Business Cycles, Excess Volatility, and Capital Flows: Evidence from Mexico and Turkey
Why this work is in the frame
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Bibliographic record
Abstract
This paper analyzes business cycles in Mexico and Turkey and the results are compared to those for the United States. Excess volatility of real output as well as excess relative volatility of consumption in Mexico and Turkey is uncovered. Fiscal and monetary variables do not yield clear-cut patterns. Both the price levels and the inflation rates turn out to be moving countercyclically, suggesting the appropriateness of a supply-driven business cycle model rather than a demand-driven one for Mexico and Turkey. Capital inflows, especially long-term capital inflows, seem to matter, since they turn out to be strongly procyclical and lead the cycle by one quarter. This observation also emphasizes the relevance of a supply-driven model for the two countries.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it