Celasun, Oya; Gelos, R. Gaston; Prati, Alessandro - In: IMF Staff Papers 51 (2004) 3, pp. 493-509
When inflation rates in a country are persistently high, observers often believe that the inflation process has become "inertial," posing an obstacle to disinflation. Using an innovative approach, we assess the empirical validity of this argument for the case of Turkey. We find that the current...