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Journals / Ege Akademik Bakış Dergisi / 2010 / Cilt: 10 - Sayı: 4

A New Keynesian Macro Economic Model: Application to Turkish Economy

YENİ KEYNESYEN MAKRO EKONOMİK BİR MODEL: TÜRKİYE UYGULAMASI

Erhan YILDIRIM
Kenan LOPCU
Selim ÇAKMAKLI
Özlem ÖZKAN
Pages
1269–1278
Publication Date
2010-11-01
DOI
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The first implications show that the NKMM can be used to explain the fluctuations in the Turkish economy

📌 3 Key Takeaways

🎯
Objective & Hypothesis:A new consensus in macroeconomics called the New Neo-Classical Synthesis or New Keynesian Macroeconomic Model (NKMM) emerged at the end of the 1990s.
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Key Findings & Data:The fundamental feature of this consensus is that it is formed by the synthesis of ideas from the New Classical, Real Business Cycle, and New Keynesian Models.
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Conclusion & Impact:The first implications show that the NKMM can be used to explain the fluctuations in the Turkish economy
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Yeni keynesyen makro model · taylor kuralı · parasal politika

Abstract

A new consensus in macroeconomics called the New Neo-Classical Synthesis or New Keynesian Macroeconomic Model (NKMM) emerged at the end of the 1990s. The fundamental feature of this consensus is that it is formed by the synthesis of ideas from the New Classical, Real Business Cycle, and New Keynesian Models. The NKMM consists of an inflation equation, an aggregate demand equation, and a monetary policy rule. In this paper, the full information maximum likelihood (FIML) method is used to estimate the NKMM and determine whether it is useful in explaining the fluctuations in the Turkish economy. The first implications show that the NKMM can be used to explain the fluctuations in the Turkish economy

Özet

1990’ların sonunda iktisat yazınında Yeni NeoKlasik Sentez ya da Yeni Keynesyen Makro Model (YKMM) olarak adlandırılan bir uzlaşma meydana gelmiştir. Bu uzlaşmanın temel özelliği, Yeni Klasik, Reel İş Çevrim Kuramı ve Yeni Keynesyen İktisatın fikirlerinin sentezinden oluşmasıdır. YKMM bir enflasyon denklemi, bir toplam talep denklemi ve bir para politikası kuralından meydana gelmektedir. Bu çalışmada YKMM’i tahmin etmek ve bu modelin Türkiye ekonomisindeki dalgalanmaları açıklamada kullanışlı olup olmadığını belirlemek için tam bilgi maksimum olabilirlik (The Full Information Maximum Likelihood, FIML) yöntemi kullanılmıştır. Elde edilen ilk bulgular, YKMM’in Türkiye ekonomisindeki dalgalanmaları açıklamakta kullanılabileceğini göstermektedir

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Cite This Article

YILDIRIM, E., LOPCU, K., ÇAKMAKLI, S., ÖZKAN, Ö. (2010). A New Keynesian Macro Economic Model: Application to Turkish Economy. Ege Akademik Bakış Dergisi, Cilt: 10 - Sayı: 4, 1269–1278. https://ajindex.com/articles/752103

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