Berument, HakanDincer, N. N.Mustafaoglu, Z.2016-02-082016-02-0820110963-8199http://hdl.handle.net/11693/21765Total factor productivity (TFP) is an important component of growth for most countries. This article assesses the role of macroeconomic instability on TFP growth. We consider volatility in inflation, openness of an economy and financial market deepness as measures of macroeconomic instability. Empirical evidence provided from Turkey suggests that volatility of openness and financial market deepness reduce TFP growth, whereas volatility of inflation increases TFP growth. © 2011 Taylor & Francis.EnglishMacroeconomic instabilityTFP growthVAR-GARCH modelsEconomic growthFinancial marketInflationMacroeconomicsModel validationTotal factor productivityTurkeyArticle10.1080/096381909033659301469-9559