Economics, Econometrics and Finance
7 years ago

Strict inflation targeting minimizes welfare loss in Turkish economy shocks.

Review of Economic Perspectives
Welfare Implications of Alternative Monetary Policy Rules: A New Keynesian DSGE Model for Turkey
Özge Filiz Yağcıbaşı, Mustafa Ozan Yıldırım

Paper Summary

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The article examines different ways to manage money in Turkey when there are changes in prices and economic activity. By using a special model, the researchers found that sticking to strict inflation goals is best when there are changes in technology. But when there are changes in demand, it's better to respond to economic activity. When technology changes, there's a balance between economic activity and prices. But when demand changes, both economic activity and prices move in the same direction.