Research Activity

 1) the exchange market efficiency (spot and forward) and the cointegration analysis;

2) a new approach which recurs to survey data in order to measure expectations, has showed that there are systematic forecast errors in the exchange rate market, in contrast to the hypothesis of rational expectations. The explanation attributes to the rejection of the assumption of homogeneous expectations and the importance, in forming expectations, of both fundamental and chart analysis;

3) Optimal monetary policy, asset market and wealth effect;

4) The impact of monetary policy on stock markets;

5) The impact of monetary policy on exchange rates.

Papers presented at Conferences:

The Inflation in Turkey in the Last Ten Years, presented at the 5th International Conference ERC/METU in Ankara, 11-13 September 2001

The Role and the Nature of Market Sentiment in the  1992 ERM Crisis, presented at the International Conference MMF-UEM (Money, Macro and Finance and Understanding the Evolving Macroeconomy Programme Conference), 4-6 Settembre 2002, Warwick, UK

Financial Condition Index and Interest Rate Settings: a Comparative Analysis, presented at XIV AISSEC   Internazional Conference, 27-28 February 2004, Napoli, Italy

ON KEYNESIAN EFFECTS OF (APPARENT) NON-KEYNESIAN FISCAL POLICIES, presented at the 4th International Conference Developments in Economic Theory and Policy (Bilbao, July 5-6, 2007), organized by the Department of Applied Economics V of the University of the Basque Country (Spain) and the Cambridge Centre for Economic and Public Policy, Department of Land Economy of the University of Cambridge (United Kingdom).