Economics

Permanent URI for this collectionhttps://hdl.handle.net/10679/316

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Browsing by Institution Author "ÖZLALE, Ümit"

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    A comparison of optimal policy rules prior to and during inflation targeting: empirical evidence from Bank of Canada
    (Taylor & Francis, 2017) Eksi, O.; Kaya Eksi, N.; Özlale, Ümit; Economics; ÖZLALE, Ümit
    We examine policy rules that are consistent with inflation targeting (IT) framework in a small macroeconomic model of the Canadian economy. We set up an optimal linear regulator problem and derive policy rules to compare the dynamics of pre-IT and IT eras. We find that while the optimal monetary policy rule in the pre-IT period is best described with a loss function that attaches equal weight to price stability, financial stability and output stability; the IT era is dominated by the price stability objective followed by the financial stability and output stability, consecutively. Moreover, we do not find an explicit role for exchange rate stability in the objective function of the Bank of Canada for both monetary policy eras. We, then, compare the properties of the derived optimal rules with those of an ad hoc Taylor rule for the IT period. In response to inflationary shocks, Taylor rule brings down inflation rates more quickly compared to the derived policy rules, but at the cost of a higher sacrifice ratio and more volatile interest rates.
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    Islamic capitalism and the rise of religious-conservative big business
    (Taylor & Francis, 2020) Fabbe, K.; Özlale, Ümit; Balıkçıoğlu, E. M.; Economics; Colpan, A. M.; Jones, G.; ÖZLALE, Ümit
    This chapter argues that the rise of “Islamic capitalism” and the country’s so-called “conservative bourgeoisie” owes much to the pragmatism and agility of Islamic actors who are quick to seize upon new economic and political opportunities by leveraging religious identity markers, religious discourse, and religious networks. By revealing their pragmatic approach to introducing the idea of Islamic capitalism in Turkey, and especially their efforts to distinguish it from capitalism more generally, the chapter sheds light on how religious and cultural values both shape and are shaped by the economic imperatives of participation in the global economic system.