Is Real Gross Domestic Product (GDP) Series Stationary in EU Countries? Evidence from the RALS-CIPS Test

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dc.contributor.authorKonat, Gokhan
dc.contributor.authorZeren, Fatma
dc.date.accessioned2024-08-04T20:50:51Z
dc.date.available2024-08-04T20:50:51Z
dc.date.issued2021
dc.departmentİnönü Üniversitesien_US
dc.description.abstractThe 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.en_US
dc.identifier.issn1545-2921
dc.identifier.issue3en_US
dc.identifier.scopus2-s2.0-85118779858en_US
dc.identifier.scopusqualityQ3en_US
dc.identifier.urihttps://hdl.handle.net/11616/100301
dc.identifier.volume41en_US
dc.identifier.wosWOS:001038989100045en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherEconomics Bulletinen_US
dc.relation.ispartofEconomics Bulletinen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectFluctuations Transitoryen_US
dc.subjectPermanenten_US
dc.titleIs Real Gross Domestic Product (GDP) Series Stationary in EU Countries? Evidence from the RALS-CIPS Testen_US
dc.typeArticleen_US

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