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dc.contributor.authorAltuğ, Sumruen_US
dc.contributor.authorTan, Barışen_US
dc.contributor.authorGencer, Gözdeen_US
dc.date.accessioned2011-01-27en_US
dc.date.accessioned2011-05-09T09:34:22Z-
dc.date.available2011-05-09T09:34:22Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/45416-
dc.description.abstractThis paper characterizes the business cycle as a recurring Markov chain for a broad set of developed and developing countries. The objective is to understand differences in cyclical phenomena across a broad range of countries based on the behavior of two key economic times series - industrial production and employment. The Markov chain approach is a parsimonious approach that allows us to examine the cyclical dynamics of different economic time series using limited judgment on the issue. Time homogeneity and time dependence tests are implemented to determine the stationarity and dependence properties of the series. Univariate processes for industrial production and employment growth are estimated individually and a composite indicator that combines information on these series is also constructed. Tests of equality of the estimated Markov chains across countries are also implemented to identify similarities and differences in the cyclical dynamics of the relevant series.en_US
dc.language.isoengen_US
dc.publisherTÜSİAD-Koç University Economic Research Forum Istanbulen_US
dc.relation.ispartofseriesTÜSİAD-Koç University Economic Research Forum working paper series 1101en_US
dc.subject.jelC22en_US
dc.subject.jelE32en_US
dc.subject.jelE37en_US
dc.subject.ddc330en_US
dc.subject.keywordMarkov chain modelsen_US
dc.subject.keywordeconomic indicatorsen_US
dc.subject.keywordcross-country analysisen_US
dc.subject.stwIndustrielle Produktionen_US
dc.subject.stwIndustriekonjunkturen_US
dc.subject.stwWirtschaftsindikatoren_US
dc.subject.stwMarkovscher Prozessen_US
dc.subject.stwSchätzungen_US
dc.subject.stwWelten_US
dc.titleCyclical dynamics of industrial production and employment: Markov chain-based estimates and testen_US
dc.typeWorking Paperen_US
dc.identifier.ppn644774290en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:ERF Working Paper Series, TÜSİAD-Koç University Economic Research Forum (ERF)

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