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High versus Low Inflation: Implications for Price-Level Convergence

机译:高通胀与低通胀:对价格水平趋同的影响

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摘要

This paper investigates the relationship between the level of inflation and regional price-level convergence utilizing micro-level price data from Turkey during two clearly distinguishable periods of high and low inflation. The results indicate that higher persistence and slower convergence of price levels are evident during the low-inflation period, which corresponds to the inflation targeting (IT) regime. During the low-inflation IT regime, inflation convergence across regions appears to occur more quickly and may be responsible for the slower pace of convergence in price levels. Overall, IT in Turkey, which was successful in lowering and maintaining inflation at acceptable levels, also appears to be associated with faster convergence in inflation rates at the expense of slower convergence in price levels.
机译:本文利用土耳其在两个明显可区分的高通胀和低通胀时期的微观价格数据,研究了通胀水平与区域价格水平趋同之间的关系。结果表明,在低通胀时期,价格水平的持续性较高,收敛速度较慢,这与通胀目标制(IT)相对应。在低通胀的IT体制下,跨地区的通胀趋同似乎发生得更快,并且可能是导致价格水平趋同的速度较慢的原因。总体而言,土耳其的IT成功地将通货膨胀率降低和维持在可接受的水平,但似乎也与通货膨胀率的更快趋同相关联,但代价是价格水平的趋缓趋于缓慢。

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