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Role of Investment Shocks in Explaining Business Cycles in Turkey

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  • Canan Yuksel

Abstract

This paper aims to understand the role of investment shocks in explaining output fluctuations observed in Turkish economy. For this purpose a small open economy DSGE model is estimated on Turkish data for 2002:1-2012:2 period by Bayesian methods. Variance decomposition analysis shows that permanent technology shock is the key driving force of business cycles in Turkish economy and the role of investment shock is less spelled.

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File URL: http://www.tcmb.gov.tr/research/teblig/abstract/wp1312_eng.php
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Bibliographic Info

Paper provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its series Working Papers with number 1312.

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Date of creation: 2013
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Handle: RePEc:tcb:wpaper:1312

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Keywords: Open economy; Bayesian estimation; Business cycle;

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