Gelos, Gaston; Prati, Alessandro; Celasun, Oya - International Monetary Fund (IMF) - 2003
Persistently high inflation rates have led many to believe that inflation in Turkey has become "inertial," posing an … obstacle to disinflation. We assess the empirical validity of this argument. We find that the current degree of inflation …, expectations of future inflation are more important than past inflation in shaping the inflation process, providing little evidence …