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Globalization and flattening of Phillips Curve in Turkey between 1987 and 2007

  • Çiçek, Serkan

In the last two decades, there have been important changes in inflation dynamics in Turkey. While average inflation rate, inflation volatility and inflation persistence declined, the prices of tradable goods have shown an increase less than prices of non-tradable goods. The aim of this paper is to inquire whether the globalization has an effect on this change and to test whether and how it affected the slope of the Phillips Curve. The findings point out that global activity did have an effect on domestic inflation rate and that Phillips Curve got flatter.

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File URL: http://www.sciencedirect.com/science/article/pii/S0264999312001150
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Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 29 (2012)
Issue (Month): 5 ()
Pages: 1655-1661

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Handle: RePEc:eee:ecmode:v:29:y:2012:i:5:p:1655-1661
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/30411

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  12. Mark A. Wynne & Erasmus K. Kersting, 2007. "Openness and inflation," Staff Papers, Federal Reserve Bank of Dallas, issue Apr.
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  15. Lars E.O. Svensson & Stefan Gerlach, 2001. "Money and inflation in the Euro Area: A case for monetary indicators?," BIS Working Papers 98, Bank for International Settlements.
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