Fatih Özatay, PhD
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Both positive and negative
Quarterly annual growth rates were so modest that cumulative nine-month figure was lower in 2013 than in 2012. In September industrial output increased by 6.4 percent…
Condemned to the average
You can take a month of low inflation and proudly say “we achieved the lowest inflation ratio of the last something years” for instance. I want to share a figure; it…
Don’t make promises you can’t keep
One way to end the erosion of monetary policy credibility is to state a higher CPI target. One should either keep his or her promise, or make another one that he or she…
The inscription on FX notes
If the sum of consumption and investment is higher than the GDP, current account will be negative, implying that the country did not spend according to its means and…
Brain drain after the highway passing through METU
Turkey needs bright people who will conduct seminal research, come up with innovations and hence pave the way for new businesses. Can Turkey reverse the brain drain?…
The significance of being insignificant
The recent market relief is because the FED is not expected to change its monetary policy at least up until December. The Central Bank Monetary Policy Committee (CB-MPC)…
A joint Nobel Prize for opposing views
Fama did not renew his subscription to the Economist because they made a large coverage on financial market bubbles after the global crisis. The Nobel Prize 2013 in…
The sense of hollowness must be overcome
There is an acute need to redesign the MTP texts from scratch. They do not duly reflect the bundle of research and studies carried out by the Ministry of Development.…
Latest projections
The Medium Term Program estimates lower GDP growth for 2013 and 2014 compared to the previous program. After a series of “emotional” commentaries, today I will go back…
Please just tell us what to remember and what to forget
Why are we supposed to remember the total GDP loss during the 1994 and 2001 crises but ignore that the loss was higher in the 2009 crisis? When I was in secondary…
A series of oddities (2)
The average of officially declared inflation targets since 2006 averaged 5.3 percent while actual inflation over the same period had an average of 8.3 percent. I have…
I don’t have the answer
Fighting against informality should be the first step of the reforms aimed to increase Turkey’s sustainable growth rate. We always hear and voice assertive statements…