STAGFLATION IN TURKEY AFTER 2001
Öz
We observed that simultaneously experienced two undesired thing, namely inflation and
unemployment in 2001. In this study, based upon that fact, we try toexplain whether or not Turkey
experienced this problem defined as stagflation in the literature. In order to test that, we applied
structural change test by using ordinary least square (OLS) method. Our findin indicates that Turkey
experienced a structural change in 2001, and long-term Phillips curve shifted to the left, and also
unemployment increased in recession for that particular period in Turkey.
unemployment in 2001. In this study, based upon that fact, we try toexplain whether or not Turkey
experienced this problem defined as stagflation in the literature. In order to test that, we applied
structural change test by using ordinary least square (OLS) method. Our findin indicates that Turkey
experienced a structural change in 2001, and long-term Phillips curve shifted to the left, and also
unemployment increased in recession for that particular period in Turkey.
Anahtar Kelimeler
Unemployment, Wage-rate, Inflation, Phillips curve, IMF
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