THE RELATIONSHIP BETWEEN OIL PRICES AND INFLATION IN TURKISH ECONOMY: AN EMPIRICAL ANALYSIS
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DOI:
https://doi.org/10.15637/jlecon.218Keywords:
Inflation, Oil PricesAbstract
Movements in oil prices in the globalizing world have significant impacts on economic indicators. Oil prices, which have a significant impact on the general level of prices especially in the oil-importing countries, are a determining factor for inflation that an important macroeconomic indicator. In this context, the relationship between oil prices and inflation for the period 2003: 01/2017: 02 investigated with the aid of VAR model. As a result of the analysis, a positive relationship identified between oil prices and inflation. In this case, it is understood that an increase in oil prices increased the inflation rate in the corresponding period.
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