Küresel Finansal Kriz Sonrasında Reel Ücretlerin İstihdam Üzerindeki Etkisi: Türk İmalat Sanayi Örneği
Year 2024,
Volume: 32 Issue: 61, 147 - 166, 30.07.2024
Ali İlhan
,
Coşkun Akdeniz
Abstract
Bu çalışma, 2008 küresel finansal krizi sonrasında Türk imalat sanayinde reel ücretlerin istihdam üzerindeki etkisini analiz etmektedir. Etki, 24 imalat sektörü için 2009Ç1-2019Ç4 dönemini kapsayacak şekilde panel veri analizi kullanılarak tahmin edilmiştir. Panel eşbütünleşme sonuçları reel ücretler ve istihdam arasında uzun dönemli anlamlı bir ilişki olduğunu ortaya koyarken panel genişletilmiş ortalama grup (AMG) tahmincisi sonuçları reel ücretlerin istihdam üzerinde uzun dönemde anlamlı pozitif etkisi olduğunu göstermektedir. Sektör düzeyindeki etki, bir sektör haricinde anlamsız veya pozitiftir. Bulgular, reel ücretlerdeki artışın, etkin talep kanalıyla mal piyasasını ve milli geliri olumlu etkileyerek istihdamı artırabileceğini göstermektedir. Dolayısıyla, imalat sanayinde efektif talebi iyileştirmeye yönelik ücret politikaları Türkiye’de istihdamı artırabilir.
References
- Adaş, C.G. (2003), “Türk imalat sanayi işgücü piyasasında ücretler ile istihdam arasındaki ilişki”, İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 53(2), 145-187.
- Adudu S.A. & S.M. Ojonye (2015), “Employment-Real wage relationship and economic growth in Nigeria”, Journal of Economics and Sustainable Development, 6(2), 179-188.
- Akkemik, K.A. (2007), “The Response of Employment to GDP Growth in Turkey: An Econometric Estimation”, Applied Econometrics and International Development, 7(1), 65-74.
- Apergis, N. & I. Theodosiou (2008), “The employment - wage relationship: Was Keynes right after all?”, American Review of Political Economy, 6(1), 40-50.
- Appelbaum, E. (1979), “Post-Keynesian theory: The labor market”, Challenge, 21(6), 39-47.
- Arestis, P. & I. Biefang-Frisancho Mariscal (1994), “Wage determination in the UK: further empirical results using cointegration”, Applied Economics, 26(4), 417-24.
- Aydiner-Avsar, N. & Ö. Onaran (2010), “The determinants of employment: A sectoral analysis for Turkey”, The Developing Economies, 48(2), 203-231.
- Bakır, H. & F. Eryılmaz (2020), “Türkiye’de istihdam ve reel ücretler arasındaki ilişki: Bir zaman serisi analizi”, Uluslararası Afro-Avrasya Araştırmaları Dergisi, 5(10), 1-16.
- Bakker, B.B. (2015), “Employment and the Great Recession: The role of real wages”, IMF Working Paper, 229.
- Bender, K.A. & I. Theodosiou (1999), “International comparisons of the real wage-employment relationship”, Journal of Post Keynesian Economics, 21(4), 621-637.
- Bhaduri, A. & S. Marglin (1990), “Unemployment and the real wage: the economic basis for contesting political ideologies”, Cambridge Journal of Economics, 14, 375-393.
- Bölükoğlu, A. (2019), “Türkiye’nin talep rejimi: Post-Keynesyen ekonometrik bir analiz”, Sosyoekonomi, 27(42), 163-180.
- Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
- Carruth, A. & C. Schnabel (1993), “The determination of contract wages in West Germany”, The Scandinavian Journal of Economics, 95(3), 297-310.
- Christopoulos, D.K. (2005), “A note on the relationship between real wages and employment”, Journal of Economic Studies, 32(1), 25-32.
- Chudik, A. & M.H. Pesaran (2015), “Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors”, Journal of Econometrics, 188(2), 393-420.
- Cin, M.F. (2012), Post-Keynezyen İktisat, Ankara: Efil Yayınevi.
- Cruz, M.D. (2023), “Labor Productivity, Real Wages, and Employment in OECD Economies”, Structural Change and Economic Dynamics, 66, 367-382.
- Demir, F. (2010), “Exchange Rate Volatility and Employment Growth in Developing Countries: Evidence from Turkey”, World Development, 38(8), 1127-1140.
- Eberhardt, M. & F. Teal (2010), “Productivity analysis in global manufacturing production”, University of Oxford, Department of Economics, Discussion Paper Series, 515.
- Eberhardt, M. & S. Bond (2009), “Cross-section dependence in nonstationary panel models: a novel estimator”, MPRA Paper, 17692.
- EUROSTAT (2008), NACE Rev. 2 Statistical classification of economic activities in the European Community, <https://ec.europa.eu/eurostat/web/products-manuals-and-guidelines/-/ks-ra-07-015>, 26.01.2024.
- EUROSTAT (2024), Glossary: High-tech classification of manufacturing industries, <https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Glossary:High-tech_classification_of_manufacturing_industries>, 28.01.2024.
- Fernandez-Huerga, E. & J. Garcia-Arias (2019), “The Post-Keynesian view on labor demand in micro- and macroeconomic fields”, Economics and Sociology, 12(2), 109-128.
- Gaberli, Ü. & Y. Can (2020), “Dünya ekonomisinde turizm ve ekonomik büyüme ilişkisi: Bir eş-bütünleşme analizi (2005-2017)”, Anatolia: Turizm Araştırmaları Dergisi, 31(3), 250-263.
- Geary, P.T. & J. Kennan (1982), “The employment-real wage relationship: An international study”, Journal of Political Economy, 90(4), 854-871.
- Güloğlu, B. et al. (2020), “Effect of foreign trade on industrial employment: the case of Turkey”, Applied Economics, 52(55), 6075-6089.
- Habanabakize, T. et al. (2019), “The Impact of Productivity, Investment and Real Wages on Employment Absorption Rate in South Africa”, Social Sciences, 8(12), 1-15.
- Hasanov, F.J. et al. (2021), “Sectoral employment analysis for Saudi Arabia”, Applied Economics, 53(45), 5267-5280.
- Herr, H. (2002), “Wages, employment and prices: An analysis of relationship between wage level, wage structure, minimum wages and employment and prices”, Berlin School of Economics Working Paper, 15.
- ILO (2018), Global Wage Report 2018/19: What lies behind gender pay gaps, ILO Publishing, Geneva.
- ILO (2020), Global Wage Report 2020/2021: Wages and minimum wages in the time of COVID-19, ILO Publishing, Geneva.
- Ioannidis, Y. (2011), “Employment in the Keynesian and neoliberal universe: Theoretical transformations and political correlations”, MPRA Paper, 45062.
- Johnstone, S. et al. (2019), “The global financial crisis, work and employment: Ten years on”, Economic and Industrial Democracy, 40(3), 455-468.
- Kalecki, M. (1971), “Class struggle and the distribution of national income”, Kyklos, 24(1), 1-9.
- Kılıçaslan, Y. & Ü. Töngür (2019), “ICT and employment generation: evidence from Turkish manufacturing”, Applied Economics Letters, 26(13), 1053-1057.
- Klein, N. (2012), “Real wage, labor productivity, and employment trends in South Africa: A Closer Look”, IMF Working Paper, 92.
- Köse, T. & M. Avcı (2023), “İstihdam, Reel Ücret ve Emek Verimliliği: Türkiye İmalat Sektörü Üzerine Bir Araştırma”, Verimlilik Dergisi, 57(2), 313-326.
- Kurt, O.E. (2020), “Functional income distribution, capacity utilisation, capital accumulation and productivity growth in Turkey: A post-Kaleckian analysis”, Metroeconomica, 71(4), 734-766.
- Lavoie, M. & E. Stockhammer (2012), Wage-led growth: Concept, theories and policies, Conditions of Work and Employment Series, 41, ILO Publishing, Geneva.
- Lavoie, M. & E. Stockhammer (2013), “Introduction”, in: M. Lavoie. & E. Stockhammer (eds.), Wage-led Growth: An Equitable Strategy for Economic Recovery (13-39), New York: Palgrave Macmillan.
- Lavoie, M. (2006), Introduction to Post-Keynesian economics, New York: Palgrave Macmillan.
- McFarlane, A.A. et al. (2014), “Nonlinear dynamics of employment, output and real wages in Canada”, Journal of Economic Studies, 41(4), 554-568.
- Mehra, Y. (1982), “Real wages and employment: Evidence from disaggregated data”, Eastern Economic Journal, 8(3), 191-196.
- Melitz, J. (1967), “Pigou and the ‘Pigou Effect’: Rendez-Vous with the author”, Southern Economic Journal, 34(2), 268-279.
- Metin, K. & Ş. Üçdoğruk (1998), “Türk İmalat Sanayii’nde uzun dönem ücret-fiyat-istihdam ilişkilerinin ekonometrik olarak incelenmesi”, Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 81(1), 279-287.
- Mora, J.J. & J. Muro (2019), “The long run wage-employment elasticity: Evidence from Colombia”, Alcamentos, 1901.
- Mutlugün, B. & A. İncekara (2023), “Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model”, İstanbul İktisat Dergisi - İstanbul Journal of Economics, 73(1), 1-54.
- Neftçi, S.N. (1978), “A time-series analysis of the real wages-employment relationship”, Journal of Political Economy, 86(2), 281-291.
- Newey, W.K. & K.D. West (1994), “Automatic lag selection in covariance matrix estimation”, The Review of Economic Studies, 61(4), 631-653.
- Nickell, S. & J. Symons (1990), “The real wage-employment relationship in the United States”, Journal of Labor Economics, 8(1), 1-15.
- OECD (2018), Employment Outlook 2018, OECD Publishing, Paris.
- OECD (2021), Consumer price indices – complete database, <https://stats.oecd.org/Index.aspx?DataSetCode=PRICES_CPI#>, 13.12.2021.
- OECD (2022a), Employment database, <https://data.oecd.org/unemp/unemployment-rate.htm>, 21.06.2022.
- OECD (2022b), Employment database, <https://data.oecd.org/emp/employment-rate.htm>, 21.06.2022.
- Onaran, Ö. & E. Stockhammer (2005), “Two different export-oriented growth strategies: Accumulation and distribution in Turkey and South Korea”, Emerging Markets Finance and Trade, 41(1), 65-89.
- Onaran, Ö. & G. Galanis (2014), “Income distribution and growth: a global model”, Environment and Planning A, 46(10), 2489-2513.
- Onaran, Ö. & N. Aydiner-Avşar (2006), “The controversy over employment policy: Low labor costs and openness, or demand policy? A sectoral analysis for Turkey”, WU Department of Economics Working Paper Series, 97.
- Osinubi, T. et al. (2023), “Does Tourism Affect Sustainable Development in MINT Countries?”, Global Journal of Emerging Market Economies, 15(1), 72-92,
- Oyvat, C. et al. (2020), “Wage-led versus profit-led demand: A comprehensive empirical analysis”, Metroeconomica, 71(3), 458-486.
- Özata, E. & E. Esen (2010), “Reel ücretler ile istihdam arasındaki ilişkinin ekonometrik analizi”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 10(2), 55-70.
- Persyn, D. & J. Westerlund (2008), “Error-correction-based cointegration tests for panel data”, The Stata Journal, 8(2), 232-241.
- Pesaran, M.H. & R. Smith (1995), “Estimating long-run relationship from dynamic heterogeneous panels”, Journal of Econometrics, 68, 79-113.
- Pesaran, M.H. & T. Yamagata (2008), “Testing slope homogeneity in large panels”, Journal of Econometrics, 142, 50-93.
- Pesaran, M.H. (2004), “General diagnostic tests for cross section dependence in panels”, IZA Discussion Paper Series, 1240.
- Pesaran, M.H. (2007), “A simple panel unit root test in the presence of cross-section dependence”, Journal of Applied Econometrics, 22(2), 265-312.
- Pesaran, M.H. et al. (2008), “A bias-adjusted LM test of error cross-section independence”, The Econometrics Journal, 11(1), 105-127.
- Russell, B. & W.J. Tease (1988), “Employment, output and real wages”, Reserve Bank of Australia Research Discussion Paper, 8806.
- Salinas, A. et al. (2023), “Testing three views about the determinants of informal economy: New evidence at global level and by country groups using the CS-ARDL approach”, Economic Analysis and Policy, 78, 438-455.
- Sargent, T.J. (1978), “Estimation of dynamic labor demand schedules under rational expectations”, Journal of Political Economy, 86(6), 1009-1044.
- Shahbaz, M. et al. (2014), “Are fluctuations in natural gas consumption per capita transitory? Evidence from time series and panel unit root tests”, Energy, 78, 183-195.
- Smith, J. & J. Hagan (1993), “Multivariate cointegration and error correction models: An application to manufacturing activity in Australia”, Scottish Journal of Political Economy, 40, 184-198.
- Snowdon, B. & H.R. Vane (2005), Modern Macroeconomics: Its Origins, Development and Current State, Cheltenham: Edward Elgar.
- Stockhammer, E. & S.M. Ali (2018), “Varieties of capitalism and post-Keynesian economics on Eurocrisis”, Post-Keynesian Economics Society Working Paper, 1813.
- Stockhammer, E. (2011), “Wage norms, capital accumulation and unemployment: A Post Keynesian view”, Political Economy Research Institute Working Paper Series, 253.
- Tachie, A.K. et al. (2020), “The influence of trade openness on environmental pollution in EU-18 countries”, Environmental Science and Pollution Research, 27, 35535-35555.
- Tadjoeddin, M.Z. (2016), “Productivity, wages and employment: evidence from the Indonesia’s manufacturing sector”, Journal of the Asia Pacific Economy, 21(4), 489-512.
- Topcu, E. (2021), “Teknolojik Gelişmenin İstihdam Üzerindeki Etkisi: Türkiye Ekonomisi Üzerine Sektörel Bir Analiz”, Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 11(2), 481-491.
- Turkish Ministry of Industry and Technology (2021), Quarterly productivity statistics database, <https://gbs.sanayi.gov.tr/Verimlilik>, 13.12.2021.
- TURKSTAT (2021a), Labor force statistics database, <https://data.tuik.gov.tr/Kategori/GetKategori?p=istihdam-issizlik-ve-ucret-108&dil=1>, 13.12.2021.
- TURKSTAT (2021b), Labor input indices database, <https://biruni.tuik.gov.tr/medas/?kn=144&locale=en>, 13.12.2021.
- Westerlund, J. (2007), “Testing for Error Correction in Panel Data”, Oxford Bulletin of Economics and Statistics, 69(6), 709-748.
- Yerdelen-Tatoğlu, F. (2017), Panel zaman serileri analizi: Stata uygulamalı, İstanbul: Beta Yayıncılık.
- Yıldırım, Z. (2015), “Türkiye iş gücü piyasası dinamiklerinin yapısal vektör hata düzeltme modeli (SVECM) ile analizi”, Ekonomik Yaklaşım, 26(94), 57-84.
- Zeqiraj, V. et al. (2020), “Stock market development and low-carbon economy: The role of innovation and renewable energy”, Energy Economics, 91, 104908.
The Effect of Real Wages on Employment after the Global Financial Crisis: The Case of the Turkish Manufacturing Industry
Year 2024,
Volume: 32 Issue: 61, 147 - 166, 30.07.2024
Ali İlhan
,
Coşkun Akdeniz
Abstract
This paper analyzes the effect of real wages on employment in the Turkish manufacturing industry after the 2008 global financial crisis. The effect was estimated for 24 manufacturing sectors using panel data analysis covering the period from 2009Q1 to 2019Q4. The panel cointegration results demonstrated a significant long-run relationship between real wages and employment, while the panel augmented mean group (AMG) estimator results indicated a significant long-run positive effect of real wages on employment. At the sectoral level, the effect was either insignificant or positive except for one sector. These findings indicate that an increase in real wages can raise employment by positively affecting the goods market and national income through the effective demand channel. That is, the manufacturing industry’s wage policies for enhancing effective demand can raise employment in Türkiye.
References
- Adaş, C.G. (2003), “Türk imalat sanayi işgücü piyasasında ücretler ile istihdam arasındaki ilişki”, İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 53(2), 145-187.
- Adudu S.A. & S.M. Ojonye (2015), “Employment-Real wage relationship and economic growth in Nigeria”, Journal of Economics and Sustainable Development, 6(2), 179-188.
- Akkemik, K.A. (2007), “The Response of Employment to GDP Growth in Turkey: An Econometric Estimation”, Applied Econometrics and International Development, 7(1), 65-74.
- Apergis, N. & I. Theodosiou (2008), “The employment - wage relationship: Was Keynes right after all?”, American Review of Political Economy, 6(1), 40-50.
- Appelbaum, E. (1979), “Post-Keynesian theory: The labor market”, Challenge, 21(6), 39-47.
- Arestis, P. & I. Biefang-Frisancho Mariscal (1994), “Wage determination in the UK: further empirical results using cointegration”, Applied Economics, 26(4), 417-24.
- Aydiner-Avsar, N. & Ö. Onaran (2010), “The determinants of employment: A sectoral analysis for Turkey”, The Developing Economies, 48(2), 203-231.
- Bakır, H. & F. Eryılmaz (2020), “Türkiye’de istihdam ve reel ücretler arasındaki ilişki: Bir zaman serisi analizi”, Uluslararası Afro-Avrasya Araştırmaları Dergisi, 5(10), 1-16.
- Bakker, B.B. (2015), “Employment and the Great Recession: The role of real wages”, IMF Working Paper, 229.
- Bender, K.A. & I. Theodosiou (1999), “International comparisons of the real wage-employment relationship”, Journal of Post Keynesian Economics, 21(4), 621-637.
- Bhaduri, A. & S. Marglin (1990), “Unemployment and the real wage: the economic basis for contesting political ideologies”, Cambridge Journal of Economics, 14, 375-393.
- Bölükoğlu, A. (2019), “Türkiye’nin talep rejimi: Post-Keynesyen ekonometrik bir analiz”, Sosyoekonomi, 27(42), 163-180.
- Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
- Carruth, A. & C. Schnabel (1993), “The determination of contract wages in West Germany”, The Scandinavian Journal of Economics, 95(3), 297-310.
- Christopoulos, D.K. (2005), “A note on the relationship between real wages and employment”, Journal of Economic Studies, 32(1), 25-32.
- Chudik, A. & M.H. Pesaran (2015), “Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors”, Journal of Econometrics, 188(2), 393-420.
- Cin, M.F. (2012), Post-Keynezyen İktisat, Ankara: Efil Yayınevi.
- Cruz, M.D. (2023), “Labor Productivity, Real Wages, and Employment in OECD Economies”, Structural Change and Economic Dynamics, 66, 367-382.
- Demir, F. (2010), “Exchange Rate Volatility and Employment Growth in Developing Countries: Evidence from Turkey”, World Development, 38(8), 1127-1140.
- Eberhardt, M. & F. Teal (2010), “Productivity analysis in global manufacturing production”, University of Oxford, Department of Economics, Discussion Paper Series, 515.
- Eberhardt, M. & S. Bond (2009), “Cross-section dependence in nonstationary panel models: a novel estimator”, MPRA Paper, 17692.
- EUROSTAT (2008), NACE Rev. 2 Statistical classification of economic activities in the European Community, <https://ec.europa.eu/eurostat/web/products-manuals-and-guidelines/-/ks-ra-07-015>, 26.01.2024.
- EUROSTAT (2024), Glossary: High-tech classification of manufacturing industries, <https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Glossary:High-tech_classification_of_manufacturing_industries>, 28.01.2024.
- Fernandez-Huerga, E. & J. Garcia-Arias (2019), “The Post-Keynesian view on labor demand in micro- and macroeconomic fields”, Economics and Sociology, 12(2), 109-128.
- Gaberli, Ü. & Y. Can (2020), “Dünya ekonomisinde turizm ve ekonomik büyüme ilişkisi: Bir eş-bütünleşme analizi (2005-2017)”, Anatolia: Turizm Araştırmaları Dergisi, 31(3), 250-263.
- Geary, P.T. & J. Kennan (1982), “The employment-real wage relationship: An international study”, Journal of Political Economy, 90(4), 854-871.
- Güloğlu, B. et al. (2020), “Effect of foreign trade on industrial employment: the case of Turkey”, Applied Economics, 52(55), 6075-6089.
- Habanabakize, T. et al. (2019), “The Impact of Productivity, Investment and Real Wages on Employment Absorption Rate in South Africa”, Social Sciences, 8(12), 1-15.
- Hasanov, F.J. et al. (2021), “Sectoral employment analysis for Saudi Arabia”, Applied Economics, 53(45), 5267-5280.
- Herr, H. (2002), “Wages, employment and prices: An analysis of relationship between wage level, wage structure, minimum wages and employment and prices”, Berlin School of Economics Working Paper, 15.
- ILO (2018), Global Wage Report 2018/19: What lies behind gender pay gaps, ILO Publishing, Geneva.
- ILO (2020), Global Wage Report 2020/2021: Wages and minimum wages in the time of COVID-19, ILO Publishing, Geneva.
- Ioannidis, Y. (2011), “Employment in the Keynesian and neoliberal universe: Theoretical transformations and political correlations”, MPRA Paper, 45062.
- Johnstone, S. et al. (2019), “The global financial crisis, work and employment: Ten years on”, Economic and Industrial Democracy, 40(3), 455-468.
- Kalecki, M. (1971), “Class struggle and the distribution of national income”, Kyklos, 24(1), 1-9.
- Kılıçaslan, Y. & Ü. Töngür (2019), “ICT and employment generation: evidence from Turkish manufacturing”, Applied Economics Letters, 26(13), 1053-1057.
- Klein, N. (2012), “Real wage, labor productivity, and employment trends in South Africa: A Closer Look”, IMF Working Paper, 92.
- Köse, T. & M. Avcı (2023), “İstihdam, Reel Ücret ve Emek Verimliliği: Türkiye İmalat Sektörü Üzerine Bir Araştırma”, Verimlilik Dergisi, 57(2), 313-326.
- Kurt, O.E. (2020), “Functional income distribution, capacity utilisation, capital accumulation and productivity growth in Turkey: A post-Kaleckian analysis”, Metroeconomica, 71(4), 734-766.
- Lavoie, M. & E. Stockhammer (2012), Wage-led growth: Concept, theories and policies, Conditions of Work and Employment Series, 41, ILO Publishing, Geneva.
- Lavoie, M. & E. Stockhammer (2013), “Introduction”, in: M. Lavoie. & E. Stockhammer (eds.), Wage-led Growth: An Equitable Strategy for Economic Recovery (13-39), New York: Palgrave Macmillan.
- Lavoie, M. (2006), Introduction to Post-Keynesian economics, New York: Palgrave Macmillan.
- McFarlane, A.A. et al. (2014), “Nonlinear dynamics of employment, output and real wages in Canada”, Journal of Economic Studies, 41(4), 554-568.
- Mehra, Y. (1982), “Real wages and employment: Evidence from disaggregated data”, Eastern Economic Journal, 8(3), 191-196.
- Melitz, J. (1967), “Pigou and the ‘Pigou Effect’: Rendez-Vous with the author”, Southern Economic Journal, 34(2), 268-279.
- Metin, K. & Ş. Üçdoğruk (1998), “Türk İmalat Sanayii’nde uzun dönem ücret-fiyat-istihdam ilişkilerinin ekonometrik olarak incelenmesi”, Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 81(1), 279-287.
- Mora, J.J. & J. Muro (2019), “The long run wage-employment elasticity: Evidence from Colombia”, Alcamentos, 1901.
- Mutlugün, B. & A. İncekara (2023), “Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model”, İstanbul İktisat Dergisi - İstanbul Journal of Economics, 73(1), 1-54.
- Neftçi, S.N. (1978), “A time-series analysis of the real wages-employment relationship”, Journal of Political Economy, 86(2), 281-291.
- Newey, W.K. & K.D. West (1994), “Automatic lag selection in covariance matrix estimation”, The Review of Economic Studies, 61(4), 631-653.
- Nickell, S. & J. Symons (1990), “The real wage-employment relationship in the United States”, Journal of Labor Economics, 8(1), 1-15.
- OECD (2018), Employment Outlook 2018, OECD Publishing, Paris.
- OECD (2021), Consumer price indices – complete database, <https://stats.oecd.org/Index.aspx?DataSetCode=PRICES_CPI#>, 13.12.2021.
- OECD (2022a), Employment database, <https://data.oecd.org/unemp/unemployment-rate.htm>, 21.06.2022.
- OECD (2022b), Employment database, <https://data.oecd.org/emp/employment-rate.htm>, 21.06.2022.
- Onaran, Ö. & E. Stockhammer (2005), “Two different export-oriented growth strategies: Accumulation and distribution in Turkey and South Korea”, Emerging Markets Finance and Trade, 41(1), 65-89.
- Onaran, Ö. & G. Galanis (2014), “Income distribution and growth: a global model”, Environment and Planning A, 46(10), 2489-2513.
- Onaran, Ö. & N. Aydiner-Avşar (2006), “The controversy over employment policy: Low labor costs and openness, or demand policy? A sectoral analysis for Turkey”, WU Department of Economics Working Paper Series, 97.
- Osinubi, T. et al. (2023), “Does Tourism Affect Sustainable Development in MINT Countries?”, Global Journal of Emerging Market Economies, 15(1), 72-92,
- Oyvat, C. et al. (2020), “Wage-led versus profit-led demand: A comprehensive empirical analysis”, Metroeconomica, 71(3), 458-486.
- Özata, E. & E. Esen (2010), “Reel ücretler ile istihdam arasındaki ilişkinin ekonometrik analizi”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 10(2), 55-70.
- Persyn, D. & J. Westerlund (2008), “Error-correction-based cointegration tests for panel data”, The Stata Journal, 8(2), 232-241.
- Pesaran, M.H. & R. Smith (1995), “Estimating long-run relationship from dynamic heterogeneous panels”, Journal of Econometrics, 68, 79-113.
- Pesaran, M.H. & T. Yamagata (2008), “Testing slope homogeneity in large panels”, Journal of Econometrics, 142, 50-93.
- Pesaran, M.H. (2004), “General diagnostic tests for cross section dependence in panels”, IZA Discussion Paper Series, 1240.
- Pesaran, M.H. (2007), “A simple panel unit root test in the presence of cross-section dependence”, Journal of Applied Econometrics, 22(2), 265-312.
- Pesaran, M.H. et al. (2008), “A bias-adjusted LM test of error cross-section independence”, The Econometrics Journal, 11(1), 105-127.
- Russell, B. & W.J. Tease (1988), “Employment, output and real wages”, Reserve Bank of Australia Research Discussion Paper, 8806.
- Salinas, A. et al. (2023), “Testing three views about the determinants of informal economy: New evidence at global level and by country groups using the CS-ARDL approach”, Economic Analysis and Policy, 78, 438-455.
- Sargent, T.J. (1978), “Estimation of dynamic labor demand schedules under rational expectations”, Journal of Political Economy, 86(6), 1009-1044.
- Shahbaz, M. et al. (2014), “Are fluctuations in natural gas consumption per capita transitory? Evidence from time series and panel unit root tests”, Energy, 78, 183-195.
- Smith, J. & J. Hagan (1993), “Multivariate cointegration and error correction models: An application to manufacturing activity in Australia”, Scottish Journal of Political Economy, 40, 184-198.
- Snowdon, B. & H.R. Vane (2005), Modern Macroeconomics: Its Origins, Development and Current State, Cheltenham: Edward Elgar.
- Stockhammer, E. & S.M. Ali (2018), “Varieties of capitalism and post-Keynesian economics on Eurocrisis”, Post-Keynesian Economics Society Working Paper, 1813.
- Stockhammer, E. (2011), “Wage norms, capital accumulation and unemployment: A Post Keynesian view”, Political Economy Research Institute Working Paper Series, 253.
- Tachie, A.K. et al. (2020), “The influence of trade openness on environmental pollution in EU-18 countries”, Environmental Science and Pollution Research, 27, 35535-35555.
- Tadjoeddin, M.Z. (2016), “Productivity, wages and employment: evidence from the Indonesia’s manufacturing sector”, Journal of the Asia Pacific Economy, 21(4), 489-512.
- Topcu, E. (2021), “Teknolojik Gelişmenin İstihdam Üzerindeki Etkisi: Türkiye Ekonomisi Üzerine Sektörel Bir Analiz”, Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 11(2), 481-491.
- Turkish Ministry of Industry and Technology (2021), Quarterly productivity statistics database, <https://gbs.sanayi.gov.tr/Verimlilik>, 13.12.2021.
- TURKSTAT (2021a), Labor force statistics database, <https://data.tuik.gov.tr/Kategori/GetKategori?p=istihdam-issizlik-ve-ucret-108&dil=1>, 13.12.2021.
- TURKSTAT (2021b), Labor input indices database, <https://biruni.tuik.gov.tr/medas/?kn=144&locale=en>, 13.12.2021.
- Westerlund, J. (2007), “Testing for Error Correction in Panel Data”, Oxford Bulletin of Economics and Statistics, 69(6), 709-748.
- Yerdelen-Tatoğlu, F. (2017), Panel zaman serileri analizi: Stata uygulamalı, İstanbul: Beta Yayıncılık.
- Yıldırım, Z. (2015), “Türkiye iş gücü piyasası dinamiklerinin yapısal vektör hata düzeltme modeli (SVECM) ile analizi”, Ekonomik Yaklaşım, 26(94), 57-84.
- Zeqiraj, V. et al. (2020), “Stock market development and low-carbon economy: The role of innovation and renewable energy”, Energy Economics, 91, 104908.