Not-Quite-Great Depressions of Turkey: A Quantitative Analysis of Economic Growth over 1968 - 2004
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.
|Date of creation:||2009|
|Date of revision:|
|Contact details of provider:|| Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA|
Web page: http://www.EconomicDynamics.org/
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