Browsing by Subject "Services sector"

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    Application of periodogram-based cointegration test for the analysis of the services and goods sector inflations
    (Econometric Research Association, 2010) Metin Ozcan, K.; Akdi, Y.; Kalafatcilar, K.
    The differing dynamics of the inflations of the services and goods sectors has been of major concern in Turkey. The persistence of the services sector inflation during disinflation periods hampered the efforts of the Central Bank of Turkey of hitting inflation targets in a country with long-lasting high inflation experience. In search of a possible long-run relationship between the services and goods sectors’ inflations, this paper employs a method based on periodograms of the series in addition to time series tools. A periodogram-based test has pros over conventional tests; this test is model-free, seasonally robust and mean invariant. Empirical findings obtained from the methods employed in this study, Engle-Granger’s and Johansen’s conventional long-run time series tools as well as periodogram based test, suggest that services and goods sector inflations in Turkey are not cointegrated.
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    Factors influencing relative price of goods and services sectors in Turkey: an econometric analysis
    (Bilgesel Yayıncılık San. ve Tic. Ltd., 2009) Özcan, K. M.; Kalafatcılar, K.
    Upon difficulties faced by the Central Bank of Turkey (CBT) in attaining inflation targets, diverging movements in goods and services sectors prices, two components of the CPI basket, have drawn particular attention. However, studies on this issue have remained rather limited in developing as well as advanced countries. The present study is an attempt, despite limited availability of studies in the relevant literature and scant data relating to the sector of services, to clarify the issue by a VEC model. Relative price movements were explained by economic factors including inter-sectoral productivity differences, transmission from exchange rate, exposure to global competition and higher income elasticity of services sector. Our empirical study concluded that there is a long-term relationship between relative price series and economic factors recognized in literature. It was found that exchange rate and differences in productivity levels have significant share in accounting for relative price movements.