Show/Hide Menu
Hide/Show Apps
Logout
Türkçe
Türkçe
Search
Search
Login
Login
OpenMETU
OpenMETU
About
About
Open Science Policy
Open Science Policy
Open Access Guideline
Open Access Guideline
Postgraduate Thesis Guideline
Postgraduate Thesis Guideline
Communities & Collections
Communities & Collections
Help
Help
Frequently Asked Questions
Frequently Asked Questions
Guides
Guides
Thesis submission
Thesis submission
MS without thesis term project submission
MS without thesis term project submission
Publication submission with DOI
Publication submission with DOI
Publication submission
Publication submission
Supporting Information
Supporting Information
General Information
General Information
Copyright, Embargo and License
Copyright, Embargo and License
Contact us
Contact us
Is currency seigniorage exogenous for inflation tax in Turkey?
Date
1998-04-01
Author
Özmen, Erdal
Metadata
Show full item record
This work is licensed under a
Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
.
Item Usage Stats
252
views
0
downloads
Cite This
This paper discusses the implications of the validity of the conditioning hypothesis for the maintained money demand equation for an inflation tax analysis. We also test the validity of the quantity-theoretical inflation tax model for the post-1980 quarterly Turkish data by using Johansen cointegration techniques. The results suggest that the tax rate (inflation) is weakly exogenous for the parameters of the long-run money demand (tax base) equation. This result, consistent with a Keynesian endogenous seigniorage-exogenous inflation tax rate theory prior, does not support the hypothesis that the Turkish inflation can be explained by the conventional inflation tax revenue-maximizing motive alone.
URI
https://hdl.handle.net/11511/70056
Journal
APPLIED ECONOMICS
DOI
https://doi.org/10.1080/000368498325804
Collections
Department of Economics, Article
Suggestions
OpenMETU
Core
Is food financialized? Yes, but only when liquidity is abundant
ORDU, Beyza Mina; Oran, Adil; Soytaş, Uğur (2018-10-01)
In this paper, we investigate whether commodity index trader (CIT) positions help to explain the increase in the correlations between agricultural commodities and equities starting around 2008. Some argue institutional investors who invest both in stock and commodity markets demolish the borders between these two seemingly unrelated markets and increase correlations, a recent phenomenon known as financialization. Yet, some others argue recently correlations have decreased back to historical levels and the i...
Does the digital sector produce surplus value? The case of Facebook
Tonak, E. Ahmet (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2020-12)
This article shows that the digital economy can, as opposed to the opinion of many, be analysed on the basis of Marx’s theory of surplus value and profit. What we have shown through a study of the political economy of Facebook is that the product produced by the company in question is a commodity just like others. Moreover, the surplus value produced by the productive workers of Facebook is the main source of the profits of the company and the wages of its unproductive workers.
The effects of volatility on growth and financial development through capital market imperfections
Aysan , Ahmet Faruk (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2007-6-1)
This paper provides a model to account for the empirical evidence that volatility reduces growth. In the model, greater volatility increases the cost associated with capital market imperfections and induces the financial intermediaries to charge higher interest rates. The model is based on one of overlapping generations with two types of technologies. The more productive technology requires fixed investment in the first period. Individual with income less than the amount of fixed investment may borrow in fi...
A quantitative analysis of cost-push shocks and optimal inflation volatility
Senay, Ozge; Sutherland, Alan (Informa UK Limited, 2008-01-01)
This article presents a quantitative analysis of optimal inflation volatility in a simple sticky-price general equilibrium model subject to both supply and cost-push shocks. It is found that optimal policy implies a relatively small degree of inflation volatility even when cost-push shocks are the dominant source of economic disturbance. In addition, it is found that optimal policy generates only a very small welfare gain when compared to strict inflation targeting.
Is there an interest rate channel for monetary policy in Turkey?
Erdoğan, Seyfettin; Yıldırım, Durmuş Çağrı (Orta Doğu Teknik Üniversitesi (Ankara, Turkey), 2010-12)
The changes in monetary authority’s decisions may affect the behavior of economic agents and thus the level of aggregate demand. Namely; a change in the short term interest rate is made by the central bank directly affects the user cost of capital and firms’ decisions about investment expenditure. In the monetary policy literature, this mentioned process is defined as the interest rate channel. To guide policy makers it is important to investigate whether interest rate channel operates. Determination of the...
Citation Formats
IEEE
ACM
APA
CHICAGO
MLA
BibTeX
E. Özmen, “Is currency seigniorage exogenous for inflation tax in Turkey?,”
APPLIED ECONOMICS
, pp. 545–552, 1998, Accessed: 00, 2021. [Online]. Available: https://hdl.handle.net/11511/70056.