Following the financial crises in November 2000 and February 2001, the Turkish government canceled the 2000-2002 disinflation and economic restructuring program on February 22, 2001, and introduced a new macroeconomic-policy program on April 14, 2001. According to this new program, the annual...

“Financial Liberalization” winds had blown for 1980s’ Turkey, affected from developed nations, resulted from the efforts of keeping in step with world trend, and hence the law that had been put into practice in 1989, “decree no.32”, had not only affected its era, also had left...

This paper examines the effects of private financial (non-FDI) capital inflows in Thailand in the pre-crisis period (1980:I–96:IV). Private capital inflows are found to be associated with higher asset prices, lower lending rates, surges in bank lending and domestic spending driven by higher...

Ham petrol ithal fiyatlarindaki degismeler dolayisiyla akaryakit urunlerinin yurtici fiyatlarinda meydana gelen degismelerin Turkiye'deki olasi enflasyonist ve/veya deflasyonist etkileri, Kibritcioglu ve Kibritcioglu (1999) tarafindan kuramsal ve olgusal bilgiler isiginda sematik ve ampirik...

Ham petrol fiyatlarindaki artislarin petrol ithalatcisi ulkelerdeki olasi enflasyonist etkileri, ozellikle 1970’li yillarda Dunya’da yasanan iki buyuk petrol krizinden bu yana tartisilir olmustur. Bir ham petrol ithalatcisi olan Turkiye’de de, enflasyonun onemli kaynaklarindan birinin ham...

This paper develops and estimates an unobserved components model for purposes of monetary policy analysis and inflation targeting in a small open economy. Cyclical components are modeled as a multivariate linear rational expectations model of the monetary transmission mechanism, while trend...

Using a simple single-equation approach, many studies have shown that the term structure of interest rates or its approximation – the term spread is a potentially useful indicator of future inflation and/or future real economic activity. We argue that these results may be biased due to the...

In open economy, a choice can be made between two measures of inflation for use as a target variable: CPI inflation or domestic inflation. This paper considers flexible and strict inflation targeting strategies and explores the circumstances under which a domestic inflation target is preferred...

This paper re-examines the behavioral responses of key macroeconomic variables in Canada to exogenous shocks to the relative price of investment goods. It does so by developing a stylized two-sector real business cycle model which is simulated to explore its ability to shed new light on the...

The paper presents a structural model framework for a small open economy. The model, based on optimising households and firms, has been calibrated on Czech macroeconomic data in order to develop an analytic framework suitable for analysing key policy questions related to the Czech Republic’s...