Investigating Asymmetries in Macroeconomic Aggregates of Central and Eastern European Economies
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.
Volume (Year): 14 (2012)
Issue (Month): 31 (February)
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