Money, output and prices in Turkey

H. Sonmez Atesoglu, Donald H. Dutkowsky

Research output: Contribution to journalArticle

4 Scopus citations

Abstract

The determination of aggregate output and the price level in Turkey is examined. Empirical results indicate that the Turkish economy behaves consistent with predictions of a simple real business cycle model. Output follows an autoregressive structure with trend. Monetary policy is neutral and the results point to unitary elasticity between money and prices. The findings are generally robust to estimations in levels or first differences, and hold for either the narrow or broad money stock. The results suggest a modelling and policy strategy which may be relevant for other semi-industrialized countries.

Original languageEnglish (US)
Pages (from-to)38-41
Number of pages4
JournalApplied Economics Letters
Volume2
Issue number2
DOIs
StatePublished - Feb 1 1995

ASJC Scopus subject areas

  • Economics and Econometrics

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