Macroeconomic performance index: a new approach to calculation of economic wellbeing

Basit Öğe Kaydı
dc.contributor.authorEkren, Nazım
dc.contributor.authorAykaç Alp, Elçin
dc.contributor.authorYağmur, Mete Han
dc.date.accessioned2020-11-21T15:51:42Z
dc.date.available2020-11-21T15:51:42Z
dc.date.issued2017en_US
dc.departmentİstanbul Ticaret Üniversitesien_US
dc.description.abstractSince the rise of the global financial crisis, there has been revival of interest in performance indexes that measure the overall stance of the economy and the wellbeing of households. Such indexes typically consist of inflation, growth, employment and long-term interest rates. We develop such an index by appending exchange rate and weighting each variable by the inverse of its variance in order to prevent the more volatile variable to dominate the index. We call this macroeconomic performance index (MPI) and argue that such an index better explains the overall economic stance especially in emerging economies. We generate the index using data from three emerging economies, namely Turkey, Brazil and Poland. Our analysis indicates that the index has a nonlinear structure and hence we analyse its behaviour using threshold autoregressive (TAR) model. It is observed that MPI captures the economic stance and main economic incidents quite successfully in each subject country. To further see the relevance of the MPI, we run TAR cointegration analysis with consumer confidence indexes (CCIs) for the subject countries with TAR cointegration test. The results indicate long-term relationship between the MPI and CCI in all three countries. © 2017 Informa UK Limited, trading as Taylor & Francis Group.en_US
dc.identifier.doi10.1080/00036846.2017.1310996en_US
dc.identifier.endpage5476en_US
dc.identifier.issn0003-6846
dc.identifier.issue53en_US
dc.identifier.scopus2-s2.0-85016461801en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.startpage5462en_US
dc.identifier.urihttps://doi.org/10.1080/00036846.2017.1310996
dc.identifier.urihttps://hdl.handle.net/11467/3497
dc.identifier.volume49en_US
dc.identifier.wosWOS:000408482600006en_US
dc.identifier.wosqualityQ3en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherRoutledgeen_US
dc.relation.ispartofApplied Economicsen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjecthousehold wellbeingen_US
dc.subjectMeasuring economic stanceen_US
dc.subjectperformance indexen_US
dc.subjectthreshold autoregressive modelsen_US
dc.titleMacroeconomic performance index: a new approach to calculation of economic wellbeingen_US
dc.typeArticleen_US

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