OKUN YASASI’NIN TÜRKİYE İÇİN GEÇERLİLİĞİNE DAİR AMPİRİK BİR ÇALIŞMA

This paper seeks to contribute to the empirical literature surrounding the structure and efficacy of Okun’s law. The study begins with an theoretical review on the formulation and evolution of Okun’s law and then proceeds to test the validity of the law during periods of between 1989 and 2007 (with quarterly data) for Turkey. Results concludes that there are stronger evidence on inefficacy of Okun’s law, especially during the periods of abnormal producyivity growth, and, moreover, Turkey is encountering a structural changes in its economy rather than cyclical recovery with the beginnings of 2000’s.