The first chapter of this dissertation investigates the impact of globalization on inflation in the context of a two-country New Keynesian model. Three questions have been raised in the recent literature: Has globalization lowered long-run inflation? Has globalization affected s…
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Essay I investigates the behavior of research and development ( R&D) investment: how sensitive is R&D investment to available cash flow for financially constrained and unconstrained firms? One important distinction between R&D investment and investment in physical capital is tha…
The aim of this thesis is to evaluate the impact of credibility on efforts to stabilize inflation and inflationary expectations in Argentina, Brazil, Israel and Peru, using monthly macroeconomic data over the period 1980-1992. Since credibility is properly viewed as a building p…
This thesis analyses the determinants of the real exchange rate in Turkey. It is the first major study of the sources of real exchange rate variability in Turkey. This is an important topic because, if the real exchange rate is misaligned, there will be adverse effects upon econ…
The two essays that comprise this thesis examine the theoretical and empirical foundations of New Keynesian theories of business cycles. "Destabilizing Price Flexibility and the Output-Inflation Tradeoff" focuses on the resolution of an empirical puzzle that arises when one comp…
This dissertation analyzes the nature of price setting behavior and inflation dynamics in Mexico and Turkey. The first chapter provides an overview, of the dissertation. The second chapter presents econometric estimates of the relative importance of forward versus backward looki…
This dissertation examines the demand for domestic and foreign money by residents in Egypt. Previous studies on the demand for foreign currency denominated deposits in Egypt, claim to have found currency substitution. However, the Egyptian financial system has been characterized…
This dissertation examine the sources of real exchange rate movements, sources of macroeconomics fluctuations and the role of Saudi Arabia in world oil price and inflation. The objective of chapter two is to investigate the sources of real exchange rate movements in Saudi Arabia…
There has been increasing concern in recent years about the growth of domestic debt in developing countries. Post-civil war Lebanon reflects such a situation. The study explores the scope and usefulness of inflation for the purpose of controlling and ultimately reducing the debt…
This study focuses on the inflationary implications of exchange rate targeting policies. In particular, it investigates whether real exchange rate targeting has an inflationary bias relative to a policy of nominal exchange rate targeting. After presenting two versions of a model…
New Keynesian models, stressing nominal inertia in wages and prices, often assume economic agents are fully rational. The strong assumptions of full rationality suggesting all agents can solve complex dynamic problems are relaxed here. Using both empirical and theoretical approa…
Inflation and output growth relationship is of interest to policymakers and researchers. In the West African Monetary Zone, the attainment of low inflation rate is considered as one of the convergence criteria for the successful implementation of monetary union in the zone. Alth…
The literature investigating the relationship between stock market returns and inflation is long and has produced diverse findings. This thesis examines the nature of stock–inflation relations in Sub-Saharan countries whose stock markets were established before 1992. Evidence in…
Macroeconomic stability is one of the most important national objectives in any country. However, economies are often subjected to a number of shocks (internal and external), which can be destabilising, produce volatility and make it difficult to achieve and maintain economic st…
This dissertation contains three essays focused on macroeconomic issues in the Commonwealth Independent States (CIS). The aim of the first essay is to analyze the possible impact of planned monetary integration on public sector revenues from seigniorage in Belarus, Kazakhstan an…
First chapter of my dissertation uses an EGARCH method and a Stochastic Volatility (SV) method which relies upon Markov Chain Monte Carlo (MCMC) framework based on Efficient Importance Sampling (EIS) to model inflation volatility of Turkey. The strength of SV model lies in its s…
This dissertation explores the reasons behind dollarization hysteresis and analyzes the extent and dynamics of dollarization in different economies. It finds role for policies to reduce dollarization to achieve a more stable economy. The first chapter uses a network externality …
This doctoral thesis consists of three chapters which are focused on the analysis of monetary policy in emerging economies. In particular, Chapter 2 measures the output cost of disinflation namely, the sacrifice ratio (SR) for emerging economies with and without Inflation Target…
The purpose of this dissertation is to provide a better understanding of contemporaneous issues in international finance. The first chapter documents empirically the significant differences between persistent episodes of current account surplus and current account deficits in th…