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An Examination of Fisher Effect for Selected New EU Member States

Harun Ucak, Ilhan Ozturk () and Alper Aslan ()
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Harun Ucak: Mugla Sitki Kocman University, Fethiye Faculty of Business, Mugla, Turkey

International Journal of Economics and Financial Issues, 2014, vol. 4, issue 4, 956-959

Abstract: The relationship between interest rates and inflation which is called Fisher effect has been investigated in both theoretical and empirical economics in vast literature. The contribution of this paper to the literature is to test the Fisher effect for the selected four transition economies that are also new EU member states. The empirical analysis is conducted by allowing for a structural break that takes place in year 2004. In this study, a case-wise bootstrap approach empirical method which developed by Hatemi-J and Hacker (2005) is used and the results support a tax adjusted Fisher effect in the presence of a structural break.

Keywords: Fisher Effect; New EU Member States; Monetary Policy; Transition Economies. (search for similar items in EconPapers)
JEL-codes: E40 E43 E47 F36 P24 (search for similar items in EconPapers)
Date: 2014
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