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Inflation, Output, and Stabilization in a High Inflation Economy: Turkey, 1980-2000

Paper:ewp-mac/0107003
From: "AK" <   > 
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Date: Wed, 25 Jul 2001 16:59:34 -0500
Date (revised): Thu, 26 Jul 2001 13:45:08 -0500

Title: Inflation, Output, and Stabilization in a High Inflation Economy: Turkey, 1980-2000
Author: Selahattin Dibooglu (Southern Illinois Univ. at Carbondale & Univ. of Illinois at Urbana-Champaign) and Aykut Kibritcioglu (Ankara Univ. & Univ. of Illinois at Urbana-Champaign)
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JEL: E31 E23 F41 C32
URL: http://www.cba.uiuc.edu/research/working_papers.htm
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Keywords: Stabilization Policy - Turkey; Inflation- Causes and Effects; Inflation Theories; Turkey- Macroeconomic Developments; Macroeconomics - Theory of Aggregate Supply and Aggregate Demand; Time Series Models
Report-no: uiuc-cba-orwp-01-0112

Abstract:

This paper surveys and examines the sources of fluctuations in inflation and output in Turkey. Using a dynamic open economy aggregate supply - aggregate demand model with imperfect capital mobility and structural vector-autoregressions, the authors consider real oil price, supply, balance of payments, real demand, and monetary disturbances. Empirical results indicate that inflation is driven by monetary and real demand disturbances while output is mainly driven by aggregate supply disturbances. The historical decomposition shows that a substantial portion of inflation is aggregate demand-driven core inflation. A credible disinflation program accompanied by structural reform is likely to stabilize the economy with little output costs.

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