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Analysis of Household Debt Level in the Framework of Behavioral Macroeconomics

Year 2022, Volume: 25 Issue: 1, 156 - 174, 30.04.2022
https://doi.org/10.29249/selcuksbmyd.1061507

Abstract

The behavior of households in all developed and developing countries have undergone major changes in the second half of the 20th century and the beginning of the 21st century. In particular, the effect of environmental and psychological factors began to have an impact on consumption decisions. As a result, the existence of a preference for consumption expenditure while the households decide to consume has made the household's debt stock an important variable as a macroeconomic variable. The increase in the household indebtedness ratio; raised an important issue that needed to be researched. The process that emerged for the financing of household consumption expenditures caused the effects of macroeconomic policies to be asymmetrical. In this framework, the parameters of macroeconomic variables, which are the main determinants of the size and severity of the sensitivity between household consumption expenditure and borrowing, should be estimated. Because it provides information that will enable the analysis of consumption behavior from a macroeconomic perspective. From this point of view, in this study, the relationship in question is analyzed with a panel data model based on the intertemporal substitution elasticity approach. In addition, analyzes are made with the heterogeneity of households on a country basis under the assumption of nonhomothetic preferences Quarterly data for the years 1998Q1-2020Q3 were used in the analysis. In the study, household income, household expenditures, inflation, interest rates and government bond interest rates and panel data, GMM model and club convergence model analysis tools of OECD countries were used.

References

  • Abebaw, A. (2021). Output Gap Determinants in Ethiopia. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1887550
  • Alan, S., Atalay, K., & Crossley, T. F. (2019). Euler Equation Estımation on Mıcro Data. Macroeconomic Dynamics, 23(8), 3267–3292. https://doi.org/10.1017/S1365100518000032
  • Alan, S., & Browning, M. (2010). Estimating İntertemporal Allocation Parameters Using Synthetic Residual Estimation. Review of Economic Studies, 77(4), 1231–1261. https://doi.org/10.1111/j.1467-937X.2010.00607.x
  • Albayrak, Ö. (2020). Household Consumption, Household Indebtedness, and Inequality in Turkey: A Microeconometric Analysis. In NBER Working Paper No. 26796 (Issue December).
  • Albuquerque, B., & Krustev, G. (2015). Debt Overhang and Deleveraging in the US Household Sector: Gauging the Impact on Consumption (Vol. 47). https://doi.org/10.1111/roiw.12265
  • Andersen, A. L., Duus, C., & Jensen, T. L. (2016). Household Debt and Spending During the Financial Crisis: Evidence from Danish Micro Data. European Economic Review, 89(December 2012), 96–115. https://doi.org/10.1016/j.euroecorev.2016.06.006
  • Baddeley, M., & Baddeley, M. (2019). Behavioural Macroeconomics. Behavioural Economics and Finance, 255–270. https://doi.org/10.4324/9781315211879-17
  • Barba, A., & Pivetti, M. (2009). Rising Household Debt: Its Causes and Macroeconomic İmplications - A Long-Period Analysis. Cambridge Journal of Economics, 33(1), 113–137. https://doi.org/10.1093/cje/ben030
  • Baumol, W. (1986). Productivity Growth, Convergence, and Welfare: What the Long-run Data Show. The American Economic Review, 76(5), 1072–1085. https://doi.org/10.2307/1816469
  • Bhamra, H. S., Uppal, R., Dumas, B., Ma, C., Wang, T., & Yan, H. (2003). The Role of Risk Aversion and Intertemporal Substitution in Dynamic Consumption-Portfolio Choice with Recursive Utility. https://pdfs.semanticscholar.org/2802/4a0e0771f99155d4dbc9e58268342af25d4c.pdf
  • Blundell, R., Browning, M., & Meghir, C. (1989). A Microeconometric Model of Intertemporal Substitution and Consumer Demand (No. 324; Issue 324).
  • Boug, P., Cappelen, Å., Jansen, E. S., & Swensen, A. R. (2021). The Consumption Euler Equation or the Keynesian Consumption Function? In Oxford Bulletin of Economics and Statistics (Vol. 83, Issue 1, pp. 252–272). https://doi.org/10.1111/obes.12394
  • Cameron, S. (1994). Household Debt Problems: Towards a Micro-Macro Linkage. Review of Political Economy, 6(2), 205–220. https://doi.org/10.1080/09538259400000010
  • Cavallari, L. (2020). Monetary Policy and Consumers’ Demand. Economic Modelling, 92(February), 23–36. https://doi.org/10.1016/j.econmod.2020.06.022
  • Charles, A., & Kasilingam, R. (2015). Do Investors Emotions Determine their Investment Decisions. Drishtikon: A Management Journal, 6(2). https://doi.org/10.21863/drishtikon/2015.6.2.005
  • Debelle, G. (2004). Macroeconomic İmplications of Rising Household Debt (No. 153). www.bis.org
  • Di Maggio, M., Kermani, A., Keys, B. J., Piskorski, T., Ramcharan, R., Seru, A., & Yao, V. (2017). Interest Rate Pass-through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging. American Economic Review, 107(11), 3350–3588. https://doi.org/10.1257/aer.20141313
  • Drechsel-Grau, M., & Greimel, F. (2019). Falling Behind: Has Rising Inequality Fueled the American Debt Boom?
  • Duesenberry, J. S. (1967). Income, Saving and the Theory of Consumer Behavior. In Oxford University Press. https://doi.org/10.2307/3497126
  • ECB. (2007). Financial Stability Review. In European Central Bank (Issue December). http://www.ecb.int
  • Elmendorf, D. W. (1996). The Effect of Interest-Rate Changes on Household Saving and Consumption : A Survey. In Federal Reserve Board (Issue 27). https://doi.org/10.17016/feds.1996.27
  • Emiris, M., & Koulischer, F. (2021). Low Interest Rates and the Distribution of Household Debt. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3805839
  • Flodén, M., Kilström, M., Sigurdsson, J., & Vestman, R. (2020). Household Debt and Monetary Policy: Revealing the Cash-Flow Channel. The Economic Journal, 131(636), 1742–1771. https://doi.org/10.1093/ej/ueaa135
  • Gabaix, X. (2015). Online Appendix for Behavioral Macroeconomics via Sparse Dynamic Programming. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2705789
  • Gabaix, X. (2016). Behavioral Macroeconomics Via Sparse Dynamic Programming. http://www.nber.org/papers/w21848
  • Gabaix, X., & Laibson, D. (2017). Myopia and Discounting. In Working Paper. https://doi.org/10.3386/w23254
  • Gayle, W. R., & Khorunzhina, N. (2011). Heterogenous Intertemporal Elasticity of Substitution and Relative Risk Aversion: Estimation of Optimal Consumption Choice with Habit Formation and Measurement Errors. SSRN Electronic Journal, 34329. https://doi.org/10.2139/ssrn.1431093
  • Georgiev, A. (2011). An Asset Pricing Model with Time-varying Elasticity of Intertemporal Substitution. SSRN Electronic Journal, January. https://doi.org/10.2139/ssrn.486130
  • Girouard, N., & Blönda, S. (2001). House Prices and Economic Activity. Cambridge University Press, ECO/WKP(20(279), 1–30. http://search.oecd.org/fr/economie/monetaire/34553241.pdf
  • Groth, C. (2010). The Ramsey Model. In Advanced Macroeconomics (pp. 277–314). https://doi.org/10.1142/9781786349132_0010
  • H. Pesaran, M., & Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Havranek, T., Horvath, R., Irsova, Z., & Rusnak, M. (2015). Cross-Country Heterogeneity in İntertemporal Substitution. Journal of International Economics, 96(1), 100–118. https://doi.org/10.1016/J.JINTECO.2015.01.012
  • Juliet B.Schor, A. C. (1996). Empirical Tests of Status Consumption: Evidence from Women’s Cosmetics (96.01.007/2; Issue aug.).
  • Kamstra, M. J., Kramer, L. A., & Levi, M. D. (2000). Losing Sleep at the Market: The Daylight Saving Anomaly. American Economic Review, 90(4), 1005–1011. https://doi.org/10.1257/aer.90.4.1005
  • Karavias, Y., & Tzavalis, E. (2014). Testing for Unit Roots in Short Panels Allowing for a Structural Break. Computational Statistics and Data Analysis, 76, 391–407. https://doi.org/10.1016/j.csda.2012.10.014
  • Keynes, J. M. (1936). Genel Teori İstihdam, Faiz ve Paranın Genel Teorisi. Can Matbaası.
  • Loewenstein, G. F., Hsee, C. K., Weber, E. U., & Welch, N. (2001). Risk as Feelings. Psychological Bulletin, 127(2), 267–286. https://doi.org/10.1037/0033-2909.127.2.267
  • Lucey, B. M., & Dowling, M. (2005). The Role of Feelings ın İnverstor Decision Making. Journal of Economıc Surveys, 19(2), 211–238. https://brianmlucey.files.wordpress.com/2011/05/riskasfeelings.pdf
  • Mian, A., & Sufi, A. (2018). Finance and Business Cycles: The Credit-Driven Household Demand Channel. Journal of Economic Perspectives, 32(3), 31–58. https://doi.org/10.1257/jep.32.3.31
  • Ok, E. A., & Vega-Redondo, F. (2001). On the Evolution of İndividualistic Preferences: An İncomplete İnformation Scenario. Journal of Economic Theory, 97(2), 231–254. https://doi.org/10.1006/jeth.2000.2668
  • Orazıo P. Attanasıo, & Weber, G. (1993). Consumption Growth, the İnterest Rate, and Financial Sophistication. Review of Economics Studies, 60, 361–349. https://doi.org/10.1017/S147474721600010X
  • Pakoš, M. (2011). Estimating İntertemporal and İntratemporal Substitutions when both İncome and Substitution Effects are Present: The Role of Durable Goods. Journal of Business and Economic Statistics, 29(3), 439–454. https://doi.org/10.1198/jbes.2009.07046
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A Bias-Adjusted LM Test of Error Cross-Section İndependence. Econometrics Journal, 11(1), 105–127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
  • Phıllıps, P., & Sul, D. (2009). Economic Transition and Growth. Journal of Applied Econometrics, 24(22 April), 1153–1185. https://doi.org/10.1002/jae
  • Pugh, A., Bunn, P., & Yeates, C. (2018). The Distributional Impact of Monetary Policy Easing in the UK between 2008 and 2014. In Staff Working Paper (Issue 720). https://doi.org/10.2139/ssrn.3156913
  • Ramsey, F. P. (1928). A Mathematical Theory of Saving. The Economic Journal, 38(152), 543–559.
  • Svensson, L. E. O. (2021). Household Debt Overhang Did Hardly Cause a Larger Spending Fall during the Financial Crisis in the UK. In Ssrn. https://doi.org/10.3386/w28776
  • Vissing Jorgensen, A. (2002). Limited Asset Market Participation and The Elasticity of İntertemporal Substitution (No. 8896; NBER Working Papers Series).
  • Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
  • Westerlund, J., & Edgerton, D. L. (2008). A Simple Test for Cointegration in Dependent Panels with Structural Breaks. Oxford Bulletin of Economics and Statistics, 70(5), 665–704. https://doi.org/10.1111/j.1468-0084.2008.00513.x
  • Xie, P., Zhang, Y., & Sun, C. (2019). Money Supply, Output Gap and Economic Fluctuations: Evidence from Quarterly Data in China. International Journal of Internet and Enterprise Management, 9(2), 91. https://doi.org/10.1504/ijiem.2019.103213

Davranışsal Makroekonomi Çerçevesinde Hane Halkı Borçluluk Düzeyinin Analizi

Year 2022, Volume: 25 Issue: 1, 156 - 174, 30.04.2022
https://doi.org/10.29249/selcuksbmyd.1061507

Abstract

Tüm gelişmiş ve gelişmekte olan ülkelerde hane halklarının davranışları 20. yüzyılın ikinci yarısında ve 21. yüzyılın başında büyük bir değişiklik geçirdi. Özellikle çevresel ve psikolojik faktörlerin etkisi tüketim kararları üzerinde etkili olmaya başladı. Bunun sonucunda hane halkı tüketime karar verirken, tüketim harcamasına yönelik bir tercihin varlığı, makroekonomik bir değişken olarak hane halkının borç stokunu önemli bir değişken haline getirdi. Hane halkı borçluluk oranında ortaya çıkan artış;araştırılması gereken önemli bir sorunu ortaya çıkardı. Hane halkı tüketim harcamasının finansmanına yönelik olarak ortaya çıkan süreç makro iktisat politikalarınında etkilerinin asimetrik olmasına yol açtı. Bu çerçevede hane halkı tüketim harcaması ile borçlanma arasındaki duyarlılığın büyüklüğünün ve şiddetinin temel belirleyicisi olan makroekonomik değişkenlere ait parametreler tahmin edilmelidir. Çünkü, makroekonomik açıdan tüketim davranışlarının analizinin yapılmasını sağlayacak bilgiler sağlamaktadır. Buradan hareketle bu çalışma da zamanlar arası ikame elastikiyet yaklaşımına dayalı olarak söz konusu ilişki panel veri modeliyle analiz edilmektedir. Ayrıca, uygulama da homotetik olmayan tüketici tercihleri varsayımı altında hane halkları arasındaki heterojenliğin ülke bazında farklılığıyla analizler yapılmaktadır. Analizde 1998Q1-2020Q3 yılları arasında çeyreklik veriler kullanılmıştır. Çalışmada OECD ülkelerine ait hane halkı geliri, hane halkı harcamaları, enflasyon, faiz oranları ve devlet tahvili faiz oranları değişkenlerinden oluşan ekonometrik model panel veri, GMM modeli ve kulüp yakınsama modelleriyle analiz edilmiştir.

References

  • Abebaw, A. (2021). Output Gap Determinants in Ethiopia. Cogent Economics and Finance, 9(1). https://doi.org/10.1080/23322039.2021.1887550
  • Alan, S., Atalay, K., & Crossley, T. F. (2019). Euler Equation Estımation on Mıcro Data. Macroeconomic Dynamics, 23(8), 3267–3292. https://doi.org/10.1017/S1365100518000032
  • Alan, S., & Browning, M. (2010). Estimating İntertemporal Allocation Parameters Using Synthetic Residual Estimation. Review of Economic Studies, 77(4), 1231–1261. https://doi.org/10.1111/j.1467-937X.2010.00607.x
  • Albayrak, Ö. (2020). Household Consumption, Household Indebtedness, and Inequality in Turkey: A Microeconometric Analysis. In NBER Working Paper No. 26796 (Issue December).
  • Albuquerque, B., & Krustev, G. (2015). Debt Overhang and Deleveraging in the US Household Sector: Gauging the Impact on Consumption (Vol. 47). https://doi.org/10.1111/roiw.12265
  • Andersen, A. L., Duus, C., & Jensen, T. L. (2016). Household Debt and Spending During the Financial Crisis: Evidence from Danish Micro Data. European Economic Review, 89(December 2012), 96–115. https://doi.org/10.1016/j.euroecorev.2016.06.006
  • Baddeley, M., & Baddeley, M. (2019). Behavioural Macroeconomics. Behavioural Economics and Finance, 255–270. https://doi.org/10.4324/9781315211879-17
  • Barba, A., & Pivetti, M. (2009). Rising Household Debt: Its Causes and Macroeconomic İmplications - A Long-Period Analysis. Cambridge Journal of Economics, 33(1), 113–137. https://doi.org/10.1093/cje/ben030
  • Baumol, W. (1986). Productivity Growth, Convergence, and Welfare: What the Long-run Data Show. The American Economic Review, 76(5), 1072–1085. https://doi.org/10.2307/1816469
  • Bhamra, H. S., Uppal, R., Dumas, B., Ma, C., Wang, T., & Yan, H. (2003). The Role of Risk Aversion and Intertemporal Substitution in Dynamic Consumption-Portfolio Choice with Recursive Utility. https://pdfs.semanticscholar.org/2802/4a0e0771f99155d4dbc9e58268342af25d4c.pdf
  • Blundell, R., Browning, M., & Meghir, C. (1989). A Microeconometric Model of Intertemporal Substitution and Consumer Demand (No. 324; Issue 324).
  • Boug, P., Cappelen, Å., Jansen, E. S., & Swensen, A. R. (2021). The Consumption Euler Equation or the Keynesian Consumption Function? In Oxford Bulletin of Economics and Statistics (Vol. 83, Issue 1, pp. 252–272). https://doi.org/10.1111/obes.12394
  • Cameron, S. (1994). Household Debt Problems: Towards a Micro-Macro Linkage. Review of Political Economy, 6(2), 205–220. https://doi.org/10.1080/09538259400000010
  • Cavallari, L. (2020). Monetary Policy and Consumers’ Demand. Economic Modelling, 92(February), 23–36. https://doi.org/10.1016/j.econmod.2020.06.022
  • Charles, A., & Kasilingam, R. (2015). Do Investors Emotions Determine their Investment Decisions. Drishtikon: A Management Journal, 6(2). https://doi.org/10.21863/drishtikon/2015.6.2.005
  • Debelle, G. (2004). Macroeconomic İmplications of Rising Household Debt (No. 153). www.bis.org
  • Di Maggio, M., Kermani, A., Keys, B. J., Piskorski, T., Ramcharan, R., Seru, A., & Yao, V. (2017). Interest Rate Pass-through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging. American Economic Review, 107(11), 3350–3588. https://doi.org/10.1257/aer.20141313
  • Drechsel-Grau, M., & Greimel, F. (2019). Falling Behind: Has Rising Inequality Fueled the American Debt Boom?
  • Duesenberry, J. S. (1967). Income, Saving and the Theory of Consumer Behavior. In Oxford University Press. https://doi.org/10.2307/3497126
  • ECB. (2007). Financial Stability Review. In European Central Bank (Issue December). http://www.ecb.int
  • Elmendorf, D. W. (1996). The Effect of Interest-Rate Changes on Household Saving and Consumption : A Survey. In Federal Reserve Board (Issue 27). https://doi.org/10.17016/feds.1996.27
  • Emiris, M., & Koulischer, F. (2021). Low Interest Rates and the Distribution of Household Debt. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3805839
  • Flodén, M., Kilström, M., Sigurdsson, J., & Vestman, R. (2020). Household Debt and Monetary Policy: Revealing the Cash-Flow Channel. The Economic Journal, 131(636), 1742–1771. https://doi.org/10.1093/ej/ueaa135
  • Gabaix, X. (2015). Online Appendix for Behavioral Macroeconomics via Sparse Dynamic Programming. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2705789
  • Gabaix, X. (2016). Behavioral Macroeconomics Via Sparse Dynamic Programming. http://www.nber.org/papers/w21848
  • Gabaix, X., & Laibson, D. (2017). Myopia and Discounting. In Working Paper. https://doi.org/10.3386/w23254
  • Gayle, W. R., & Khorunzhina, N. (2011). Heterogenous Intertemporal Elasticity of Substitution and Relative Risk Aversion: Estimation of Optimal Consumption Choice with Habit Formation and Measurement Errors. SSRN Electronic Journal, 34329. https://doi.org/10.2139/ssrn.1431093
  • Georgiev, A. (2011). An Asset Pricing Model with Time-varying Elasticity of Intertemporal Substitution. SSRN Electronic Journal, January. https://doi.org/10.2139/ssrn.486130
  • Girouard, N., & Blönda, S. (2001). House Prices and Economic Activity. Cambridge University Press, ECO/WKP(20(279), 1–30. http://search.oecd.org/fr/economie/monetaire/34553241.pdf
  • Groth, C. (2010). The Ramsey Model. In Advanced Macroeconomics (pp. 277–314). https://doi.org/10.1142/9781786349132_0010
  • H. Pesaran, M., & Yamagata, T. (2008). Testing Slope Homogeneity in Large Panels. Journal of Econometrics, 142(1), 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010
  • Havranek, T., Horvath, R., Irsova, Z., & Rusnak, M. (2015). Cross-Country Heterogeneity in İntertemporal Substitution. Journal of International Economics, 96(1), 100–118. https://doi.org/10.1016/J.JINTECO.2015.01.012
  • Juliet B.Schor, A. C. (1996). Empirical Tests of Status Consumption: Evidence from Women’s Cosmetics (96.01.007/2; Issue aug.).
  • Kamstra, M. J., Kramer, L. A., & Levi, M. D. (2000). Losing Sleep at the Market: The Daylight Saving Anomaly. American Economic Review, 90(4), 1005–1011. https://doi.org/10.1257/aer.90.4.1005
  • Karavias, Y., & Tzavalis, E. (2014). Testing for Unit Roots in Short Panels Allowing for a Structural Break. Computational Statistics and Data Analysis, 76, 391–407. https://doi.org/10.1016/j.csda.2012.10.014
  • Keynes, J. M. (1936). Genel Teori İstihdam, Faiz ve Paranın Genel Teorisi. Can Matbaası.
  • Loewenstein, G. F., Hsee, C. K., Weber, E. U., & Welch, N. (2001). Risk as Feelings. Psychological Bulletin, 127(2), 267–286. https://doi.org/10.1037/0033-2909.127.2.267
  • Lucey, B. M., & Dowling, M. (2005). The Role of Feelings ın İnverstor Decision Making. Journal of Economıc Surveys, 19(2), 211–238. https://brianmlucey.files.wordpress.com/2011/05/riskasfeelings.pdf
  • Mian, A., & Sufi, A. (2018). Finance and Business Cycles: The Credit-Driven Household Demand Channel. Journal of Economic Perspectives, 32(3), 31–58. https://doi.org/10.1257/jep.32.3.31
  • Ok, E. A., & Vega-Redondo, F. (2001). On the Evolution of İndividualistic Preferences: An İncomplete İnformation Scenario. Journal of Economic Theory, 97(2), 231–254. https://doi.org/10.1006/jeth.2000.2668
  • Orazıo P. Attanasıo, & Weber, G. (1993). Consumption Growth, the İnterest Rate, and Financial Sophistication. Review of Economics Studies, 60, 361–349. https://doi.org/10.1017/S147474721600010X
  • Pakoš, M. (2011). Estimating İntertemporal and İntratemporal Substitutions when both İncome and Substitution Effects are Present: The Role of Durable Goods. Journal of Business and Economic Statistics, 29(3), 439–454. https://doi.org/10.1198/jbes.2009.07046
  • Pesaran, M. H., Ullah, A., & Yamagata, T. (2008). A Bias-Adjusted LM Test of Error Cross-Section İndependence. Econometrics Journal, 11(1), 105–127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
  • Phıllıps, P., & Sul, D. (2009). Economic Transition and Growth. Journal of Applied Econometrics, 24(22 April), 1153–1185. https://doi.org/10.1002/jae
  • Pugh, A., Bunn, P., & Yeates, C. (2018). The Distributional Impact of Monetary Policy Easing in the UK between 2008 and 2014. In Staff Working Paper (Issue 720). https://doi.org/10.2139/ssrn.3156913
  • Ramsey, F. P. (1928). A Mathematical Theory of Saving. The Economic Journal, 38(152), 543–559.
  • Svensson, L. E. O. (2021). Household Debt Overhang Did Hardly Cause a Larger Spending Fall during the Financial Crisis in the UK. In Ssrn. https://doi.org/10.3386/w28776
  • Vissing Jorgensen, A. (2002). Limited Asset Market Participation and The Elasticity of İntertemporal Substitution (No. 8896; NBER Working Papers Series).
  • Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
  • Westerlund, J., & Edgerton, D. L. (2008). A Simple Test for Cointegration in Dependent Panels with Structural Breaks. Oxford Bulletin of Economics and Statistics, 70(5), 665–704. https://doi.org/10.1111/j.1468-0084.2008.00513.x
  • Xie, P., Zhang, Y., & Sun, C. (2019). Money Supply, Output Gap and Economic Fluctuations: Evidence from Quarterly Data in China. International Journal of Internet and Enterprise Management, 9(2), 91. https://doi.org/10.1504/ijiem.2019.103213
There are 51 citations in total.

Details

Primary Language Turkish
Journal Section Original Research Articles
Authors

Öznur Taşdöken 0000-0001-7381-4361

Hakan Kahyaoglu 0000-0002-6031-7494

Publication Date April 30, 2022
Submission Date January 22, 2022
Published in Issue Year 2022 Volume: 25 Issue: 1

Cite

APA Taşdöken, Ö., & Kahyaoglu, H. (2022). Davranışsal Makroekonomi Çerçevesinde Hane Halkı Borçluluk Düzeyinin Analizi. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 25(1), 156-174. https://doi.org/10.29249/selcuksbmyd.1061507

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