Inflation Dynamics in Turkey : In Pursuit of a Domestic Cost Measure
Abstract[EN] We provide Bayesian estimates of the hybrid New Keynesian Phillips Curve (NKPC) to explain the dynamics of the consumer price inflation in Turkey, focusing particularly on the domestic component of the real marginal cost. We find that the baseline model which uses current and lagged values of the output gap as a measure of the domestic real marginal cost does a better job at accounting for the consumer price inflation in Turkey compared to alternative models which incorporate the unit labor cost. On the other hand, estimations of the hybrid NKPC for the services inflation point to the importance of the unit labor cost for the inflation dynamics in this sector. [TR] Bu calismada Bayesci yontemler kullanilarak Turkiye icin Yeni Keynesci Phillips Egrisi (NKPC) tahminleri elde edilmekte ; ozellikle yurt ici kaynakli maliyet baskilarinin enflasyon uzerindeki etkileri uzerinde durulmaktadir. Yurt ici reel marjinal maliyet olcutu olarak cikti acigini kullanan baz modelin, reel birim ucret serilerini iceren alternatif modellere gore TUFE enflasyonunu aciklamakta daha basarili oldugu bulunmustur. Diger taraftan, hizmet enflasyonu icin yapilan NKPC tahminleri, reel birim ucretlerin bu sektordeki enflasyon dinamikleri uzerinde onemli rol oynadigini gostermektedir.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its series CBT Research Notes in Economics with number 1311.
Date of creation: 2013
Date of revision:
Contact details of provider:
Postal: Head Office, Istiklal Cad. 10 Ulus, 06100 Ankara
Phone: (90 312) 507 5000
Fax: (90 312) 507 5640
Web page: http://www.tcmb.gov.tr/
More information through EDIRC
This paper has been announced in the following NEP Reports:
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Soner Baskaya).
If references are entirely missing, you can add them using this form.