Deseasonalizing Turkish Macroeconomic Data: A Caveat to Applied Researchers in Turkey
S. Boragan Aruoba and C. Emre Alper
,
18
(
5
)
Istanbul Stock Exchange Review
33-52
April
2001
Abstract
This paper analyzes the effects of regular seasonal fluctuations of macroeconomic variables in Turkey due to the religious events (religious holidays and Ramadan)[1] in monthly frequency. Conventional deterministic deseasonalization techniques are applied to the detrended and linearized major macroeconomic series. Investigation of the seasonally filtered series reveals residual seasonal regularities vis-à-vis the religious holidays and Ramadan for some of the series. Consequences of ignoring this type of seasonality are also scrutinized.