In this paper we test to see if the El Niño-Southern Oscillation (ENSO) phenomenon has an influence on national business cycles. If El Niño has any effect at all on business cycles and economic growth, one would expect it, at the very least, to affect small, undiversified economies highly...

This study investigates the synchronization between stock markets in different countries. International stock markets tend to synchronize with one another in what appears to be an international financial cycle, yet trade and capital flows between the stock markets do not appear to be strong...

We examine the dynamic phenomenon of unemployment as a constantly changing inventory of unemployed individuals. We focus on the possibility raised by Elsby et al. (2009) of an innate “inseparability” between the flows into and out of unemployment. Multicointegration, introduced by Granger...

This study investigates the economic interdependence between Turkey and the European Union (EU). The main questions addressed are (i) Do Turkish and European business cycles move together? and (ii) Are European business cycles transmitted to Turkey? This investigation is important as Turkey...