The asymmetry of inflation adjustment in Turkey
Küçük Resim Yok
Tarih
2013
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
ELSEVIER SCIENCE BV
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
We investigated the dynamic behavior of the overall inflation rate, its subgroups, and inflation rates of traded and non-traded goods in Turkey between 1994:M1 and 2012:M5 by using a quantile autoregression approach developed by Koenker and Xiao (2004). This method makes no assumptions about the distribution of inflation rates and allowed us to analyze possible asymmetry in mean reversion toward the equilibrium for inflation rates. Our results revealed an asymmetric speed in the inflation adjustment process across different quantiles before and after an inflation targeting (IT) regime (implicit and explicit); persistence relatively decreased after adoption of implicit IT in 2002 or explicit IT and inflation rates became much more mean reverting. (C) 2012 Elsevier B.V. All rights reserved.
Açıklama
Anahtar Kelimeler
Inflation adjustment, Inflation persistence, Quantile autoregression, Turkish economy
Kaynak
ECONOMIC MODELLING
WoS Q Değeri
Q3
Scopus Q Değeri
Q1
Cilt
31
