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    Disaggregate energy consumption and industrial output in the United States
    (Elsevier Sci Ltd, 2007) Ewing, Bradley T.; Sarı, Ramazan; Soytaş, Uğur
    This paper investigates the effect of disaggregate energy consumption on industrial output in the United States. Most of the related research utilizes aggregate data which may not indicate the relative strength or explanatory power of various energy inputs on output. We use monthly data and employ the generalized variance decomposition approach to assess the relative impacts of energy and employment on real output. Our results suggest that unexpected shocks to coal, natural gas and fossil fuel energy sources have the highest impacts on the variation of output, while several renewable sources exhibit considerable explanatory power as well. However, none of the energy sources explain more of the forecast error variance of industrial output than employment. (c) 2006 Elsevier Ltd. All rights reserved.
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    Macroeconomic variables and the housing market in Turkey
    (M E Sharpe Inc, 2007) Sarı, Ramazan; Ewing, Bradley T.; Aydın, Bahadır
    This paper investigates the relation between housing starts and macroeconomic variables in Turkey from 1961 to 2000. The generalized variance decomposition approach is used to examine relations between housing market activity and prices, interest rates, output, money stock, and employment. In contrast to previous findings for developed countries, our results indicate that the monetary aggregate has a relatively more important and substantial effect on housing investment than does employment. Generally speaking, shocks to interest rates, output, and prices have noticeable effects on changes in the Turkish housing market.
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    The relationship between disaggregate energy consumption and industrial production in the United States: An ARDL approach
    (Elsevier B.V. All, 2008) Sarı, Ramazan; Ewing, Bradley T.; Soytaş, Uğur
    We re-examine the relationship between disaggregate energy consumption and industrial output, as well as employment, in the United States using the autoregressive distributed lag (ARDL) approach developed by Pesaran and Pesaran [Pesaran, M.H., Pesaran, B., 1997. Working with Microfit 4.0. Camfit Data Ltd, Cambridge] and Pesaran, Shin and Smith [Pesaran, M.H., Shin, Y., Smith, R.J., 2001. Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics 16; 289-326] In particular, we focus attention on the following energy consumption variables: coal, fossil fuels, conventional hydroelectric power, solar energy, wind energy, natural gas, wood, and waste. The sample period covers 2001:1-2005:6. Our results imply that real output and employment are long run forcing variables for nearly all measures of disaggregate energy consumption. (C) 2007 Elsevier B.V All rights reserved.