Effects of Growth Volatility on Economic Performance

Cataloged from PDF version of article.This paper examines the relationship between growth and growth volatility for a small open economy with high growth volatility: Turkey. Quarterly data for the period from 1987Q1 to 2007Q3 suggests that growth volatility reduces growth and that this result is robust under different specifications. This paper contributes to the literature by focusing on how growth volatility affects a set of variables that are crucial for growth. Empirical evidence from Turkey suggests that higher growth volatility reduces total factor productivity, investment, and the foreign currency value of local currency (depreciation). Moreover, it increases employment, though the evidence for this is not statistically significant. © 2011 Elsevier B.V. All rights reserved

External Income Shocks and turkish Exports: A Sectoral Analysis

Cataloged from PDF version of article.This study assesses how the growth rates of Turkish trading partners affected Turkish exports in various sectors for the period 1996:01 to 2009:12. To determine this, we modeled the destination countries and the export demand for each sector separately. Each model is estimated as a system of equations, where each equation represents a country using a seemingly unrelated regression method. The empirical evidence suggests that Motor Vehicles, Basic Metals, and Radio-Television are the sectors with the highest income elasticities for most of the analyzed countries, whereas the Food Products and Beverages sector has the lowest income elasticity. We also performed simulations for the effect of a 1% increase in the growth rate of each country on Turkish exports. © 2013 Elsevier B.V

Combining Max-Min and Max-Max Approaches for Robust SoS Architecting

A System of Systems (SoS) architecting problem requires creating a selection of systems in order to provide a set of capabilities. SoS architecting finds many applications in military/defense projects. In this paper, we study a multi-objective SoS architecting problem, where the cost of the architecture is minimized while its performance is maximized. The cost of the architecture is the summation of the costs of the systems to be included in the SoS. Similarly, the performance of the architecture is defined as the sum of the performance of the capabilities, where the performance of a capability is the sum of the selected systems\u27 contributions towards its performance. Here, nevertheless, the performance of a system in providing a capability is not known with certainty. To model this uncertainty, we assume that the performance of a system for providing a capability has lower and upper bounds and subject to complete uncertainty, i.e., no information is available about the probability distribution of the performance values. To solve the resulting multi-objective SoS architecting problem with uncertainty, we propose and compare three robust approaches: max-min, max-max, and max-mid. We apply these methods on a military example and numerically compare the results of the different approaches

Multiobjective System of Systems Architecting with Performance Improvement Funds

A System of Systems architecting problem aims to determine a selection of systems, which are capable of providing a set of desired capabilities. A SoS architect usually has multiple objectives in generating efficient architectures such as minimization of the total cost and maximization the overall performance of the SoS. This study formulates a biobjective SoS architecting problem with these two objectives. Here, we consider that, by allocating funds to the systems, the SoS architect can improve the performance of the capabilities the systems can provide. The resulting architecting problem is a biobjective mixed-integer linear programming model. Specifically, the system selection decisions are binary while the fund allocation decisions are continuous. We first discuss the application of the adaptive epsilon-constraint method as an exact method for solving this model. Then, we propose an evolutionary method and compare its performance with the exact method. Finally, a numerical study demonstrates the benefits of fund allocation in the SoS architecting process

Variable frame based Max-Weight algorithms for networks with switchover delay

This paper considers the scheduling problem for networks with interference constraints and switchover delays, where it takes a nonzero time to reconfigure each service schedule. Switchover delay occurs in many telecommunication applications such as satellite, optical or delay tolerant networks (DTNs). Under zero switchover delay it is well known that the Max-Weight algorithm is throughput-optimal without requiring knowledge of the arrival rates. However, we show that this property of Max-Weight no longer holds when there is a nonzero switchover delay. We propose a class of variable frame based Max-Weight (VFMW) algorithms which employ the Max-Weight schedule corresponding to the beginning of the frame during an interval of duration dependent on the queue sizes. The VFMW algorithms dynamically adapt the frame sizes to the stochastic arrivals and provide throughput-optimality without requiring knowledge of the arrival rates. Numerical results regarding the application of the VFMW algorithms to DTN and optical networks demonstrate a good delay performance.National Science Foundation (U.S.) (NSF grant CNS-0626781)National Science Foundation (U.S.) (NSF grant CNS-0915988)United States. Army Research Office (ARO Muri grant number W911NF-08-1-0238

Do capital flows improve macroeconomic performance in emerging markets? The Turkish experience

This study examines the effects of capital inflows on the macroeconomic performance in an emerging, small open economy-Turkey. Using monthly data from 1992:01 to 2001:06 and a recursive vector autoregression model, we find that positive innovations in capital inflows appreciate the domestic currency, and increase output and money supply, but decrease interest rates and prices in the short run. We also find that the exchange rate regime does not influence the effects of capital flows on macroeconomic performance. Implications of the findings for policymakers are analyzed

Porous and Complex Flow Structures in Modern Technologies

Porous and Complex Flow Structures in Modern Technologies represents a new approach to the field, considering the fundamentals of porous media in terms of the key roles played by these materials in modern technology. Intended as a text for advanced undergraduates and as a reference for practicing engineers, the book uses the physics of flows in porous materials to tie together a wide variety of important issues from such fields as biomedical engineering, energy conversion, civil engineering, electronics, chemical engineering, and environmental engineering. Thus, for example, flows of water and oil through porous ground play a central role in energy exploration and recovery (oil wells, geothermal fluids), energy conversion (effluents from refineries and power plants), and environmental engineering (leachates from waste repositories). Similarly, the demands of miniaturization in electronics and in biomedical applications are driving research into the flow of heat and fluids through small-scale porous media (heat exchangers, filters, gas exchangers). Filters, catalytic converters, the drying of stored grains, and a myriad of other applications involve flows through porous media. By providing a unified theoretical framework that includes not only the traditional homogeneous and isotropic media but also models in which the assumptions of representative elemental volumes or global thermal equilibrium fail, the book provides practicing engineers the tools they need to analyze complex situations that arise in practice. This volume includes examples, solved problems and an extensive glossary of symbols

Inflation and inflation uncertainty in the G-7 countries

This study examines the relationship between inflation and inflation uncertainty in the G-7 countries for the period from 1957 to 2001. The causality between the inflation and inflation uncertainty is tested by using the Full Information Maximum Likelihood Method with extended lags. Our results suggest that inflation causes inflation uncertainty for all the G-7 countries, while inflation uncertainty causes inflation for Canada, France, Japan, the UK and the US. Furthermore, we find that in four countries (Canada, France, the UK and the US) increased uncertainty lowers inflation, and in only one country (Japan), increased uncertainty raises inflation. © 2004 Elsevier B.V. All rights reserved