A Quarterly Macroeconometric Model of the Turkish Economy
This paper aims at describing a small-scale quarterly model for the Turkish economy. It differs from previous work in two respects; (i) the explicit treatment of the expectations in the inflationary process; (ii) the effect of public borrowing on inflation via interest rates. We conclude that expectations have the greatest importance in the determination of inflation along with the exchange rate in Turkey. In addition, to use the overnight interest rate as an effective policy tool, it seems to be essential to accomplish the structural reforms so as to eliminate risk premium due to the concerns about the debt sustainability.
Volume (Year): 5 (2005)
Issue (Month): 2 ()
|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
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ozatay, Fatih, 2000. "A quarterly macroeconometric model for a highly inflationary and indebted country: Turkey," Economic Modelling, Elsevier, vol. 17(1), pages 1-11, January.
- Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
When requesting a correction, please mention this item's handle: RePEc:tcb:cebare:v:5:y:2005:i:2:p:39-71. See general 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: ()or () or ()
If references are entirely missing, you can add them using this form.