Yazar "Konat, Gokhan" seçeneğine göre listele

Listeleniyor 1 - 2 / 2
  • Küçük Resim Yok
    Öğe
    Is Real Gross Domestic Product (GDP) Series Stationary in EU Countries? Evidence from the RALS-CIPS Test
    (Economics Bulletin, 2021) Konat, Gokhan; Zeren, Fatma
    The purpose of this study is to propose a new residual-based unit root test and then apply it to examine the stationarity of gross domestic product (GDP) for EU membership countries. For this purpose, the CIPS test proposed by Pesaran (2007) has been extended to a structure that takes into account the knowledge of the non-normally distributed residuals. For this, the residual augmented least squares (RALS) estimators proposed by Im and Schmidt (2008) were included in the CIPS test. The second and third moments of the error terms are added to the cross-sectionally augmented ADF (CADF) regression that constitutes the CIPS test process. When calibrated under the behavior of the residues non-normally distributed residuals during the data generation process, it is seen that the panel unit root test specific to the series in which the residuals are not normally distributed has higher power and more appropriate size than CIPS test. According to the results of empirical analysis, it was concluded that the CIPS test was stationary only at the 10% level, while according to the RALS-CIPS test it was concluded that it was stationary at the 1% significance level. It can be interpreted that the RALS-CIPS test is stronger because it used additional information consisting of residual moments. The test offers a simple way to have good size and power properties for non-normal errors.
  • Küçük Resim Yok
    Öğe
    Testing Unemployment Hysteresis with Multi-Factor Panel Unit Root: Evidence from OECD Countries
    (Russian Acad Sciences, Ural Branch, Inst Economics, 2022) Konat, Gokhan; Coskun, Muhammet Fatih
    Hysteresis is a dominant feature of unemployment in numerous countries. According to the hysteresis hypothesis, it is a well-known fact that high unemployment may persist and remain an economic threat in the long run if policy measures are not taken. In this study, it is tested whether the unemployment rates for 10 selected countries of the Organisation for Economic Co-operation and Development (OECD) (Belgium, Canada, Czech Republic, Estonia, France, Japan, Netherlands, Spain, Britain and the USA) contain unit root or not, in other words, whether the hysteresis effect is valid for these countries. For this purpose, this study utilises the concept of the multi-factor panel unit root test proposed by Pesaran, Smith and Yamagata. This method measures cross-section dependence through factors. The test analyses whether the unit root is valid or not, using information about a sufficient number of additional explanatory variables. The characteristic of these additional variables is that they must share a common factor with the variable whose stationarity is tested. It is accepted that this common factor causes cross-sectional dependence. We have taken tax wedge, trade union density and minimum wage as factors that cause cross-sectional dependency and affect unemployment hysteresis. In this test developed by the authors, in the case of a multi-factor error structure, the test procedure is completed by using the information contained in 3 additional variables. The study explores not only the validity of unemployment hysteresis but also the factors that affect the rigidity of the unemployment rate. However, the research was unable to encompass the entire OECD countries and all times because of the lack of data. The results showed that the hysteresis is valid for 10 selected OECD countries.