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WELFARE COSTS OF BUSINESS CYCLES IN TURKEY

机译:土耳其商业周期的福利成本

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摘要

How large are welfare costs related to economic aggregate fluctuations is a topic of great concern among economists at least since Lucas's (1987) model. Our analysis assesses the magnitude of such costs for Turkey by means of two approaches: aggregate and disaggregate. The former approach uses aggregate data employing three alternative trend-cycle decomposition methods which are Lucas' classical set-up with deterministic linear trend for consumption, Hodrick and Prescott filter and one in which consumption trend is stochastic and whose implementation is performed using Beveridge-Nelson decomposition. The results of both approaches suggest that Turkey has high welfare costs associated with business cycles.
机译:至少从卢卡斯(1987)的模型开始,经济学家就非常关注与经济总量波动相关的福利成本是多少。我们的分析通过两种方法评估了土耳其此类费用的规模:合计和分类。前一种方法使用的聚合数据采用了三种替代的趋势周期分解方法,这是卢卡斯具有确定性线性趋势的经典消费设置,Hodrick和Prescott过滤器,并且其中消费趋势是随机的并且使用Beveridge-Nelson实施分解。两种方法的结果都表明,土耳其与商业周期相关的福利成本很高。

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  • 来源
    《Metroeconomica》 |2014年第2期|195-211|共17页
  • 作者

    Ensar Yilmaz;

  • 作者单位

    Economics Yildiz Technical University Istanbul Turkey;

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  • 原文格式 PDF
  • 正文语种 eng
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