Yazar "Cicek, Serkan" seçeneğine göre listele

Listeleniyor 1 - 4 / 4
  • Küçük Resim Yok
    Yayın
    Anchoring of inflation expectations and credibility in Turkey
    (BILGESEL YAYINCILIK SAN & TIC LTD, 2011) Cicek, Serkan; Akar, Cuneyt; Yucel, Eray
    Anchoring of inflation expectations and credibility in Turkey This paper investigates the inflation targeting experience of Turkey in terms of the degree of anchoring of expectations to official targets. The estimated time-varying vector auto-regression model suggests a high path for the anchoring parameter until May 2006 and a relatively lower path until November 2008 following the financial turbulence of May 2006. The anchoring behaviour strengthens after November 2008. The congruence between model estimates and the anecdotal milestones of the Turkish economy can be interpreted as a sign of decision makers' manifestation of confidence in the Central Bank.
  • Küçük Resim Yok
    Yayın
    The asymmetry of inflation adjustment in Turkey
    (ELSEVIER SCIENCE BV, 2013) Cicek, Serkan; Akar, Cuneyt
    We investigated the dynamic behavior of the overall inflation rate, its subgroups, and inflation rates of traded and non-traded goods in Turkey between 1994:M1 and 2012:M5 by using a quantile autoregression approach developed by Koenker and Xiao (2004). This method makes no assumptions about the distribution of inflation rates and allowed us to analyze possible asymmetry in mean reversion toward the equilibrium for inflation rates. Our results revealed an asymmetric speed in the inflation adjustment process across different quantiles before and after an inflation targeting (IT) regime (implicit and explicit); persistence relatively decreased after adoption of implicit IT in 2002 or explicit IT and inflation rates became much more mean reverting. (C) 2012 Elsevier B.V. All rights reserved.
  • Küçük Resim Yok
    Yayın
    Globalization and flattening of Phillips Curve in Turkey between 1987 and 2007
    (ELSEVIER SCIENCE BV, 2012) Cicek, Serkan
    In the last two decades, there have been important changes in inflation dynamics in Turkey. While average inflation rate, inflation volatility and inflation persistence declined, the prices of tradable goods have shown an increase less than prices of non-tradable goods. The aim of this paper is to inquire whether the globalization has an effect on this change and to test whether and how it affected the slope of the Phillips Curve. The findings point out that global activity did have an effect on domestic inflation rate and that Phillips Curve got flatter. (C) 2012 Elsevier B.V. All rights reserved.
  • Küçük Resim Yok
    Yayın
    A New Test of Exchange Rate Pass-through in a Small Open Economy: Evidence from Asymmetric ARDL Bounds Approach
    (BILGESEL YAYINCILIK SAN & TIC LTD, 2013) Cicek, Serkan; Boz, Cigdem
    In this paper, we investigate the asymmetric effect of exchange rate movements on prices in both expansion and recession cycles for the inflation targeting (IT) period in Turkey, from 2002:M1 to 2012:M10, by using a co-integrating non-linear auto regression distributed lag (NARDL) model. This method enables us to analyse an asymmetric short and long-run relationship between nominal exchange rate and domestic inflation rate. According to alternative calculations of depreciation and appreciation series, our results indicate that depreciation is passed through prices in the long run for all alternative series in expansion cycle, but appreciation is only passed through if the appreciation rate is calculated by more than four previous periods. Our findings further suggest that the magnitude of depreciation on prices is larger than appreciation. However, in the short run, although depreciation is passed through to the prices, appreciation is not. This finding implies that prices are sticky downwards but flexible upwards in the short run and business cycle is the main source of asymmetry.