<abstract> <p>This study investigates the effect of the COVID-19 pandemic on the residential real estate prices in Turkey. This study indicates the effect of COVID-19, loan package, macroeconomic and behavioral control variables on abnormal returns of residential real estate prices during the event window. This study consists of three econometric steps. Firstly, the abnormal returns of the residential real estate prices are obtained by using an event study. Secondly, the effect of the COVID-19 pandemic on abnormal returns of residential real estate prices was estimated by panel data analysis for regional and city levels. According to the findings of the city level, the COVID-19 pandemic has a negative effect on abnormal returns of residential prices, as expected. However, the regional analysis shows mainly a positive COVID-19 effect.</p> </abstract>

The purpose of this study is to examine the asymmetric relationship between government revenues and expenditures for Turkish economy. In this study, the data cover the period of 2006Q1-2019Q3. In this study, unliker the literature, the relationship between variables is investigated asymmetrically. The asymmetric causality relationships were tested by using Asymmetric Causality Test developed by Hatemi-J (2012). The asymmetric causality approach divides the series into two as positive shocks and negative shocks and captures nonlinear effects in the series. The data of this study contain quarterly observations of the total expenditures, total revenues and tax revenues based on sub-items over the 2006: Q1-2019: Q3 time period for the Turkish economy. In this study, because of data constraint, the data started in 2006: Q1.The empirical findings of this study indicate that the Fiscal Synchronization Hypothesis is valid for the relationships between total expenditures and total revenues. However, when the relationship between total expenditures and tax revenues is evaluated, it is seen that the Spend-and-Tax Hypothesis is valid. According to the findings, there is bidirectional causality between total revenues and government expenditures in Turkish economy, symmetrically. There is a symmetric bidirectional causality between tax revenues and government expenditures. Also, negative cumulative total revenues cause the negative cumulative expenditures, asymmetrically.