{
  "title": "Exchange Rate Pass-Through in Turkey",
  "publication": "IMF Working Papers, November 1, 2002",
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  "summary": "In light of the strong correlation between exchange rate movements and domestic prices in Turkey, it is important to assess the impact of the exchange rate on domestic prices, in particular as Turkey moves to an inflation targeting regime.",
  "sections": [
    {
      "heading": "Summary and main findings",
      "content": "- Paper uses a recursive vector autoregression model to investigate the impact of exchange rate movements on prices in Turkey.\n- Key findings:\n  - (i) the impact of the exchange rate on prices is over after about a year, but is mostly felt in the first four months,\n  - (ii) the pass-through to wholesale prices is more pronounced compared to the pass-through to consumer prices, and\n  - (iii) the estimated pass-through is complete in a shorter time and is larger than that estimated for other key emerging market countries."
    },
    {
      "heading": "Methodology",
      "content": "- Empirical approach: recursive vector autoregression (VAR) model.\n- Focus: relationship between exchange rate movements and domestic prices in Turkey, in the context of moving to an inflation targeting regime.\n- Impulse response analysis used to trace timing and magnitude of pass-through."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Consumer price indexes; Consumer prices; Exchange rates; Foreign exchange; Inflation; Prices; Wholesale price indexes.\n- Keywords: Africa; Consumer price indexes; Consumer prices; distribution chain; exchange rate movement; Exchange rate pass-through; exchange rate shock; Exchange rates; impulse response; inflation; inflation targeting; pass-through; pass-through coefficient; price; Turkey; VAR; Wholesale price indexes; WP; WPI inflation.\n\n---\n\n Content in this bundle\n\n- Exchange Rate Pass-Through in Turkey - WP/02/204\n  - Exchange Rate Pass-Through in Turkey - WP/02/204 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Exchange Rate Pass-Through in Turkey - WP/02/204 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/exchange-rate-pass-through-in-turkey-16188"
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    "Authors: Marco Rossi, Daniel Leigh",
    "Published: November 1, 2002",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451874518.001",
    "Paper uses a recursive vector autoregression model to investigate the impact of exchange rate movements on prices in Turkey.",
    "Key findings:",
    "Empirical approach: recursive vector autoregression (VAR) model.",
    "Focus: relationship between exchange rate movements and domestic prices in Turkey, in the context of moving to an inflation targeting regime.",
    "Impulse response analysis used to trace timing and magnitude of pass-through.",
    "Subjects: Consumer price indexes; Consumer prices; Exchange rates; Foreign exchange; Inflation; Prices; Wholesale price indexes.",
    "Keywords: Africa; Consumer price indexes; Consumer prices; distribution chain; exchange rate movement; Exchange rate pass-through; exchange rate shock; Exchange rates; impulse response; inflation; inflation targeting; pass-through; pass-through coefficient; price; Turkey; VAR; Wholesale price indexes; WP; WPI inflation.",
    "**Exchange Rate Pass-Through in Turkey - WP/02/204**"
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