Inflation dynamics of Turkey: A structural estimation

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dc.authoridYilmazkuday, Hakan/0000-0002-8629-6230|Yazgan, M. Ege/0000-0003-1412-4488
dc.authorwosidYilmazkuday, Hakan/GXZ-6757-2022
dc.authorwosidYazgan, Ege/GPG-1135-2022
dc.contributor.authorYazgan, ME
dc.contributor.authorYilmazkuday, H
dc.date.accessioned2024-07-18T20:50:57Z
dc.date.available2024-07-18T20:50:57Z
dc.date.issued2005
dc.departmentİstanbul Bilgi Üniversitesien_US
dc.description.abstractRecent empirical research on the New Keynesian Phillips Curve (NKPC) does not offer any supporting evidence for its benchmark version in which all firms are forward-looking. There is, however, empirical support for a modified, hybrid, NPKC, in which only a proportion of the firms that use a forward-looking rule to set prices. This paper estimates both the benchmark and the hybrid versions of the NKPC using Turkish data. In contrast with the previous applications on developed countries like the U.S. and several Euro area countries, we find empirical support for the benchmark NPKC. This support persists even after controlling for the weak identification problem which has been a serious concern in generalized method of moment estimation. Moreover, the hybrid NKPC is refuted by the data, i.e. the backward-looking behavior is found to be statistically insignificant.en_US
dc.identifier.issn1081-1826
dc.identifier.issue1en_US
dc.identifier.scopus2-s2.0-34548626133en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.urihttps://hdl.handle.net/11411/8313
dc.identifier.volume9en_US
dc.identifier.wosWOS:000228864700008en_US
dc.identifier.wosqualityQ3en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherBerkeley Electronic Pressen_US
dc.relation.ispartofStudies in Nonlinear Dynamics and Econometricsen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectWeak Identificationen_US
dc.subjectInstrumentsen_US
dc.subjectInferenceen_US
dc.subjectGmmen_US
dc.titleInflation dynamics of Turkey: A structural estimation
dc.typeArticle

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