Opennes and the Effectiveness of Monetary Policy : Empirical Evidence from Turkey

Opennes; Monetary Policy

Comparison of theories for acoustic wave propagation in gassy marine sediments

More than three decades ago, Anderson and Hampton [1, 2] (A&H) presented theories for wave propagation in gassy water, saturated sediments and gassy sediments in their two part review, which has been cited by many researchers in the geoacoustics and underwater acoustics areas. They gave an empirical formulation based on the theory of Spitzer [3] for the wave propagation in gassy water by adapting that for a viscoelastic, lossy medium. Following Leighton [4], this paper presents a theory based on non-stationary nonlinear dynamics of spherical gas bubbles and extends that 2007 paper to include liquid compressibility and thermal damping effects. The paper then shows how that nonlinear formulation can be reduced to the linear limit, and derives the expressions for the damping coefficients, the scattering cross section, the speed of sound and the attenuation, and compares these with the A&H theory. The current formulation has certain advantages over A&H theory such as implementing an energy conservation based nonlinear model for the gas pressure inside the bubble, having no sign ambiguity for the speed of sound formula (which is important when estimating the bubble void fraction) and correcting the ambiguity on the expression for scattering cross section, as identified in the recent work of Ainslie and Leighton [5]. Moreover, the theory presented here forms a basis for a nonlinear, time-dependent acoustic estimation model for gas bubble distributions in viscoelastic mediums since it avoids the commonly encountered assumptions on the bubble dynamics such as linearity, steady-state behaviour and monochromaticity

Macroeconomic Policy and Unemployment by Economic Activity: Evidence from Turkey

This paper investigates how macroeconomic policy shocks in Turkey affect the total unemployment and provides evidence on the differential responses of the unemployment by sectors of economic activity. Our paper extends the previous work in two respects. First, we consider not only the response of total unemployment but also the response of unemployment by sectors of economic activity. Second, we consider not only the effect of monetary policy shocks, but also the effects of several other macroeconomic shocks. The quarterly data used which covers the period 1988:01 to 2004:04 from Turkey. A VAR model with a recursive order is employed to estimate the effects of shocks in real GDP, price, exchange rate, interbank interest rate, money supply and own sectoral unemployment on unemployment by sectors of economic activity. The results indicate that the positive income shock is followed by a decrease in unemployment in all economic activity groups during the initial periods except the unemployment in the Electricity sector and the Community Services sector. A positive money shock decreases unemployment in sectors of Mining, Manufacturing, Construction, Wholesale-Retail Trade, Transportation and, Finance-Insurance. Opposite results are obtained with the interbank interest rate shocks. Even if, they are not statistically significant, a positive interbank interest rate shock increases the unemployment in all economic activities at the initial levels but derives down the unemployment in the Agriculture and the Community Services sectors at the initial level. Moreover, a positive price shock increases unemployment in all economic sectors in the long run except the Mining and the Community Services. Thus, unemployment in different sectors of economic activity respond differently to various macroeconomic policy shocks.Macroeconomic Policy Shocks, Unemployment by Economic Activity

Macroeconomic Policy and Unemployment by Economic Activity: Evidence from Turkey

This paper investigates how macroeconomic policy shocks in Turkey affect the total unemployment and provides evidence on the differential responses of the unemployment by sectors of economic activity. Our paper extends the previous work in two respects. First, we consider not only the response of total unemployment but also the response of unemployment by sectors of economic activity. Second, we consider not only the effect of monetary policy shocks, but also the effects of several other macroeconomic shocks. The quarterly data used which covers the period 1988:01 to 2004:04 from Turkey. A VAR model with a recursive order is employed to estimate the effects of shocks in real GDP, price, exchange rate, interbank interest rate, money supply and own sectoral unemployment on unemployment by sectors of economic activity. The results indicate that the positive income shock is followed by a decrease in unemployment in all economic activity groups during the initial periods except the unemployment in the Electricity sector and the Community Services sector. A positive money shock decreases unemployment in sectors of Mining, Manufacturing, Construction, Wholesale-Retail Trade, Transportation and, Finance-Insurance. Opposite results are obtained with the interbank interest rate shocks. Even if, they are not statistically significant, a positive interbank interest rate shock increases the unemployment in all economic activities at the initial levels but derives down the unemployment in the Agriculture and the Community Services sectors at the initial level. Moreover, a positive price shock increases unemployment in all economic sectors in the long run except the Mining and the Community Services. Thus, unemployment in different sectors of economic activity responds differently to various macroeconomic policy shocks.Macroeconomic Policy Shocks, Unemployment by Economic Activity

Investigation of chatter detection with sensor-integrated tool holders based on strain measurement

Machining chatter is one of the most critical issues that restrict the productivity in milling of thin wall workpieces. Sensor-integrated tool/tool holders, which provide data collection during cutting, can be employed for online chatter detection. Recently, there has been an increasing number of strain-measurement-based smart tool holders, which can measure bending moments and/or torque. Although accelerometer-integrated tool holders have been tested, sensor-integrated tool holders based on strain measurement have not been evaluated for the chatter detection in milling. This paper investigates the potential of chatter avoidance using a commercial sensor-integrated tool holder based on strain measurement

¿Las indicaciones geográficas fomentan la producción local? Analizando las estrategias de los productores

Providing new production alternatives in the development of the economy in rural areas of Turkey is of particular importance. Geographical indication (GI) labelling differentiates a product from its competitors as to the region where it originated. The improvement of GI labelling production strengthens the efforts of the rural regions in maintaining high standards of the product quality regarding to the health. This paper investigates the way GI is implemented by pestil (dried fruit pulp) producers in Gumushane province in Turkey. A framework formulated is urgently needed to allow the pestil producers to promote their local product to a wider market.Proporcionar nuevas alternativas de producción en el desarrollo de la economía en las zonas rurales de Turquía es de particular importancia. El etiquetado de indicación geográfica (IG) diferencia a un producto de sus competidores en cuanto a la región donde se originó. La mejora de la producción de etiquetado de IG fortalece los esfuerzos de las regiones rurales para mantener altos estándares de calidad del producto con respecto a la salud. Este documento investiga la forma en que los productores de pestil (pulpa de frutos secos) implementan la IG en la provincia de Gumushane en Turquía. Se necesita con urgencia un marco formulado para permitir a los productores de plagas promover su producto local en un mercado más amplio

Investigation of chatter detection with sensor-integrated tool holders based on strain measurement

Machining chatter is one of the most critical issues that restrict the productivity in milling of thin wall workpieces. Sensor-integrated tool/tool holders, which provide data collection during cutting, can be employed for online chatter detection. Recently, there has been an increasing number of strain-measurement-based smart tool holders, which can measure bending moments and/or torque. Although accelerometer-integrated tool holders have been tested, sensor-integrated tool holders based on strain measurement have not been evaluated for the chatter detection in milling. This paper investigates the potential of chatter avoidance using a commercial sensor-integrated tool holder based on strain measurement