The validity of the Fisher effect for an inflation targeting country
The aim of this paper is to investigate the relationship between interest and inflation rates. In this regard, the validity of the Fisher Effect under an inflation targeting regime country is examined by considering the possibility of non-linearities. To this aim, the Fisher Effect is analysed by us...
| Permalink: | http://skupni.nsk.hr/Record/nsk.NSK01001137719/Details |
|---|---|
| Matična publikacija: |
Ekonomski pregled (Online) 72 (2021), 5 ; str. 697-717 |
| Glavni autor: | Gürel, Sinem Pınar (Author) |
| Vrsta građe: | e-članak |
| Jezik: | eng |
| Predmet: | |
| Online pristup: |
https://doi.org/10.32910/ep.72.5.3 Ekonomski pregled (Online) Hrčak |
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| 008 | 220511s2021 ci d |o |0|| ||eng | ||
| 024 | 7 | |2 doi |a 10.32910/ep.72.5.3 | |
| 035 | |a (HR-ZaNSK)001137719 | ||
| 040 | |a HR-ZaNSK |b hrv |c HR-ZaNSK |e ppiak | ||
| 041 | 0 | |a eng |b hrv | |
| 042 | |a croatica | ||
| 044 | |a ci |c hr | ||
| 080 | 1 | |a 336 |2 2011 | |
| 100 | 1 | |a Gürel, Sinem Pınar |4 aut |9 HR-ZaNSK | |
| 245 | 1 | 4 | |a The validity of the Fisher effect for an inflation targeting country |h [Elektronička građa] : |b the case of Turkey / |c Sinem Pınar Gürel. |
| 300 | |b Graf. prikazi. | ||
| 504 | |a Bibliografija: 52 jed. | ||
| 504 | |a Summary ; Sažetak. | ||
| 520 | |a The aim of this paper is to investigate the relationship between interest and inflation rates. In this regard, the validity of the Fisher Effect under an inflation targeting regime country is examined by considering the possibility of non-linearities. To this aim, the Fisher Effect is analysed by using various types of interest rates to identify the short-, mid- and long-term dynamics. Autoregressive distributed lag (ARDL) and non-linear autoregressive distributed lag (NARDL) models were estimated for Turkish economy between 2006-2019 periods. The empirical findings of ARDL models reveal the validity of Fisher Effect both for short and long run. The results of NARDL models indicate a strong Fisher Effect in the long run, except for 5-year government bonds. For short-run, the Fisher Effect holds only when inflation rises and there is no significant result when inflation decreases. | ||
| 520 | |a Cilj ovog rada je istražiti odnos između kamatnih stopa i stopa inflacije. S tim u vezi, valjanost Fisherovog učinka u zemlji s režimom ciljanja inflacije ispituje se razmatranjem mogućnosti nelinearnosti. U tu se svrhu analizira Fisherov učinak korištenjem različitih vrsta kamatnih stopa za identifikaciju kratkoročne, srednjoročne i dugoročne dinamike. Modeli autoregresivnog distribuiranog zaostajanja (ARDL) i nelinearnog autoregresivnog distribuiranog zaostajanja (NARDL) procijenjeni su za tursko gospodarstvo u razdoblju 2006.-2019. Empirijski nalazi ARDL modela otkrivaju valjanost Fisherovog učinka i na kratki i na dugi rok. Rezultati NARDL modela ukazuju na snažan Fisherov učinak dugoročno, osim za petogodišnje državne obveznice. Kratkoročno gledano, Fisherov efekt vrijedi samo kada inflacija raste, a nema značajnog rezultata kada se inflacija smanji. | ||
| 653 | 0 | |a Inflacija |a Kamatne stope |a Fisherov učinak | |
| 653 | 5 | |a Turska | |
| 773 | 0 | |t Ekonomski pregled (Online) |x 1848-9494 |g 72 (2021), 5 ; str. 697-717 |w nsk.(HR-ZaNSK)000534041 | |
| 981 | |b Be2021 |b B02/21 | ||
| 998 | |b dalo2207 | ||
| 856 | 4 | 0 | |u https://doi.org/10.32910/ep.72.5.3 |
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| 856 | 4 | 1 | |y Digitalna.nsk.hr |
| 856 | 4 | 0 | |u https://hrcak.srce.hr/262984 |y Hrčak |