Role of investment shocks in explaining business cycles in Turkey

Yüksel, Canan
This thesis aims to understand the sources of business cycles observed in Turkish economy. In particular the thesis investigates the role of investment shocks in explaining fluctuations in output. For this purpose a small open economy DSGE model is estimated on Turkish data for 2002-2011 period by Bayesian methods. Variance decomposition analysis shows that permanent technology shock is the key driving force of business cycles in Turkish economy and the role of investment shock is less spelled.


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This thesis investigates the determinants of financial development in Turkey. Principle Component Analysis (PCA) is employed in order to examine the main determinants of financial sector development and shed light on the structure of the financial system in Turkey. The empirical studies on financial development suffer from the measurement problem. This study aims to remedy the measurement problem by providing proxies that explain different aspects of financial development more accurately than other proxies ...
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Çörüş, Sinan; Voyvoda Temizsoy, Ebru; Department of Economics (2009)
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Citation Formats
C. Yüksel, “Role of investment shocks in explaining business cycles in Turkey,” M.S. - Master of Science, Middle East Technical University, 2012.