What to smooth: Rate of interest or the foreign exchange? Turkish monetary policy under turbulent times

Cataloged from PDF version of article.This paper studies the new monetary stance of the Central Bank of Republic of Turkey (CBRT) during the Great Recession. We note that characteristics of the post-1997 “great moderation” revealed interest rate smoothing as a valid policy option for the inflation targeting central banks. Utilizing econometric analyses on a general form of a Taylor Rule, we search for the relative weights of the objective function of the CBRT over Jan 2010 – Dec 2013. We find that over the great recession, the CBRT’s focus on “interest smoothing” had been maintained; and yet the burden of adjustment fell disproportionately on the foreign exchange markets. Furthermore, weak credibility of the CBRT, lack of a simple policy rule, and noisy policy communications evidence that pre-requisites of the interest rate smoothing are not being fulfilled. Inevitable sharp policy corrections that follow smoothing periods prove insufficient against the voluminous global flows

Economics of climate change and green employment: A general equilibrium investigation for Turkey

This paper quests for the intrinsic complementarities among environmental pollution abatement, induced technological innovation to combat human-induced climate change, targeted expansions for green employment, and enhanced welfare through gains in private income. Utilizing data from the Turkish economy, we implement an applied general equilibrium model to study the synergies between environmental abatement instruments and policies towards sustaining green jobs. Our results are indicative that by a proper mix of environmental taxation and technological and institutional innovations, Turkey can serve as an example for a host of developing countries in setting the stage for a pro-employment and eco-friendly, sustained growth path. We further show that for the successful implementation of a carbon emissions mitigation strategy, elimination of the burden of existing labor taxes and factor market distortions are crucial. Our analysis suggests that complemented with a strategy of substitution of environmental taxes against the existing distortionary labor taxes, costs abatement on domestic income and employment could be negligible. � 2017 Elsevier Lt

Interleukin 6, lipopolysaccharide-binding protein and interleukin 10 in the prediction of risk and etiologic patterns in patients with community-acquired pneumonia: results from the German competence network CAPNETZ

<p>Abstract</p> <p>Background</p> <p>The aim of our study was to investigate the predictive value of the biomarkers interleukin 6 (IL-6), interleukin 10 (IL-10) and lipopolysaccharide-binding protein (LBP) compared with clinical CRB and CRB-65 severity scores in patients with community-acquired pneumonia (CAP).</p> <p>Methods</p> <p>Samples and data were obtained from patients enrolled into the German CAPNETZ study group. Samples (blood, sputum and urine) were collected within 24 h of first presentation and inclusion in the CAPNETZ study, and CRB and CRB-65 scores were determined for all patients at the time of enrollment. The combined end point representative of a severe course of CAP was defined as mechanical ventilation, intensive care unit treatment and/or death within 30 days. Overall, a total of 1,000 patients were enrolled in the study. A severe course of CAP was observed in 105 (10.5%) patients.</p> <p>Results</p> <p>The highest IL-6, IL-10 and LBP concentrations were found in patients with CRB-65 scores of 3-4 or CRB scores of 2-3. IL-6 and LBP levels on enrollment in the study were significantly higher for patients with a severe course of CAP than for those who did not have severe CAP. In receiver operating characteristic analyses, the area under the curve values for of IL-6 (0.689), IL-10 (0.665) and LPB (0.624) in a severe course of CAP were lower than that of CRB-65 (0.764) and similar to that of CRB (0.69). The accuracy of both CRB and CRB-65 was increased significantly by including IL-6 measurements. In addition, higher cytokine concentrations were found in patients with typical bacterial infections compared with patients with atypical or viral infections and those with infection of unknown etiology. LBP showed the highest discriminatory power with respect to the etiology of infection.</p> <p>Conclusions</p> <p>IL-6, IL-10 and LBP concentrations were increased in patients with a CRB-65 score of 3-4 and a severe course of CAP. The concentrations of IL-6 and IL-10 reflected the severity of disease in patients with CAP. The predictive power of IL-6, IL-10 and LBP for a severe course of pneumonia was lower than that of CRB-65. Typical bacterial pathogens induced the highest LBP, IL-6 and IL-10 concentrations.</p

Challenges to Turkey’s Transition to a Low-Carbon Urban Development: A Roadmap for an Effective Climate Change Policy

Turkey is an emerging economy with a growing gross domestic product, which brings with it a rapid increase in energy consumption. Turkey’s per capita GHG emissions increased from 3.88 tons of CO2eqin 1990 to 6.07 tons of CO2eqin 2015. Furthermore, due to being located in the Mediterranean Basin, Turkey is highly vulnerable to such impacts of climate change as temperature rises, flooding and water shortage. Since the early 2000s, there have been several efforts in developing a climate policy in Turkey. The EU accession negotiations have played a catalyst role in pushing the environmental agenda and climate policy forward. However, the current state of climate policy in Turkey is far from being a sound policy framework. Despite the introduction of several policy documents and institutional reforms, GHGs and climatic vulnerabilities of Turkish cities are increasing. This chapter investigates the current state of climate policy in Turkey so as to underline its shortcoming and weaknesses. Following the discussion on the existing situation, a roadmap is proposed to sidestep the existing shortcomings and develop a sound and internationally valid climate policy. The proposed roadmap is believed to facilitate the transition to a low-carbon urban development in Turkish cities