出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：This paper aims at investigating the relationship between nominal interest rates and expected changes in inflation rates (Fisher Hypothesis)for Turkey.Fisher asserts that nominal interest rates adjust on a one-to-one basis to expected changes in inflation rates.However,the free market rules were not performed efficiently so interest rates were not determined in a liberalized way before the 1990s in Turkey.Therefore it is more appropriate to test FH with the data which cover 1990 and the following years for the Turkish economy.Using the recently developed autoregressive distributed lag bounds testing procedure,the results reveal a robust cointegrated relationship between nominal interest rate and inflation rates during the period of 1990:1 to 2008:4.Moreover,applied Hansen test for parameter stability clearly indicates stability of the estimated parameters of the conditional ECM during the sample period.
