Does Increasing the Inflation Target Have a Positive Effect on Macroeconomic Performance?

Year 2021, Volume: 6 Issue: 2, 310 - 318, 30.12.2021

Emine Aybike Akkutay

Abstract

In this study, the effects of inflation targeting on macroeconomic performance have been analyzed within a political macroeconomic framework. In this context, an appropriate political macroeconomic model has been developed by considering the different effects of raising the inflation target. In addition, the study examines the negative effect of inflation on output that is expressed as the net productivity effect and the effects of net productivity on macroeconomic performance under various states for an increase in the inflation target. According to the findings, it is seen that the effect of raising the inflation target on macroeconomic performance has a negative effect in an environment of high political uncertainty.

Keywords

inflation, political instability, productivity

Enflasyon Hedefinin Yükseltilmesi Makroekonomik Performansı Olumlu Etkiler Mi?

Abstract

Bu çalışmada enflasyon hedeflemesinin makroekonomik performans üzerine etkileri politik makroekonomik çerçevede incelenmiştir. Bu bağlamda, enflasyon hedefinin yükseltilmesinin farklı etkileri dikkate alınarak uygun bir politik makroekonomi modeli geliştirilmiştir. Ayrıca enflasyonun çıktı üzerindeki olumsuz etkisi net verimlilik etkisi olarak ifade edilmiş ve net verimlilik etkisinin farklı durumları ele alınarak enflasyonun artırılmasıyla makroekonomik göstergeler üzerindeki etkileri gösterilmiştir. Elde edilen bulgulara göre, yüksek siyasi belirsizlik ortamında enflasyonun hedefinin yükseltilmesinin makroekonomik performans üzerine etkilerinin olumsuz olduğu görülmektedir.

Keywords

Enflasyon, Siyasi istikrarsızlık, Verimlilik

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