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An essay upon the business cycle facts: the Turkish case

  • Levent, Korap

In our paper, we try to investigate the main determinants of the Turkish business cycles. Having examined some important issues of interest in business cycle theory, we estimate the business cycle stylized facts for the Turkish economy and compare the estimation results obtained in this paper to some benchmark papers chosen in business cycle literature. All in all, our estimation results give support to the importance of supply side models in explaining the Turkish business cycles in line with the contemporaneous Real Business Cycle Theory.

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File URL: http://mpra.ub.uni-muenchen.de/21717/1/MPRA_paper_21717.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 21717.

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Date of creation: 2006
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Handle: RePEc:pra:mprapa:21717
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  1. Zarnowitz, Victor & Ozyildirim, Ataman, 2006. "Time series decomposition and measurement of business cycles, trends and growth cycles," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1717-1739, October.
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  3. Apostolos Serletis & David Krause, 1996. "Nominal stylized facts of U. S. business cycles," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 49-54.
  4. Olivier Jean Blanchard & Danny Quah, 1988. "The Dynamic Effects of Aggregate Demand and Supply Disturbance," Working papers 497, Massachusetts Institute of Technology (MIT), Department of Economics.
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  13. Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 7-29, January.
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  25. Cogley, Timothy & Nason, James M., 1995. "Effects of the Hodrick-Prescott filter on trend and difference stationary time series Implications for business cycle research," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 253-278.
  26. Denizer, Cevdet & Iyigun, Murat F. & Owen, Ann L., 2000. "Finance and macroeconomic volatility," Policy Research Working Paper Series 2487, The World Bank.
  27. Yilmaz, K. & Altug, S., 1998. "Asset Returns, Inflation and Real Activity: The Case of Mexico and Turkey," Papers 1998/03, Koc University.
  28. C. Emre Alper, 2000. "Stylized Facts of Business Cycles, Excess Volatility and Capital Flows: Evidence from Mexico and Turkey," Working Papers 2000/11, Bogazici University, Department of Economics.
  29. Christina D. Romer, 1999. "Changes in Business Cycles: Evidence and Explanations," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 23-44, Spring.
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