Tansel, Aysıt
This paper investigates the nature of the output-employment relationship by using the Turkish quarterly data for the period 1988-2008. Even if we fail to find a long-run relationship between aggregate output and total employment, there are long-run relationships for the aggregate output with non-agricultural employment and sectoral employment levels for seven of nine sectors that we consider. However, a further investigation for the output and employment relationship within a short-run perspective does not reveal statistically significant relationships for either total employment or non-agriculture employment, or eight of the nine sectors that we consider. Although there are various long-run relationships between output and employment, the short-run links between demand and employment are weak. The various implications of this for the economy and the labour market are discussed. As a result, maintaining high levels of output in the long-run creating demand is essential for employment generation.


Long run relationship between entry and exit: time series evidence from Turkish manufacturing industry
Soytaş, Uğur (2006-12-01)
This paper investigates the long run relationship between entry and exit using aggregate annual data from the Turkish manufacturing industry for the period 1968-2001. The time series properties of the data imply that simple OLS regressions may yield spurious results. We employ both bivariate and multivariate models to test for Granger causality. Utilizing relatively new time series techniques, we find that exit Granger causes entry in the long run, but not vice versa. However, unlike many empirical fin...
The relationship between energy and production: Evidence from Turkish manufacturing industry
Soytaş, Uğur; Sarı, Ramazan (2007-11-01)
This paper investigates the relationship between energy and production at the industry level in an emerging market, Turkey, in a multivariate framework. The electricity consumption and value added relation is examined in the Turkish manufacturing industry, while also accounting for labor and fixed investment. We find that labor, fixed investment, electricity consumption, and value added are related via three cointegrating vectors. The VEC results indicate uni-directional causality running from electricity c...
Exchange rate regimes and the Feldstein-Horioka puzzle: the French evidence
Ozmen, E; Parmaksiz, K (2003-01-20)
This paper investigates whether the Feldstein and Horioka (Economic Journal, 90, 314-29, 1980) argument on domestic saving-investment relationship is supported by the French data when an endogenous structural break corresponding to a major policy regime change is taken into account. The evidence suggests that the saving-investment cointegration disappears after the estimated endogenous structural break point in 1973 coinciding with the end of the Bretton Woods system of fixed exchange rates. Consistent with...
Diversification benefit and return performance of REITs using CAPM and Fama-French: Evidence from Turkey
Coskun, YENER; Kestel, Sevtap Ayşe; YILMAZ, BİLGİ (2017-12-01)
This paper analyzes return enhancement patterns of Turkish REITs (T-REITs) from various perspectives over the period of July 2008 and March 2015. We find that T-REITs portfolio provides a slightly lower level of risk diversification benefit than investment trusts, but higher than the banks. The evidence suggests that portfolio managers and investors may not only be able to utilize knowledge deriving from the CAPM, but also utilize information retrieved from Fama-French model due to its relatively better per...
Currency and asset substitution in Turkey
Taşdemir, Özlem; Özmen, Erdal; Department of Economics (2003)
This study investigates the determinants and effects of currency and asset substitution in Turkey using quarterly data from 1987:1 to 2002:4. The empirical results from the application of Johansen procedure to a four-variable system containing currency-asset substitution proxy (M2Y/M2)), real income, real exchange rate, and ratchet effect proxy (past peak values of the depreciation of the real exchange rate) suggest the presence of a single cointegration vector among the variables. The results further sugge...
Citation Formats
A. ŞAHİN, A. Tansel, and M. H. BERUMENT, “OUTPUT-EMPLOYMENT RELATIONSHIP ACROSS SECTORS: A LONG- VERSUS SHORT-RUN PERSPECTIVE,” BULLETIN OF ECONOMIC RESEARCH, pp. 265–288, 2015, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/31807.