Economic Policies and Impacts

We map ECB policy communication into yield curve changes and study the information flow on policy dates. A byproduct is the publicly available Euro Area Monetary Policy Event-Study Database (EA-MPD), containing intraday asset price changes. We find that Policy Target, Forward Guidance and Quantitative Easing factors c…

• REFET SOYKAN GÜRKAYNAK

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• İBRAHİM SEMİH AKÇOMAK

We construct nationally representative firm-level longitudinal data for European countries using financial statements from the Orbis database.We validate our data by comparing its coverage and firm size distribution to official statistics.We showcase two applications to show the importance of firm representativeness i…

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In this paper, we revisit the relation between institutional factors and foreign direct investment (FDI) inflows in developing countries by employing a dynamic panel methodology, which enables us to deal with the persistency of FDI flows and endogeneity issues. We also contribute to the literature by using various mea…

• AYŞE YASEMİN YALTA
• ZÜHAL KURUL

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• OĞUZHAN ÖZBAŞ

Baillie and Bollerslev (1989) have recently argued that nominal dollar spot exchange rates are cointegrated. Here we examine an immediate implication of their finding, namely, that cointegration implies an error-correction representation yielding forecasts superior to those from a martingale benchmark, in light of a l…

• KAMİL YILMAZ

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• MEHMET TANER YİĞİT

The emigration of skilled individuals from Turkey attracted greater media attention and the interest of policymakers in Turkey, particularly after the experience of recurrent economic crises that have led to an increase in unemployment among the highly educated young. This study estimates a model of return intentions…

• NİL DEMET GÜNGÖR

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• NURULLAH GÜR

Central banks unexpectedly tightening policy rates often observe the exchange value of their currency depreciate, rather than appreciate as predicted by standard models. We document this for Fed and ECB policy days using event studies and ask whether an information effect, where the public attributes the policy surpri…

• BURÇİN KISACIKOĞLU