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İktisat Bölümü

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Browsing İktisat Bölümü by Author "Corakci, Aysegul"

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    Article
    Citation - WoS: 6
    Citation - Scopus: 7
    Hysteresis and Stochastic Convergence in Eurozone Unemployment Rates: Evidence From Panel Unit Roots With Smooth Breaks and Asymmetric Dynamics
    (inst Badan Gospodarczych, 2022) Omay, Tolga; Hasanov, Mubariz; Corakci, Aysegul; 103299; 08.02. Çankaya Meslek Yüksekokulu; 03.03. İktisat; 03. İktisadi ve İdari Birimler Fakültesi; 08. Meslek Yüksekokulları; 01. Çankaya Üniversitesi
    Research background: Studying the dynamic characteristics of unemployment rate is crucial for both economic theory and macroeconomic policies. Despite numerous research, the empirical evidence about stochastic behaviour of the unemployment rate remains disputable. It has been widely agreed that most economic variables, including unemployment rates, are characterized by both structural breaks and nonlinearities. However, a little work is done to examine both features simultaneously. Purpose of the article: In this paper, we analyse the stationarity properties of unemployment rates of Euro area member countries. Also, we aim to test stochastic convergence of unemployment rates among member countries. Our empirical procedures explicitly allow for simultaneous gradual breaks and nonlinearities in the series. Methods: This paper develops a new unit root test procedure for panel data, allowing for both gradual structural breaks and asymmetric adjustment towards equilibrium. We carry out Monte Carlo simulations to examine small sample performance of the proposed test procedure and compare it to the existing test procedures. We apply the newly proposed test to examine the stochastic properties of the unemployment rates of Euro-member countries as well as relative unemployment rates vis-a-vis the Eurozone unemployment rate. Findings & value added: We find that the newly developed test procedure outperforms existing tests in highly nonlinear settings. Also, these tests reject the null hypothesis of unit root in more cases when compared to the existing tests. We find stationarity in the series only after allowing for structural breaks in the data generating process. Allowing for nonlinear and asymmetric adjustment in addition to gradual breaks provides evidence of stationarity in more cases. Furthermore, our results suggest that relative unemployment rate series are stationary, providing evidence in favour of stochastic convergence in unemployment rates. Overall, our results imply a limited room for coordinated economic policy to fight unemployment in the Eurozone.
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    Article
    Citation - WoS: 2
    Citation - Scopus: 2
    On the Heterogeneous Effects of Tax Policy on Labor Market Outcomes
    (Wiley, 2022) Adnan, Wifag; Arin, Kerim Peren; Corakci, Aysegul; Spagnolo, Nicola; 103299; 03.03. İktisat; 03. İktisadi ve İdari Birimler Fakültesi; 01. Çankaya Üniversitesi
    Many recent studies have documented the heterogeneous effects of government-spending shocks on major macroeconomic variables, particularly on output. We delve deeper into the heterogeneous effects of fiscal policy innovations, but focus on the tax policy innovations and their impact on the labor market, while accounting for gender, race, ethnicity, and the business cycle. Using microlevel data from the United States, we find that: (i) Tax shocks have varying employment effects depending on gender, race, and the stage of the business cycle; (ii) Sector, industry, and occupational segregation in labor markets by gender, race, and ethnicity can explain most of the variation in response to fiscal policy shocks.
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    Article
    Citation - WoS: 11
    Citation - Scopus: 9
    Ppp Hypothesis and Temporary Structural Breaks
    (Economics Bulletin, 2017) Corakci, Aysegul; Omay, Tolga; Emirmahmutoglu, Furkan; Çorakcı, Ayşegül; Tolga, Omay; 103299; Çankaya Meslek Yüksekokulu; İktisat; 08.02. Çankaya Meslek Yüksekokulu; 03.03. İktisat; 03. İktisadi ve İdari Birimler Fakültesi; 08. Meslek Yüksekokulları; 01. Çankaya Üniversitesi
    In this study our aim is to explore a better testing strategy for the PPP hypothesis under a temporary structural break. For this purpose we use the exponential smooth transition (EST) function in the unit root testing framework and compare this methodology with the one that uses a Fourier function. Although the Fourier function is extensively used in the literature to test the validity of the PPP hypothesis under temporary breaks, this investigation shows that it leads to misleading results.