Cosar, Evren Erdogan; Kosem, Sevim; Sarikaya, Cagri - Türkiye Cumhuriyet Merkez Bankası - 2013
We estimate an output gap indicator for Turkey without resorting to any kind of a filtering procedure. Our approach stands on a two-step procedure : First, we pick such variables that are directly informative about the phase of the business cycle, where the decision of choice depends on their...