The Effect of the Output Gap on Inflation Within the Framework of the Hybrid New Keynesian Phillips Curve Model: The Case of Turkey

Figen Tombak
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Figen Tombak: Bozok University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2021, vol. 36, issue Special2, 33-50

Abstract: According to the Hybrid New Keynesian Phillips Curve, the value of current inflation is measured by the output gap, which includes demand conditions and the magnitude of the effects that may come from the output gap to inflation is estimated. The effects on inflation of the output gap in Turkey are an important indicator to pay attention to when creating monetary policy. Therefore, in this study, the effects of output gap on inflation are analyzed with the Hybrid New Keynesian Phillips Curve Model. According to the result, increases in the output deficit has an increasing effect on current inflation.

Keywords: Output Gap; Inflation; NARDL; Hybrid New Keynesian Phillips Curve (search for similar items in EconPapers)
JEL-codes: E31 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:36:y:2021:i:special2:p:33-50

DOI: 10.33203/mfy.844576

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