In this paper, the sub-cycles in two economic activity measures are analyzed by using periodogram analyses. Our results from Turkish data suggest that industrial production and capacity utilization rate consist of various cycles including seasonal cycles. These series also have common cycles...

It is a well-established regularity that permanent oil price shocks do not have a permanent effect on the current account deficit. This requires that sub-components of the current account or trade balance will make the necessary adjustments to accommodate the higher energy bill of a country...