Quality Growth Versus Inflation in Turkey

Yavuz Arslan and Evren Ceritoğlu

Emerging Markets Finance and Trade, 2013, vol. 49, issue 2, 31-43

Abstract: We estimate average quality growth and upward inflation bias for a set of fifty-one goods in Turkey by using seven waves of the annual Household Budget Survey and TURKSTAT prices from 2003 to 2009. We employ the instrumental variables approach introduced by Bils and Klenow (2001). We find that average quality growth in Turkey is 3.93 percent. Of this 3.93 percent, 2.28 percent is not netted out by TURKSTAT. Consequently, for the set of goods that we study, the estimated inflation bias is 2.28 percentage points.

Keywords: inflation rates; quality bias (search for similar items in EconPapers)
Date: 2013
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