Turkey's experience with disinflation: where did all the welfare gains go?
Applied Economics Letters
664 - 668
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This article measures the welfare gains from disinflation in Turkey during the 2000s. Estimated welfare gains exceed the real output gains, which is likely to arise from persisting allocative inefficiencies, pointing at the need for further structural and institutional reforms for the benefits of price stability to be utilized towards achieving sustainable development. © 2013 Copyright Taylor and Francis Group, LLC.
Welfare costs of inflation