This paper analyzes the effects of monetary policy and fiscal adjustment on output and unemployment in Turkey. The model on which the analysis is based accounts for rural-urban migration, a large urban informal sector, flexible exchange rates, a dollarized banking system, and interactions between default risk on government liabilities, credibility, and inflation expectations. The short- and long-run effects of a rise in official interest rates and...
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INFORMATION
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2006/01/01
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Document de travail de recherche sur les politiques
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WPS3804
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1
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1
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2010/07/01
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Disclosed
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Disinflation, fiscal sustainability, and labor market adjustment in Turkey
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formal sector