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Investigating Asymmetries in Macroeconomic Aggregates of Central and Eastern European Economies

Author

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  • Veli Yilanci

    () (Istanbul University, Beyazit, Istanbul, Turkey)

Abstract

This study examines the asymmetric behavior of macroeconomic aggregates for Bulgaria, Croatia and Romania by employing Triples test of Randles et al. (1980). The results reveal that while most of the macroeconomic series for Bulgaria and Croatia are characterized by asymmetric behavior; comparatively, a small number of series for Romania were found to be asymmetric. The results imply that policy-makers and researchers should be cautious when forecasting these series and making inferences using linear econometric methodologies since linear models are not capable of generating asymmetric fluctuations.

Suggested Citation

  • Veli Yilanci, 2012. "Investigating Asymmetries in Macroeconomic Aggregates of Central and Eastern European Economies," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 14(31), pages 223-229, February.
  • Handle: RePEc:aes:amfeco:v:14:y:2012:i:31:p:223-229
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    References listed on IDEAS

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    1. Sichel, Daniel E, 1993. "Business Cycle Asymmetry: A Deeper Look," Economic Inquiry, Western Economic Association International, vol. 31(2), pages 224-236, April.
    2. Seema Narayan & Paresh Kumar Narayan, 2007. "Understanding asymmetries in macroeconomic aggregates: the case of Singapore," Applied Economics Letters, Taylor & Francis Journals, vol. 14(12), pages 905-908.
    3. Hodrick, Robert J & Prescott, Edward C, 1997. "Postwar U.S. Business Cycles: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
    4. Randal Verbrugge Randal Verbrugge, 1997. "Investigating Cyclical Asymmetries," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 2(1), pages 1-10, April.
    5. Boldin Michael D., 1999. "Should Policy Makers Worry about Asymmetries in the Business Cycle?," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 3(4), pages 1-20, January.
    6. Beaudry, Paul & Koop, Gary, 1993. "Do recessions permanently change output?," Journal of Monetary Economics, Elsevier, vol. 31(2), pages 149-163, April.
    7. McQueen, Grant & Thorley, Steven, 1993. "Asymmetric business cycle turning points," Journal of Monetary Economics, Elsevier, vol. 31(3), pages 341-362, June.
    8. Belaire-Franch Jorge & Contreras Dulce, 2003. "An Assessment of International Business Cycle Asymmetries using Clements and Krolzig's Parametric Approach," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 6(4), pages 1-11, March.
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    10. PareshKumar Narayan & Seema Narayan, 2008. "Examining The Asymmetric Behaviour Of Macroeconomic Aggregates In Asian Economies," Pacific Economic Review, Wiley Blackwell, vol. 13(5), pages 567-574, December.
    11. Wesley Clair Mitchell, 1927. "Business Cycles: The Problem and Its Setting," NBER Books, National Bureau of Economic Research, Inc, number mitc27-1.
    12. Narayan, Paresh Kumar & Popp, Stephan, 2009. "Can the electricity market be characterised by asymmetric behaviour?," Energy Policy, Elsevier, vol. 37(11), pages 4364-4372, November.
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    Cited by:

    1. repec:bla:ausecp:v:55:y:2016:i:4:p:476-490 is not listed on IDEAS
    2. Jernej Mencinger & Aleksander Aristovnik & Miroslav Verbic, 2014. "The Impact of Growing Public Debt on Economic Growth in the European Union," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 16(35), pages 403-403, February.
    3. repec:ers:journl:v:xx:y:2017:i:2a:p:607-633 is not listed on IDEAS

    More about this item

    Keywords

    asymmetry; Central and Eastern European countries; deepness; steepness;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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