This paper analyzes inflationary processes in Turkey through the use of three regression models with successively more general structures. The empirical results indicate that aggregate output is responsive to unexpected changes in the money supply, but that the magnitude of this response depends on the nature of the foreign exchange regime. The relationship between the money supply and prices is not proportional, but depends on inflationary expectations...
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详细
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1982/04/30
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员工工作文件
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SWP540
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1
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1
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2010/07/01
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Structural aspects of Turkish inflation, 1950-1979
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money supply