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Ekonominin Dış Ticarete Açıklık Derecesi ve Üretim/Enflasyon Ödünleme İlişkisi

Year 2013, Volume: 19 Issue: 19, - , 01.06.2013

Abstract

Ekonominin dış ticarete açıklık derecesinin ortalama enflasyon ve üretim/enflasyon arasındaki ödünleme ilişkisini ölçen Phillips eğrisinin eğimi üzerindeki etkilerinin belirlenmesi makroekonomik politika analizlerinde büyük önem taşımaktadır. İlgili literatürde, dış ticarete daha açık ekonomilerde Phillips eğrisinin daha dik olduğu ve para politikası otoritesinin öngörülmeyen enflasyon yoluyla üretim artışı yaratma güdülerinin daha zayıf olduğu ileri sürülmektedir. Bununla birlikte, bazı ampirik çalışmalar dış ticarete açıklık derecesi arttıkça Phillips eğrisinin eğiminin azalacağını göstermiştir. Ampirik literatürde elde edilen çelişkili bulgular, dış ticarete açıklık derecesi ile Phillips eğrisi arasındaki ilişkinin belirlenme sorununu bir bulmaca haline getirmiştir. Bu çalışmanın amacı, üretim ile enflasyon arasındaki ilişkiyi yansıtan Phillips eğrisi eğiminin ekonominin dış ticarete açıklık derecesindeki artıştan ne yönde etkilendiği ve para politikasında güvenilirliğin söz konusu etkiyi ne şekilde değiştirdiği hakkında inceleme yapmaktır.

References

  • Alfaro, L. (2005), Inflation, Openness, and Exchange-rate Regimes: The quest for Short-Term Commitment, Journal of Development Economics, 77, 229-249.
  • Al Nasser, O.M., Sachsida, M. ve Mendonça M.J.C. (2009), “The Openness-Inflation Puzzle: Panel Data Evidence”, International Research Journal of Finance and Economics, 28, 169-181.
  • Barro, R.J. ve Gordon, D.B. (1983), Rules, Discretion and Reputation in a Model of Monetary Policy, Journal of Monetary Economics, 12, 101-121.
  • Bleaney, M. (1999), The Disappearing Openness-Inflation Relationship: A Cross-Country Analysis of Inflation Rates, International Monetary Fund, Working Paper, WP/99/161.
  • Bowdler, C. ve Nunziata, L. (2006), Trade Openness and Inflation Episodes in the OECD, Journal of Money, Credit, and Banking, 38(2), 553-563.
  • Bowdler, C. (2003), Openness and the Output-Inflation Tradeoffs, Economics Group, Nuffield College, University of Oxford, Economics Papers, W04.
  • Bowdler, C. (2005), Openness, Exchange Rate Regimes and the Phillips Curve, Economics Group, Nuffield College, University of Oxford, Economics Papers, W25.
  • Daniels, J.R ve Vanhoose, D.D. (2006), Openness, the Sacrifice Ratio and Inflation: Is There a Puzzle?, Journal of International Money and Finance, 25, 1336-1347.
  • Fischer, A.M. (1996), Central Bank Independence and Sacrifice Ratios, Open Economy Review, 7, 5-18.
  • Granato, J., Lo, M. ve Wong, S. (2006), Testing Monetary Policy Intentions in Open Economy, Southern Economic Journal, 72 (3), 730-746.
  • Granato, J., Lo, M. ve S. Wong, S. (2007), A Note on Romer’s Openness-Inflation Relation: The Responsiveness of AS and AD to Economic Openness and Monetary Policy”, Applied Economics, 39, 191-197.
  • Gruben, W.C ve McLeod, D. (2004), The Openness-Inflation Puzzle Revisited, Applied Economic Letters, 11, 465-468.
  • Guender, A. V ve McCaw, S. (2000), The Inflationary Bias in a Model of the Open Economy: A Note, Economics Letters, 68, 173-178.
  • Guender, A. V. ve McCAW, S. (2001), The Role of Openness in the Debate on rules vs. Discreation: A Simple Exposition, Australian Economic Papers, March, 91-110.
  • Jin, J.C. (2006), Can Openness Be an Engine of Sustained High Growth Rates and Inflation? Evidence from Japan and Korea, International Review of Economics and Finance, 15, 228-240.
  • Jordan, T.J. (1999), Central Bank Independence and the Sacrifice Ratio, European Journal of Political Economy, 15, 229-255.
  • Jordan, T. (1997), Disinflation Costs, Accelerating Inflation Gains and Central Bank Independence, Weltwirtschaftliches Archiv, 133, 1-21.
  • Karras, G. (1999), Openness and the Effects of Monetary Policy, Journal of International Money and Finance, 18(1), 13-26.
  • Kim, M. ve Beladi, H. (2005), Is Free Trade Deflationary?, Economic Letters, 89, 343-349.
  • Kyland, F.E. ve Prescott, E.C. (1977), Rules Rather Than Discretion: The Inconsistency of Optimal Plans. Journal of Political Economy, 85(3), 473-491.
  • Lane, P.R. (1997), Inflation in Open Economies, Journal of International Economics, 42, 327-327.
  • Lin, (2010), Openness and Inflation Revisited, International Research Journal of Finance and Economics, 37, 40–45.
  • Neiss, K. (2001), The Markup and Inflation: Evidence in OECD Countries, The Canadian Journal of Economics, 34(2), 570-587.
  • Phillips, A.W. (1958), The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957, Economica, New Series, 25(100), 283-299.
  • Rogoff, K. (1985), The Optimal Degree of Commitment to an Intermediate Monetary Target, Quarterly Journal of Economics, 90(4), 629-649.
  • Romer, D. (1993), Openness and Inflation: Theory and Evidence, The Quarterly Journal of Economics, 108(4), 869-903.
  • Romer, D. (1998), A New Assessment of Openness and Inflation: Reply, Quarterly Journal of Economics, 113(2), May, 649-52.
  • Sachsida, A, Carneiro, G. ve Loureiro, P.R.A. (2003), Does Greater Trade Openness Reduce Inflation? Further Evidence Using Panel Data Techniques, Economic Letters, 81, 315-319.
  • Temple, J. (2002), Openness, Inflation and the Phillips Curve: A Puzzle, Journal of Money, Credit and Banking, 34(2), 450-468.
  • Terra, C.T. (1998), Openness and Inflation: A New Assessment, Quarterly Journal of Economics, 113(2), May, 641-48.
  • Thomas, C. (2012), “Trade Openness And Inflation: Panel Data Evidence For The Caribbean”, International Business & Economics Research Journal, 11/5, May, 507-516.
  • Triffin, R. ve Grubel, H. (1962), The Adjustment Mechanism to Differential Rates of Monetary Expansion among the Countries of the European Economic Community, Review of Economic and Statistics, 44, November, 486-491.
  • Whitman, A.V.N. (1969), Economic Openness and International Financial Flows, Journal of Money Credit and Banking, 1, November, 727-749.
  • Yuen, C. (2002), Openness and the Output-Inflation Tradeoff: Floating vs. Fixed Exchange Rates, International Economic Journal, 16(4), Winter, 1-26.

Ekonominin Dış Ticarete Açıklık Derecesi ve Üretim/Enflasyon Ödünleme İlişkisi

Year 2013, Volume: 19 Issue: 19, - , 01.06.2013

Abstract

Ekonominin dış ticarete açıklık derecesinin ortalama enflasyon ve üretim/enflasyon arasındaki ödünleme ilişkisini ölçen Phillips eğrisinin eğimi üzerindeki etkilerinin belirlenmesi makroekonomik politika analizlerinde büyük önem taşımaktadır. İlgili literatürde, dış ticarete daha açık ekonomilerde Phillips eğrisinin daha dik olduğu ve para politikası otoritesinin öngörülmeyen enflasyon yoluyla üretim artışı yaratma güdülerinin daha zayıf olduğu ileri sürülmektedir. Bununla birlikte, bazı ampirik çalışmalar dış ticarete açıklık derecesi arttıkça Phillips eğrisinin eğiminin azalacağını göstermiştir. Ampirik literatürde elde edilen çelişkili bulgular, dış ticarete açıklık derecesi ile Phillips eğrisi arasındaki ilişkinin belirlenme sorununu bir bulmaca haline getirmiştir. Bu çalışmanın amacı, üretim ile enflasyon arasındaki ilişkiyi yansıtan Phillips eğrisi eğiminin ekonominin dış ticarete açıklık derecesindeki artıştan ne yönde etkilendiği ve para politikasında güvenilirliğin söz konusu etkiyi ne şekilde değiştirdiği hakkında inceleme yapmaktır.

References

  • Alfaro, L. (2005), Inflation, Openness, and Exchange-rate Regimes: The quest for Short-Term Commitment, Journal of Development Economics, 77, 229-249.
  • Al Nasser, O.M., Sachsida, M. ve Mendonça M.J.C. (2009), “The Openness-Inflation Puzzle: Panel Data Evidence”, International Research Journal of Finance and Economics, 28, 169-181.
  • Barro, R.J. ve Gordon, D.B. (1983), Rules, Discretion and Reputation in a Model of Monetary Policy, Journal of Monetary Economics, 12, 101-121.
  • Bleaney, M. (1999), The Disappearing Openness-Inflation Relationship: A Cross-Country Analysis of Inflation Rates, International Monetary Fund, Working Paper, WP/99/161.
  • Bowdler, C. ve Nunziata, L. (2006), Trade Openness and Inflation Episodes in the OECD, Journal of Money, Credit, and Banking, 38(2), 553-563.
  • Bowdler, C. (2003), Openness and the Output-Inflation Tradeoffs, Economics Group, Nuffield College, University of Oxford, Economics Papers, W04.
  • Bowdler, C. (2005), Openness, Exchange Rate Regimes and the Phillips Curve, Economics Group, Nuffield College, University of Oxford, Economics Papers, W25.
  • Daniels, J.R ve Vanhoose, D.D. (2006), Openness, the Sacrifice Ratio and Inflation: Is There a Puzzle?, Journal of International Money and Finance, 25, 1336-1347.
  • Fischer, A.M. (1996), Central Bank Independence and Sacrifice Ratios, Open Economy Review, 7, 5-18.
  • Granato, J., Lo, M. ve Wong, S. (2006), Testing Monetary Policy Intentions in Open Economy, Southern Economic Journal, 72 (3), 730-746.
  • Granato, J., Lo, M. ve S. Wong, S. (2007), A Note on Romer’s Openness-Inflation Relation: The Responsiveness of AS and AD to Economic Openness and Monetary Policy”, Applied Economics, 39, 191-197.
  • Gruben, W.C ve McLeod, D. (2004), The Openness-Inflation Puzzle Revisited, Applied Economic Letters, 11, 465-468.
  • Guender, A. V ve McCaw, S. (2000), The Inflationary Bias in a Model of the Open Economy: A Note, Economics Letters, 68, 173-178.
  • Guender, A. V. ve McCAW, S. (2001), The Role of Openness in the Debate on rules vs. Discreation: A Simple Exposition, Australian Economic Papers, March, 91-110.
  • Jin, J.C. (2006), Can Openness Be an Engine of Sustained High Growth Rates and Inflation? Evidence from Japan and Korea, International Review of Economics and Finance, 15, 228-240.
  • Jordan, T.J. (1999), Central Bank Independence and the Sacrifice Ratio, European Journal of Political Economy, 15, 229-255.
  • Jordan, T. (1997), Disinflation Costs, Accelerating Inflation Gains and Central Bank Independence, Weltwirtschaftliches Archiv, 133, 1-21.
  • Karras, G. (1999), Openness and the Effects of Monetary Policy, Journal of International Money and Finance, 18(1), 13-26.
  • Kim, M. ve Beladi, H. (2005), Is Free Trade Deflationary?, Economic Letters, 89, 343-349.
  • Kyland, F.E. ve Prescott, E.C. (1977), Rules Rather Than Discretion: The Inconsistency of Optimal Plans. Journal of Political Economy, 85(3), 473-491.
  • Lane, P.R. (1997), Inflation in Open Economies, Journal of International Economics, 42, 327-327.
  • Lin, (2010), Openness and Inflation Revisited, International Research Journal of Finance and Economics, 37, 40–45.
  • Neiss, K. (2001), The Markup and Inflation: Evidence in OECD Countries, The Canadian Journal of Economics, 34(2), 570-587.
  • Phillips, A.W. (1958), The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957, Economica, New Series, 25(100), 283-299.
  • Rogoff, K. (1985), The Optimal Degree of Commitment to an Intermediate Monetary Target, Quarterly Journal of Economics, 90(4), 629-649.
  • Romer, D. (1993), Openness and Inflation: Theory and Evidence, The Quarterly Journal of Economics, 108(4), 869-903.
  • Romer, D. (1998), A New Assessment of Openness and Inflation: Reply, Quarterly Journal of Economics, 113(2), May, 649-52.
  • Sachsida, A, Carneiro, G. ve Loureiro, P.R.A. (2003), Does Greater Trade Openness Reduce Inflation? Further Evidence Using Panel Data Techniques, Economic Letters, 81, 315-319.
  • Temple, J. (2002), Openness, Inflation and the Phillips Curve: A Puzzle, Journal of Money, Credit and Banking, 34(2), 450-468.
  • Terra, C.T. (1998), Openness and Inflation: A New Assessment, Quarterly Journal of Economics, 113(2), May, 641-48.
  • Thomas, C. (2012), “Trade Openness And Inflation: Panel Data Evidence For The Caribbean”, International Business & Economics Research Journal, 11/5, May, 507-516.
  • Triffin, R. ve Grubel, H. (1962), The Adjustment Mechanism to Differential Rates of Monetary Expansion among the Countries of the European Economic Community, Review of Economic and Statistics, 44, November, 486-491.
  • Whitman, A.V.N. (1969), Economic Openness and International Financial Flows, Journal of Money Credit and Banking, 1, November, 727-749.
  • Yuen, C. (2002), Openness and the Output-Inflation Tradeoff: Floating vs. Fixed Exchange Rates, International Economic Journal, 16(4), Winter, 1-26.
There are 34 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Ayşen Araç This is me

Publication Date June 1, 2013
Submission Date December 12, 2014
Published in Issue Year 2013 Volume: 19 Issue: 19

Cite

APA Araç, A. (2013). Ekonominin Dış Ticarete Açıklık Derecesi ve Üretim/Enflasyon Ödünleme İlişkisi. Sosyoekonomi, 19(19). https://doi.org/10.17233/se.54618
AMA Araç A. Ekonominin Dış Ticarete Açıklık Derecesi ve Üretim/Enflasyon Ödünleme İlişkisi. Sosyoekonomi. April 2013;19(19). doi:10.17233/se.54618
Chicago Araç, Ayşen. “Ekonominin Dış Ticarete Açıklık Derecesi Ve Üretim/Enflasyon Ödünleme İlişkisi”. Sosyoekonomi 19, no. 19 (April 2013). https://doi.org/10.17233/se.54618.
EndNote Araç A (April 1, 2013) Ekonominin Dış Ticarete Açıklık Derecesi ve Üretim/Enflasyon Ödünleme İlişkisi. Sosyoekonomi 19 19
IEEE A. Araç, “Ekonominin Dış Ticarete Açıklık Derecesi ve Üretim/Enflasyon Ödünleme İlişkisi”, Sosyoekonomi, vol. 19, no. 19, 2013, doi: 10.17233/se.54618.
ISNAD Araç, Ayşen. “Ekonominin Dış Ticarete Açıklık Derecesi Ve Üretim/Enflasyon Ödünleme İlişkisi”. Sosyoekonomi 19/19 (April 2013). https://doi.org/10.17233/se.54618.
JAMA Araç A. Ekonominin Dış Ticarete Açıklık Derecesi ve Üretim/Enflasyon Ödünleme İlişkisi. Sosyoekonomi. 2013;19. doi:10.17233/se.54618.
MLA Araç, Ayşen. “Ekonominin Dış Ticarete Açıklık Derecesi Ve Üretim/Enflasyon Ödünleme İlişkisi”. Sosyoekonomi, vol. 19, no. 19, 2013, doi:10.17233/se.54618.
Vancouver Araç A. Ekonominin Dış Ticarete Açıklık Derecesi ve Üretim/Enflasyon Ödünleme İlişkisi. Sosyoekonomi. 2013;19(19).