Aktas, Zelal; Kaya, Neslihan; Ozlale, Umit - Türkiye Cumhuriyet Merkez Bankası - 2005
The recent studies by Blanchard (2004) and Favero and Giavazzi (2004) imply that a tight monetary policy consistent with an inflation-targeting framework in emerging market economies could actually increase the price level due to the lack of fiscal discipline and the associated high risk...