; Department of Economics; College of Administrative Sciences and Economics; 42533
    We use forecast errors made by the Federal Reserve while preparing open market operations to identify a liquidity effect at a daily frequency in the federal funds market. We find a liquidity effect on most days of the reserve maintenance period in addition to settlement day. The effect is nonlinear; large changes in supply more consistently have a measurable effect than do small changes. In addition, a higher aggregate level of reserve balances in the banking system is associated with a smaller liquidity effect during the maintenance period but a larger liquidity effect on the last days of the period.