Çorakcı, Ayşegül
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Corakci, Aysegul & Çorakçı, Ayşegül
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Prof. Dr.
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aeruygur@cankaya.edu.tr
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İktisat
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Current Staff
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Sustainable Development Goals
1NO POVERTY
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2ZERO HUNGER
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3GOOD HEALTH AND WELL-BEING
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4QUALITY EDUCATION
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5GENDER EQUALITY
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6CLEAN WATER AND SANITATION
0
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7AFFORDABLE AND CLEAN ENERGY
2
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8DECENT WORK AND ECONOMIC GROWTH
2
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9INDUSTRY, INNOVATION AND INFRASTRUCTURE
1
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10REDUCED INEQUALITIES
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11SUSTAINABLE CITIES AND COMMUNITIES
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12RESPONSIBLE CONSUMPTION AND PRODUCTION
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13CLIMATE ACTION
2
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14LIFE BELOW WATER
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15LIFE ON LAND
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16PEACE, JUSTICE AND STRONG INSTITUTIONS
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17PARTNERSHIPS FOR THE GOALS
3
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Scholarly Output
12
Articles
11
Views / Downloads
646/169
Supervised MSc Theses
1
Supervised PhD Theses
0
WoS Citation Count
86
Scopus Citation Count
83
Patents
0
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0
WoS Citations per Publication
7.17
Scopus Citations per Publication
6.92
Open Access Source
4
Supervised Theses
1
| Journal | Count |
|---|---|
| Renewable Energy | 2 |
| Economics Bulletin | 1 |
| Ekonomik Yaklasim | 1 |
| Empirica | 1 |
| Empirical Economics | 1 |
Current Page: 1 / 2
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12 results
Scholarly Output Search Results
Now showing 1 - 10 of 12
Article Citation - WoS: 10Citation - Scopus: 11Is 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, AysegulThis 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.Article Citation - WoS: 2Citation - Scopus: 2On the Heterogeneous Effects of Tax Policy on Labor Market Outcomes(Wiley, 2022) Adnan, Wifag; Arin, Kerim Peren; Corakci, Aysegul; Spagnolo, NicolaMany 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.Article Citation - WoS: 9Citation - Scopus: 9Hysteresis 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, AysegulResearch 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.Master Thesis Türkiye'de para politikası: Bir yüzyılın tarihsel analizi(2026) Albayrak, Gökhan; Çorakcı, AyşegülBu tez, Türkiye Cumhuriyeti'nin para politikasının bir asrı aşan deneyimini tarihsel ve kurumsal bir çerçeve içinde incelemekte ve uygulanan politika çerçevelerinin makroekonomik sonuçlarını beş temel gösterge üzerinden değerlendirmektedir: işsizlik oranı, fiyat endeksi, milli gelirin büyüme hızı, faiz oranı ve döviz kuru. Çalışma, Türkiye'de para politikasının saf biçimde teknik bir alan olarak işlemediğini; aksine kurumsal düzenlemeler, siyasal iktisat dinamikleri, dışsal kısıtlar ve küresel finansal koşullar tarafından şekillenen bir yönetişim kapasitesi meselesi olduğunu ortaya koymaktadır. Tarihsel dönemler arasında yapılan karşılaştırmalı değerlendirme, politika çerçevelerindeki değişimlerin makroekonomik sonuçlarla nasıl ilişkilendiğinin sistematik biçimde analiz edilmesine olanak sağlamaktadır. Bulgular, Türkiye'de para politikasının etkinliğinin kullanılan araç setinden ziyade, politikanın uygulandığı kurumsal mimarinin niteliği ve sürdürülebilirliğine bağlı olduğunu göstermektedir. Kurumsal istikrar, güvenilirlik, şeffaflık ve düzenleyici özerklikle karakterize edilen dönemler görece daha dengeli makroekonomik sonuçlarla ilişkilenirken, kurumsal zayıflama ve siyasi müdahalenin arttığı dönemler yüksek ekonomik kırılganlıklarla örtüşmektedir. Türkiye'nin para politikası tarihi; istikrar ve kriz, liberalizasyon ve yeniden müdahale, özerklik ve siyasi yönlendirme döngülerinin tekrarlandığı bir seyir ortaya koymakta; dış finansmana bağımlılık, düşük yurtiçi tasarruf oranları ve ithal ara malına dayalı üretim yapısı gibi kalıcı yapısal kısıtların bu döngüleri güçlendirdiğini göstermektedir. Genel olarak analiz, para politikasının sürdürülebilir makroekonomik istikrarı yalnızca teknik tasarımıyla değil, ancak güvenilir ve öngörülebilir bir kurumsal çerçeveye yerleştiğinde sağlayabildiğini ortaya koymaktadır. Bu çalışma tarihsel ve yorumlayıcı bir yaklaşım benimsemekte; makroekonomik göstergeleri biçimsel nedensel çıkarım amacıyla değil, betimleyici analitik araçlar olarak kullanmaktadır.Article Citation - WoS: 23Citation - Scopus: 22Re-Examining the Real Interest Rate Parity Hypothesis (Riph) Using Panel Unit Root Tests With Asymmetry and Cross-Section Dependence(Springer, 2017) Emirmahmutoglu, Furkan; Omay, Tolga; Corakei, Aysegul; Çorakcı, AyşegülThis paper investigates the validity of the real interest rate parity hypothesis (RIPH) using a panel unit root approach. For this purpose, first we estimate the possible nonlinear data-generating processes of the real interest rate differential series and using these estimates determine which panel unit root test is better for analyzing the RIPH. To this end, smooth transition autoregressive and threshold autoregressive (TAR) models are estimated for two different panels of countries: G7 and post-Soviet transition economies. The results show that the data displays both strong asymmetry and high transition speed. Therefore, secondly, we propose a new panel unit root test where the alternative is stationary with asymmetric TAR adjustment, and provide their empirical power properties. Finally, we demonstrate that our newly proposed test is able to provide conclusive evidence in favor of the RIPH in contrast to the other panel unit root tests considered.Article Citation - WoS: 25Citation - Scopus: 23Real Interest Rates: Nonlinearity and Structural Breaks(Physica-verlag Gmbh & Co, 2017) Corakci, Aysegul; Emirmahmutoglu, Furkan; Omay, TolgaReal 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.Article Citation - WoS: 11Citation - Scopus: 9Ppp Hypothesis and Temporary Structural Breaks(Economics Bulletin, 2017) Corakci, Aysegul; Omay, Tolga; Emirmahmutoglu, Furkan; Çorakcı, Ayşegül; Tolga, Omay; Çankaya Meslek Yüksekokulu; İktisatIn 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.Article Is there a Purchasing Power Parity (PPP) Puzzle? New Evidence from a Nonlinear Asymmetric Panel Unit Root Test(2016) Çorakçı, AyşegülThis study re-examines the validity of the purchasing power parity (PPP) hypothesis for 24 OECD countries. The econometric methodology implemented not only allows for asymmetric nonlinear mean reversion within a panel context, but also corrects for the cross-sectional dependence bias frequently encountered in panel data. This feature is important because a test that ignores the presence of asymmetry and cross-sectional dependence when they are in fact present in the data would lead to misleading results. We obtain relatively stronger evidence in favor of the PPP hypothesis when compared to the other alternative panel unit root tests. However, on the whole, this support is still weak even after allowing for asymmetric nonlinear mean reversion in the real exchange rate series. Therefore, to reconcile the data with the theory further methods should be developed.Article Citation - WoS: 5Citation - Scopus: 6High Persistence and Nonlinear Behavior in Financial Variables: a More Powerful Unit Root Testing in the Estar Framework(Mdpi, 2021) Corakci, Aysegul; Hasdemir, Esra; Omay, TolgaIn this study, we consider the hybrid nonlinear features of the Exponential Smooth Transition Autoregressive-Fractional Fourier Function (ESTAR-FFF) form unit root test. As is well known, when developing a unit root test for the ESTAR model, linearization is performed by the Taylor approximation, and thereby the nuisance parameter problem is eliminated. Although this linearization process leads to a certain amount of information loss in the unit root testing equation, it also causes the resulting test to be more accessible and consistent. The method that we propose here contributes to the literature in three important ways. First, it reduces the information loss that arises due to the Taylor expansion. Second, the research to date has tended to misinterpret the Fourier function used with the Kapetanios, Shin and Snell (2003) (KSS) unit root test and considers it to capture multiple smooth transition structural breaks. The simulation studies that we carry out in this study clearly show that the Fourier function only restores the Taylor residuals of the ESTAR type function rather than accounting forthe smooth structural break. Third, the new nonlinear unit root test developed in this paper has very strong power in the highly persistent near unit root environment that the financial data exhibit. The application of the Kapetanios Shin Snell- Fractional Fourier (KSS-FF) test to ex-post real interest rates data of 11 OECD countries for country-specific sample periods shows that the new test catches nonlinear stationarity in many more countries than the KSS test itself.Article Is there convergence in renewable energy deployment? Evidence from a new panel unit root test with smooth and sharp structural breaks(2023) Çorakçı, Ayşegül; Omay, TolgaThis 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 economies to seek out the menu of policies that ensure the worldwide success of renewable energy transformation.