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      • Theses - Department of Economics
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      New Keynesian small open economy: Turkish case

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      Embargo Lift Date: 2018-07-12
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      Author
      Ersoy, Sedat
      Advisor
      Lee, Sang Seok
      Date
      2016-06
      Publisher
      Bilkent University
      Language
      English
      Type
      Thesis
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      Abstract
      Turkey experienced substantial declines in inflation after 2002. Was it due to good policy, good luck, or both? To address this question, we incorporate stochastic volatility into a small open new Keynesian model of Monacelli (2005). As demonstrated by Fernandez-Villaverde, Guerron-Quintana, Rubio-Ramirez (2010), volatility shocks are an importance source of macroeconomic fluctuations so they need to be accounted for in order to examine the good luck hypothesis rigorously. Our estimated model suggests that both good policy and good luck played roles in bringing down the inflation.
      Keywords
      Incomplete pass-through of exchange rate
      Particle filter
      Pruning
      Stochastic Volatility
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      http://hdl.handle.net/11693/30136
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      • Dept. of Economics - Master's degree 290
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