DOES NEW KEYNESIAN WAGE PHILLIPS CURVE (NKWPC) EXIST IN TURKEY? EVIDENCE FROM ARDL BOUNDS TESTING APPROACH
Öz
The aim of this research is to test the existence of the New Keynesian Wage Phillips Curve (NKWPC) in Turkey. For this purpose, analyzes were made using the ARDL bound testing approach. The research covers the data compiled in the period between 1995: Q1-2019: Q4. Empirical findings indicated that, based on the assumptions of the New Keynesian approach, there is an adverse relationship among the wage inflation and unemployment rate in Turkey. The findings of this research revealed that New Keynesian Wage Phillips Curve could be used by policy makers to design economic policies such as the estimation of future wages and prices and the determination of adjustment rate to the equilibrium in Turkey.
Anahtar Kelimeler
New Keynesian Wage Phillips Curve NKWPC Turkish economy wage inflation unemployment ARDL
Kaynakça
- Baştav, L. (2019), “Empirical Evidence on the US Labour Market Hysteresis: New Keynesian Wage Phillips Curve (1990-2014)”, Sosyoekonomi, 27(40), 31-53.
- Brown, R. L., J. Durbinve, J.M. Evans (1975), “Techniques for Testing the Constancy of Regression Relationships over Time”, Journal of the Royal Statistical Society. Series B (Methodological), 37(2), 149-192.
- Bozdağlıoğlu, Y.U. (2008), “Türkiye’de İşsizliğin Özellikleri ve İşsizlikle Mücadele Politikaları”, Manas Üniversitesi Sosyal Bilimler Dergisi, 10(20), 45-66.
- Calvo, G.A. (1983), “Staggered Contracts and Exchange Rate Policy”, in Exchange Rates and International Macroeconomics, University of Chicago Press, 235-258. https://www.nber.org/chapters/c11381.pdf, E.T.: 20/11/2019.
- Donayre, L., I. Panovska (2018), “US Wage Growth and Nonlinearities: The Roles of Inflation and Unemployment”, Economic Modelling, 68(2018), 273-292.
- Erceg, C.J., D.W. Henderson, A.T. Levin (2000), "Optimal Monetary Policy with Staggered Wage and Price Contracts," Journal of Monetary Economics, 46(2), 281-313.
- Güven, E.A., Y. Ayvaz (2016), “Türkiye’de Enflasyon ve İşsizlik Arasındaki İlişki: Zaman Serileri Analizi”, Kahramanmaraş Sütçü İmam Üniversitesi Sosyal Bilimler Dergisi, 13(1), 241-262.
- Gali, J. (2011), “The Return of the Wage Phillips Curve”, Journal of the European Economic Association, 9(3), 436-461.
- Korkmaz, A., O. Çoban (2006), “Emek Piyasasında Asgari Ücret, İşsizlik ve Enflasyon Arasındaki İlişkilerin Ekonometrik Bir Analizi: Türkiye Örneği (1969-2006)”, Maliye Dergisi, 151(Temmuz-Aralık), 16-22.
- Muto, I., K. Shintani (2014), “An Empirical Study on the New Keynesian Wage Phillips Curve: Japan and the US”, Bank of Japan Working Paper Series, 1-42.
- Muto, I., K. Shintani (2017), “An Empirical Study on the New Keynesian Wage Phillips Curve: Japan and the US”, The BE Journal of Macroeconomics, 20(1).
- Narayan, P.K. (2005), “The Saving and Investment Nexus for China: Evidence from Cointegration Tests”, Applied Economics, 37(17), 1979-1990.
- López‐Villavicencio, A., S. Saglio (2017), “The Wage Inflation‐Unemployment Curve at the Macroeconomic Level”, Oxford Bulletin of Economics and Statistics, 79(1), 55-78.
- Hansen, G. (1985), “Indivisible Labor and the Business Cycle”, Journal of Monetary Economics, 16(3), 309-327.
- Pesaran, M.H. (2015), Time Series and Panel Data Econometrics, Oxford: Oxford University Press.
- Pesaran, M.H., Y. Shin, R.J. Smith (2001), “Bounds Testing Approaches to the Analysis of Level Relationships”, Journal of Applied Econometrics, 16(3), 289–326.
TÜRKİYE’DE YENİ KEYNESYEN ÜCRET PHILLIPS EĞRİSİ GEÇERLİ MİDİR? ARDL SINIR TESTİ YAKLAŞIMINDAN BULGULAR
Öz
Anahtar Kelimeler
Yeni Keynesyen Ücret Phillips Eğrisi Türkiye Ekonomisi Ücret Enflasyonu İşsizlik ARDL
Kaynakça
- Baştav, L. (2019), “Empirical Evidence on the US Labour Market Hysteresis: New Keynesian Wage Phillips Curve (1990-2014)”, Sosyoekonomi, 27(40), 31-53.
- Brown, R. L., J. Durbinve, J.M. Evans (1975), “Techniques for Testing the Constancy of Regression Relationships over Time”, Journal of the Royal Statistical Society. Series B (Methodological), 37(2), 149-192.
- Bozdağlıoğlu, Y.U. (2008), “Türkiye’de İşsizliğin Özellikleri ve İşsizlikle Mücadele Politikaları”, Manas Üniversitesi Sosyal Bilimler Dergisi, 10(20), 45-66.
- Calvo, G.A. (1983), “Staggered Contracts and Exchange Rate Policy”, in Exchange Rates and International Macroeconomics, University of Chicago Press, 235-258. https://www.nber.org/chapters/c11381.pdf, E.T.: 20/11/2019.
- Donayre, L., I. Panovska (2018), “US Wage Growth and Nonlinearities: The Roles of Inflation and Unemployment”, Economic Modelling, 68(2018), 273-292.
- Erceg, C.J., D.W. Henderson, A.T. Levin (2000), "Optimal Monetary Policy with Staggered Wage and Price Contracts," Journal of Monetary Economics, 46(2), 281-313.
- Güven, E.A., Y. Ayvaz (2016), “Türkiye’de Enflasyon ve İşsizlik Arasındaki İlişki: Zaman Serileri Analizi”, Kahramanmaraş Sütçü İmam Üniversitesi Sosyal Bilimler Dergisi, 13(1), 241-262.
- Gali, J. (2011), “The Return of the Wage Phillips Curve”, Journal of the European Economic Association, 9(3), 436-461.
- Korkmaz, A., O. Çoban (2006), “Emek Piyasasında Asgari Ücret, İşsizlik ve Enflasyon Arasındaki İlişkilerin Ekonometrik Bir Analizi: Türkiye Örneği (1969-2006)”, Maliye Dergisi, 151(Temmuz-Aralık), 16-22.
- Muto, I., K. Shintani (2014), “An Empirical Study on the New Keynesian Wage Phillips Curve: Japan and the US”, Bank of Japan Working Paper Series, 1-42.
- Muto, I., K. Shintani (2017), “An Empirical Study on the New Keynesian Wage Phillips Curve: Japan and the US”, The BE Journal of Macroeconomics, 20(1).
- Narayan, P.K. (2005), “The Saving and Investment Nexus for China: Evidence from Cointegration Tests”, Applied Economics, 37(17), 1979-1990.
- López‐Villavicencio, A., S. Saglio (2017), “The Wage Inflation‐Unemployment Curve at the Macroeconomic Level”, Oxford Bulletin of Economics and Statistics, 79(1), 55-78.
- Hansen, G. (1985), “Indivisible Labor and the Business Cycle”, Journal of Monetary Economics, 16(3), 309-327.
- Pesaran, M.H. (2015), Time Series and Panel Data Econometrics, Oxford: Oxford University Press.
- Pesaran, M.H., Y. Shin, R.J. Smith (2001), “Bounds Testing Approaches to the Analysis of Level Relationships”, Journal of Applied Econometrics, 16(3), 289–326.
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Bölüm | Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi |
| Yazarlar | |
| Yayımlanma Tarihi | 30 Haziran 2021 |
| Gönderilme Tarihi | 27 Ağustos 2020 |
| Yayımlandığı Sayı | Yıl 2021 Cilt: 39 Sayı: 2 |
Kaynak Göster
Cited By
The Impact of Macroeconomic Factors on the US Stock Exchange
International Journal of Sustainable Economies Management
https://doi.org/10.4018/IJSEM.311097
Dergiye yayımlanmak üzere gönderilecek yazılar Dergi'nin son sayfasında ve Dergi web sistesinde yer alan Yazar Rehberi'ndeki kurallara uygun olmalıdır.
Gizlilik Beyanı
Bu dergi sitesindeki isimler ve e-posta adresleri sadece bu derginin belirtilen amaçları doğrultusunda kullanılacaktır; farklı herhangi bir amaç için veya diğer kişilerin kullanımına açılmayacaktır.