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A Cost-based Empirical Model of the Aggregate Price Determination for the Turkish Economy: A Multivariate Cointegration Approach      
Yazarlar
Fatma Zeren
Türkiye
Doç. Dr. Hüseyin Levent KORAP Doç. Dr. Hüseyin Levent KORAP
Türkiye
Özet
This paper tries to examine the long run relationships between the aggregate consumer prices and some cost-based components for the Turkish economy. Based on a simple economic model of the macro-scaled price formation, multivariate cointegration techniques have been applied to test whether the real data support the a priori model construction. The results reveal that all of the factors, related to the price determination, have a positive impact on the consumer prices as expected. We find that the most significant component contributing to the price setting is the nominal exchange rate depreciation. We also cannot reject the linear homogeneity of the sum of all the price data as to the domestic inflation. The paper concludes that the Turkish consumer prices have in fact a strong cost-push component that contributes to the aggregate pricing.
Anahtar Kelimeler
Aggregate consumer prices | Cointegration | Turkish economy
Makale Türü Özgün Makale
Makale Alt Türü SSCI, AHCI, SCI, SCI-Exp dergilerinde yayımlanan tam makale
Dergi Adı PANOECONOMICUS
Dergi ISSN 1452-595X
Dergi Tarandığı Indeksler SSCI
Makale Dili Türkçe
Basım Tarihi 01-2010
Cilt No 57
Sayı 2
Sayfalar 173 / 188
Doi Numarası 10.2298/PAN1002173Z
Makale Linki http://panoeconomicus.org/index.php/jorunal/article/view/182