Role of Investment Shocks in Explaining Business Cycles in Turkey
AbstractThis 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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Bibliographic InfoPaper provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its series Working Papers with number 1312.
Date of creation: 2013
Date of revision:
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More information through EDIRC
Open economy; Bayesian estimation; Business cycle;
Find related papers by JEL classification:
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-16 (All new papers)
- NEP-ARA-2013-03-16 (MENA - Middle East & North Africa)
- NEP-DGE-2013-03-16 (Dynamic General Equilibrium)
- NEP-MAC-2013-03-16 (Macroeconomics)
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