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premium and thus the effect of the increase in the external finance premium which diminishes output for Turkey over the period …
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The possible short-run trade-off between the inflation (gap) and the output (gap) remains a critical policy issue for … any emerging economy; particularly when an implicit or an explicit inflation targeting monetary policy is considered. The … New Keynesian Phillips Curve (NKPC) has recently set up a framework on the trade-off between the inflation (gap) and the …
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