The connection between Turkish industrial production performance and the success of a popular Turkish football team, namely Fenerbahçe, is the central theme of this article. The success of Fenerbahçe is interpreted as a proxy for the workersÕ mood or morale. Performing a transfer function analysis on our monthly data set, we reveal positive feedback from FenerbahçeÕs success, which proxies workersÕ mood/morale, to economic performance such that the monthly industrial growth rate increases by 0.26% with the number of games won by Fenerbahçe in European cups regardless of where the game is played. Evidence of the effects of games against domestic rivals on industrial performance is not statistically significant.

Inflation starts, emerging market economies, price level stability, probit analysis,

In this study, non-parametric kernel estimation technique has been employed to estimate import and export price elasticities for six developed countries. Based on the estimates of these elasticities Marshall-Lerner condition has been examined. In general the condition is only partially satisfied in the sub-sample periods. The results also suggest that the condition is more likely to be satisfied under fixed exchange rate regime.

"We seek to demonstrate the variations in the exchange rate pass-through (ERPT) and identify the shift in the price-setting behavior by placing the emphasis on the implemented exchange rate and monetary policy regimes. Having a history of several distinct monetary regimes, Turkey exhibits a genuine laboratory in this respect. Our empirical results reveal that the pass-through from exchange rates to domestic prices has changed dramatically. We detect breaks in the pass-through coefficients at three episodes, all of which coincide with a shift in monetary/exchange rate regime, lending support to the view that monetary and exchange rate regimes might be among the major determinants of the ERPT process". ("JEL" C51, E31, E58) Copyright 2007 Western Economic Association International.