Ekonomi Bölümü Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.11779/1936

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Citation - WoS: 8
Citation - Scopus: 9
A Value-Adding Approach To Reliability Under Preventive Maintenance Costs and Its Applications
(2014) Dubey, Rameshwar; Kılıç, Erdem; Ali, Sadia Samar; Weber, Gerhard Wilhelm
No equipment (system) can be perfectly reliable in spite of the utmost care and best efforts on the part of the designer, decision-maker and manufacturer. The two sides of maintenance are corrective and preventive maintenance. It is generally assumed that a preventive maintenance action is less costly than a repair maintenance action. We examine this proposition in detail on the basis of a failure-time model that relates conformance quality to reliability. Illustratively, we present reliability in the context of contracts with asymmetric information. The model shows how to overcome information rents through price distortions and quantity rationing. The paper ends with a conclusion and an outlook to future studies.
Citation - WoS: 44
Citation - Scopus: 67
Adoption and Use of Learning Management Systems in Education: the Role of Playfulness and Self-Management
(MDPI [Commercial Publisher], 2021) Akküçük, Ulaş; Balkaya, Selen
This article investigates the factors affecting primary and secondary education teachers' behavioral intention to adopt learning management systems (LMSs). Information technology (IT) innovations have the power to change the way we work, educate, learn, and basically the way we live. The effect of IT innovations on education makes it critical to understand the current usage situation of LMSs and the factors affecting their adoption by teachers. The unified theory of acceptance and use of technology (UTAUT) was extended with factors from education and game-based learning literature. In order to see the effect of individual- and organizational-level characteristics, multi-group structural equation modeling (SEM) analysis was conducted and discrepancies in relationships were reported. Evaluation of users and non-users and teachers of different fields were also compared to each other. The findings of this study not only contribute to theory through the development and testing of a thorough model relating technology features and individual characteristics to behavioral intention to use, but also offer strong implications for practitioners who would like to increase LMS usage and create a more effective learning environment.
Citation - Scopus: 8
An Empirical Analysis of Financial Fair-Play: the Case of Russian Premier League
(Pensoft Publishers, 2020) Özaydın, Selçuk
The real impact of financial fair play (FFP) came along with the break-even rule which prevents clubs from over-spending through a variety of sanctions. As UEFA limited clubs’ expenses with their incomes, the transfer market took a hit. This paper demonstrates the impact of FFP on Russian Premier League teams’ transfer activity, examines how transfers’ demography and career profiles changed and investigates the changes in competitive balance after break-even. A regression discontinuity design is conducted in order to estimate the policy impact. The empirical results suggest that Russian clubs have been severely affected by break-even in terms of transfer expenditure and balance and started to transfer more U21 players and players from lesser leagues of the world. Furthermore, competitive balance in the Russian Premier League deteriorated in favor of the giants in the league as a result of break-even.
Are inflation expectations irrational in Turkey? Exchange rate pass-through analysis
(Journal of Financial Politic & Economic Reviews, 2023) Asfuroglu, Dila; Ertuğrul, Ayşe; Güneş, Gökhan Şahin
Are inflation expectations irrational in Turkey? Exchange rate pass-through analysisThis study investigates the rationality of inflation expectations in Turkey over 2011-2019 via exchange rate pass-through (ERPT) analysis. Relying on the assumption that the inflation rate and inflation expectations are going to change equally if the economic agents form rational expectations, we utilize the vector autoregression model with inflation expectations to quantify the ERPT to inflation and to inflation expectations. The results show that exchange rate shocks do not have the same impact on the inflation rate and inflation expectations over different horizons. In the short term, the inflation rate rises faster than the inflation expectations following unexpected exchange rate swings; however, they move in tandem after six months. With the time-varying analysis, we trace the evolution of the ERPT coefficients to characterize the nature of agents’ expectations. The findings document that the discrepancy between ERPT coefficients is persistent, inclining to chronic irrationality of expectations, with decaying degrees in the longer horizon, rendering adaptive formation of expectations over time.
Assessing the Economic Burden and Health Care Resource Utilization of Us Veterans With Chronic Obstructive Pulmonary Disease
(2016) Ogbomo, A; Tan, H; Kariburyo, F; Xie, L; Başer, Onur
...
Citation - WoS: 17
Citation - Scopus: 23
Benefit of Early Discharge Among Patients With Low-Risk Pulmonary Embolism
(2017) Wang, Li; Wells, Phil; Fermann, Gregory J; Peacock, W. Frank; Schein, Jeff; Coleman, Craig I; Crivera, Concetta; Başer, Onur
Clinical guidelines recommend early discharge of patients with low-risk pulmonary embolism (LRPE). This study measured the overall impact of early discharge of LRPE patients on clinical outcomes and costs in the Veterans Health Administration population. Adult patients with >= 1 inpatient diagnosis for pulmonary embolism (PE) (index date) between 10/2011-06/2015, continuous enrollment for >= 12 months pre-and 3 months post-index date were included. PE risk stratification was performed using the simplified Pulmonary Embolism Stratification Index. Propensity score matching (PSM) was used to compare 90-day adverse PE events (APEs) [recurrent venous thromboembolism, major bleed and death], hospital-acquired complications (HACs), healthcare utilization, and costs among short (<= 2 days) versus long length of stay (LOS). Net clinical benefit was defined as 1 minus the combined rate of APE and HAC. Among 6,746 PE patients, 95.4% were men, 22.0% were African American, and 1,918 had LRPE. Among LRPE patients, only 688 had a short LOS. After 1:1 PSM, there were no differences in APE, but short LOS had fewer HAC (1.5% vs 13.3%, 95% CI: 3.77-19.94) and bacterial pneumonias (5.9% vs 11.7%, 95% CI: 1.24-3.23), resulting in better net clinical benefit (86.9% vs 78.3%, 95% CI: 0.84-0.96). Among long LOS patients, HACs (52) exceeded APEs (14 recurrent DVT, 5 bleeds). Short LOS incurred lower inpatient ($2,164 vs $5,100, 95% CI: $646.8-$5225.0) and total costs ($9,056 vs $12,544, 95% CI: $636.6-$6337.7). LRPE patients with short LOS had better net clinical outcomes at lower costs than matched LRPE patients with long LOS.
Borders of socio-economic development in Türkiye
(Türkiye Ekonomi Kurumu Vakfı, 2024) Karahasan, Burhan Can; Karahasan, Burhan Can
Turkish economy is characterized by a dual regional structure. Historically, western regions form the relatively more developed and rich geography of the country. In the meantime, landlocked eastern regions are realizing a period of marginalization pushing majority of these regions toward full isolation from rest of the country. Our knowledge on this dual pattern departs mostly from monetary indicators. In this study, I use the socio-economic development index (SDI) which is first constructed by the State Planning Organization (SPO). The main objective is to use spatial tools for the period of 1963-2017 and to explore the historical evolution of spatial externalities and heterogeneity. This aims to visualize the socio-economic borders of Turkish provinces. While our findings confirm the spatial inertia for the under-developed eastern regions, they also show rising spatial spillovers among the developed western geography. However, this positive impact is geographically bounded by the central part of the country.
Citation - WoS: 3
Citation - Scopus: 3
Cancer Chemotherapy Treatment Patterns and Febrile Neutropenia in the Us Veterans Health Administration
(2014) Wang, Li; Dale, David C; Barron, Richard; Langeberg, Wendy J; Başer, Onur
Background: The Veterans Health Administration (VHA) is the largest integrated health care system in the United States and a major cancer care provider. Objective: To use VHA database to conduct a population-based study of patterns of myelosuppressive chemotherapy use and to assess the incidence and management of febrile neutropenia (FN) among VHA patients with lung, colorectal, or prostate cancer or non-Hodgkin lymphoma (NHL). Methods: Data were extracted for the initial myelosuppressive chemotherapy course for 27,899 patients who began treatment in the period 2006 to 2011. FN-related costs were defined as claims containing FN diagnosis. Results: Most patients were men (98.0%); most were 65 years or older (55.8%). Patients received a mean 3.4 to 3.9 chemotherapy cycles/course (median cycle duration 34-43 days). The incidence of FN among patients with lung, colorectal, or prostate cancer or NHL was 10.2%, 4.6%, 5.4%, and 17.3%, respectively. Primary or secondary prophylactic antibiotics/colony-stimulating factors were received by 21% and 12% of patients, respectively. Antibiotics were more commonly given as primary or secondary prophylaxis for patients with lung, colorectal, and prostate cancer; colony-stimulating factors were more common for patients with NHL. Among patients with FN, those with lung cancer had the highest inpatient mortality (10%); patients with NHL had the highest costs ($24,571) and the longest hospital length of stay (15.4 days). Conclusions: VHA cancer care was generally consistent with National Comprehensive Cancer Network recommendations; however, compared with the general population, chemotherapy cycles were longer, combination chemotherapy was used less, and treatment to prevent FN was used less, differences that may be attributed to the unique VHA patient population. The impact of these practices warrants further investigation.
Classifying the European Football Leagues by Using Balance-Performance Matrix
(Pamukkale University, 2021) Özaydın, Selçuk Mustafa
European football has transformed over the last two decades both financially and athletically. Although the aggregate revenue generated by the European football increases, some leagues grew richer than the others. The inequality in the distribution of revenue caused the talents to accumulate in the Big 5 leagues and left the others with no chance to compete. Especially after the introduction of Financial Fair Play, teams from other leagues became in desperate need of transfer income which accelerated the accumulation of talent. This paper proposes a matrix, the Balance-Performance Matrix, for classifying leagues with respect to their transfer balance and sportive performance. As the results of the matrix illustrate, some leagues indeed became suppliers for the Big 5 and they have lost their competitive edge whereas some are still competing despite losing their best talents.
Citation - WoS: 40
Citation - Scopus: 38
Clinical and Economic Burden Associated With Cardiovascular Events Among Patients With Hyperlipidemia: a Retrospective Cohort Study
(2016) Wang, Li; Quek, Ruben G. W; Fox, Kathleen M; Gandra, Shravanthi R; Li, Lu; Başer, Onur
Background: Annual direct costs for cardiovascular (CV) diseases in the United States are approximately $195.6 billion, with many high-risk patients remaining at risk for major cardiovascular events (CVE). This study evaluated the direct clinical and economic burden associated with new CVE up to 3 years post-event among patients with hyperlipidemia. Methods: Hyperlipidemic patients with a primary inpatient claim for new CVE (myocardial infarction, unstable angina, ischemic stroke, transient ischemic attack, coronary artery bypass graft, percutaneous coronary intervention and heart failure) were identified using IMS LifeLink PharMetrics Plus data from January 1, 2006 through June 30, 2012. Patients were stratified by CV risk into history of CVE, modified coronary heart disease risk equivalent, moderate-and low-risk cohorts. Of the eligible patients, propensity score matched 243,640 patients with or without new CVE were included to compare healthcare resource utilization and direct costs ranging from the acute (1-month) phase through 3 years post-CVE date (follow-up period). Results: Myocardial infarction was the most common CVE in all the risk cohorts. During the acute phase, among patients with new CVE, the average incremental inpatient length of stay and incremental costs ranged from 4.4-6.2 days and $25,666-$30,321, respectively. Acute-phase incremental costs accounted for 61-75 % of first-year costs, but incremental costs also remained high during years 2 and 3 post-CVE. Conclusions: Among hyperlipidemic patients with new CVE, healthcare utilization and costs incurred were significantly higher than for those without CVE during the acute phase, and remained higher up to 3 years post-event, across all risk cohorts.
Cmars Gmm Estimation for Semi-Parametric Models by Conic Optimization
(2015) Kılıç, Erdem; Weber, Gerhard Wilhelm
The well-known Generalized Method of Moments (GMM) estimation methodology has been evaluated in various specifications. We propose a novelity in GMM estimation by introducing Conic Quadratic Programming (CQP). The proposed model builds up a flexible tool to model financial data. In our study, we first derive and explain our model specifications (semi parametric model). We identify the moment conditions, that are satisfied by the unknown parameters of the model. These moment conditions are determined by the implementation of Conic Quadratic Optimization. In order to generalize our model for the process, which has infinite number of observations, we proof that our model conditions are efficient and consistent. It is shown that consistency can be achieved through convergence of the model parameters towards the true parameters. By the help of Tikhonov regularization, we construct a minimum distance measure and identify the conditions under which convergence is achieved. Asymptotic distribution of the CQP-estimated GMM estimator is evaluated based on the variance-covariance matrix.
Citation - Scopus: 4
Economic Impact and Complications of Treated and Untreated Hepatitis C Virus Patients in Turkey
(2015) Altinbaş, Akif; Baser E; Kariburyo, F; Başer, Onur
Background: According to the Turkish Ministry of Health’s guidelines,standard double therapy, a combination of pegylated interferon-alphaand ribavirin, was the only treatment option for patients withhepatitis C virus (HCV) infection until the end of 2011. Objective: Theprimary objective was to compare risk-adjusted clinical and economicoutcomes between treated and untreated patients with HCV infection.Methods: Patients with HCV infection were identified from theTurkish National Health Insurance Database (2009–2011) using International Classification of Diseases, 10th Revision, Clinical Modification codes.The first prescription date was designated as the index date. Mortalityand hepatocellular carcinoma (HCC) rates and health care costs oftreated and untreated patients were compared using propensity scorematching. Baseline demographic and clinical factors were controlledin the models. Subgroup analysis was conducted for patient groupswith and without a cirrhosis diagnosis. Results: Out of 12,990 patientsincluded in the study, 1,583 were treated for HCV infection. Out of2,467 patients who had a cirrhosis diagnosis, 231 were treated,whereas out of 10,523 patients without cirrhosis, 1,352 patients weretreated. Treated patients were younger, less likely to be diagnosedwith comorbid conditions, and less likely to reside in Central orEastern Anatolia. After adjusting for baseline demographic andclinical factors, mortality (2.27% vs. 5.31%; P o 0.001) and HCC rates(0.69% vs. 1.96%; P o 0.001) were found to be lower for treatedpatients. Differences were more significant among patients diagnosedwith cirrhosis. Treated patients incurred higher risk-adjusted annualcosts (€6172 vs. €1680; P o 0.001), mainly because of pharmaceuticalcosts (€4918 vs. €583; P o 0.001). Conclusions: HCV infection treatment, although costly, significantly reduces mortality and HCC ratesin Turkey.
Citation - WoS: 13
Citation - Scopus: 14
Economic Outcomes in Patients With Chemotherapy-Naive Metastatic Castration-Resistant Prostate Cancer Treated With Enzalutamide or Abiraterone Acetate Plus Prednisone
(Springer, 2020) Lechpammer, Stanislav; Ramaswamy, Krishnan; Wang, Li; Mardekian, Jack; George, Daniel J.; Sandin, Rickard; Schultz, Neil M.; Başer, Onur; Huang, Ahong
Introduction: Prostate cancer (PC) is the second leading cause of cancer death among US men and accounts for considerable healthcare expenditures. We evaluated economic outcomes in men with chemotherapy-naı¨ve metastatic castration-resistant PC (mCRPC) treated with enzalutamide or abiraterone acetate plus prednisone (abiraterone). Methods: We performed a retrospective analysis on 3174 men (18 years or older) utilizing the Veterans Health Administration (VHA) database from 1 April 2014 to 31 March 2018. Men with mCRPC were included if they had at least one pharmacy claim for enzalutamide or abiraterone (ﬁrst claim date = index date) following surgical or medical castration, had no chemotherapy treatment within 12 months prior to the index date, and had continuous VHA enrollment for at least 12 months pre- and post-index date. Men were followed until death, disenrollment, or end of study and were 1:1 propensity score matched (PSM). All-cause and PC-related resource use and costs per patient per month (PPPM) in the 12 months post index were compared between matched cohorts. Results: We identiﬁed 1229 men with mCRPC prescribed enzalutamide and 1945 prescribed abiraterone with mean ages of 74 and 73 years, respectively. After PSM, each cohort had 1160 patients. The enzalutamide cohort had fewer all-cause (2.51 vs 2.86; p\0.0001) and PC-related outpatient visits (0.86 vs 1.03; p\0.0001), with corresponding lower all-cause ($2588 vs $3115; p\0.0001) and PC-related ($1356 vs $1775; p\0.0001) PPPM outpatient costs compared with the abiraterone cohort. Allcause total costs (medical and pharmacy) PPPM ($8085 vs $9092; p = 0.0002) and PC-related total costs PPPM ($6321 vs $7280; p\0.0001) were signiﬁcantly lower in the enzalutamide cohort compared with the abiraterone cohort. Conclusions: Enzalutamide-treated men with chemotherapy-naı ¨ve mCRPC had signiﬁcantly lower resource utilization and healthcare costs compared with abiraterone-treated men. Plain Language Summary: Plain language summary available for this article.
Citation - WoS: 2
Citation - Scopus: 2
Effects of Covid-19 Lockdowns on Social Distancing in Turkey
(Oxford University Press, 2022) Bilgel, Fırat
This paper elucidates the causal effect of lockdowns on social distancing behaviour in Turkey by adopting an augmented synthetic control and a factor-augmented model approach for imputing counterfactuals. By constructing a synthetic control group that reproduces pre-lockdown trajectory of mobility of the treated provinces and that accommodates staggered adoption, the difference between the counterfactual and actual mobility of treated provinces is assessed in the post-lockdown period. The analysis shows that in the short run following the onset of lockdowns, outdoor mobility would have been about 17–53 percentage points higher on average in the absence of lockdowns, depending on social distancing measure. However, residential mobility would have been about 12 percentage points lower in the absence of lockdowns. The findings are corroborated using interactive fixed effects and matrix completion counterfactuals that accommodate staggered adoption and treatment reversals.
Effects of Exchange Rates on Corporate Profits: a Tobit Analysis
(2017) Karamollaoğlu, Nazlı
Bu çalışmada Türk imalat sanayiinde faaliyet gösteren 22 imalat sektörü ve 45.712 firmayı kapsayan bir veri seti kullanarak, reel döviz kuru dalgalanmalarının firma düzeyindeki şirket kazançları üzerindeki etkisi araştırılmaktadır. Tahmin sonuçlarımız döviz kuru değişimlerinin firma düzeyindeki kârlar üzerindeki etkisine istinaden güçlü bir kanıt sunmamaktadır. Çalışmanın sonuçları ayrıca farklı ağırlıklandırma yöntemleriyle hesaplanmış sektörel döviz kuru serilerinin firma karlarına etkilerinin farklılaştığını göstermektedir. Bu durum kullanılan döviz kuru serisinin seçiminin önemini vurgulamaktadır. Buna ek olarak, çalışmada yüksek üretkenlik ve istihdama sahip olan firmalar ile yaşça büyük olan firmaların daha karlı oldukları rapor edilmiştir.
Ekonomik Öncü Göstergelerinin Bes Katılımcı Sayısı Üzerindeki Etkisi
(Maliye Finans Yazıları Dergisi, 2014) Kılıç, Erdem
Ekonomik öncü göstergelerinin Bireysel Emeklilik Sistemi (BES) katılımcı sayısı üzerindeki etkisi sayıma dayalı olan yöntemler ile araştırılmıştır. Geçinme endeksinde bulunan tüm değişkenler ile katılımcı sayısı arasında pozitif bir ilişki bulunmuştur. Harcamalar, BES katılımcı sayısı üzerinde pozitif bir etkiye sahipken, katılımcı sayısı tasarruflar ele alındığında düşmektedir. Dayanıksız mallar ve hizmetler için yapılan harcamalar katılımcı sayısı üzerinde büyük bir etkiye sahiptirler. Enflasyon ve BES katılımcı sayısı arasında anlamlı bir ilişki bulunmaktadır. BES katılımı ile ilgili ileriye yönelik projeksiyonlarda, devlet katkı payının ve toplumdaki BES’e ilişkin bilinçlenmenin etkileri analize dahil edilmelidir.
Citation - WoS: 9
Citation - Scopus: 12
Elevated White Blood Cell Levels and Thrombotic Events in Patients With Polycythemia Vera: a Real-World Analysis of Veterans Health Administration Data
(Elsevier Inc., 2019) Wang, Li; Parasuraman, Shreekant V.; Sulena Shrestha; Paranagama, Dilan C.; Yu, Jingbo; Scherber, Robyn Marie; Başer, Onur
Background: Patients with polycythemia vera (PV) have a substantial risk of thrombotic events (TEs). The objective of the present analysis was to describe the association between white blood cell (WBC) levels and occurrence of TEs among patients with PV from a large real-world population. Patients and Methods: The present retrospective analysis using Veterans Health Administration claims data (October 1, 2005, to September 30, 2012) evaluated adult patients assigned to 4 WBC count categories (WBC count < 7.0, 7.0-8.4, 8.5 to < 11.0, and ≥ 11.0 × 109/L) to compare the risk of TEs (reference, WBC count, < 7.0 × 109/L group). Analysis was performed using a Cox proportional hazards model, considering WBC status as a time-dependent covariate. Results: Of the 1565 patients with PV included in the present analysis, the WBC count was < 7.0 × 109/L for 428 (27.3%), 7.0 to 8.4 × 109/L for 375 (24.0%), 8.5 to < 11.0 × 109/L for 284 (18.1%), and ≥ 11.0 × 109/L for 478 (30.5%). Of the 1565 patients, 390 (24.9%) had experienced a TE during the study period. The mean follow-up ranged from 3.6 to 4.5 years. Compared with the reference group (WBC count < 7.0 ×109/L), the hazard ratio for TEs was 1.10 (95% confidence interval [CI], 0.82-1.48; P = .5395), 1.47 (95% CI, 1.10-1.96; P = .0097), and 1.87 (95% CI, 1.44-2.43; P < .0001) for patients with a WBC count of 7.0 to 8.4, 8.5 to < 11.0, and ≥ 11.0 ×109/L, respectively. Conclusion: A positive, significant association between an increased WBC count of ≥ 8.5 ×109/L and the occurrence of TEs was observed in patients with PV. The potential thrombogenic role of WBCs in patients with PV supports the continued inclusion of WBC count control in disease management and evaluation of the response to therapy. © 2019 The AuthorsPatients with polycythemia vera (PV) have a substantial risk of thrombotic events (TEs). In the present retrospective analysis using Veterans Health Administration claims data, 25% of 1565 patients experienced a TE during follow-up. We observed a positive, significant association between white blood cell (WBC) counts ≥ 8.5 × 109/L and TE occurrence (reference, WBC count < 7.0 × 109/L), supporting continued inclusion of WBC count control in disease management. © 2019 The Authors
Finansal Kısıtlar, Döviz Kurları ve Firmaların Yaşama Şansları Üzerine Bir İnceleme
(2017) Toraganlı Karamollaoğlu, Nazlı
Bu çal mada Türkiye Cumhuriyet Merkez Bankas taraf ndan kullan ma aç lan bir mikro veri seti kullan larak döviz kurlar ndaki de erlenmenin firmalar n ya ama anslar üzerine etkileri incelenmi tir. Çal man n sonuçlar na göre, yerli paran n de er kazanmas firmalar n hem ihracat hem de iç pazardaki ya ama anslar n olumsuz etkilemektedir. Çal ma, ayr ca, firmalar aras verimlilik düzeyi ve finansal durum farkl l klar n n, döviz kuru-ya ama ans ili kisi üzerinde nas l bir rol oynad n ara t rm t r. Beklentilere paralel olarak, verimlilik düzeyi yüksek olan irketlerin ya ama anslar döviz kurundaki de erlenmeden daha az etkilenmektedir. Sonuçlar m z ayr ca ihracatç firmalardan dü ük likiditeye ve yüksek kald raç oran na sahip olan firmalar n döviz kuru hareketlerinden daha fazla etkilendiklerini göstererek ihracatç firmalar için finansal özelliklerin önemini vurgulamaktad r.
Citation - WoS: 5
Fuzzy Optimization for Portfolio Selection Based on Embedding Theorem in Fuzzy Normed Linear Spaces
(De Gruyter, 2014) Solatikia, Farnaz; Kılıç, Erdem; Weber, Gerhard-Wilhelm
In this paper, we propose a novel approach Embedding Theoremabout Menger probabilistic normed Spaces. The main idea behind ourapproach consists of taking advantage of interplays between Mengerprobabilistic normed spaces and normed spaces in a way to get anequivalent stochastic program. This helps avoiding pitfalls due to severe over simplification of the reality. The embedding theorem showsthat the set of all fuzzy numbers can be embedded into a Mengerprobabilistic Banach space. Inspired by this embedding theorem, wepropose a solution concept of fuzzy optimization problem which isobtained by applying the embedding function to the original fuzzyoptimization problem.
Citation - WoS: 1
Citation - Scopus: 1
Great Recession and News Shocks: Evidence Based on an Estimated Dsge Model
(Springer, 2021) Nebioğlu, Deniz
This paper examines whether productivity news shocks were among the drivers of the Great Recession. To do this, the Smets and Wouters (Am Econ Rev 97(3):586–606, 2007. https://doi.org/10.1257/aer.97.3.586) model is extended by a generalized preference specification which allows for scaling wealth effects on the labor supply. The resulting model is estimated using Bayesian methods which draw upon the US data from the period 1965Q2 to 2014Q3. There are four main results: (i) Estimation of the model is inconclusive regarding the degree of wealth elasticity of the labor supply. As a result, two complementary versions of the model prevail, each of which has differing implications for the transmission and the quantitative importance of exogenous shocks. (ii) When the degree of wealth elasticity of the labor supply is low, news shocks replace risk premium shocks, suggesting that news shocks are one possible reason for fluctuations in US business cycles. (iii) When the Great Recession period is analyzed through the lenses of the two complementary versions of the model, two explanations emerge as potential reasons behind the deepening of the crisis: worsening credit conditions as well as the collapse of over-optimistic expectations regarding future productivity. (iv) For both model specifications, general developments in productivity are estimated to be positive. Therefore, productivity slowdown is not considered to be among the reasons for the emergence or persistence of the Great Recession.

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