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Money, output and prices in Turkey

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  • H. Sonmez Atesoglu
  • Donald Dutkowsky

Abstract

The determination of aggregate output and the price level in Turkey is examined. Empirical results indicate that the Turkish economy behaves consistent with predictions of a simple real business cycle model. Output follows an autoregressive structure with trend. Monetary policy is neutral and the results point to unitary elasticity between money and prices. The findings are generally robust to estimations in levels or first differences, and hold for either the narrow or broad money stock. The results suggest a modelling and policy strategy which may be relevant for other semi-industrialized countries.

Suggested Citation

  • H. Sonmez Atesoglu & Donald Dutkowsky, 1995. "Money, output and prices in Turkey," Applied Economics Letters, Taylor & Francis Journals, vol. 2(2), pages 38-41.
    • Handle: RePEc:taf:apeclt:v:2:y:1995:i:2:p:38-41
    DOI: 10.1080/135048595357663
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    Citations

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    Cited by:

    1. Kibritçioğlu, Aykut, 2002. "Causes of Inflation in Turkey: A Literature Survey with Special Reference to Theories of Inflation," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 43-76.
    2. Dibooglu, Sel & Kibritcioglu, Aykut, 2004. "Inflation, output growth, and stabilization in Turkey, 1980-2002," Journal of Economics and Business, Elsevier, vol. 56(1), pages 43-61.
    3. Hakan Berument & Burak Doan, 2003. "Openness and the effectiveness of monetary policy: empirical evidence from Turkey," Applied Economics Letters, Taylor & Francis Journals, vol. 10(4), pages 217-221.
    4. Levent, Korap, 2009. "Türkiye ekonomisinde enflasyon ve reel milli gelir arasındaki çevrimsellik ilişkisi üzerine bir inceleme [An investigation upon the cyclical relationship between inflation and real income in the Tu," MPRA Paper 20266, University Library of Munich, Germany.
    5. Korap, Levent, 2010. "A small scaled business-cycle analysis of the Turkish economy: some counter-cyclical evidence using new income series," MPRA Paper 28647, University Library of Munich, Germany.

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