Hammoudeh, Shawkat
Sarı, Ramazan
Ewing, Bradley T.
We examine the comovements among the prices of four strategic commodities that have long, adequate daily series: oil, gold, silver, and copper as a group. We also explore their causal relationships with two commodity-relevant macrofinancial variables: interest and exchange rates as an expanded group to shed some light on the prediction behaviors of those individual commodity prices relative to the selected financial variables. In the expanded group, the selected interest rate can provide a transmission link between commodity prices and the dollar exchange rate. The results and their policy implications are discussed at length. (JEL C51, E27, Q43).


Dynamics of oil price, precious metal prices, and exchange rate
Sarı, Ramazan; Soytaş, Uğur (2010-03-01)
This study examines the co-movements and information transmission among the spot prices of four precious metals (gold. silver, platinum, and palladium), oil price, and the US dollar/euro exchange rate. We find evidence of a weak long-run equilibrium relationship but strong feedbacks in the short run. The spot precious metal markets respond significantly (but temporarily) to a shock in any of the prices of the other metal prices and the exchange rate. Furthermore, we discover some evidence of market overreac...
Relationship between oil prices, interest rate, and unemployment: Evidence from an emerging market
Dogrul, H. Gunsel; Soytaş, Uğur (Elsevier BV, 2010-11-01)
While the interrelation between oil price changes, economic activity and employment is an important issue that has been studied mainly for developed countries, little attention has been devoted to inquiries on fluctuations in the price of crude oil and its impact on employment for small open economies. Adopting an efficiency wage model for equilibrium employment that does not require any assumptions regarding labor supply, this paper contributes to the literature by investigating the causality between unemp...
Price and volatility linkages between international REITs and oil markets
Nazlıoğlu, Şaban; Gupta, Rangan; Gormus, Alper; Soytaş, Uğur (Elsevier BV, 2020-05-01)
This study analyzes price and volatility transmissions between nineteen real estate investment trusts (REITs) and the oil markets. The REITs data represents a variety of countries at different stages of their development and the expanded analytical approach includes accounting for structural shifts as gradual processes - as opposed to strictly abrupt processes typically assumed in the literature. Oil prices are found to primarily predict REITs prices in mature REITs markets, but the feedback from REITs to o...
The dynamics of firms in a micro-to-macro model: The role of training, learning and innovation
Ballot, G; Taymaz, Erol (Springer Science and Business Media LLC, 1997-12-01)
We analyze the co-evolution of the performances of firms and of the economy in an evolutionary micro-to-macro model of the Swedish economy. The model emphasizes the interactions between human capital (or competences) and technological change at the firm level and their effects;on aggregate growth, taking into account the micro-macro feedbacks. The model features learning-by-doing, incremental and radical innovations, user-producer learning at the firm level, and a change in the techno-economic paradigm. We ...
The asymmetric impact of oil prices, interest rates and oil price uncertainty on unemployment in the US
Kocaarslan, Baris; SOYTAŞ, MEHMET ALİ; Soytaş, Uğur (Elsevier BV, 2020-02-01)
In this study, we investigate the presence of asymmetric interactions between oil prices, oil price uncertainty, interest rates, and unemployment in a cointegration framework. Utilizing the nonlinear auto-regressive distributed lag (NARDL) approach, we show the asymmetric responses of unemployment to changes in oil prices, oil price uncertainty and interest rates in the long-run. More specifically, the results of our analyses suggest that an increase in oil price results in increased unemployment while ther...
Citation Formats
S. Hammoudeh, R. Sarı, and B. T. Ewing, “RELATIONSHIPS AMONG STRATEGIC COMMODITIES AND WITH FINANCIAL VARIABLES: A NEW LOOK,” CONTEMPORARY ECONOMIC POLICY, pp. 251–264, 2009, Accessed: 00, 2020. [Online]. Available: