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Studies in Nonlinear Dynamics & Econometrics

Ed. by Mizrach, Bruce

5 Issues per year


IMPACT FACTOR 2017: 0.855

CiteScore 2017: 0.76

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Source Normalized Impact per Paper (SNIP) 2017: 0.894

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1558-3708
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Volume 9, Issue 1

Issues

Inflation Dynamics of Turkey: A Structural Estimation

M. Ege Yazgan / Hakan Yilmazkuday
Published Online: 2005-03-14 | DOI: https://doi.org/10.2202/1558-3708.1228

Recent 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.

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Published Online: 2005-03-14


Citation Information: Studies in Nonlinear Dynamics & Econometrics, Volume 9, Issue 1, ISSN (Online) 1558-3708, DOI: https://doi.org/10.2202/1558-3708.1228.

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