Ozlen Hic | Istanbul University (original) (raw)

Papers by Ozlen Hic

The GSTF Journal on Business Review, Oct 1, 2012

Discussions on macroeconomic systems, their relevance and validity mainly focused on Developed Co... more Discussions on macroeconomic systems, their relevance and validity mainly focused on Developed Countries. Survey of development literature, on the other hand, shows there was scanty direct effort to discuss which macroeconomic system or school was relevant for the Less Developed Countries (LDCs) and Newly Industrializing Countries NICs). Similarly, for instance, much of the more recent discussions concerning the implementation of market economy in these countries. Yet we long had three major blocks to build a macroeconomic model for LDCs and NICs. These were: the relevance of Keynesian aggregate demand, the excess labor and scarcity of capital, and the limited substitutability between labor and capital. The latter two gave rise to capital constraint for production and to technological unemployment. In addition, rigidities and non-automaticity of aggregate demand generally gave an inflationary gap and demand inflation alongside technological unemployment. This model is fundamentally Keynesian with special conditions surrounding the production function, supply and demand for labor taken into consideration. Going further, we may also add foreign exchange constraint to the capital constraint. Problems of LDCs and NICs, policy recommendations to achieve prudent financial management, and the more recent attempts to move towards the market economy and globalization can all be explained within this Keynesian framework. I. INTRODUCTION: AN OVERVIEW OF THE DEVELOPMENT LITERATURE Discussions about macroeconomic systems and schools, their relevance and validity, usefulness of their policy recommendations were mainly focused on Developed Countries (DCs). Very rightly and understandably there were no systematic attempts to investigate their applicability to the Less Developed Countries (LDCs) and Newly Industrializing Countries (NICs). This is true of the discussions about the Classical versus the Keynesian System, Neo-Classical Synthesis, Neo-Classical System

GSTF journal on business review, Nov 1, 2013

The focus of this article is the "adaptive expectations hypothesis" of Milton Friedman and his an... more The focus of this article is the "adaptive expectations hypothesis" of Milton Friedman and his analysis of short-run and long-run Phillips Curve. In order to analyze these contributions of M. Friedman more clearly, discussions about the Phillips Curve and different views about this issue according to various macroeconomic schools and information about the evolution of the Phillips Curve Analysis are given. In this sense, apart from Milton Friedman and Monetarists, Phillips Curve was analyzed in a successive order compatible with the history of discussion within Keynes and Keynesian economics, New Keynesian Economics and New Classical School operating with "rational expectations hypothesis".

The International Journal of Business and Management, Dec 1, 2011

the cooling relations between Turkey and the EU. Still others may see it as a real political tilt... more the cooling relations between Turkey and the EU. Still others may see it as a real political tilt towards more radical Muslim countries as well as emerging non-Western powers. This is less a subject for economic research but one for political economy.

Journal of Business, Economics and Finance, Jun 30, 2017

We attempt to make a comparative evaluation of modern macroeconomic schools: Monetarism and New C... more We attempt to make a comparative evaluation of modern macroeconomic schools: Monetarism and New Classical School based on the Classical System that envisage automatic full employment or natural rate of unemployment (NRU) equilibrium (AFNE or ANRUE) vs. New Keynesian and Post-Keynesian Economics based on the Keynesian System which gives unemployment equilibrium (UNE) or non-automatic NRU equilibrium (NANRUE) due to insufficiency of aggregate demand. In order to determine which school is relevant, first the basic assumptions of these systems are compared: i) rational vs. adjusted vs. heterogeneous expectations, ii) existence of perfect competition in all markets leading to flexibility of prices and wages vs. imperfect competition giving rise to rigidities, and iii) presence or lack of coordination between markets.

Marmara Üniversitesi iktisadi ve idari bilimler dergisi, 2003

In this book, we attempt to make a comparative evaluation of modem macroeconomic schools: Monetar... more In this book, we attempt to make a comparative evaluation of modem macroeconomic schools: Monetarism and New Classical School based on the Classical System that envisage automatic full employment or natural rate of unemployment (NRU) equilibrium (AFNE or ANRUE) vs. New Keynesian and Post-Keynesian Economics based on the Keynesian System which gives unemployment equilibrium (UNE) or non-automatic NRU equilibrium (NANRUE) due to insufficiency of aggregate demand. In order to determine which school is relevant, first the basic assumptions of these systems are compared: i) rational vs. adjusted vs. heterogeneous expectations, ii) existence of perfect competition in all markets leading to flexibility of prices and wages vs. imperfect competition giving rise to rigidities, and iii) presence or lack of coordination between markets.

Gelişmiş ülkelerdeki ekonomik rejimle ilgili gelişmeler gelişmekte olan ülkelerinkinden farklı bi... more Gelişmiş ülkelerdeki ekonomik rejimle ilgili gelişmeler gelişmekte olan ülkelerinkinden farklı bir yoldan devam ettiğinden, bu makalede bu iki ülke grubu ayrı ayrı incelenecektir. Tarihsel ve teorik sebeplerden ötürü gelişmiş ülkelerdeki ekonomik rejimin araştırılmasına öncelik verilecektir. Günümüzde gelişmiş ve gelişmekte olan ülkelerde ekonomik faaliyetler temel olarak özel sektör tarafından karşılanmaktadır; Bununla birlikte hükümet müdahale, rehberlik, korumacılık ve yatırım yoluyla bu faaliyetlere katkıda bulunur. Hâlen gelişmiş ülkelerin hükümet müdahalesi, korunması ve kamu yatırımlarının seviyesi asgari düzeydedir. Öte yandan, gelişmekte olan ülkelerde hükümetin rolü daha belirgin gözükmektedir; Hükümetin rolünün ağırlığı söz konusu ülkeler için gelişme derecesine bağlıdır. Kalkınma düzeyinin düşük olduğu ülkelerde hükümetin rolü artar, yani gelişmedeki gelişme hükümetin rolünü azaltır.

In this article, we will cover the main anti-Keynesian views and macroeconomic systems that arose... more In this article, we will cover the main anti-Keynesian views and macroeconomic systems that arose in the post Keynes period as well as their fiscal and monetary policy guidelines. As is known, the early Classical economists introduced a macroeconomic system based on the Quantity Theory and Say's Law resulting in automatic fullemployment equilibrium; and finally after 1929-1934 Great World Depression, the Keynesian System was introduced as a "revolution" (Keynesian Revolution) in theory and practice. As a result of the Keynesian policies implemented, European countries and the United States not only got over the Great World Depression but also in the years following the World War II, they have observed a fast and stable growth for a long time. Moreover, cyclical fluctuations have been controlled to a great extent. Even so, at the stage when the Keynesian System was introduced, anti-Keynesian views and macroeconomic systems were immediately introduced. Intense academic discussions between advocates of these views and the Keynesian economists have continued up until today. Meanwhile, many economists such as J.

Kriter Yayınevi, 2020

Adam Smith, with An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776... more Adam Smith, with An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776 is unanimously hailed as the founder of economics as a social science and also of “economic liberalism” or “capitalism” as it is called to contrast it with “socialism”, the latter propagated by K. Marx at a later date.
The group of economists that followed A.Smith, including such notable names as D.Ricardo, N.W.Senior, John Stuart Mill, culminating in Alfred Marshall (1890: Principles of Economics) is called the “Classical School” or alternately the “Manchester School” to refer to their place of origin. Their macroeconomic system is called the “Classical System” (Schumpeter 1954; Roll 1992; Hiç 1994, Paya 1997; Ackley 1961, Branson 1989; Froyen 1990, etc.). Having accepted the Malthusian law of population (T.Robert Malthus: 1798 Essays on the Principle of Population) D. Ricardo had come up with a model in which growth eventually comes to a halt, moving to that point, however, all along at full employment equilibrium (Baumol and Turvey 1970, Hiç 1994). This was also in line with the views of Adam Smith. Marshall had introduced the concept of elasticities and used the partial method of analysis. In contrast, Leon Walras, in his 1874-7: Eléments d’Economie Pure ou Theorie de La Richesse Sociale (1. ed). used the general equilibrium approach to prove that the economy arrives automatically to full employment equilibrium, following Adam Smith and the Classical School.

IJPSAT, 2020

This chapter aims at comparing the major Islamic views on economy to previously experienced views... more This chapter aims at comparing the major Islamic views on economy to previously experienced views such as socialist, fascist and capitalist attitudes. The role of government, interest rates, public and private property rights and regulations, implementation difficulties, market mechanism and financial management, wealth accumulation are the main areas of concern in this paper. This chapter is a short extract taken from the master thesis advised by F.

Ivpe, 2019

The new millennium was entered with slogan of new world order and great hopes. Humanity witnessed... more The new millennium was entered with slogan of new world order and great hopes. Humanity witnessed scenarios of excitement, expectation and apocalypse as it did every thousand years. Soon, both humane and environmental disasters began to give clues about what awaits people in the century. However, although humanity was in its phase of "civilized" and technologically advanced period, it could not prevent the undesired events. Humanity began to be shaken with another disaster every day. Never-ending wars, political strife, and unpredictable natural disasters despite all technical progress continued to lead humanity into a terrible black hole. United Nations reports have almost turned into doomsday scenarios. Education, rapidly increasing population, poverty, migration, famine, drought, epidemics, violence, global warming, tsunamis, shortage of access to clean water resources, environmental and marine pollution, rapid melting of glaciers, air pollution, hurricanes, extinction of animal and plant species , the spread of political radicalism, the global increase in terrorism, religion and sectarian wars, the gap in income distribution, unplanned urbanization, the horrendous increase in divorces, the increase in suicide rates, digital pollution and thousands of other problems await solutions.

The International Journal of Business and Management, 2011

Turkey was one of the worst hit countries from the global crisis that started in September 2008. ... more Turkey was one of the worst hit countries from the global crisis that started in September 2008. She had relied heavily on external financing by charging a high interest take. Her external debt and current account deficit had risen and the lira had become overvalued. Following the global crisis, the fall in the flow of financial funds, direct private investments (DPIs) as well as exports caused a great fall in her GNP. But though refusing to make a stand-by agreement with the IMF, she managed to relief relatively fast; gradually lowering the interest rate. As detailed statistics attest, before the years ‘90s and the onset of globalization her international economic relations had already started to diversify; with the share of Middle Eastern Islamic countries and Russia rising. After the 2008 global crisis economic problems in many EU member countries put further brakes on the EU. Hence, Turkey was obliged to further diversify her exports, imports, inflow of financial flows, DPIs as ...

1970li yillarda Keynesgil Sistem gozden dusmus, Monetarizm ve Yeni Klasik Okul egemen olmustur.Fa... more 1970li yillarda Keynesgil Sistem gozden dusmus, Monetarizm ve Yeni Klasik Okul egemen olmustur.Fakat 1980li yillarda ABD'de Yeni Keynesgil Ekonomi ortaya cikarken Ingiltere'de gerek Yeni Klasik Okul'a gerekse Yeni Keynesgil Ekonomi'ye tepki olarak Post-Keynesgil Ekonomi dogmustur.

Bu incelememizde temel konu ekonomi politikalarina cerceveyi belirleyen ekonomik rejim, ekonomik ... more Bu incelememizde temel konu ekonomi politikalarina cerceveyi belirleyen ekonomik rejim, ekonomik rejimle ilgili olarak ortaya surulen baslica ekonomik sistemler, gorusler ve modeller ve yine ekonomik rejimle ilgili baslica fiili olaylar ve fiili gelismelerdir. Incelemenin kapsamini dar tutmak amaciyla inceleme temel olarak gelismis ulkelerle sinirlandirilmistir ve gelisen ulke sorunlarina, bu ulkelerle ilgili ekonomik rejim ve model tartismalarina girilmeyecektir. Fakat gelisen ulkelerle ilgili olarak yapilacak incelemelerin baslangic noktasinin ise yine burada, gelismis ekonomilerle ilgili olarak yaptigimiz inceleme olusturacaktir.

Ilk Klasiklerin otomatik tam istihdam dengesi Keynes ve Keynesgil iktisatcilar ile Neo-Klasik ikt... more Ilk Klasiklerin otomatik tam istihdam dengesi Keynes ve Keynesgil iktisatcilar ile Neo-Klasik iktisatcilar arasindaki tartismalarin odak veya temel noktasini olusturur. Makalemizde oncelikle Neo-Klasiklerin daha iyi anlasilmasi icin ilk Klasikler ve Keynegil Sistem hakkinda ayrintili bilgi verilmektedir. Makalemizde Pigou Etkisi’ne deginildikten sonra otomatik tam istihdam dengesi konusunda Klasik ve Keynesgil iktisatcilar arasindaki gorus ayriliklari acisindan bir uzlasma niteligi tasiyan Neo-Klasik Sentez incelenmekte ve bu sistemlerin gunumuzde gecerlilikleri ile sonuclandirilmaktadir.

Pressacademia, 2017

We attempt to make a comparative evaluation of modern macroeconomic schools: Monetarism and New C... more We attempt to make a comparative evaluation of modern macroeconomic schools: Monetarism and New Classical School based on the Classical System that envisage automatic full employment or natural rate of unemployment (NRU) equilibrium (AFNE or ANRUE) vs. New Keynesian and Post-Keynesian Economics based on the Keynesian System which gives unemployment equilibrium (UNE) or non-automatic NRU equilibrium (NANRUE) due to insufficiency of aggregate demand. In order to determine which school is relevant, first the basic assumptions of these systems are compared: i) rational vs. adjusted vs. heterogeneous expectations, ii) existence of perfect competition in all markets leading to flexibility of prices and wages vs. imperfect competition giving rise to rigidities, and iii) presence or lack of coordination between markets.

The GSTF Journal on Business Review, Oct 1, 2012

Discussions on macroeconomic systems, their relevance and validity mainly focused on Developed Co... more Discussions on macroeconomic systems, their relevance and validity mainly focused on Developed Countries. Survey of development literature, on the other hand, shows there was scanty direct effort to discuss which macroeconomic system or school was relevant for the Less Developed Countries (LDCs) and Newly Industrializing Countries NICs). Similarly, for instance, much of the more recent discussions concerning the implementation of market economy in these countries. Yet we long had three major blocks to build a macroeconomic model for LDCs and NICs. These were: the relevance of Keynesian aggregate demand, the excess labor and scarcity of capital, and the limited substitutability between labor and capital. The latter two gave rise to capital constraint for production and to technological unemployment. In addition, rigidities and non-automaticity of aggregate demand generally gave an inflationary gap and demand inflation alongside technological unemployment. This model is fundamentally Keynesian with special conditions surrounding the production function, supply and demand for labor taken into consideration. Going further, we may also add foreign exchange constraint to the capital constraint. Problems of LDCs and NICs, policy recommendations to achieve prudent financial management, and the more recent attempts to move towards the market economy and globalization can all be explained within this Keynesian framework. I. INTRODUCTION: AN OVERVIEW OF THE DEVELOPMENT LITERATURE Discussions about macroeconomic systems and schools, their relevance and validity, usefulness of their policy recommendations were mainly focused on Developed Countries (DCs). Very rightly and understandably there were no systematic attempts to investigate their applicability to the Less Developed Countries (LDCs) and Newly Industrializing Countries (NICs). This is true of the discussions about the Classical versus the Keynesian System, Neo-Classical Synthesis, Neo-Classical System

GSTF journal on business review, Nov 1, 2013

The focus of this article is the "adaptive expectations hypothesis" of Milton Friedman and his an... more The focus of this article is the "adaptive expectations hypothesis" of Milton Friedman and his analysis of short-run and long-run Phillips Curve. In order to analyze these contributions of M. Friedman more clearly, discussions about the Phillips Curve and different views about this issue according to various macroeconomic schools and information about the evolution of the Phillips Curve Analysis are given. In this sense, apart from Milton Friedman and Monetarists, Phillips Curve was analyzed in a successive order compatible with the history of discussion within Keynes and Keynesian economics, New Keynesian Economics and New Classical School operating with "rational expectations hypothesis".

The International Journal of Business and Management, Dec 1, 2011

the cooling relations between Turkey and the EU. Still others may see it as a real political tilt... more the cooling relations between Turkey and the EU. Still others may see it as a real political tilt towards more radical Muslim countries as well as emerging non-Western powers. This is less a subject for economic research but one for political economy.

Journal of Business, Economics and Finance, Jun 30, 2017

We attempt to make a comparative evaluation of modern macroeconomic schools: Monetarism and New C... more We attempt to make a comparative evaluation of modern macroeconomic schools: Monetarism and New Classical School based on the Classical System that envisage automatic full employment or natural rate of unemployment (NRU) equilibrium (AFNE or ANRUE) vs. New Keynesian and Post-Keynesian Economics based on the Keynesian System which gives unemployment equilibrium (UNE) or non-automatic NRU equilibrium (NANRUE) due to insufficiency of aggregate demand. In order to determine which school is relevant, first the basic assumptions of these systems are compared: i) rational vs. adjusted vs. heterogeneous expectations, ii) existence of perfect competition in all markets leading to flexibility of prices and wages vs. imperfect competition giving rise to rigidities, and iii) presence or lack of coordination between markets.

Marmara Üniversitesi iktisadi ve idari bilimler dergisi, 2003

In this book, we attempt to make a comparative evaluation of modem macroeconomic schools: Monetar... more In this book, we attempt to make a comparative evaluation of modem macroeconomic schools: Monetarism and New Classical School based on the Classical System that envisage automatic full employment or natural rate of unemployment (NRU) equilibrium (AFNE or ANRUE) vs. New Keynesian and Post-Keynesian Economics based on the Keynesian System which gives unemployment equilibrium (UNE) or non-automatic NRU equilibrium (NANRUE) due to insufficiency of aggregate demand. In order to determine which school is relevant, first the basic assumptions of these systems are compared: i) rational vs. adjusted vs. heterogeneous expectations, ii) existence of perfect competition in all markets leading to flexibility of prices and wages vs. imperfect competition giving rise to rigidities, and iii) presence or lack of coordination between markets.

Gelişmiş ülkelerdeki ekonomik rejimle ilgili gelişmeler gelişmekte olan ülkelerinkinden farklı bi... more Gelişmiş ülkelerdeki ekonomik rejimle ilgili gelişmeler gelişmekte olan ülkelerinkinden farklı bir yoldan devam ettiğinden, bu makalede bu iki ülke grubu ayrı ayrı incelenecektir. Tarihsel ve teorik sebeplerden ötürü gelişmiş ülkelerdeki ekonomik rejimin araştırılmasına öncelik verilecektir. Günümüzde gelişmiş ve gelişmekte olan ülkelerde ekonomik faaliyetler temel olarak özel sektör tarafından karşılanmaktadır; Bununla birlikte hükümet müdahale, rehberlik, korumacılık ve yatırım yoluyla bu faaliyetlere katkıda bulunur. Hâlen gelişmiş ülkelerin hükümet müdahalesi, korunması ve kamu yatırımlarının seviyesi asgari düzeydedir. Öte yandan, gelişmekte olan ülkelerde hükümetin rolü daha belirgin gözükmektedir; Hükümetin rolünün ağırlığı söz konusu ülkeler için gelişme derecesine bağlıdır. Kalkınma düzeyinin düşük olduğu ülkelerde hükümetin rolü artar, yani gelişmedeki gelişme hükümetin rolünü azaltır.

In this article, we will cover the main anti-Keynesian views and macroeconomic systems that arose... more In this article, we will cover the main anti-Keynesian views and macroeconomic systems that arose in the post Keynes period as well as their fiscal and monetary policy guidelines. As is known, the early Classical economists introduced a macroeconomic system based on the Quantity Theory and Say's Law resulting in automatic fullemployment equilibrium; and finally after 1929-1934 Great World Depression, the Keynesian System was introduced as a "revolution" (Keynesian Revolution) in theory and practice. As a result of the Keynesian policies implemented, European countries and the United States not only got over the Great World Depression but also in the years following the World War II, they have observed a fast and stable growth for a long time. Moreover, cyclical fluctuations have been controlled to a great extent. Even so, at the stage when the Keynesian System was introduced, anti-Keynesian views and macroeconomic systems were immediately introduced. Intense academic discussions between advocates of these views and the Keynesian economists have continued up until today. Meanwhile, many economists such as J.

Kriter Yayınevi, 2020

Adam Smith, with An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776... more Adam Smith, with An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776 is unanimously hailed as the founder of economics as a social science and also of “economic liberalism” or “capitalism” as it is called to contrast it with “socialism”, the latter propagated by K. Marx at a later date.
The group of economists that followed A.Smith, including such notable names as D.Ricardo, N.W.Senior, John Stuart Mill, culminating in Alfred Marshall (1890: Principles of Economics) is called the “Classical School” or alternately the “Manchester School” to refer to their place of origin. Their macroeconomic system is called the “Classical System” (Schumpeter 1954; Roll 1992; Hiç 1994, Paya 1997; Ackley 1961, Branson 1989; Froyen 1990, etc.). Having accepted the Malthusian law of population (T.Robert Malthus: 1798 Essays on the Principle of Population) D. Ricardo had come up with a model in which growth eventually comes to a halt, moving to that point, however, all along at full employment equilibrium (Baumol and Turvey 1970, Hiç 1994). This was also in line with the views of Adam Smith. Marshall had introduced the concept of elasticities and used the partial method of analysis. In contrast, Leon Walras, in his 1874-7: Eléments d’Economie Pure ou Theorie de La Richesse Sociale (1. ed). used the general equilibrium approach to prove that the economy arrives automatically to full employment equilibrium, following Adam Smith and the Classical School.

IJPSAT, 2020

This chapter aims at comparing the major Islamic views on economy to previously experienced views... more This chapter aims at comparing the major Islamic views on economy to previously experienced views such as socialist, fascist and capitalist attitudes. The role of government, interest rates, public and private property rights and regulations, implementation difficulties, market mechanism and financial management, wealth accumulation are the main areas of concern in this paper. This chapter is a short extract taken from the master thesis advised by F.

Ivpe, 2019

The new millennium was entered with slogan of new world order and great hopes. Humanity witnessed... more The new millennium was entered with slogan of new world order and great hopes. Humanity witnessed scenarios of excitement, expectation and apocalypse as it did every thousand years. Soon, both humane and environmental disasters began to give clues about what awaits people in the century. However, although humanity was in its phase of "civilized" and technologically advanced period, it could not prevent the undesired events. Humanity began to be shaken with another disaster every day. Never-ending wars, political strife, and unpredictable natural disasters despite all technical progress continued to lead humanity into a terrible black hole. United Nations reports have almost turned into doomsday scenarios. Education, rapidly increasing population, poverty, migration, famine, drought, epidemics, violence, global warming, tsunamis, shortage of access to clean water resources, environmental and marine pollution, rapid melting of glaciers, air pollution, hurricanes, extinction of animal and plant species , the spread of political radicalism, the global increase in terrorism, religion and sectarian wars, the gap in income distribution, unplanned urbanization, the horrendous increase in divorces, the increase in suicide rates, digital pollution and thousands of other problems await solutions.

The International Journal of Business and Management, 2011

Turkey was one of the worst hit countries from the global crisis that started in September 2008. ... more Turkey was one of the worst hit countries from the global crisis that started in September 2008. She had relied heavily on external financing by charging a high interest take. Her external debt and current account deficit had risen and the lira had become overvalued. Following the global crisis, the fall in the flow of financial funds, direct private investments (DPIs) as well as exports caused a great fall in her GNP. But though refusing to make a stand-by agreement with the IMF, she managed to relief relatively fast; gradually lowering the interest rate. As detailed statistics attest, before the years ‘90s and the onset of globalization her international economic relations had already started to diversify; with the share of Middle Eastern Islamic countries and Russia rising. After the 2008 global crisis economic problems in many EU member countries put further brakes on the EU. Hence, Turkey was obliged to further diversify her exports, imports, inflow of financial flows, DPIs as ...

1970li yillarda Keynesgil Sistem gozden dusmus, Monetarizm ve Yeni Klasik Okul egemen olmustur.Fa... more 1970li yillarda Keynesgil Sistem gozden dusmus, Monetarizm ve Yeni Klasik Okul egemen olmustur.Fakat 1980li yillarda ABD'de Yeni Keynesgil Ekonomi ortaya cikarken Ingiltere'de gerek Yeni Klasik Okul'a gerekse Yeni Keynesgil Ekonomi'ye tepki olarak Post-Keynesgil Ekonomi dogmustur.

Bu incelememizde temel konu ekonomi politikalarina cerceveyi belirleyen ekonomik rejim, ekonomik ... more Bu incelememizde temel konu ekonomi politikalarina cerceveyi belirleyen ekonomik rejim, ekonomik rejimle ilgili olarak ortaya surulen baslica ekonomik sistemler, gorusler ve modeller ve yine ekonomik rejimle ilgili baslica fiili olaylar ve fiili gelismelerdir. Incelemenin kapsamini dar tutmak amaciyla inceleme temel olarak gelismis ulkelerle sinirlandirilmistir ve gelisen ulke sorunlarina, bu ulkelerle ilgili ekonomik rejim ve model tartismalarina girilmeyecektir. Fakat gelisen ulkelerle ilgili olarak yapilacak incelemelerin baslangic noktasinin ise yine burada, gelismis ekonomilerle ilgili olarak yaptigimiz inceleme olusturacaktir.

Ilk Klasiklerin otomatik tam istihdam dengesi Keynes ve Keynesgil iktisatcilar ile Neo-Klasik ikt... more Ilk Klasiklerin otomatik tam istihdam dengesi Keynes ve Keynesgil iktisatcilar ile Neo-Klasik iktisatcilar arasindaki tartismalarin odak veya temel noktasini olusturur. Makalemizde oncelikle Neo-Klasiklerin daha iyi anlasilmasi icin ilk Klasikler ve Keynegil Sistem hakkinda ayrintili bilgi verilmektedir. Makalemizde Pigou Etkisi’ne deginildikten sonra otomatik tam istihdam dengesi konusunda Klasik ve Keynesgil iktisatcilar arasindaki gorus ayriliklari acisindan bir uzlasma niteligi tasiyan Neo-Klasik Sentez incelenmekte ve bu sistemlerin gunumuzde gecerlilikleri ile sonuclandirilmaktadir.

Pressacademia, 2017

We attempt to make a comparative evaluation of modern macroeconomic schools: Monetarism and New C... more We attempt to make a comparative evaluation of modern macroeconomic schools: Monetarism and New Classical School based on the Classical System that envisage automatic full employment or natural rate of unemployment (NRU) equilibrium (AFNE or ANRUE) vs. New Keynesian and Post-Keynesian Economics based on the Keynesian System which gives unemployment equilibrium (UNE) or non-automatic NRU equilibrium (NANRUE) due to insufficiency of aggregate demand. In order to determine which school is relevant, first the basic assumptions of these systems are compared: i) rational vs. adjusted vs. heterogeneous expectations, ii) existence of perfect competition in all markets leading to flexibility of prices and wages vs. imperfect competition giving rise to rigidities, and iii) presence or lack of coordination between markets.

Istanbul University, 2023

Küresel Finansal Kriz sonrasında ortaya çıkan resesyon, Merkez Bankalarının geleneksel para polit... more Küresel Finansal Kriz sonrasında ortaya çıkan resesyon, Merkez Bankalarının geleneksel para politika araçlarının yanına geleneksel olmayan araçları da eklemesine neden olmuştur. Birçok merkez bankası resesyon sürecinde faiz koridoru uygulaması, sözlü yönlendirme ve likidite yönetimi araçlarını devreye sokarken parasal genişlemeyi temel hedef haline getiren merkez bankalarının öncelikli politika tercihi faiz oranlarının düşürülmesi olmuştur. Bu süreci takiben FED sıfır faiz oranı politikası doğrultusunda, politika faiz oranlarında kademeli bir indirim gerçekleştirirken, parasal genişlemeyi sağlama noktasında ise varlık alımlarını artırmıştır. Avrupa Merkez Bankası da ortaya çıkan resesyonla mücadele noktasında büyük ölçekli varlık alım programını başlatmıştır. Ayrıca AMB, parasal birlik içinde ekonomik toparlanmanın tekrar sağlanabilmesi ve enflasyon hedefinin gerçekleştirilmesi için Negatif Faiz Oranı Politikasını uygulamaya koymuştur. Bu çalışmada, geleneksel olmayan bir para politikası aracı olarak negatif faiz oranı politikası araştırılmış, uygulayan merkez bankaları ve uygulama amaçları hakkında bilgi verilmiştir. Ayrıca yapılan literatür araştırmaları doğrultusunda Negatif Faiz Oranı Politikasının Türkiye için uygulanabilirliği tartışılmıştır.