A Bayesian Estimation of Real Business-Cycle Models for the Turkish Economy

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dc.contributor.authorTaştan, Hüseyin
dc.contributor.authorAşık, Bekir
dc.date.accessioned2025-03-09T18:08:47Z
dc.date.available2025-03-09T18:08:47Z
dc.date.issued2014
dc.departmentBeykent Üniversitesi
dc.description.abstractWe estimate a canonical small open economy real business-cycle model and its several extensions using a Bayesian approach to explore the effects of different structural shocks on macroeconomic fluctuations in Turkey. Alternative models include several theoretical exogenous shocks, such as those to temporary and permanent productivity, world interest rates, preferences, and domestic spending, as driving forces together with financial frictions. Results indicate that output is mostly driven by trend growth shocks, while temporary shocks are relatively less important. Although empirical results generally favor the stochastic trend model, in which there are only transitory and permanent productivity shocks as causative elements, an extended model with random world interest rates and various financial frictions can be a viable alternative to explain economic fluctuations.
dc.description.abstractWe estimate a canonical small open economy real business-cycle model and its several extensions using a Bayesian approach to explore the effects of different structural shocks on macroeconomic fluctuations in Turkey. Alternative models include several theoretical exogenous shocks, such as those to temporary and permanent productivity, world interest rates, preferences, and domestic spending, as driving forces together with financial frictions. Results indicate that output is mostly driven by trend growth shocks, while temporary shocks are relatively less important. Although empirical results generally favor the stochastic trend model, in which there are only transitory and permanent productivity shocks as causative elements, an extended model with random world interest rates and various financial frictions can be a viable alternative to explain economic fluctuations.
dc.identifier.endpage50
dc.identifier.issn2146-6173
dc.identifier.issn2791-7991
dc.identifier.issue2
dc.identifier.startpage27
dc.identifier.urihttps://hdl.handle.net/20.500.12662/5534
dc.identifier.volume3
dc.language.isoen
dc.publisherTürkiye Ekonomi Kurumu Vakfı
dc.relation.ispartofEkonomi-tek
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_DergiPark_20250309
dc.subjectReal business-cycle models
dc.subjectfinancial frictions
dc.subjectTurkey
dc.subjectsmall open economy
dc.subjectemerging economies
dc.subjectReal business-cycle models
dc.subjectfinancial frictions
dc.subjectTurkey
dc.subjectsmall open economy
dc.subjectemerging economies
dc.titleA Bayesian Estimation of Real Business-Cycle Models for the Turkish Economy
dc.title.alternativeA Bayesian Estimation of Real Business-Cycle Models for the Turkish Economy
dc.typeArticle

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