ANALYSIS OF PRICE RIGITIY IN TURKEY BY FAVAR

Year 2018, Volume: 36 Issue: 4, 75 - 94, 30.12.2018

Bige Küçükefe , Dündar Murat Demiröz

https://doi.org/10.17065/huniibf.292785

Cited By: 1

Abstract

New Keynesian economic
theory is built on the assumption that prices and wages are sticky. Despite the
aggregate data supporting the sticky prices assumption, micro data indicate
that disagregated prices change much faster than conventionally assumed. In
order to explain the disgreement between macro and micro data, we developed a
FAVAR model (Bernanke, Boivin ve Eliasz, 2005) and computed the common and
sector specific components for Turkish economy from 2005:01 to 2014:12. Our
analysis revealed that share of common components in price setting process in
Turkey is inconsistent with high degree of price rigidity. 

Keywords

Price Rigidity; Sticky Prices; FAVAR

TÜRKİYE EKONOMİSİ FİYAT KATILIKLARININ FAVAR MODELİ İLE ANALİZİ

Abstract

Fiyatların ve ücretlerin katı olduğu varsayımı
üzerine inşa edilmiş Yeni Keynesyen iktisat teorisine göre para nötr değildir
ve parasal genişleme ekonomide reel sonuçlar üretir. Her ne kadar
toplulaştırılmış veriler fiyat katılığı varsayımını desteklese de, mikro
veriler incelendiğinde toplulaştırılmamış fiyatların geleneksel olarak varsayılandan
çok daha değişken olduğu görülmüştür. Makro ve mikro veriler arasındaki bu
uyumsuzluğu açıklamak için, bir FAVAR modeli (Bernanke, Boivin ve Eliasz, 2005)
geliştirilmiş ve fiyat değişimlerinde sektöre özgü ve ortak bileşenlerin payı
2005:01-2014:12 ekonomik verileri kullanılarak hesaplanmıştır. Yaptığımız bu
analize göre, Türkiye’de fiyatların belirlenmesinde ortak bileşenlerin payı,
yüksek bir fiyat katılık derecesine imkan vermeyecek kadar büyüktür. 

Keywords

Fiyat Katılıkları, FAVAR, Yeni Keynesyen Ekonomi

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