Firms, international money and prices: a survey of the literature

Sluggish price adjustments with respect to exchange rate shocks take essentially two forms. Firstly, prices do not adjust completely to neutralize the effects of nominal exchange rate shocks. Secondly, price adjustments after exchange rate shocks only take place in discrete time intervals, in other words they are discontinuous. These two features of price adjustments form our definition of international price rigidities. In this paper we shall present a survey of the empirical and theoretical literature on international price rigidities. We provide the underlying intuition of the theoretical research and present a brief summary of the empirical findings

Ioannis N. Grigoriadis, Instilling Religion in Greek and Turkish Nationalism: A”Sacred Synthesis”

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Firms, International Money and Prices. a Survey of the Literature

Sluggish price adjustments with respect to exchange rate shocks take essentially two forms. Firstly, prices do not adjust completely to neutralize the effects of nominal exchange rate shocks. Secondiy, price adjustments after exchange rate shocks only take place in discrete time intervals, in other words they are discontinuous. These two features of price adjustments form our definition of international price rigidities. In this paper we shall present a survey of thc empirical and theoretica literature on international price rigidities. We provide the underlying intuition of the theoretical research and present a brief summary of the empirical findings.

Technology and Demand for Skilled Labor in Turkish Private Manufacturing Industries

This paper examines the relationship between technology and demand for skilled labor both historically and empirically. First, it is pointed out that the Industrial Revolution substituted skilled labor with unskilled labor since it has a de-skilling characteristic. Second, the skill-bias feature of Information and Communication Technologies Revolution is suggested. Finally, the effect of technological progress on the demand for skilled labor is tested for Turkish Private Manufacturing Industries. According to the static panel data estimation results, there is a positive but weak relationship between technological progress and demand for skilled labor.Skill bias, Technological change, Manufacturing

Real Exchange Rates and Monetary Policy Effectiveness in EMU.

This paper extends the framework provided by De Grauwe, Dewachter and Aksoy (1998). Monetary policy effectiveness of the European Central Bank (ECB) in the open economy Euroland is addressed. The optimal feedback rules for the member states with the use of the backward looking variables are derived. The role of the real exchange rate is discussed. For alternative scenarios at the ECB Governing Council we simulate the monetary policy effectiveness and provide some welfare analysis.

On the short and long term real effects of nominal exchange rates

In this paper we assess the implications of sunk costs and product differentiation on the pricing decisions of the multinational firms. For this purpose we use a modified version of Salop's spatial competition. The model yields clear-cut predictions regarding the effects of exchange rate shocks on the market structure and on pass-through. The main results are following: shocks within the band of inaction do not affect market structure. The upper bound of this range rises as the industry ratio of sunk- to fixed costs increases. As fixed costs and product heterogeneity jointly increase, the lower bound drops. Outside of the range, depreciations cause one or several of those foreign brands closest to the home brand to leave. This decreases the overall responsiveness of prices to exchange rate shocks. Large appreciations induce entry and increase the elasticity of prices. This asymmetry implies larger positive than negative PPP deviations. When accounting for price changes in foreign markets, strategic pricing behaviour is no longer sufficient to generate real exchange rate variability. Incomplete pass-through obtains if and only if the domestic firms have a smaller market share abroad. With large nominal exchange rate shocks a hysteresis result obtains if and only if sunk costs are non-zero. Klassifikation: C33, E3

US fiscal indicators, inflation and output

In this paper we explore the information content of a large set of fiscal indicators for US real output growth and inflation. We provide evidence that fluctuations in certain fiscal variables contain valuable information to predict fluctuations in output and prices. The distinction between federal and state-local fiscal indicators yields useful insights and helps define a new set of stylized facts for US macroeconomic conditions. First, we find that variations in state-local indirect taxes as well as state government surplus or deficit help predict output growth. Next, the federal counterparts of these indicators contain valuable information for inflation. Finally, state-local expenditures help predict US inflation. A set of formal and informal stability tests confirm that these relationships are stable. The fiscal indicators in questions are also among the ones that yield the best in-sample and out-of-sample performances

Low emittance lattice for the storage ring of Turkish Light Source Facility TURKAY

Turkish Accelerator Center) project is aimed to build an accelerator center in Turkey. The first step of the project is to construct IR-FEL facility. The second stage is to build a synchrotron radiation facility named TURKAY, which is the third generation synchrotron radiation light source that aimed to achieve high brilliance photon beam from low emittance electron beam at 3 GeV. The electron beam parameters highly depend on the magnetic lattice of the storage ring. In this paper a low emittance storage ring for TURKAY is proposed and beam dynamic properties of the magnetic lattice are investigated.Comment: 5 pages, 5 figure