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Not-Quite-Great Depressions of Turkey: A Quantitative Analysis of Economic Growth over 1968 - 2004

  • Deniz Cicek
  • Ceyhun Elgin

Following the great depressions methodology suggested by Cole and Ohanian (1999) and Kehoe and Prescott (2002, 2007), we use growth accounting and standard dynamic general equilibrium models to study growth performance of Turkey from 1968 to 2004. We find that the primary source of output growth in Turkey was growth in total factor productivity, rather than growth in labor and capital inputs. Among the various specifications of dynamic general equilibrium models employed, the one with capital adjustment costs and variable taxes comes closest to account for the data. This suggests that rigidities affecting capital accumulation and distortionary taxes have a crucial role in explaining the evolution of the Turkish economy.

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File URL: http://www.econ.boun.edu.tr/public_html/RePEc/pdf/201007.pdf
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Paper provided by Bogazici University, Department of Economics in its series Working Papers with number 2010/07.

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Date of creation: Jul 2010
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Handle: RePEc:bou:wpaper:2010/07
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  1. Finn E. Kydland & Carlos E.J.M. Zarazaga, 2001. "Argentina's lost decade," Center for Latin America Working Papers 0401, Federal Reserve Bank of Dallas.
  2. Juan Carlos Conesa & Timothy J. Kehoe & Kim J. Ruhl, 2007. "Modeling great depressions: the depression in Finland in the 1990s," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Nov, pages 16-44.
  3. Raphael Bergoeing & Patrick J. Kehoe & Timothy J. Kehoe & Raimundo Soto, 2001. "A Decade Lost and Found: Mexico and Chile in the 1980s," Documentos de Trabajo 110, Centro de Economía Aplicada, Universidad de Chile.
  4. Harold L. Cole & Lee E. Ohanian, 1999. "The Great Depression in the United States from a neoclassical perspective," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-24.
  5. Timothy Kehoe & Kim Ruhl, 2003. "Recent great depressions: Aggregate growth in New Zealand and Switzerland, 1973-2000," New Zealand Economic Papers, Taylor & Francis Journals, vol. 37(1), pages 5-40.
  6. Fumio Hayashi & Edward C. Prescott, 2002. "The 1990s in Japan: A Lost Decade," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 206-235, January.
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  13. Lucas, Robert E, Jr & Prescott, Edward C, 1971. "Investment Under Uncertainty," Econometrica, Econometric Society, vol. 39(5), pages 659-81, September.
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  15. Raphael Bergoeing & Patrick J. Kehoe & Timothy J. Kehoe & Raimundo Soto, 2002. "Data Appendix to A Decade Lost and Found: Mexico and Chile in the 1980s," Technical Appendices bergoeing02, Review of Economic Dynamics.
  16. Finn E. Kydland & Carlos E. J. M. Zarazaga, 2002. "Online Appendix to Argentina's Lost Decade and the Subsequent Recovery Puzzle," Technical Appendices kydland02, Review of Economic Dynamics.
  17. Fabrizio Perri & Vincenzo Quadrini, 2002. "Data Appendix to The Great Depression in Italy: Trade Restrictions and Real Wage Rigidities," Technical Appendices perri02, Review of Economic Dynamics.
  18. Raphael Bergoeing & Patrick J. Kehoe & Timothy J. Kehoe & Raimundo Soto, 2002. "Decades lost and found: Mexico and Chile since 1980," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 3-30.
  19. Cagatay Telli & Ebru Voyvoda & Erinc Yeldan, 2008. "Macroeconomics of twin-targeting in Turkey: analytics of a financial computable general equilibrium model," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(2), pages 227-242.
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