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

Serkan Cicek

Economic Modelling, 2012, vol. 29, issue 5, 1655-1661

Abstract: 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.

Keywords: Monetary policy; Globalization; Phillips Curve; Turkish economy (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:29:y:2012:i:5:p:1655-1661

DOI: 10.1016/j.econmod.2011.12.019

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