Tevfik Fikret ve gençlik

Taha Toros Arşivi, Dosya No: 98/A-Tevfik Fikretİstanbul Kalkınma Ajansı (TR10/14/YEN/0033) İstanbul Development Agency (TR10/14/YEN/0033

Ölümünün 30 uncu yıldönümünde:Abdülhak Hamit Tarhan'dan hatıralar

Taha Toros Arşivi, Dosya No: 56-Abdülhak Hamit Tarhanİstanbul Kalkınma Ajansı (TR10/14/YEN/0033) İstanbul Development Agency (TR10/14/YEN/0033

Fiscal Hedging with Nominal Assets

We analyze optimal fiscal and monetary policy in an economy with distortionary labor income taxes, nominal rigidities and nominal debt of various maturities. Optimal policy prescribes the exclusive use of long term debt. Such debt mitigates the distortions associated with hedging fiscal shocks by allowing the government to allocate them efficiently across states and periods.

How does the U.S. government finance fiscal shocks?

We develop a method for identifying and quantifying the fiscal channels that help finance government spending shocks. We define fiscal shocks as surprises in defense spending and show that they are more precisely identified when defense stock data are used in addition to aggregate macroeconomic data. Our results show that in the postwar period, about 9% of the U.S. government’s unantic- ipated spending needs were financed by a reduction in the market value of debt and more than 70% by an increase in primary sur- pluses. Additionally, we find that long-term debt is more effective at absorbing fiscal risk than short-term debt.

TK1951: an anatomy of crisis communication

This study focuses on how Turkish Airlines (THY) managed its communication strategy after the unfortunate accident of TK 1951 on February 25, 2009 near Amsterdam Schiphol Airport. Evaluating the efforts in a framework, authors set out to discuss THY’s performance in four important areas classified in eight headings: coordination of the messages, acknowledging uncertainty and taking responsibility, reaching the stakeholders and making use of online media tools. Hopefully, the results of this research will help THY and other airline companies to improve and develop their immediate crisis response strategies

Optimal Rules for Patent Races

There are two important rules in a patent race: what an innovator must accomplish to receive the patent and the allocation of the benefits that flow from the innovation. Most patent races end before R&D is completed and the prize to the innovator is often less than the social benefit of the innovation. We study the optimal combination of prize and minimal accomplishment necessary to obtain a patent in a dynamic multistage innovation race. A planner, who cannot distinguish between competing firms, chooses the innovation stage at which the patent is awarded and the magnitude of the prize to the winner. We examine both social surplus and consumer surplus maximizing patent race rules. We show that a key consideration is the efficiency costs of transfers and of monopoly power to the patentholder. We show that races are undesirable only when efficiency costs are low, firms have similar technologies, and the planner maximizes social surplus. However, in all other circumstances, the optimal policy spurs innovative effort through a race of nontrivial duration. Races are also used to filter out inferior innovators.

Tanıkların kaleminden dünden bugüne:Haliç

Taha Toros Arşivi, Dosya No: 25-Haliçİstanbul Kalkınma Ajansı (TR10/14/YEN/0033) İstanbul Development Agency (TR10/14/YEN/0033

Fiscal Hedging and the Yield Curve

We identify a novel, fiscal hedging motive that helps to explain why governments issue more expensive, long-term debt. We analyze optimal fiscal policy in an economy with distortionary labor income taxes, nominal rigidities and nominal debt of various maturities. The government in our model can smooth labor tax rates by changing the real return it pays on its outstanding liabilities. These changes require state contingent inflation or adjustments in the nominal term structure. In the presence of nominal pricing rigidities and a cash in advance constraint, these changes are themselves distortionary. We show that long term nominal debt can help a government hedge fiscal shocks by spreading out and delaying the distortions associated with increases in nominal interest rates over the maturity of the outstanding long-term debt. After a positive spending shock, the government raises the yield curve and steepens it.