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DURUMA YA DA ZAMANA BAĞLI FİYAT AYARLAMA KURALI: TÜKETİCİ VE ÜRETİCİ FİYATLARI

Year 2012, , 63 - 86, 01.01.2012
https://doi.org/10.11122/ijmeb.2012.8.17.83

Abstract

Bu çalışmada 1994-2011 dönemi itibariyle Türkiye’de tüketici ve üretici fiyatlarının katılık dereceleri incelenmiştir. Ayrıca bu çalışma fiyat değişim davranışının zamana ya da duruma bağlı olup olmadığını da test etmiştir. Elde edilen sonuçlara göre Türkiye için nominal fiyatlar aşağı doğru katıdır. Tüketici fiyatlarının aşağı doğru katılık derecesi üretici fiyatlarına göre daha fazladır. Fiyat değişimleri hem zamana hem de duruma bağlı fiyat ayarlama kuralına dayalı olarak gerçekleştirilmektedir. Enflasyon oranı ve döviz kuru fiyat ayarlamaları açısından oldukça önem arz etmektedir.

References

  • Alvarez, L. J., Burriel, P., & Hernando, I. (2005). Price setting behaviour in Spain evidence from micro PPI data. European Central Bank Working Paper, 522, 1-48.
  • Alvarez, L. J., Dhyne, E., Hoeberichts, M., Kwapil, C., Bihan, H., Lunnemann, P., Martins, F., Sabbatini, R., Stahl, H., Vermeulen, P., & Vilmunen, J. (2005). Sticky prices in the Euro area: A summary of new micro evidence. DNB Working Paper, 62, 1-20.
  • Alvarez, Luis. J., & Hernando, I. (2006). Price setting behaviour in Spain: Evidence from consumer price micro data. Economic Modelling, 23, 699-716.
  • Aucremanne, L., & Dhyne, E. (2004). How frequently do prices change? Evidence based on the micro data underlying the Belgian CPI. European Central Bank Working Paper, 331, 1-72.
  • Ball, L., & Cecchetti, S. G. (1988). Imperfect information and staggered price setting. American Economic Review, 78, 999-1018.
  • Ball, L., & Romer, D. (1988). The equilibrium and optimal timing of price changes. Review of Economic Studies, 56(2), 179-198.
  • Bertarelli, S. (1999). Nominal rigidities in a mail order company: Estimation of probability of price adjustment. NBER Working Paper, 14, 1-27.
  • Blanchard, O. J. (1983). Price asynchronization and price-level inertia. NBER Working Paper, 900, 3-24.
  • Blanchard, O. J. (1986). The wage price spiral. Quarterly Journal of Economics, 101(3), 543-565.
  • Baudry, L., Bihan, H., Sevestre, P., & Tarrieu, S. (2004). Price rigidity. evidence from the French CPI micro data. Central Bank of France Working Paper, 113, 1-40.
  • Blinder, A. S. (1991). Why are prices sticky? preliminary results from an interview study. American Economic Review, 81(2), 88-96.
  • Calvo, G. A. (1983). Staggered prices in a utility-maximizing framework. Journal of Monetary Economics, 12, 383-398.
  • Caplin, A. S., & Spulber, D. (1987). Menu costs and the neutrality of money. Quarterly Journal of Economics, 102, 703-725.
  • Caplin, A. S., & Leahy, J. (1991). State-dependent pricing and the dynamics of money and output. Quarterly Journal of Economics, 106(3), 683-708.
  • Cecchetti, S. G. (1985). Staggered contracts and the frequency of price adjustment. Quarterly Journal of Economics, 100, 935-959.
  • Dhyne, E., & Konieczny, J. (2007). Temporal distribution of price changes: Staggering in the large and synchronization in the small. National Bank of Belgium Working Paper, 116, 1-48.
  • Dias, D. A., Marques, C. R., Neves, P. D., & Silva, J. M. C. (2005). On the Fisher- Konieczny index of price changes synchronization. Economics Letters, 87(2), 279- 283.
  • Dias, D. A., Marques, C. R., & Silva, J. M. C. (2005). Time or state dependent price setting rules? evidence from Portuguese micro data. European Central Bank Working Paper, 511, 1-40.
  • Fethke, G., & Policano, A. (1986). Will wage setters ever stagger decisions?. Quarterly Journal of Economics, 101, 867-877.
  • Fischer, S. (1977). Long-term contracts, rational expectations, and the optimal money supply rule. Journal of Political Economy, 85(1), 191-205.
  • Fisher, T. C. G., & Konieczny, J. D. (2000). Synchronization of price changes by multiproduct firms: Evidence from Canadian newspaper prices. Economics Letters, 68, 271-277.
  • Gautier, E. (2008). The behavior of producer prices: evidence from French PPI micro data. Empirical Economics, 35, 301 – 332.
  • Goldberg, P. K., & Hellerstein, R. (2009). How rigid are producer prices?. Federal Reserve Bank of New York Staff Reports, 407, 1 – 33.
  • Gouvea, S. (2007). Price rigidity in Brazil: Evidence from CPI micro data. Central Bank of Brazil Working Papers, 143, 1-47.
  • Hall, S., Walsh, M., & Yates, A. (2000). Are UK companies’ prices sticky?. Oxford Economic Papers, 52, 425-446.
  • Julio, J. M., & Zarate, H. M. (2008). The price setting behavior in Colombia: evidence from PPI micro data. Borradores de Economia, 483, 1 – 39.
  • Karadaş, E., Mutluer, D., Özer, Y. B., & Aysoy, C. (2006). Türkiye’de imalat sanayindeki firmaların fiyatlama davranışı. İktisat, İşletme Finans Dergisi, 23(268), 7-34.
  • Kashyap, A. K. (1995). Sticky prices: New evidence from retail catalogs. Quarterly Journal of Economics, 110(1), 245-274.
  • Klenow, P. J., & Kryvtsov, O. (2008). State dependent or time dependent pricing: Does it matter for recent US inflation?. Quarterly Journal of Economics, 123(3), 863- 904.
  • Lach, S., & Tsiddon, D. (1992). The behavior of prices and inflation: An empirical analysis of disaggregate price data. Journal of Political Economy, 100(2), 349-389.
  • Loy, J. P., & Weiss, C. (2002). Staggering and synchronization of prices in a low inflation environment: Evidence from German food stores. American Agricultural Economics Association International Congress, August 28-31, Zaragoza, Spain.
  • Lunnemann, P., & Matha, T. Y. (2005). Consumer price behaviour in Luxembourg evidence from micro CPI data. European Central Bank Working Papers, 541, 1-60.
  • Medina, J. P. (2006). Dynamics of price adjustments: evidence from micro level data for Chile. Central Bank of Chile Working Paper, 432, 1-25.
  • Muller, G., Bergen, M., Dutta, S., & Levy, D. (2007). Non price rigidity and cost of adjustment. Manegerial and Decision Economics, 28, 817-832.
  • Ratfai, A. (2003). Staggering versus syncronization in retail price changes. Center for Economic Research and Graduate Education and the Economics, 1-21.
  • Sheshinski, E., & Weiss, Y. (1977). Inflation and cost of price adjustment. Review of Economic Studies, 44(2), 287-303.
  • Sheshinski, E., & Weiss, Y.(1979). Demand for fixed factors, inflation and adjustment costs. Review of Economic Studies, 46(1), 31-45.
  • Sheshinski, E., & Weiss, Y. (1983). Optimum pricing policy under stochastic inflation. Review of Economic Studies, 50(3), 513-529.
  • Stahl, H. (2005). Price rigidity in German manufacturing. European Central Bank Working Paper, 561, 1-63.
  • Şahinöz, S., & Saraçoğlu, B. (2008). Price setting behavior in Turkish industries: evidence from survey data. Developing Economies, 46(4), 363-385.
  • Taylor, J. B. (1979a). Staggered wage setting in a macro model. American Economic Review, 69, 108-113.
  • Taylor, J. B. (1979b). Estimation and control of a macroeconomic model with rational expectations. Econometrica, 47(5), 1267-1286.
  • Taylor, J. B. (1980). Aggregate dynamics and staggered contracts. Journal of Political Economy, 88(1), 1-23.
  • Taylor, J. B. (1983). Union wage settlements during a disinflation. American Economic Review, 73(5), 981-993.
  • Vermeulen, P., Dias, D., Dossche, M., Gautier, E., Hernando, I., Sabbatini, R., & Stahl, H. (2007). Price setting in the Euro area. Some stylized facts from individual producer prices data. European Central Bank Working Paper, 727, 1 – 50.

TIME OR STATE-DEPENDENT PRICE SETTING RULES: CONSUMER AND PRODUCER PRICES

Year 2012, , 63 - 86, 01.01.2012
https://doi.org/10.11122/ijmeb.2012.8.17.83

Abstract

In this study, it is investigated the degree of price rigidity in Turkey consumer and producer prices for the period of 1994-2011. Moreover, this study also analyzes whether price changes behavior is time or state dependent. According to results, nominal prices are downward rigidity for Turkish economy. Consumer prices are more downward rigid than producer prices. Price changes behavior dependent on both time and state dependent price adjustment rules. Inflation rate and exchange rate are crucial importance for price adjustments

References

  • Alvarez, L. J., Burriel, P., & Hernando, I. (2005). Price setting behaviour in Spain evidence from micro PPI data. European Central Bank Working Paper, 522, 1-48.
  • Alvarez, L. J., Dhyne, E., Hoeberichts, M., Kwapil, C., Bihan, H., Lunnemann, P., Martins, F., Sabbatini, R., Stahl, H., Vermeulen, P., & Vilmunen, J. (2005). Sticky prices in the Euro area: A summary of new micro evidence. DNB Working Paper, 62, 1-20.
  • Alvarez, Luis. J., & Hernando, I. (2006). Price setting behaviour in Spain: Evidence from consumer price micro data. Economic Modelling, 23, 699-716.
  • Aucremanne, L., & Dhyne, E. (2004). How frequently do prices change? Evidence based on the micro data underlying the Belgian CPI. European Central Bank Working Paper, 331, 1-72.
  • Ball, L., & Cecchetti, S. G. (1988). Imperfect information and staggered price setting. American Economic Review, 78, 999-1018.
  • Ball, L., & Romer, D. (1988). The equilibrium and optimal timing of price changes. Review of Economic Studies, 56(2), 179-198.
  • Bertarelli, S. (1999). Nominal rigidities in a mail order company: Estimation of probability of price adjustment. NBER Working Paper, 14, 1-27.
  • Blanchard, O. J. (1983). Price asynchronization and price-level inertia. NBER Working Paper, 900, 3-24.
  • Blanchard, O. J. (1986). The wage price spiral. Quarterly Journal of Economics, 101(3), 543-565.
  • Baudry, L., Bihan, H., Sevestre, P., & Tarrieu, S. (2004). Price rigidity. evidence from the French CPI micro data. Central Bank of France Working Paper, 113, 1-40.
  • Blinder, A. S. (1991). Why are prices sticky? preliminary results from an interview study. American Economic Review, 81(2), 88-96.
  • Calvo, G. A. (1983). Staggered prices in a utility-maximizing framework. Journal of Monetary Economics, 12, 383-398.
  • Caplin, A. S., & Spulber, D. (1987). Menu costs and the neutrality of money. Quarterly Journal of Economics, 102, 703-725.
  • Caplin, A. S., & Leahy, J. (1991). State-dependent pricing and the dynamics of money and output. Quarterly Journal of Economics, 106(3), 683-708.
  • Cecchetti, S. G. (1985). Staggered contracts and the frequency of price adjustment. Quarterly Journal of Economics, 100, 935-959.
  • Dhyne, E., & Konieczny, J. (2007). Temporal distribution of price changes: Staggering in the large and synchronization in the small. National Bank of Belgium Working Paper, 116, 1-48.
  • Dias, D. A., Marques, C. R., Neves, P. D., & Silva, J. M. C. (2005). On the Fisher- Konieczny index of price changes synchronization. Economics Letters, 87(2), 279- 283.
  • Dias, D. A., Marques, C. R., & Silva, J. M. C. (2005). Time or state dependent price setting rules? evidence from Portuguese micro data. European Central Bank Working Paper, 511, 1-40.
  • Fethke, G., & Policano, A. (1986). Will wage setters ever stagger decisions?. Quarterly Journal of Economics, 101, 867-877.
  • Fischer, S. (1977). Long-term contracts, rational expectations, and the optimal money supply rule. Journal of Political Economy, 85(1), 191-205.
  • Fisher, T. C. G., & Konieczny, J. D. (2000). Synchronization of price changes by multiproduct firms: Evidence from Canadian newspaper prices. Economics Letters, 68, 271-277.
  • Gautier, E. (2008). The behavior of producer prices: evidence from French PPI micro data. Empirical Economics, 35, 301 – 332.
  • Goldberg, P. K., & Hellerstein, R. (2009). How rigid are producer prices?. Federal Reserve Bank of New York Staff Reports, 407, 1 – 33.
  • Gouvea, S. (2007). Price rigidity in Brazil: Evidence from CPI micro data. Central Bank of Brazil Working Papers, 143, 1-47.
  • Hall, S., Walsh, M., & Yates, A. (2000). Are UK companies’ prices sticky?. Oxford Economic Papers, 52, 425-446.
  • Julio, J. M., & Zarate, H. M. (2008). The price setting behavior in Colombia: evidence from PPI micro data. Borradores de Economia, 483, 1 – 39.
  • Karadaş, E., Mutluer, D., Özer, Y. B., & Aysoy, C. (2006). Türkiye’de imalat sanayindeki firmaların fiyatlama davranışı. İktisat, İşletme Finans Dergisi, 23(268), 7-34.
  • Kashyap, A. K. (1995). Sticky prices: New evidence from retail catalogs. Quarterly Journal of Economics, 110(1), 245-274.
  • Klenow, P. J., & Kryvtsov, O. (2008). State dependent or time dependent pricing: Does it matter for recent US inflation?. Quarterly Journal of Economics, 123(3), 863- 904.
  • Lach, S., & Tsiddon, D. (1992). The behavior of prices and inflation: An empirical analysis of disaggregate price data. Journal of Political Economy, 100(2), 349-389.
  • Loy, J. P., & Weiss, C. (2002). Staggering and synchronization of prices in a low inflation environment: Evidence from German food stores. American Agricultural Economics Association International Congress, August 28-31, Zaragoza, Spain.
  • Lunnemann, P., & Matha, T. Y. (2005). Consumer price behaviour in Luxembourg evidence from micro CPI data. European Central Bank Working Papers, 541, 1-60.
  • Medina, J. P. (2006). Dynamics of price adjustments: evidence from micro level data for Chile. Central Bank of Chile Working Paper, 432, 1-25.
  • Muller, G., Bergen, M., Dutta, S., & Levy, D. (2007). Non price rigidity and cost of adjustment. Manegerial and Decision Economics, 28, 817-832.
  • Ratfai, A. (2003). Staggering versus syncronization in retail price changes. Center for Economic Research and Graduate Education and the Economics, 1-21.
  • Sheshinski, E., & Weiss, Y. (1977). Inflation and cost of price adjustment. Review of Economic Studies, 44(2), 287-303.
  • Sheshinski, E., & Weiss, Y.(1979). Demand for fixed factors, inflation and adjustment costs. Review of Economic Studies, 46(1), 31-45.
  • Sheshinski, E., & Weiss, Y. (1983). Optimum pricing policy under stochastic inflation. Review of Economic Studies, 50(3), 513-529.
  • Stahl, H. (2005). Price rigidity in German manufacturing. European Central Bank Working Paper, 561, 1-63.
  • Şahinöz, S., & Saraçoğlu, B. (2008). Price setting behavior in Turkish industries: evidence from survey data. Developing Economies, 46(4), 363-385.
  • Taylor, J. B. (1979a). Staggered wage setting in a macro model. American Economic Review, 69, 108-113.
  • Taylor, J. B. (1979b). Estimation and control of a macroeconomic model with rational expectations. Econometrica, 47(5), 1267-1286.
  • Taylor, J. B. (1980). Aggregate dynamics and staggered contracts. Journal of Political Economy, 88(1), 1-23.
  • Taylor, J. B. (1983). Union wage settlements during a disinflation. American Economic Review, 73(5), 981-993.
  • Vermeulen, P., Dias, D., Dossche, M., Gautier, E., Hernando, I., Sabbatini, R., & Stahl, H. (2007). Price setting in the Euro area. Some stylized facts from individual producer prices data. European Central Bank Working Paper, 727, 1 – 50.
There are 45 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Zehra Abdioğlu This is me

Publication Date January 1, 2012
Published in Issue Year 2012

Cite

APA Abdioğlu, Z. (2012). DURUMA YA DA ZAMANA BAĞLI FİYAT AYARLAMA KURALI: TÜKETİCİ VE ÜRETİCİ FİYATLARI. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 8(17), 63-86. https://doi.org/10.11122/ijmeb.2012.8.17.83