The paper aims to investigate whether the effect of the backward-looking inflation expectations, nominal effective exchange rate, money supply, gross domestic product and import prices on inflation depends on business cycle. For this purpose, a two states Markov Switching Auto Regression model...

The paper aims to investigate whether the effect of the backward-looking inflation expectations, nominal effective exchange rate, money supply, gross domestic product and import prices on inflation depends on business cycle. For this purpose, a two states Markov Switching Auto Regression model...

The paper aims to investigate whether the effect of the backward-looking inflation expectations, nominal effective exchange rate, money supply, gross domestic product and import prices on inflation depends on business cycle. For this purpose, a two states Markov Switching Auto Regression model...