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Omay, Tolga

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https://hdl.handle.net/20.500.12416/8991
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Doç. Dr.
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Main Affiliation
Çankaya Meslek Yüksekokulu
Status
Former Staff
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Sustainable Development Goals

13

CLIMATE ACTION
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2

Research Products

8

DECENT WORK AND ECONOMIC GROWTH
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4

Research Products

3

GOOD HEALTH AND WELL-BEING
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1

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15

LIFE ON LAND
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0

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17

PARTNERSHIPS FOR THE GOALS
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7

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14

LIFE BELOW WATER
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0

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4

QUALITY EDUCATION
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0

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11

SUSTAINABLE CITIES AND COMMUNITIES
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0

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6

CLEAN WATER AND SANITATION
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0

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10

REDUCED INEQUALITIES
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0

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9

INDUSTRY, INNOVATION AND INFRASTRUCTURE
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12

RESPONSIBLE CONSUMPTION AND PRODUCTION
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0

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2

ZERO HUNGER
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0

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1

NO POVERTY
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0

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7

AFFORDABLE AND CLEAN ENERGY
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2

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5

GENDER EQUALITY
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0

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16

PEACE, JUSTICE AND STRONG INSTITUTIONS
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Scholarly Output

36

Articles

30

Views / Downloads

2729/74

Supervised MSc Theses

0

Supervised PhD Theses

0

WoS Citation Count

641

Scopus Citation Count

706

WoS h-index

13

Scopus h-index

13

Patents

0

Projects

0

WoS Citations per Publication

17.81

Scopus Citations per Publication

19.61

Open Access Source

8

Supervised Theses

0

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JournalCount
Economics Letters3
Applied Economics2
Economic Modelling2
Renewable Energy2
Communications in Nonlinear Science and Numerical Simulation1
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Now showing 1 - 10 of 36
  • Thumbnail Image
    Article
    Citation - WoS: 10
    Citation - Scopus: 11
    Is There Convergence in Renewable Energy Deployment? Evidence From a New Panel Unit Root Test With Smooth and Sharp Structural Breaks
    (Pergamon-elsevier Science Ltd, 2023) Omay, Tolga; Corakci, Aysegul
    This study examines whether the contribution of renewable energy to the total primary energy supply converges in a panel of 24 OECD countries over the period 1960-2020. To this end, a new panel unit root test that allows for both sharp and smooth breaks is proposed to test for the stochastic convergence hypothesis. Although renewable energy convergence is not rejected when the newly proposed test is applied to the full panel of OECD countries, it found only moderate support within the members of the panel using a sequential panel selection methodology. In fact, in two high-income OECD countries, the contribution of renewable energy to the primary energy supply shows no sign of convergence: Poland and Iceland. Therefore, the renewable energy shares seem to be converging to a common steady state in only a group of OECD countries over the long run. This uneven pattern of convergence, in turn, suggests that the OECD countries are still far away from developing a common sustainable renewable energy target, calling for urgent international policy cooperation to encourage the divergent econo-mies to seek out the menu of policies that ensure the worldwide success of renewable energy transformation.
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    Article
    Citation - WoS: 18
    Citation - Scopus: 21
    Monetary Policy Rules in Practice: Re-Examining the Case of Turkey
    (Elsevier, 2008) Omay, Tolga; Hasanov, Muebariz
    This paper investigates possible asymmetries in the monetary policy reaction function of the Central Bank of Republic of Turkey over the business cycles. It is found that the bank reacted more aggressively towards output stabilisation during recessions than expansions. The empirical evidence suggests that the inflation targeting policy of the Turkish Central Bank was accommodative rather than stabilising. Furthermore, it is found that although the Central Bank of Republic of Turkey responded to foreign reserves, real exchange rates and short-term capital inflows both in expansion and recession periods, the bank targeted money growth, budget deficits, and net foreign assets only in expansion periods. (c) 2008 Elsevier B.V. All rights reserved.
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    Article
    Citation - WoS: 68
    Citation - Scopus: 86
    Re-Examining the Threshold Effects in the Inflation-Growth Nexus With Cross-Sectionally Dependent Non-Linear Panel: Evidence From Six Industrialized Economies
    (Elsevier Science Bv, 2010) Omay, Tolga; Kan, Elif Oeznur
    This paper analyzes the empirical relationship between inflation and output growth using a novel panel data estimation technique, Panel Smooth Transition Regression (PSTR) model, which takes account of the non-linearities in the data. By using a panel data set for 6 industrialized countries that enable us to control for unobserved heterogeneity at both country and time levels, we find that there exists a statistically significant negative relationship between inflation and growth for the inflation rates above the critical threshold level of 2.52%, which is endogenously determined. Furthermore, we also control cross-section dependency by using the CD test modified to non-linear context and remedy cross-section dependency with Seemingly Unrelated Regression Equations through Generalized Least Squares (SURE-GLS) and newly proposed Common Correlated Effects (CCE) estimation techniques. We find that these methods change the critical threshold value slightly. The estimated threshold values from these estimation methods are 3.18% and 2.42%, respectively. (C) 2010 Elsevier B.V. All rights reserved.
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    Article
    Türkiye için reaksiyon fonksiyonunun doğrusal olmayan modelle tahmin edilmesi
    (Çankaya Üniversitesi, 2010) Omay, Tolga; Hasanov, Mübariz
    In this paper we have estimated the monetary reaction function of the Central Bank of the Republic of Turkey. The originality of the paper is that we have used smooth transition functions (STR) that allow for proper modelling of nonlinearities and asymmetries in the relationship between variables under consideration. The estimated models suggest that the backward-looking instead of foreward-looking models best characterize the Central Bank’s reaction function, that is, the Central Bank reacted to past inflation rates rather than to future rates. This finding is in conformity with earlier research. We have found that the main purpose of expansionary policy of the Central Bank is to stabilize output whereas contractionary policies aimed only at reducing the inflation rate. The fact that the Central Bank has disregarded inflation in conducting expansionary policy and focused only on output stabilisation may explain why the Central Bank was not successful in fighting inflation. Besides, neither in expansionary policy regime nor in contractionary policy regime, real exchange rate is not targeted by the Central Bank. Moreover, budget deficit is targeted only in the contractionary policy regime
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    Article
    Citation - WoS: 8
    Citation - Scopus: 9
    The Relationship Between Inflation, Output Growth, and Their Uncertainties: Nonlinear Multivariate Garch-M Evidence
    (Economics Bulletin, 2011) Omay, Tolga; Omay, Tolga; Çankaya Meslek Yüksekokulu
    In this paper, we propose a nonlinear multivariate GARCH-M model. We have illustrated the actual modelling by applying the models to inflation and output growth variables and found that the effects of real and nominal uncertainties are regime-dependent.
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    Book Part
    Citation - WoS: 4
    Citation - Scopus: 5
    Solving Technological Change Model by Using Fractional Calculus
    (Springer, 2009) Omay, Tolga; Baleanu, Dumitru
    Fractional calculus is a generalization of classical calculus, which is a generalization of ordinary differentiation and integration to arbitrary order, and has recently been used in various fields like physics, engineering, biology, and finance. By applying fractional calculus to Romer's Technological Change Model, we introduce this new method to the field of economics and obtain a generalized solution for the model.
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    Article
    Citation - WoS: 150
    Citation - Scopus: 163
    Testing for Unit Root in Nonlinear Heterogeneous Panels
    (Elsevier Science Sa, 2009) Ucar, Nuri; Omay, Tolga
    We develop unit root tests for nonlinear heterogeneous panels where the alternative hypothesis is an exponential smooth transition (ESTAR) model, and provide their small sample properties. We apply our tests for investigating the income convergence hypothesis in the OECD sample. (C) 2009 Published by Elsevier B.V.
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    Article
    Citation - WoS: 25
    Citation - Scopus: 23
    Real Interest Rates: Nonlinearity and Structural Breaks
    (Physica-verlag Gmbh & Co, 2017) Corakci, Aysegul; Emirmahmutoglu, Furkan; Omay, Tolga
    Real interest rate is a crucial variable that determines the consumption, investment and saving behavior of individuals and thereby acts as a key policy tool that the central banks use to control the economy. Although many important theoretical models require the real interest rates to be stationary, the empirical evidence accumulated so far has not been able to provide conclusive evidence on the mean reverting dynamics of this variable. To resolve this puzzle we re-investigate the stochastic nature of the real interest rates by developing unit root tests for nonlinear heterogeneous panels where the alternative hypothesis allows for a smooth transition between deterministic linear trends around which stationary asymmetric adjustment may occur. When the newly developed panel unit root tests are applied to the real interest rates of the 17 OECD countries, we were able to uncover overwhelming empirical support in favor of mean reversion in the short-run and long-run real interest rates. Therefore, these results show that the conclusions drawn from a miss-specified test that ignores the presence of either nonlinearity, structural breaks or cross sectional dependence can give quite misleading results about the stochastic behavior of the real interest rates.
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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; Çankaya Meslek Yüksekokulu; İktisat
    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.
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    Conference Object
    Citation - WoS: 20
    Citation - Scopus: 23
    The Relationship Between Inflation, Output Growth, and Their Uncertainties: Evidence From Selected Cee Countries
    (M E Sharpe inc, 2011) Omay, Tolga; Hasanov, Mubariz
    In this paper, we examine causal relationships between inflation rate, output growth rate, inflation uncertainty, and output uncertainty for ten Central and Eastern European transition countries. For this purpose, we estimate a bivariate GARCH model that includes output growth and inflation rates for each country. Then we use conditional standard deviations of inflation and output to proxy nominal and real uncertainty, respectively, and perform Granger causality tests. Our results suggest that inflation rate induces uncertainty about both inflation rate and output growth rate, which is detrimental to real economic activity. At the same time, we find that output growth rate reduces macroeconomic uncertainty in some countries. In addition, we also examine and discuss causal relationships between the remaining variables.