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AN APPLICATION OF NEW KEYNESIAN PHILLIPS CURVE ON TURKEY

Yıl 2010, Cilt: 6 Sayı: 11, 141 - 162, 01.06.2010

Öz

Since 1930s until the beginning of the 1970s Keynesian economics dominated both theoric and empirical economics. However, it has undergone criticisms both in theoretical and empirical perspectives due to the stagflation phenomenon dominates the world at the end of 1960s. The reason of empirical criticisms was due to declining importance of classic Phillips curve. For this reason, many economists have tried to analyze Keynesian macro-theory in terms of micro-foundations. The purpose of this study is to determine whether the inflation in Turkey is affected by the past inflation or expectations of future inflation in the new Keynesian view and test it by constructing hybrid form model. This model is tested by the method of TSOLS analyze the inflation phenomenon from a micro perspective. According to the results obtained, inflation in Turkey is determined by the expectations of future inflation rather than past inflation

Kaynakça

  • Akkaya, Şahin ve Vedat Pazarlıoğlu (2000), Ekonometri 1, Anadolu Matbaacılık, İzmir.
  • Bårdsen, Gunnar; Eilev S. Jansen and Ragnar Nymoen (2002), “Testing the New Keynesian Phillips Curve”, Memorandum, Department of Economics University of Oslo, No. 18.
  • Bekaert, Geert, Seonghoon Cho and Antonio Moreno (2005), “New-Keynesian Macroeconomics and the Term Structure”, NBER Working Paper, No. 11340.
  • Berument, Hakan; Nildag Başak Ceylan ve Hasan Olgun (2007), “Inflation Uncertainty and Interest Rates: Is the Fisher Relation Universal?”, Applied Economics, Vol. 39, No. 1, pp. 53-68.
  • Brissimis, Sophocles. N. and Nicholas S. Magginas (2006), “Inflation Forecasts and the New Keynesian Phillips Curve”, Bank of Greece Working Paper, No. 38.
  • Calvo, Guilermo A. (1983), “Staggered Prices in a Utility-Maximizing Framework”, Journal of Monetary Economics, Vol. 12, No. 3, pp. 383-398.
  • Cavallo, Michele (2008), “Oil Prices and Inflation”, FRBSF Economic Letter, No. 31.
  • Céspedes, Luis F., Marcelo Ochoa, and Claudio Soto (2005), “An Estimated New Keynesian Phillips Curve for Chile”, Working Paper 333, Santiago: Central Bank of Chile.
  • Creel, Michael (2006), Econometrics, Department of Economics and Economic History, Universitat Autònoma de Barcelona.
  • Greene, William (2003), Econometric Analysis, Prentice Hall, New Jersey.
  • Genberg, Hans and Laurent L. Pauwels (2003), “An Open Economy New Keynesian Phillips Curve: Evidence from Hong Kong”, HEI Working Paper, No. 3.
  • Gujarati, Demodar N. (1995), Basic Econometrics, McGraw-Hill, New York.
  • Gujarati, Demodar N. (2004), Basic Econometrics, McGraw-Hill, New York.
  • King, Robert. G. (2000), “The New IS-LM Model: Language, Logic and Limits”, Federal Reserve Bank of Richmand Economic Quarterly, Vol. 86, No.3, pp. 45- 103.
  • Korkmaz, Suna (2009), “Yeni Phillips Eğrisi ve Türkiye Üzerine Bir Uygulama”, Basılmamış Doktora Tezi, Ankara Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.
  • Mehra, Yash P. and Christopher Herrington (2008), “On the Sources of Movements in Inflation Expectations: A Few Insights from a VAR Model”, Economic Quarterly, Vol. 94, No. 2, pp. 121-146.
  • Pesaran, Hashem M. and Larry W. Taylor (1999), “Diagnostics for IV Regressions”, Oxford Bulletin of Economics and Statistics, Vol. 61, No. 2, pp. 255-281.
  • Ribon, Sigal (2004), “A New Phillips Curve for Israel”, Bank of Israel Discussion Paper, No. 11.
  • Roche, John M. (2001), Econometric Modelling of the Agri-Food Sector, Rural Economy Research Centre, http://www.tnet.teagasc.ie/fapri/ pubandrep2001.htm, (Erişim Tarihi: 15.06.2008).
  • Roberts, John M. (1995), “New Keynesian Economics and the Phillips Curve, Journal of Money, Credit, and Banking 27, pp. 975-984.
  • Shelley, Gary and Frederick Wallace (2005), “The Relation between U.S Money Growth and Inflation: Evidence from a Band-pass Filter”, Economics Bulletin, Vol. 5, No. 8, pp. 1-13.

YENİ KEYNESYEN PHILLIPS EĞRİSİNİN TÜRKİYE’YE UYGULANMASI

Yıl 2010, Cilt: 6 Sayı: 11, 141 - 162, 01.06.2010

Öz

1960’lı yılların sonlarında dünyada hâkim olan stagflasyon olgusu nedeniyle 1930’lardan 1970’li yılların başına kadar geçerli olan Keynesyen iktisat hem teorik hem de ampirik açıdan eleştirilere uğramıştır. Ampirik olarak eleştirilmesinin nedeni Klasik Phillips eğrisinin önemini yitirmesiydi. Bu nedenle birçok iktisatçı Keynesyen makro teoriye mikro temeller açısından bakmaya çalışmışlardır. Bu çalışmanın amacı, Yeni Keynesyen görüş ışığında Türkiye’deki enflasyonun, geçmiş enflasyona göre mi yoksa gelecek enflasyon beklentisine göre mi belirlendiğini melez formda oluşturulan modelle sınamaktır. Bu model 2AEKK yöntemi ile sınanarak enflasyon olgusuna mikro açıdan bakılmıştır. Elde edilen sonuçlara göre Türkiye’deki enflasyonun geçmiş enflasyondan çok gelecek enflasyon beklentisine göre belirlendiği ortaya çıkmıştır.

Kaynakça

  • Akkaya, Şahin ve Vedat Pazarlıoğlu (2000), Ekonometri 1, Anadolu Matbaacılık, İzmir.
  • Bårdsen, Gunnar; Eilev S. Jansen and Ragnar Nymoen (2002), “Testing the New Keynesian Phillips Curve”, Memorandum, Department of Economics University of Oslo, No. 18.
  • Bekaert, Geert, Seonghoon Cho and Antonio Moreno (2005), “New-Keynesian Macroeconomics and the Term Structure”, NBER Working Paper, No. 11340.
  • Berument, Hakan; Nildag Başak Ceylan ve Hasan Olgun (2007), “Inflation Uncertainty and Interest Rates: Is the Fisher Relation Universal?”, Applied Economics, Vol. 39, No. 1, pp. 53-68.
  • Brissimis, Sophocles. N. and Nicholas S. Magginas (2006), “Inflation Forecasts and the New Keynesian Phillips Curve”, Bank of Greece Working Paper, No. 38.
  • Calvo, Guilermo A. (1983), “Staggered Prices in a Utility-Maximizing Framework”, Journal of Monetary Economics, Vol. 12, No. 3, pp. 383-398.
  • Cavallo, Michele (2008), “Oil Prices and Inflation”, FRBSF Economic Letter, No. 31.
  • Céspedes, Luis F., Marcelo Ochoa, and Claudio Soto (2005), “An Estimated New Keynesian Phillips Curve for Chile”, Working Paper 333, Santiago: Central Bank of Chile.
  • Creel, Michael (2006), Econometrics, Department of Economics and Economic History, Universitat Autònoma de Barcelona.
  • Greene, William (2003), Econometric Analysis, Prentice Hall, New Jersey.
  • Genberg, Hans and Laurent L. Pauwels (2003), “An Open Economy New Keynesian Phillips Curve: Evidence from Hong Kong”, HEI Working Paper, No. 3.
  • Gujarati, Demodar N. (1995), Basic Econometrics, McGraw-Hill, New York.
  • Gujarati, Demodar N. (2004), Basic Econometrics, McGraw-Hill, New York.
  • King, Robert. G. (2000), “The New IS-LM Model: Language, Logic and Limits”, Federal Reserve Bank of Richmand Economic Quarterly, Vol. 86, No.3, pp. 45- 103.
  • Korkmaz, Suna (2009), “Yeni Phillips Eğrisi ve Türkiye Üzerine Bir Uygulama”, Basılmamış Doktora Tezi, Ankara Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.
  • Mehra, Yash P. and Christopher Herrington (2008), “On the Sources of Movements in Inflation Expectations: A Few Insights from a VAR Model”, Economic Quarterly, Vol. 94, No. 2, pp. 121-146.
  • Pesaran, Hashem M. and Larry W. Taylor (1999), “Diagnostics for IV Regressions”, Oxford Bulletin of Economics and Statistics, Vol. 61, No. 2, pp. 255-281.
  • Ribon, Sigal (2004), “A New Phillips Curve for Israel”, Bank of Israel Discussion Paper, No. 11.
  • Roche, John M. (2001), Econometric Modelling of the Agri-Food Sector, Rural Economy Research Centre, http://www.tnet.teagasc.ie/fapri/ pubandrep2001.htm, (Erişim Tarihi: 15.06.2008).
  • Roberts, John M. (1995), “New Keynesian Economics and the Phillips Curve, Journal of Money, Credit, and Banking 27, pp. 975-984.
  • Shelley, Gary and Frederick Wallace (2005), “The Relation between U.S Money Growth and Inflation: Evidence from a Band-pass Filter”, Economics Bulletin, Vol. 5, No. 8, pp. 1-13.
Toplam 21 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Suna Korkmaz Bu kişi benim

Yayımlanma Tarihi 1 Haziran 2010
Yayımlandığı Sayı Yıl 2010 Cilt: 6 Sayı: 11

Kaynak Göster

APA Korkmaz, S. (2010). YENİ KEYNESYEN PHILLIPS EĞRİSİNİN TÜRKİYE’YE UYGULANMASI. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 6(11), 141-162.