INTEREST RATES, FISHER EFFECT AND ECONOMIC DEVELOPMENT IN TURKEY, 1989-2011
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the period 2003 – 2012. To test validity of Fisher Hypothesis, this paper uses an
Autoregressive Distributed Lag test for threshold cointegration recently introduced in the
literature by Li and Lee (2010). The empirical results which are obtained from this paper
indicate that Fisher hypothesis is valid for Turkey, meaning nominal interest rates would
be an important leading indicator for inflation.
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