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In this paper, we analyze the twin deficits hypothesis covering the period from 1994 to 2012 in Turkey. In contrast to previous studies on Turkey, the existence of twin deficits is investigated by regime-dependent impulse response functions and forecast error variance decompositions based on a...
Persistent link: https://www.econbiz.de/10011263214
Harry Johnson’s 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution. It is then argued that, whereas Monetarism brought...
Persistent link: https://www.econbiz.de/10010835365
This paper analyses the monetary policy and its impact on the rate of inflation during the economic structural …, which is relevant for analysing inflation and monetary policy during adjustment programs. The sample does not include other … by the supply of money, and that the authorities were able to reduce inflation by restricting the money supply process …
Persistent link: https://www.econbiz.de/10008482026
-in-advance economy using US postwar data and find cointegration of the interest rate, inflation, unemployment and the money supply, using …
Persistent link: https://www.econbiz.de/10010938563
in ERPT to CPI inflation for the Finnish economy. Within a logistic smooth transition framework, our investigations …
Persistent link: https://www.econbiz.de/10010936534
The complexity of the monetary phenomenon as well as the effects that it induces in the social and economic life of the countries around the world have represented and still represent the subject of much controversy and dispute. The current forms of the monetary circulation organization in...
Persistent link: https://www.econbiz.de/10011255197
The purpose of this article is to examine the influence of the following key macroeconomic indicators: GDP, inflation …/RON, inflation and interest rate. We can not validate the correlation between exchange rate and Balance of payment, because the test …
Persistent link: https://www.econbiz.de/10009492699
Definition of inflation was the victim of a "war" theory of money growth and general price increase. What was once … described as a monetary issue is now presented as a price effect. This change of position sense supporters anti-inflation … complicated by the simple fact that inflation based on prices may have, as I mentioned with several causes, making it difficult to …
Persistent link: https://www.econbiz.de/10010633835
effort to determine the time paths of income, actual and expected inflation towards their long – run equilibrium values … effects on the equilibrium values of real stock of money, real income and actual and expected inflation, which ensue from the …
Persistent link: https://www.econbiz.de/10008490663
Economists have traditionally viewed futures prices as fully informative about future economic activity and asset prices. We argue that open interest could be more informative than futures prices in the presence of hedging demand and limited risk absorption capacity in futures markets. We find...
Persistent link: https://www.econbiz.de/10010617611