Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/45416 
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dc.contributor.authorAltuğ, Sumruen
dc.contributor.authorTan, Barışen
dc.contributor.authorGencer, Gözdeen
dc.date.accessioned2011-01-27-
dc.date.accessioned2011-05-09T09:34:22Z-
dc.date.available2011-05-09T09:34:22Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aTÜSİAD-Koç University Economic Research Forum |cIstanbulen
dc.relation.ispartofseries|aWorking Paper |x1101en
dc.subject.jelC22en
dc.subject.jelE32en
dc.subject.jelE37en
dc.subject.ddc330en
dc.subject.keywordMarkov chain modelsen
dc.subject.keywordeconomic indicatorsen
dc.subject.keywordcross-country analysisen
dc.subject.stwIndustrielle Produktionen
dc.subject.stwIndustriekonjunkturen
dc.subject.stwWirtschaftsindikatoren
dc.subject.stwMarkovscher Prozessen
dc.subject.stwSchätzungen
dc.subject.stwWelten
dc.titleCyclical dynamics of industrial production and employment: Markov chain-based estimates and test-
dc.typeWorking Paperen
dc.identifier.ppn644774290en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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