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Yatırımın Marjinal Etkinliğinde Meydana Gelen Şokların Tüketim Harcamalarının Konjonktür Dalgaları Üzerindeki Etkisi

Yıl 2018, Cilt: 19 Sayı: 2, 43 - 53, 01.07.2018

Öz

Konjonktür dalgalarının temel belirleyicisinin ne olduğuna yönelik çalışma sayısı son yıllarda daha fazla artış göstermiştir. Son dönemde yapılan çalışmaların odaklandığı temel değişken yatırımların marjinal etkinliğinde meydana gelen şoklar olmuştur. Her ne kadar teorik çalışmalar tüketim ve yatırım harcamalarının birbiriyle aynı yönde hareket ettiklerini iddia etseler de bunun ekonomik modellere yansıtılması uzun zaman almıştır. Bu çalışmada tüketicilerin, harcanabilir gelirlerini dönem içinde tüketenler ve sermaye ve finans piyasalarına ulaşabilme kabiliyetine sahip olanlar biçiminde ikiye ayrıldıkları varsayılarak yatırımın marjinal etkinliğinde meydana gelen şokların tüketim ve yatırım harcamaları üzerindeki etkisi modellenmiştir. Elde edilen bulgular tüketim ve yatırım harcamalarının, teoriyle paralel olarak Türkiye özelinde de birbiriyle aynı yönde hareket ettiğini ve yatırımın marjinal etkinliğinin ekonomik konjonktür üzerinde belirleyici role sahip olduğunu göstermiştir.

Kaynakça

  • Andersson, M. (2007). Using Intraday Data to Gauge Financial Market Responses to FED and ECB Monetary Policy Decisions, ECB Working Paper, No. 726
  • Ascari, G., Phaneuf, L., & Sims, E. (2016). Business Cycles, Investment Shocks, and the" Barro-King" Curse (No. w22941). National Bureau of Economic Research.
  • Bilbiie, F., 2008. Limited asset market participation, monetary policy and (inverted) aggregate demand logic. Journal of Economic Theory 140, 162–196.
  • Braun, R.A., Shioji, E., 2007. Investment specific technological changes in Japan. Seoul Journal of Economics 20, 165–199.
  • Caldara, D., Kamps, C., 2008. What do we know about the effects of fiscal policy shocks? A Comparative Analysis. ECB working paper 877.
  • Calvo, G., 1983. Staggered prices in a utility maximizing framework. Journal of Monetary Economics 12, 383–398.
  • Christiano, L., Eichenbaum, M., Evans, C., 2005. Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy 113, 1–45.
  • Fatas, A., Mihov, I., 2001. The effects of fiscal policy on consumption and employment: theory and evidence. CEPR Discussion Paper 2760.
  • Forni, L., Monteforte, L., Sessa, L., 2009. The general equilibrium effects of fiscal policy: estimates for the euro area. Journal of Public Economics 93, 559– 585.
  • Furlanetto, F., Natvik, G. J., & Seneca, M. (2013). Investment shocks and macroeconomic co-movement. Journal of Macroeconomics, 37, 208- 216.
  • Furlanetto, F., Seneca, M., 2009. Fiscal shocks and real rigidities. The B.E. Journal of Macroeconomics 9 (1) (Topics), Article 2.
  • Furlanetto, F., Seneca, M., 2010. Investment-Specific Technology Shocks and Consumption. Norges Bank Working Paper 2010/30.
  • Galí, J., López-Salido, J. D., & Vallés, J. (2007). Understanding the effects of government spending on consumption. Journal of the European Economic Association, 5(1), 227-270.
  • Guerrieri, L., Henderson, D., Kim, J., 2010. Interpreting Investment-Specific Technology Shocks. International Finance Discussion Papers 1000, Board of Governors of the Federal Reserve System.
  • Gust, C., Herbst, E., López-Salido, D., & Smith, M. E. (2017). The empirical implications of the interest-rate lower bound. American Economic Review, 107(7), 1971-2006.
  • Justiniano, A., Primiceri, G. E., & Tambalotti, A. (2010). Investment shocks and business cycles. Journal of Monetary Economics, 57(2), 132-145.
  • Justiniano, A., Primiceri, G. E., & Tambalotti, A. (2011). Investment shocks and the relative price of investment. Review of Economic Dynamics, 14(1), 102-121.
  • Mimir, Y. (2016). Financial intermediaries, credit shocks and business cycles. Oxford Bulletin of Economics and Statistics, 78(1), 42-74.
  • Mountford, A., Uhlig, H., 2009. What are the effects of fiscal policy shocks? Journal of Applied Econometrics 24, 960–992
  • Mumtaz, H., & Zanetti, F. (2016). The effect of labor and financial frictions on aggregate fluctuations. Macroeconomic Dynamics, 20(1), 313-341.
  • Peersman, G., & Straub, R. (2005, June). Putting the New Keynesian Model to a Test: An SVAR Analysis with DSGE Priors. In First International Conference on Business, Management and Economics in Cesme, Monetary Models and Aggregate Dynamics Workshop, Working Paper (pp. 1-33).
  • Peersman, G., & Straub, R. (2006). Putting the New Keynesian model to a test (No. 6-135). International Monetary Fund.
  • Rios-Rull, J., Schorfheide, F., Fuentes-Albero, C., Kryshko, M., Santaeulalia- Llopis, R., 2012. Methods versus substance: measuring the effects of technology shocks on hours. Journal of Monetary Economics 59, 826– 846.
  • Saijo, H. (2017). The uncertainty multiplier and business cycles. Journal of Economic Dynamics and Control, 78, 1-25.
  • Schmitt-Grohe, S., Uribe, M., 2006. Comparing two variants of Calvo-type wage stickiness. NBER working paper 12740.

The Effect of the Shocks of Marginal Efficiency of Investment to the Cycles of Consumption Expecditures

Yıl 2018, Cilt: 19 Sayı: 2, 43 - 53, 01.07.2018

Öz

The number of studies on what the main determinants of conjuncture waves are has increased in recent years. Recent studies have focused on the shocks of the marginal efficiency of investment as main determinant. Although the theoretical studies claim that consumption and investment expenditures co-move positively, it has taken a long time to reflect this explanation in economic models. In this study, the effects of shocks of marginal efficiency of investment on consumption and investment expenditures are modelled with the assumption of that consumers are divided as the people who spent their disposable income in the current period and the people who have ability to access capital and financial markets. The findings indicate that consumption and investment expenditures co-move together in parallel with the theory in Turkey and that the marginal efficiency of the investment has a decisive role on the economic conjuncture

Kaynakça

  • Andersson, M. (2007). Using Intraday Data to Gauge Financial Market Responses to FED and ECB Monetary Policy Decisions, ECB Working Paper, No. 726
  • Ascari, G., Phaneuf, L., & Sims, E. (2016). Business Cycles, Investment Shocks, and the" Barro-King" Curse (No. w22941). National Bureau of Economic Research.
  • Bilbiie, F., 2008. Limited asset market participation, monetary policy and (inverted) aggregate demand logic. Journal of Economic Theory 140, 162–196.
  • Braun, R.A., Shioji, E., 2007. Investment specific technological changes in Japan. Seoul Journal of Economics 20, 165–199.
  • Caldara, D., Kamps, C., 2008. What do we know about the effects of fiscal policy shocks? A Comparative Analysis. ECB working paper 877.
  • Calvo, G., 1983. Staggered prices in a utility maximizing framework. Journal of Monetary Economics 12, 383–398.
  • Christiano, L., Eichenbaum, M., Evans, C., 2005. Nominal rigidities and the dynamic effects of a shock to monetary policy. Journal of Political Economy 113, 1–45.
  • Fatas, A., Mihov, I., 2001. The effects of fiscal policy on consumption and employment: theory and evidence. CEPR Discussion Paper 2760.
  • Forni, L., Monteforte, L., Sessa, L., 2009. The general equilibrium effects of fiscal policy: estimates for the euro area. Journal of Public Economics 93, 559– 585.
  • Furlanetto, F., Natvik, G. J., & Seneca, M. (2013). Investment shocks and macroeconomic co-movement. Journal of Macroeconomics, 37, 208- 216.
  • Furlanetto, F., Seneca, M., 2009. Fiscal shocks and real rigidities. The B.E. Journal of Macroeconomics 9 (1) (Topics), Article 2.
  • Furlanetto, F., Seneca, M., 2010. Investment-Specific Technology Shocks and Consumption. Norges Bank Working Paper 2010/30.
  • Galí, J., López-Salido, J. D., & Vallés, J. (2007). Understanding the effects of government spending on consumption. Journal of the European Economic Association, 5(1), 227-270.
  • Guerrieri, L., Henderson, D., Kim, J., 2010. Interpreting Investment-Specific Technology Shocks. International Finance Discussion Papers 1000, Board of Governors of the Federal Reserve System.
  • Gust, C., Herbst, E., López-Salido, D., & Smith, M. E. (2017). The empirical implications of the interest-rate lower bound. American Economic Review, 107(7), 1971-2006.
  • Justiniano, A., Primiceri, G. E., & Tambalotti, A. (2010). Investment shocks and business cycles. Journal of Monetary Economics, 57(2), 132-145.
  • Justiniano, A., Primiceri, G. E., & Tambalotti, A. (2011). Investment shocks and the relative price of investment. Review of Economic Dynamics, 14(1), 102-121.
  • Mimir, Y. (2016). Financial intermediaries, credit shocks and business cycles. Oxford Bulletin of Economics and Statistics, 78(1), 42-74.
  • Mountford, A., Uhlig, H., 2009. What are the effects of fiscal policy shocks? Journal of Applied Econometrics 24, 960–992
  • Mumtaz, H., & Zanetti, F. (2016). The effect of labor and financial frictions on aggregate fluctuations. Macroeconomic Dynamics, 20(1), 313-341.
  • Peersman, G., & Straub, R. (2005, June). Putting the New Keynesian Model to a Test: An SVAR Analysis with DSGE Priors. In First International Conference on Business, Management and Economics in Cesme, Monetary Models and Aggregate Dynamics Workshop, Working Paper (pp. 1-33).
  • Peersman, G., & Straub, R. (2006). Putting the New Keynesian model to a test (No. 6-135). International Monetary Fund.
  • Rios-Rull, J., Schorfheide, F., Fuentes-Albero, C., Kryshko, M., Santaeulalia- Llopis, R., 2012. Methods versus substance: measuring the effects of technology shocks on hours. Journal of Monetary Economics 59, 826– 846.
  • Saijo, H. (2017). The uncertainty multiplier and business cycles. Journal of Economic Dynamics and Control, 78, 1-25.
  • Schmitt-Grohe, S., Uribe, M., 2006. Comparing two variants of Calvo-type wage stickiness. NBER working paper 12740.
Toplam 25 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Araştırma Makalesi
Yazarlar

Bekir Tamer Gökalp Bu kişi benim

Yayımlanma Tarihi 1 Temmuz 2018
Yayımlandığı Sayı Yıl 2018 Cilt: 19 Sayı: 2

Kaynak Göster

APA Gökalp, B. T. (2018). Yatırımın Marjinal Etkinliğinde Meydana Gelen Şokların Tüketim Harcamalarının Konjonktür Dalgaları Üzerindeki Etkisi. Doğuş Üniversitesi Dergisi, 19(2), 43-53.