Omay, Tolga
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Doç. Dr.
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Main Affiliation
Çankaya Meslek Yüksekokulu
Status
Former Staff
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Sustainable Development Goals
13
CLIMATE ACTION
2
Research Products
8
DECENT WORK AND ECONOMIC GROWTH
4
Research Products
3
GOOD HEALTH AND WELL-BEING
1
Research Products
15
LIFE ON LAND
0
Research Products
17
PARTNERSHIPS FOR THE GOALS
7
Research Products
14
LIFE BELOW WATER
0
Research Products
4
QUALITY EDUCATION
0
Research Products
11
SUSTAINABLE CITIES AND COMMUNITIES
0
Research Products
6
CLEAN WATER AND SANITATION
0
Research Products
10
REDUCED INEQUALITIES
0
Research Products
9
INDUSTRY, INNOVATION AND INFRASTRUCTURE
0
Research Products
12
RESPONSIBLE CONSUMPTION AND PRODUCTION
0
Research Products
2
ZERO HUNGER
0
Research Products
1
NO POVERTY
0
Research Products
7
AFFORDABLE AND CLEAN ENERGY
2
Research Products
5
GENDER EQUALITY
0
Research Products
16
PEACE, JUSTICE AND STRONG INSTITUTIONS
0
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This researcher does not have a Scopus ID.
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Scholarly Output
36
Articles
30
Views / Downloads
2726/73
Supervised MSc Theses
0
Supervised PhD Theses
0
WoS Citation Count
641
Scopus Citation Count
704
WoS h-index
13
Scopus h-index
13
Patents
0
Projects
0
WoS Citations per Publication
17.81
Scopus Citations per Publication
19.56
Open Access Source
8
Supervised Theses
0
Google Analytics Visitor Traffic
| Journal | Count |
|---|---|
| Economics Letters | 3 |
| Applied Economics | 2 |
| Economic Modelling | 2 |
| Renewable Energy | 2 |
| Communications in Nonlinear Science and Numerical Simulation | 1 |
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36 results
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Now showing 1 - 10 of 36
Article Citation - WoS: 68Citation - Scopus: 86Re-Examining the Threshold Effects in the Inflation-Growth Nexus With Cross-Sectionally Dependent Non-Linear Panel: Evidence From Six Industrialized Economies(Elsevier Science Bv, 2010) Omay, Tolga; Kan, Elif OeznurThis paper analyzes the empirical relationship between inflation and output growth using a novel panel data estimation technique, Panel Smooth Transition Regression (PSTR) model, which takes account of the non-linearities in the data. By using a panel data set for 6 industrialized countries that enable us to control for unobserved heterogeneity at both country and time levels, we find that there exists a statistically significant negative relationship between inflation and growth for the inflation rates above the critical threshold level of 2.52%, which is endogenously determined. Furthermore, we also control cross-section dependency by using the CD test modified to non-linear context and remedy cross-section dependency with Seemingly Unrelated Regression Equations through Generalized Least Squares (SURE-GLS) and newly proposed Common Correlated Effects (CCE) estimation techniques. We find that these methods change the critical threshold value slightly. The estimated threshold values from these estimation methods are 3.18% and 2.42%, respectively. (C) 2010 Elsevier B.V. All rights reserved.Article Türkiye için reaksiyon fonksiyonunun doğrusal olmayan modelle tahmin edilmesi(Çankaya Üniversitesi, 2010) Omay, Tolga; Hasanov, MübarizIn this paper we have estimated the monetary reaction function of the Central Bank of the Republic of Turkey. The originality of the paper is that we have used smooth transition functions (STR) that allow for proper modelling of nonlinearities and asymmetries in the relationship between variables under consideration. The estimated models suggest that the backward-looking instead of foreward-looking models best characterize the Central Bank’s reaction function, that is, the Central Bank reacted to past inflation rates rather than to future rates. This finding is in conformity with earlier research. We have found that the main purpose of expansionary policy of the Central Bank is to stabilize output whereas contractionary policies aimed only at reducing the inflation rate. The fact that the Central Bank has disregarded inflation in conducting expansionary policy and focused only on output stabilisation may explain why the Central Bank was not successful in fighting inflation. Besides, neither in expansionary policy regime nor in contractionary policy regime, real exchange rate is not targeted by the Central Bank. Moreover, budget deficit is targeted only in the contractionary policy regimeArticle Citation - WoS: 10Citation - Scopus: 11Is There Convergence in Renewable Energy Deployment? Evidence From a New Panel Unit Root Test With Smooth and Sharp Structural Breaks(Pergamon-elsevier Science Ltd, 2023) Omay, Tolga; Corakci, AysegulThis study examines whether the contribution of renewable energy to the total primary energy supply converges in a panel of 24 OECD countries over the period 1960-2020. To this end, a new panel unit root test that allows for both sharp and smooth breaks is proposed to test for the stochastic convergence hypothesis. Although renewable energy convergence is not rejected when the newly proposed test is applied to the full panel of OECD countries, it found only moderate support within the members of the panel using a sequential panel selection methodology. In fact, in two high-income OECD countries, the contribution of renewable energy to the primary energy supply shows no sign of convergence: Poland and Iceland. Therefore, the renewable energy shares seem to be converging to a common steady state in only a group of OECD countries over the long run. This uneven pattern of convergence, in turn, suggests that the OECD countries are still far away from developing a common sustainable renewable energy target, calling for urgent international policy cooperation to encourage the divergent econo-mies to seek out the menu of policies that ensure the worldwide success of renewable energy transformation.Book Part Citation - Scopus: 1The Relationship Between Inflation, Output Growth, and Inflation Uncertainty: Panel Data Evidence From Selected Industrial Countries(Nova Science Publishers, Inc., 2012) Omay, T.; Omay, Tolga; Eruygur, A.; Çankaya Meslek YüksekokuluIn this chapter, we have examined the causal relationships among the inflation rate, output growth rate, and inflation uncertainty for a panel of industrialized countries. For this purpose, we have estimated a PANEL-GARCH model for inflation rate and performed Panel-causality tests using conditional standard deviations of inflation to proxy nominal uncertainty. The relationships among inflation, output growth, and inflation uncertainty have been investigated extensively in the empirical literature for developed countries (e.g., Grier and Perry 1998; Davis and Kanago, 2000; Fountas et al. 2006; Fountas and Karanasos 2007). Our main contribution is to extend the analysis conducted by these studies to a group of developed countries using panel data techniques. The panel Granger test results have showed that the Friedman-Ball hypothesis is not supported by data when applied to the group of countries included in this chapter. This has led us to conclude that a threshold level of inflation does exist before the Friedman- Ball hypothesis applies. On the other hand, the reported test results have provided empirical support for the Cukierman-Meltzer (1986) hypothesis that inflation uncertainty raises the inflation rate in the group of industrialized countries under investigation. Our findings regarding the causal relationship between inflation uncertainty and output growth report a bidirectional relationship between these two variables. While output growth leads to an increase in inflation uncertainty at first lag, this effect is found to be insignificant at fourth lags. However, inflation uncertainty is found to be detrimental for real growth uniformly across the lags considered. Finally, a negative bidirectional causal relation was detected between output growth and inflation. © 2012 by Nova Science Publishers, Inc. All rights reserved.Conference Object Citation - WoS: 20Citation - Scopus: 23The Relationship Between Inflation, Output Growth, and Their Uncertainties: Evidence From Selected Cee Countries(M E Sharpe inc, 2011) Omay, Tolga; Hasanov, MubarizIn this paper, we examine causal relationships between inflation rate, output growth rate, inflation uncertainty, and output uncertainty for ten Central and Eastern European transition countries. For this purpose, we estimate a bivariate GARCH model that includes output growth and inflation rates for each country. Then we use conditional standard deviations of inflation and output to proxy nominal and real uncertainty, respectively, and perform Granger causality tests. Our results suggest that inflation rate induces uncertainty about both inflation rate and output growth rate, which is detrimental to real economic activity. At the same time, we find that output growth rate reduces macroeconomic uncertainty in some countries. In addition, we also examine and discuss causal relationships between the remaining variables.Book Part Citation - Scopus: 4Inflation and Growth: an Empirical Study for the Comparison of the Level and the Variability Effects(Nova Science Publishers, Inc., 2006) Arin, K.P.; Omay, Tolga; Omay, T.; Çankaya Meslek YüksekokuluThis paper analyzes the interaction between the inflation and growth within the Mankiw-Romer-Weil (1992) framework. Our results indicate that the inflation level has a significant negative effect on output in advanced capitalist economies, whereas inflation variability has a negative and significant effect on output in the long-run for all sub-samples. Our results also show that the variability effects are larger in terms of significance. © 2006 Nova Science Publishers, Inc. All rights reserved.Article Is there convergence in renewable energy deployment? Evidence from a new panel unit root test with smooth and sharp structural breaks(2023) Çorakçı, Ayşegül; Omay, TolgaThis study examines whether the contribution of renewable energy to the total primary energy supply converges in a panel of 24 OECD countries over the period 1960–2020. To this end, a new panel unit root test that allows for both sharp and smooth breaks is proposed to test for the stochastic convergence hypothesis. Although renewable energy convergence is not rejected when the newly proposed test is applied to the full panel of OECD countries, it found only moderate support within the members of the panel using a sequential panel selection methodology. In fact, in two high-income OECD countries, the contribution of renewable energy to the primary energy supply shows no sign of convergence: Poland and Iceland. Therefore, the renewable energy shares seem to be converging to a common steady state in only a group of OECD countries over the long run. This uneven pattern of convergence, in turn, suggests that the OECD countries are still far away from developing a common sustainable renewable energy target, calling for urgent international policy cooperation to encourage the divergent economies to seek out the menu of policies that ensure the worldwide success of renewable energy transformation.Article The effects of terrorist activities on foreign direct investment: nonlinear Evidence(2013) Omay, Tolga; Takay Araz, Bahar; Ilalan, DenizIn this study, we examine the relationship between foreign direct investment and terrorist incidents that took place in Turkey for the period from 1991:12 to 2003:12. This research contributes to the literature by checking for a possible non-linear relationship between terrorism and foreign direct investment. The data used to measure the intensity of terrorism were collected from the newspapers of Turkey, and therefore are limited to the direct signals given to the market. Empirical evidence from both linear and non-linear models confirms that terrorism has a large significant negative impact on foreign direct investment. With respect to the nonlinear model, the impact of terrorism on the foreign direct investment is more severe during periods of high terrorism when the intensity of terrorism passes the threshold level 3.725.Article Citation - WoS: 22Citation - Scopus: 21Re-Examining the Real Interest Rate Parity Hypothesis (Riph) Using Panel Unit Root Tests With Asymmetry and Cross-Section Dependence(Springer, 2017) Emirmahmutoglu, Furkan; Omay, Tolga; Corakei, AysegulThis paper investigates the validity of the real interest rate parity hypothesis (RIPH) using a panel unit root approach. For this purpose, first we estimate the possible nonlinear data-generating processes of the real interest rate differential series and using these estimates determine which panel unit root test is better for analyzing the RIPH. To this end, smooth transition autoregressive and threshold autoregressive (TAR) models are estimated for two different panels of countries: G7 and post-Soviet transition economies. The results show that the data displays both strong asymmetry and high transition speed. Therefore, secondly, we propose a new panel unit root test where the alternative is stationary with asymmetric TAR adjustment, and provide their empirical power properties. Finally, we demonstrate that our newly proposed test is able to provide conclusive evidence in favor of the RIPH in contrast to the other panel unit root tests considered.Article Citation - WoS: 18Citation - Scopus: 21Monetary Policy Rules in Practice: Re-Examining the Case of Turkey(Elsevier, 2008) Omay, Tolga; Hasanov, MuebarizThis paper investigates possible asymmetries in the monetary policy reaction function of the Central Bank of Republic of Turkey over the business cycles. It is found that the bank reacted more aggressively towards output stabilisation during recessions than expansions. The empirical evidence suggests that the inflation targeting policy of the Turkish Central Bank was accommodative rather than stabilising. Furthermore, it is found that although the Central Bank of Republic of Turkey responded to foreign reserves, real exchange rates and short-term capital inflows both in expansion and recession periods, the bank targeted money growth, budget deficits, and net foreign assets only in expansion periods. (c) 2008 Elsevier B.V. All rights reserved.
