TÜRKİYE EKONOMİSİNDE FİYAT KATILIKLARI

19 PRICE RIGIDITY IN TURKISH ECONOMY

Yazar/Author:

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Abstract

Price setting mechanism is one of the fundamental topics in macroeconomic theory. Causes of business cycles and effects of monetary policy on the economy can be observed with price changes. If prices are rigid (which causes slow response to the nominal shocks), central bank can influence the real quantity of produced goods and services. According to monetarism and new classical economic approaches, prices are flexible and there is no need for macroeconomic policies. On the other hand, New Keynesian economic theory is built on the assumption that prices and wages are sticky. Therefore, money is not neutral and monetary expansion results in real effects in an economy. In this paper we investigate the price rigidities in Turkey. Also, we investigate if the nominal changes are distributed homogeneously or not on the basis of main expenditure items and geometric density curves, average, median and standard deviation of price changes were obtained. For these purposes we used price of the 331 goods in 2005: 01-2014:12 period obtained from Turkey Statistical Institute (TUIK).

The calculations are done by matlab. According to our results price rigidity is low in Turkey.

Key words: Price rigidity, New Keynesian economy, Nominal price changes, Economy of Turkey

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Anahtar Kelimeler

___________________________________________________________________________

1.

eli

7 , bkucukefe@nku.edu.tr

20

z (Arrow ve Debreu, 1954). Walras

ekono

u. Yeni

ok

Auto-

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ekonomisinde, 1994-

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du

2. em

lecektir.

2.1. Veri Seti

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rilmektedir.

22

Expenditure Items

Ana Harcama Kalemleri

2005:01-2014:12 2005:01-2014:12

130 83

5 4

64 41

Konut giderleri 13 12

64 57

17 14

31 27

14 7

47 36

8 6

Hizmet 14 13

ve hizmetler 33 31

440 331

3.

ov,

(1)

, i t

23

(2)

),

(3) (4)

j ise j ana harcama grubunun

4. Bulgular

4.1.

-

24

y percentage of nominal price changes geometric density curves of on the basis of main expenditure items

Konut giderleri

Hizmet

25

Average, median and standard deviation of price changes on the basis of main expenditure items

Harcama Kalemleri Ortalama Medyan Standart Sapma

0.7632163 0.47154598 4.125866

0.8560897 0.10717898 2.563810

0.5177408 0.31444798 4.599905

Konut giderleri 0.7203434 0.32164366 2.593112

0.5622506 0.31893613 3.931179

0.7754972 0.12053836 8.995686

0.7125135 0.17060151 3.464555

0.8695708 0.00000000 8.994299

0.5243785 0.01218064 5.621990

0.8135684 0.08508061 8.537935

Hizmet 0.8337082 0.67372195 1.300582

hizmetler 0.6240165 0.32095406 4.418619

0.6538126 0.5580303 0.7972144

Tablo-

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-

26

1 Percentage standard deviation of nominal price changes on the basis of Consumer Price Index and main expenditure items/

4.2.

Ana harcama kal

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Tablo 2 /Table 3 Frequency

and period of nominal price changes on the basis of main expenditure items

Harcama Kalemleri Frekans

(Ay^-1)

Periyot (Ay)

0.8618001 1.160362

0.6092437 1.641379

0.8969051 1.114945

Konut giderleri 0.7156863 1.39726

27

0.7767949 1.287341

0.5294118 1.888889

0.6514161 1.535117

0.3229292 3.096654

0.5915033 1.690608

0.512605 1.95082

Hizmet 0.8616677 1.16054

0.7520325 1.32973

Tablo-

riyotu ise 1.33

-

5.

-

k her 1.3 ayda bir

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