After experiencing high and persistent inflation for more than two decades, Turkey is entering a period of single …-digit inflation again. Following a summary of the macroeconomic developments occurred since early 1970s, this paper attempts to survey … the empirical literature both on the dynamics of chronic inflation and on the possible effects of disinflation in Turkey. …

demand stagnation, this paper sets out to shed some fresh light on the role of the ECB in the ongoing EMU crisis. Contrary to … the widely held interpretation of the ECB as an inflation targeter—and a rather soft one, too—it is argued that the key … and inflation persistence that owes to the ECB’s failure to internalize the euro area’s fiscal regime. This raises the …

policy questions related to the Czech Republic’s anticipated EMU accession. In order to be able to use the model for …

This paper surveys and examines the sources of fluctuations in inflation and output in Turkey. Using a dynamic open … indicate that inflation is driven by monetary and real demand disturbances while output is mainly driven by aggregate supply … disturbances. The historical decomposition shows that a substantial portion of inflation is aggregate demand-driven core inflation …

decompose inflation and output movements into those attributable to terms of trade, supply, balance-of-payments, fiscal, and … monetary shocks. Empirical results show that terms of trade shocks have a significant negative effect on inflation in the short …

inflation declines smoothly over time whilst interest rates are volatile. We capture this by assuming that expectations are …