### Citations

1898 | Autoregressive conditional heteroscedasticity, with estimates of the variance of United Kingdom inflation - Engle - 1982 |

1072 | Postwar U.S. business cycles: An empirical investigation - Hodrick, Prescott - 1997 |

1020 | A Positive Theory of Monetary Policy in a Natural Rate Model
- Barro, Gordon
(Show Context)
Citation Context ... of studies employing the Phillips curve assumed that the relationship between inflation rate and unemployment rate is linear due to relative simplicity of handling linear models (Gordon, 1970, 1977; =-=Barro and Gordon, 1983-=-). However, it has long been recognized that the dynamics and interrelationships of many economic variables might be inherently nonlinear. For example, Keynes (1936, p.314) noted that economic downtur... |

945 |
The Great Crash, the Oil Price Shock and the Unit Root Hypothesis
- Perron
- 1989
(Show Context)
Citation Context ...es (e.g., Teräsvirta and Anderson, 1992; Granger and Teräsvirta, 1993; Weise, 1999; Rothman et al., 2001; Arghyrou et al., 2005), others studied structural changes in economic variables (for example, =-=Perron, 1989-=-; Lin and Teräsvirta, 1994; Stock and Watson, 1996; Bai and Perron, 2003). Lundbergh et al. (2003), on the other hand, argued that time series might be described more appropriately by simultaneous str... |

923 | Econometric policy evaluation: A critique - Lucas |

747 |
Aggregate Dynamics and Staggered Contracts
- Taylor
- 1980
(Show Context)
Citation Context ...to inflation rate increases the output gap both in low and high inflation regimes. Such a positive effect of inflation on output is consistent with sticky price and sticky wage models (Fischer, 1977; =-=Taylor, 1980-=-; Caplin and Spulber, 1987; Blanchard and Kiyotaki, 1987). The effects of a shock to inflation rate on output gap are slightly larger in low inflation regimes when compared to high inflation regimes. ... |

666 | The General Theory of Employment - Keynes - 1936 |

646 |
Modeling Nonlinear Economic Relationships
- Granger, Teräsvirta
- 1993
(Show Context)
Citation Context ...and interrelationships of economic variables have attracted a great interest of researchers in recent years. While some authors have examined only nonlinearities (e.g., Teräsvirta and Anderson, 1992; =-=Granger and Teräsvirta, 1993-=-; Weise, 1999; Rothman et al., 2001; Arghyrou et al., 2005), others studied structural changes in economic variables (for example, Perron, 1989; Lin and Teräsvirta, 1994; Stock and Watson, 1996; Bai a... |

503 | On a measure of lack of fit in time series models - Ljung, Box - 1978 |

501 | Impulse response analysis in nonlinear multivariate models - Pesaran, Potter, et al. - 1996 |

466 |
Specification, Estimation and Evaluation of Smooth Transition Autoregressive Models
- Teräsvirta
- 1994
(Show Context)
Citation Context ...nd Anderson, 1992; Granger and Teräsvirta, 1993; Weise, 1999; Rothman et al., 2001; Arghyrou et al., 2005), others studied structural changes in economic variables (for example, Perron, 1989; Lin and =-=Teräsvirta, 1994-=-; Stock and Watson, 1996; Bai and Perron, 2003). Lundbergh et al. (2003), on the other hand, argued that time series might be described more appropriately by simultaneous structural change and nonline... |

453 |
The role of macroeconomics factors in growth
- Fischer
- 1993
(Show Context)
Citation Context ...ate framework in order to deal with possible endogeneity problem.3 Then we use generalized impulse 3 The problem of endogeneity is a disputable issue in output growth–inflation literature (see, e.g., =-=Fischer, 1993-=-; Khan and Senhadji, 2001). Therefore, after estimating linear bivariate model for inflation rate and output gap, we carried out Granger-causality tests. The null hypothesis that inflation rate does n... |

446 | Computation and analysis of multiple structural change models
- Bai, Perron
- 2003
(Show Context)
Citation Context ... 1993; Weise, 1999; Rothman et al., 2001; Arghyrou et al., 2005), others studied structural changes in economic variables (for example, Perron, 1989; Lin and Teräsvirta, 1994; Stock and Watson, 1996; =-=Bai and Perron, 2003-=-). Lundbergh et al. (2003), on the other hand, argued that time series might be described more appropriately by simultaneous structural change and nonlinearities, and developed a time-varying smooth t... |

419 |
Long Term Contracts, Rational Expectations, and the Optimal Money Supply Rule.
- Fischer
- 1977
(Show Context)
Citation Context ...igure, a shock to inflation rate increases the output gap both in low and high inflation regimes. Such a positive effect of inflation on output is consistent with sticky price and sticky wage models (=-=Fischer, 1977-=-; Taylor, 1980; Caplin and Spulber, 1987; Blanchard and Kiyotaki, 1987). The effects of a shock to inflation rate on output gap are slightly larger in low inflation regimes when compared to high infla... |

353 |
Monopolistic competition and the effects of aggregate demand
- Blanchard, Kiyotaki
- 1987
(Show Context)
Citation Context ...ap both in low and high inflation regimes. Such a positive effect of inflation on output is consistent with sticky price and sticky wage models (Fischer, 1977; Taylor, 1980; Caplin and Spulber, 1987; =-=Blanchard and Kiyotaki, 1987-=-). The effects of a shock to inflation rate on output gap are slightly larger in low inflation regimes when compared to high inflation regimes. This result complies with findings of Telatar and Hasano... |

297 | Testing linearity against smooth transition autoregressive models - LUUKKONEN, SAIKKONEN, et al. - 1988 |

241 |
Nonlinear mean reversion in real exchange rates: Toward a solution to the purchasing porwer parity puzzles.
- Taylor, Peel, et al.
- 2001
(Show Context)
Citation Context ...ve behavior in one of the regimes, then the test procedures that ignore regime-dependent dynamics and nonlinearities might be biased against stationarity (for a thorough discussion of this issue, see =-=Taylor et al., 2001-=-; Kapetanios et al., 2003). Therefore, in addition to conventional ADF and PP tests, we also applied the unit-root test procedure of Kapetanios et al. (2003) (the KSS test), which has a good power whe... |

224 | Nobel lecture: inflation and unemployment - Friedman - 1977 |

200 |
Characterizing Nonlinearities in Business Cycles Using Smooth Transition Autoregressive Models.
- Terasvirta, Anderson
- 1992
(Show Context)
Citation Context ... structural change in dynamics and interrelationships of economic variables have attracted a great interest of researchers in recent years. While some authors have examined only nonlinearities (e.g., =-=Teräsvirta and Anderson, 1992-=-; Granger and Teräsvirta, 1993; Weise, 1999; Rothman et al., 2001; Arghyrou et al., 2005), others studied structural changes in economic variables (for example, Perron, 1989; Lin and Teräsvirta, 1994;... |

192 | Evidence on structural instability in macroeconomic time series relations
- Stock, Watson
- 1996
(Show Context)
Citation Context ... Granger and Teräsvirta, 1993; Weise, 1999; Rothman et al., 2001; Arghyrou et al., 2005), others studied structural changes in economic variables (for example, Perron, 1989; Lin and Teräsvirta, 1994; =-=Stock and Watson, 1996-=-; Bai and Perron, 2003). Lundbergh et al. (2003), on the other hand, argued that time series might be described more appropriately by simultaneous structural change and nonlinearities, and developed a... |

184 |
Econometric Analysis, third edition,
- Greene
- 1997
(Show Context)
Citation Context ..., Hasanov and Omay (2008a), and works collected in Kibritcioglu et al. (2002). 7 Annual inflation rate and GDP growth rate are taken from the State Planning Organization of Republic of Turkey. mates (=-=Greene, 1997-=-: 681–682).8 The ML estimates of the inflation and output equations are given below in Table 3.9 As Table 3 reveals, residuals from both the inflation and output equations pass diagnostic tests. Parti... |

162 | Testing the adequacy of smooth transition autoregressive models - EITRHEIM, TERASVIRTA - 1996 |

157 |
Asymmetric price adjustment and economic fluctuations.
- Ball, Mankiw
- 1994
(Show Context)
Citation Context ... models. In addition, capacity constraints as well as wage and price stickiness may also cause to nonlinearity in the inflation– output relationship (see also Jackman and Sutton, 1982; Tsiddon, 1993; =-=Ball and Mankiw, 1994-=-; Clark et al., 2001). Another disputable issue in the literature is the shape of the Phillips curve. For example, Debelle and Laxton (1997) reportedand real economic activity has been extensi ⁎ Corre... |

149 | Franses. Smooth Transition Autoregressive Models - A Survey of Recent Developments. Econometric Reviews - Dijk, Teräsvirta, et al. - 2000 |

147 | What determines the sacrifice ratio?”, - Ball - 1993 |

112 |
Testing for a unit root in the nonlinear STAR framework
- Kapetanios, Shin, et al.
- 2003
(Show Context)
Citation Context ...odel, we tested stationarity of the variables concerned. It is well known that conventional unit-root tests have low power if the true data generating process is subject to regime changes (see, e.g., =-=Kapetanios et al., 2003-=-). If the process is globally stationary but exhibits unit root 5 Nigmatullin et al. (2010) develop a new fractional filtering technique and compare properties of the newly developed procedure to thos... |

100 |
Testing the Constancy of Regression Parameters Against Continuous Structural Change
- LIN, TERÄSVIRTA
- 1994
(Show Context)
Citation Context ...svirta and Anderson, 1992; Granger and Teräsvirta, 1993; Weise, 1999; Rothman et al., 2001; Arghyrou et al., 2005), others studied structural changes in economic variables (for example, Perron, 1989; =-=Lin and Teräsvirta, 1994-=-; Stock and Watson, 1996; Bai and Perron, 2003). Lundbergh et al. (2003), on the other hand, argued that time series might be described more appropriately by simultaneous structural change and nonline... |

98 | Reflections on the Natural Rate Hypothesis," - Stiglitz - 1997 |

76 |
Asymmetric Effects of Positive and Negative Money-Supply Shocks”,
- Cover
- 1992
(Show Context)
Citation Context ...d. In addition, a large body of theoretical and empirical research suggests that negative and positive demand shocks may have asymmetric effects on output (e.g., Tsiddon, 1993; Ball and Mankiw, 1994; =-=Cover, 1992-=-; Telatar and Hasanov, 2006). Therefore, for each sub-period and regime we calculate the effects of both negative and positive shocks. Figs. 2–4 graph the computed cumulative responses of one variable... |

75 | The phillips curve, the persistence of inflation, and the lucas critique: Evidence from exchange rate regimes - Alogoskoufis, Smith - 1991 |

60 | Is the Phillips curve really a curve?” Some evidence for - Debelle, Laxton - 1997 |

58 | How Does Macroeconomic Policy Affect Output? - DeLong, Summers - 1988 |

57 | Menu costs and the neutrality of money.
- CAPLIN, SPULBER
- 1987
(Show Context)
Citation Context ...ate increases the output gap both in low and high inflation regimes. Such a positive effect of inflation on output is consistent with sticky price and sticky wage models (Fischer, 1977; Taylor, 1980; =-=Caplin and Spulber, 1987-=-; Blanchard and Kiyotaki, 1987). The effects of a shock to inflation rate on output gap are slightly larger in low inflation regimes when compared to high inflation regimes. This result complies with ... |

43 |
Is there a core of practical macroeconomics that we should all believe?'
- Blinder
- 1997
(Show Context)
Citation Context ...2 299 20 2 Tel.: +90 312 297 8650x114; fax: +90 312 299 20 0264-9993/$ – see front matter © 2010 Elsevier B.V. Al doi:10.1016/j.econmod.2010.03.009timate the relationship vity and inflation rate as . =-=Blinder, 1997-=-; Mehra, pointed out by Morgan (1993), nonlinearity is a common feature of many widely accepted economic models, including standard Keynes-between some measure of real economic acti well as to forecas... |

41 | Threshold effects in the relationship between inflation and growth
- Khan, Senhadji
- 2001
(Show Context)
Citation Context ...n order to deal with possible endogeneity problem.3 Then we use generalized impulse 3 The problem of endogeneity is a disputable issue in output growth–inflation literature (see, e.g., Fischer, 1993; =-=Khan and Senhadji, 2001-=-). Therefore, after estimating linear bivariate model for inflation rate and output gap, we carried out Granger-causality tests. The null hypothesis that inflation rate does not Granger-cause output g... |

36 | The U.S. phillips curve: The case for asymmetry. - Laxton, Rose, et al. - 1999 |

32 | Are the Output Effects of Monetary Policy Asymmetric? Evidence from a sample of European Countries”, - Karras - 1996 |

32 | The New Keynesian Synthesis - Romer - 1993 |

31 |
The Asymmetric Effects of Monetary Policy: A Nonlinear Vector Autoregression Approach”,
- Weise
- 1999
(Show Context)
Citation Context ...omic variables have attracted a great interest of researchers in recent years. While some authors have examined only nonlinearities (e.g., Teräsvirta and Anderson, 1992; Granger and Teräsvirta, 1993; =-=Weise, 1999-=-; Rothman et al., 2001; Arghyrou et al., 2005), others studied structural changes in economic variables (for example, Perron, 1989; Lin and Teräsvirta, 1994; Stock and Watson, 1996; Bai and Perron, 20... |

29 |
The recent acceleration of inflation and its lessons for the future.
- Gordon
- 1970
(Show Context)
Citation Context ...eloped, some variant of studies employing the Phillips curve assumed that the relationship between inflation rate and unemployment rate is linear due to relative simplicity of handling linear models (=-=Gordon, 1970-=-, 1977; Barro and Gordon, 1983). However, it has long been recognized that the dynamics and interrelationships of many economic variables might be inherently nonlinear. For example, Keynes (1936, p.31... |

27 |
Openness, inflation and the Phillips curve: a puzzle
- Temple
- 2002
(Show Context)
Citation Context ... Phillips curve model to ; fax: +90 312 299 2003. nov), aysens@hacettepe.edu.tr 03. 03. l rights reserved.and unemployment rate is nonlinear, subsequentctivity and inflation rate 1993; Fischer, 1996; =-=Temple, 2002-=-; Daniels et al. 2005).1. IntroductionNonlinearity and structural stability in th Mübariz Hasanov ⁎, Ayşen Araç 1, Funda Telatar 2 Department of Economics, Hacettepe University, Beytepe Kampusu, Ankar... |

20 | Can the inflation of the 1970s be explained? - Gordon - 1977 |

19 |
The (mis)behaviour of the aggregate price level
- Tsiddon
- 1993
(Show Context)
Citation Context ..., and menu cost models. In addition, capacity constraints as well as wage and price stickiness may also cause to nonlinearity in the inflation– output relationship (see also Jackman and Sutton, 1982; =-=Tsiddon, 1993-=-; Ball and Mankiw, 1994; Clark et al., 2001). Another disputable issue in the literature is the shape of the Phillips curve. For example, Debelle and Laxton (1997) reportedand real economic activity h... |

18 | The Commodity Terms of Trade, Unit Roots and Nonlinear Alternatives: A Smooth Transition Approach - Balagtas, Holt - 2009 |

17 |
Does inflation harm economic growth? Evidence from the OECD
- Andrés, Hernando
- 1999
(Show Context)
Citation Context ...r-cause inflation rate could not be rejected with a pvalue 0.512. This result complies with the earlier empirical findings that causality runs only from inflation rate to output (e.g., Fischer, 1993; =-=Andres and Hernando, 1997-=-). However, bearing in the mind that the dynamic relationship of variables may be nonlinear in nature, we proceeded to estimate a nonlinear bivariate model for the variables under investigation. In fa... |

17 | Asymmetric effects of monetary policy - MORGAN - 1993 |

14 |
Central bank independence and sacrifice ratios’,
- Fischer
- 1996
(Show Context)
Citation Context ...countrie convex Phillips curve model to ; fax: +90 312 299 2003. nov), aysens@hacettepe.edu.tr 03. 03. l rights reserved.and unemployment rate is nonlinear, subsequentctivity and inflation rate 1993; =-=Fischer, 1996-=-; Temple, 2002; Daniels et al. 2005).1. IntroductionNonlinearity and structural stability in th Mübariz Hasanov ⁎, Ayşen Araç 1, Funda Telatar 2 Department of Economics, Hacettepe University, Beytepe ... |

14 | The forecasting performance of various models for seasonality and nonlinearity for quarterly industrial production. - Franses, Dijk - 2005 |

14 | Instability and nonlinearity in the Euro-area Phillips curve - Musso, Stracca, et al. - 2009 |

13 | Nonlinear dynamics and structural change in the U.S. hogcorn cycle: a time-varying STAR approach - Holt, Craig - 2006 |

12 | Optimal monetary policy with a nonlinear Phillips curve - Nobay, Peel - 2000 |

11 | New evidence on the output cost of fighting inflation - Filardo - 1998 |

10 |
Imperfect capital markets and the monetarist black box: liquidity constraints, inflation and the asymmetric effects of interest rate policy
- Jackman, Sutton
- 1982
(Show Context)
Citation Context ..., credit constraint models, and menu cost models. In addition, capacity constraints as well as wage and price stickiness may also cause to nonlinearity in the inflation– output relationship (see also =-=Jackman and Sutton, 1982-=-; Tsiddon, 1993; Ball and Mankiw, 1994; Clark et al., 2001). Another disputable issue in the literature is the shape of the Phillips curve. For example, Debelle and Laxton (1997) reportedand real econ... |

9 | Exact tests of the stability of the Phillips curve: the Canadian case, - Khalaf, Kichian - 2005 |

9 | Nonlinear models for U.K. macroeconomic time series. - Ocal - 2000 |

8 |
Openness, central bank independence and the sacrifice ratio
- Daniels, Nourzad, et al.
- 2005
(Show Context)
Citation Context ...e model to ; fax: +90 312 299 2003. nov), aysens@hacettepe.edu.tr 03. 03. l rights reserved.and unemployment rate is nonlinear, subsequentctivity and inflation rate 1993; Fischer, 1996; Temple, 2002; =-=Daniels et al. 2005-=-).1. IntroductionNonlinearity and structural stability in th Mübariz Hasanov ⁎, Ayşen Araç 1, Funda Telatar 2 Department of Economics, Hacettepe University, Beytepe Kampusu, Ankara, Turkey a b s t r a... |

7 |
G-7 inflation forecasts: random walk, Phillips curve or what else?
- CANOVA
- 2007
(Show Context)
Citation Context ...with ‘Keynesian’ and ‘Classical’ regions of the aggregate Economic Modelling 27 (2010) 1103–1115 Contents lists available at ScienceDirect Economic M j ourna l homepage: www.e ls2004; Sbordone, 2006; =-=Canova, 2007-=-). Besides its theoretical importance, a reliable and robust estimate of Phillips curve has a clear implication for policy authorities. Because Phillips curve foresees a trade-off between inflation ra... |

7 |
An evolution of alternative monetary policy rules in a model with capacity constraints
- Clark, Laxton, et al.
- 2001
(Show Context)
Citation Context ...apacity constraints as well as wage and price stickiness may also cause to nonlinearity in the inflation– output relationship (see also Jackman and Sutton, 1982; Tsiddon, 1993; Ball and Mankiw, 1994; =-=Clark et al., 2001-=-). Another disputable issue in the literature is the shape of the Phillips curve. For example, Debelle and Laxton (1997) reportedand real economic activity has been extensi ⁎ Corresponding author. Tel... |

7 | A comprehensive short-run analysis of a (possible) Turkish Phillips curve - Kuştepeli - 2005 |

7 | Modeling multiple regimes in the business cycle - Dijk, Franses - 1999 |

7 | US wage and price dynamics: a limited-information approach
- Sbordone
- 2006
(Show Context)
Citation Context ...wages ian model with ‘Keynesian’ and ‘Classical’ regions of the aggregate Economic Modelling 27 (2010) 1103–1115 Contents lists available at ScienceDirect Economic M j ourna l homepage: www.e ls2004; =-=Sbordone, 2006-=-; Canova, 2007). Besides its theoretical importance, a reliable and robust estimate of Phillips curve has a clear implication for policy authorities. Because Phillips curve foresees a trade-off betwee... |

6 | Non-linear inflationary dynamics: evidence from the UK
- Arghyrou, Martin, et al.
- 2005
(Show Context)
Citation Context ...at interest of researchers in recent years. While some authors have examined only nonlinearities (e.g., Teräsvirta and Anderson, 1992; Granger and Teräsvirta, 1993; Weise, 1999; Rothman et al., 2001; =-=Arghyrou et al., 2005-=-), others studied structural changes in economic variables (for example, Perron, 1989; Lin and Teräsvirta, 1994; Stock and Watson, 1996; Bai and Perron, 2003). Lundbergh et al. (2003), on the other ha... |

6 |
Inflation, output growth, and stabilization in Turkey,
- Diboglu, Kibritçioğlu
- 2004
(Show Context)
Citation Context ...ons during the period from 1998–2008. The 1998 Russian crisis, two earthquakes in 1999, and the 2000–2001 crises contributed to output volatility during this period (see, e.g., Müslümov et al., 2002; =-=Dibooglu and Kibritcioglu, 2004-=-). Turkey adopted an exchange rate-based stabilization program in December 1999 under support of the IMF. In addition to using exchange rates as a nominal anchor, the program aimed at implementation o... |

6 | Forecasting inflation in emerging markets by using the Phillips curve and alternative time series models. Emerging Markets Finance and Trade - Önder - 2004 |

6 | The stability of Turkish Phillips curve and alternative regime switching models - Önder - 2009 |

6 | Inflation dynamics of Turkey: a structural estimation - Yilmazkuday, H - 2005 |

5 | A critical evaluation of exchange rate policy in Turkey - Asikoglu, Uctum - 1992 |

3 | Monetary policy rules in practice: Re-examining the case of Turkey, Physica A: Statistical Mechanics and Its Applications, - Hasanov, Omay - 2008 |

3 | On fractional filtering versus conventional filtering in economics, - Nigmatullin, Omay, et al. - 2010 |

3 | dollar real exchange rates: nonlinearity revisited - Sollis |

3 | The relationship between inflation and different sources of inflation uncertainty in Turkey - Telatar, Telatar - 2003 |

2 | Relative price variability and the Phillips curve: evidence from Turkey - Çatik, Martin, et al. - 2008 |

2 | Inflationary expectations and costs of disinflation: a case for costless disinflation in Turkey - Dibooglu - 2002 |

2 | Nonlinearities in emerging stock markets: evidence from Europe's two largest emerging markets - Hasanov, Omay, et al. |

2 | Investigating Okun's law by the structural break with threshold approach: evidence from Canada - Huang, Chang - 2005 |

2 | Price expectations and the Phillips curve - Lucas, Rapping - 1969 |

2 | Asymmetric adjustment and smooth transitions: a combination of some unit root tests - Sollis - 2004 |

2 |
The asymmetric effects of monetary shocks: The case of Turkey
- Telatar, Hasanov
- 2006
(Show Context)
Citation Context ...n, a large body of theoretical and empirical research suggests that negative and positive demand shocks may have asymmetric effects on output (e.g., Tsiddon, 1993; Ball and Mankiw, 1994; Cover, 1992; =-=Telatar and Hasanov, 2006-=-). Therefore, for each sub-period and regime we calculate the effects of both negative and positive shocks. Figs. 2–4 graph the computed cumulative responses of one variable to a onetime shock to the ... |

2 | On the predictive power of the term structure of interest rates for future inflation changes in the presence of political instability: the Turkish economy - Telatar, Telatar, et al. - 2003 |

2 | Multivariate STAR analysis of money– output relationship - Rothman, Dijk, et al. - 2001 |

1 | Predicting the recent behavior of inflation using output gap-based Phillips curve. Federal Reserve Bank of Richmond Economic Quarterly 90 - Mehra - 2004 |

1 |
Exchange rate systems and their effects on Turkish economy (in Turkish
- Müslümov, Hasanov, et al.
- 2002
(Show Context)
Citation Context ...erienced wide fluctuations during the period from 1998–2008. The 1998 Russian crisis, two earthquakes in 1999, and the 2000–2001 crises contributed to output volatility during this period (see, e.g., =-=Müslümov et al., 2002-=-; Dibooglu and Kibritcioglu, 2004). Turkey adopted an exchange rate-based stabilization program in December 1999 under support of the IMF. In addition to using exchange rates as a nominal anchor, the ... |

1 | The relation between unemployment and the rate of change of Schaling, E., 2004. The nonlinear Phillips curve and inflation forecast targeting: symmetric versus asymmetric monetary policy rules - Phillips - 1958 |

1 | Purchasing Power Parity in transition economies: evidence from the Commonwealth of Independent States - Telatar, Hasanov - 2009 |

1 | et al. / Economic Modelling 27 - Hasanov - 2010 |

1 | Problem of achieving andmaintaining a stable price level - Samuelson, Solow - 1960 |