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KÜRESEL BELİRLEYİCİLERİN ENFLASYON ÜZERİNDEKİ ASİMETRİK ETKİSİ: YENİ KEYNESYEN PHILPS EĞRİSİNDEN KANIT

Year 2025, Volume: 16 Issue: 31, 435 - 466, 27.06.2025
https://doi.org/10.36543/kauiibfd.2025.017

Abstract

Bu çalışma, farklı enflasyon koşulları altında Yeni Keynesyen Philips Eğrisi’ne (NKPE) küresel faktörleri dahil ederek gelişmiş ülkeler için Ocak 1998 – Aralık 2022 dönem aralığında enflasyon dinamiklerini incelemektedir. Rejim değişiminden kaynaklanan olası doğrusal olmamayı ve şoklara asimetrik tepkileri tanımlamak amacıyla Eşik Değişkenli VAR (TVAR) yöntemi kullanılmıştır. Çalışmadan elde edilen sonuçlar, yüksek enflasyon koşullarında, Almanya ve Japonya haricindeki ülkelerde, işsizlik ve enflasyon arasında negatif bir ilişkiyi göstermektedir. Beklenen enflasyon, enflasyonun belirlenmesinde önemli bir rol oynamaktadır. Ayrıca, yüksek enflasyon rejiminde 10 yıllık devlet tahvili ve 3 aylık bankalar arası faiz oranı arasındaki fark enflasyonda artışa neden olmaktadır. Küresel faktörler açısından, küresel arz zincir baskısı düşük enflasyon koşullarındaki etkisi daha belirginken, petrol ve emtia fiyatlarındaki değişmeler yüksek enflasyon koşullarında enflasyon üzerinde daha büyük bir etkiye sahiptir. Çalışmadan elde edilen bulgular, merkez bankalarının yurtiçi şoklara karşı ekonomilerde istikrarı sağlamada daha etkili hale geldiğini, dış şoklarla ilgili zorlukların devam ettiğini göstermektedir.

References

  • Abbas, S. K. (2023). Asymmetry in the regimes of inflation and business cycles: the New Keynesian Phillips curve. Applied Economics, 55(25), 2875-2888.
  • Abbas, S. K., Bhattacharya, P. S., & Sgro, P. (2016). The New Keynesian Phillips curve: An update on recent empirical advances. International Review of Economics & Finance, 43, 378-403.
  • Angeloni, I., Aucremanne, L., Ehrmann, M., Galí, J., Levin, A., & Smets, F. (2006). New evidence on inflation persistence and price stickiness in the euro area: implications for macro modeling. Journal of the European Economic Association, 4(2-3), 562-574.
  • Ascari, G., Bonam, D., & Smadu, A. (2024). Global supply chain pressures, inflation, and implications for monetary policy. Journal of International Money and Finance, 142, 103029.
  • Atanasova, C. (2003). Credit market imperfections and business cycle dynamics: A nonlinear approach. Studies in Nonlinear Dynamics & Econometrics, 7, 5.
  • Ayisi, R. K., & Afful-Mensah, G. (2023). A Model of New Keynesian Philip Curve and Inflation Dynamics in Ghana. Journal of Quantitative Economics, 21(3), 703-719.
  • Balke, N. S. (2000). Credit and economic activity: Credit regimes and nonlinear propagation of shocks. The Review of Economics and Statistics, 82, 344–349.
  • Ball, L., Mazumder, S., 2011. Inflation dynamics and the great recession. Brook. Pap. Econ. Act. 42, 337–405.
  • Berge,T.J.(2018).‘Understanding survey-based inflation expectations’, International Journal of Forecasting, Vol. 34, pp. 788–801.
  • Binici, M., Centorrino, S., Cevik, M. S., & Gwon, G. (2022). Here comes the change: The role of global and domestic factors in post-pandemic inflation in Europe. International Monetary Fund.
  • Blinder, A. S., & Rudd, J. B. (2008). The supply-shock explanation of the great stagflation revisited (Vol. 14563, pp. 1-78). Cambridge: National Bureau of Economic Research.
  • Byrne, J. P., Kontonikas, A., & Montagnoli, A. (2013). International evidence on the New Keynesian Phillips curve using aggregate and disaggregate data. Journal of Money, Credit and Banking, 45(5), 913-932.
  • Calvo, G. A. (1983). Staggered prices in a utility-maximizing framework. Journal of Monetary Economics, 12(3), 383–398.
  • Charnavoki, V., Dolado, J.J., 2014. The effects of global shocks on small commodity exporting economies: lessons from Canada. Am. Econ. J. Macroecon. 6 (2), 207–237.
  • Chin, K. H. (2019). New Keynesian Phillips curve with time-varying parameters. Empirical Economics, 57(6), 1869-1889.
  • Christiano LJ, Eichenbaum M, Evans CL (2005) Nominal rigidities and the dynamic effects of a shock to monetary policy. J Polit Econ 113(1):1–45
  • Devpura, N., Sharma, S. S., Harischandra, P. K. G., & Pathberiya, L. (2021). Is inflation persistent? Evidence from a time-varying unit root model. Pacific-Basin Finance Journal, 101577.
  • Dotsey, M., Fujita, S., Stark, T., 2018. Do Phillips curves conditionally help to forecast inflation? Int. J. Central Bank. 14, 43–92.
  • Edge, R., Gürkaynak, R.S., 2010. How useful are estimated DSGE model forecasts for central bankers? Brook. Pap. Econ. Act. 41, 209–244.
  • Ergemen, Y.E., 2022. Forecasting inflation rates with multi-level international dependence. Econ. Lett. 214, 110456. https://doi.org/10.1016/j. econlet.2022.110456
  • Ferraresi, T., Roventini, A., & Fagiolo, G. (2015). Fiscal policies and credit regimes: A TVAR approach. Journal of Applied Econometrics, 30, 1047–1072.
  • Finck, D., Tillmann, P., 2022. The role of global and domestic shocks for inflation dynamics: evidence from Asia. Oxf. Bull. Econ. Stat. 84 (5), 1181–1208.
  • Fuhrer, J. C. (2010). Inflation persistence. In Handbook of monetary economics (Vol. 3, pp. 423-486). Elsevier.
  • Galı, J., & Gertler, M. (1999). Inflation dynamics: A structural econometric analysis. Journal of monetary Economics, 44(2), 195-222.
  • Galı, J., Gertler, M., & Lopez-Salido, J. D. (2001). European inflation dynamics. European economic review, 45(7), 1237-1270.
  • Gali, J., & Monacelli, T. (2005). Monetary policy and exchange rate volatility in a small open economy. The Review of Economic Studies, 72(3), 707-734.
  • Gordon RJ (2011) The history of the Phillips curve: consensus and bifurcation. Economica 78(309):10–50
  • Gordon, R. J. (1997). The time-varying NAIRU and its implications for economic policy. Journal of Economic Perspectives, 11(1), 11-32.
  • Guay, A., Luger, R., & Zhu, Z. (2003). The new Phillips curve in Canada. Price adjustment and monetary policy, 59-94.
  • Güriş, S., Çağlayan Akay, E., & Güriş, B. (2020). R ile temel ekonometri. İstanbul: DER Yayınları.
  • Ha, J., Kose, M. A., Ohnsorge, F., & Yilmazkuday, H. (2023). Understanding the global drivers of inflation: How important are oil prices?. Energy Economics, 127, 107096.
  • Haschka, R. E. (2024). Examining the New Keynesian Phillips Curve in the US: Why has the relationship between inflation and unemployment weakened?. Research in Economics, 100987.
  • Herz, B., & Röger, W. (2004). Traditional Versus New-Keynesian Phillips Curves: Evidence from Output Effects. Available at SSRN 1002503.
  • Hornstein, Andreas, Introduction to the New Keynesian Phillips Curve (2008). FRB Richmond Economic Quarterly, Vol. 94, No. 4, Fall 2008, pp. 301-309, Available at SSRN: https://ssrn.com/abstract=2187891 https://fred.stlouisfed.org/
  • Hyder, K., & Hall, S. G. (2020). Estimates of the New Keynesian Phillips Curve for Pakistan. Empirical Economics, 59(2), 871-886.
  • Jiang, Y., Wang, G. J., Ma, C., & Yang, X. (2021). Do credit conditions matter for the impact of oil price shocks on stock returns? Evidence from a structural threshold VAR model. International Review of Economics & Finance, 72, 1-15.
  • Jondeau, E., & Le Bihan, H. (2005). Testing for the New Keynesian Phillips Curve. Additional international evidence. Economic Modelling, 22(3), 521–550.
  • Kocoglu, M. (2023). Drivers of inflation in Turkey: a new Keynesian Phillips curve perspective. Economic Change and Restructuring, 56(4), 2825-2853.
  • Leith, C., & Malley, J. (2005). Estimated general equilibrium models for the evaluation of monetary policy in the US and Europe. European Economic Review, 49(8), 2137-2159.
  • Loria, E., & Tirado Cossío, R. A. (2023). Asymmetric new Keynesian Phillips curve for Mexico, 2005Q1–2022Q4. International Journal of Development Issues, 22(3), 383-398.
  • Martins, M. M., & Verona, F. (2024). Forecasting Inflation with the New Keynesian Phillips Curve: Frequencies Matter. Oxford Bulletin of Economics and Statistics.
  • Mavroeidis, S., Plagborg-Møller, M., & Stock, J. H. (2014). Empirical evidence on inflation expectations in the New Keynesian Phillips Curve. American Economic Journal: Journal of Economic Literature, 52(1), 124-188.
  • Mazumder, S. (2010). The new Keynesian Phillips curve and the cyclicality of marginal cost. Journal of Macroeconomics, 32(3), 747-765.
  • McAdam, P., & Willman A. (2003). New Keynesian Phillips Curves: A reassessment using Euro Area Data. ECB Working Paper 265
  • McKnight, S., Mihailov, A., & Rumler, F. (2020). Inflation forecasting using the New Keynesian Phillips Curve with a time-varying trend. Economic Modelling, 87, 383-393.
  • Mihailov, A., Rumler, F., & Scharler, J. (2011). The small open-economy new Keynesian Phillips curve: Empirical evidence and implied inflation dynamics. Open Economies Review, 22, 317-337.
  • Mishkin, F. S. (2007). Inflation dynamics. International Finance, 10(3), 317-334.
  • Nazlioglu, S., Akin, T., Gurel, S. P., & Gunes, S. (2025). Is nature of inflation co-movement time-varying? insights from a dynamic factor model. Economics Letters, 112215.
  • Pehnelt, G. (2007). Globalisation and inflation in OECD countries. Jena Economic Research Paper, (2007-055).
  • Roberts, J. M. (1995). New Keynesian economics and the Phillips curve. Journal of Money, credit, and banking, 27(4), 975-984.
  • Rotemberg, J. J. (1982). Sticky prices in the United States. Journal of Political Economy, 90(6), 1187–1211.
  • Rumler, F. (2007). Estimates of the open economy New Keynesian Phillips curve for euro area countries. open economies review, 18(4), 427-451.
  • Saygılı, H. (2020). Sectoral inflationary dynamics: cross-country evidence on the open-economy New Keynesian Phillips Curve. Review of World Economics, 156(1), 75-101.
  • Sbordone, A. M. (2002). Prices and unit labor costs: a new test of price stickiness. Journal of Monetary economics, 49(2), 265-292.
  • Stock, J. H. and Watson, M. W. (2008). Phillips Curve Inflation Forecasts,’’ NBER Working Papers 14322, Cambridge: National Bureau of Economic Research.
  • Stock, J.H., Watson, M.W. (2009). Phillips curve inflation forecasts. In: Fuhrer, J., Kodrzycki, Y., Little, J., Olivei, J. (Eds.), Understanding Inflation and the Implications for Monetary Policy. MIT Press, Cambridge, MA.
  • Szabq, J., & Jancovic, P. (2022). Inflation Dynamics in the Czech Republic: New Evidence on the Cost-Based Hybrid New Keynesian Phillips Curve. Ekonomické Rozhl'ady/Ecomomic Review, 51(2).
  • Taylor, J. B. (1980). Aggregate dynamics and staggered contracts. Journal of Political Economy, 88(1), 1–23.
  • Tsay, R.S., 1998. Testing and modeling multivariate threshold models. J. Am. Stat. Assoc. 93, 1188–1202.
  • Usman, N., & Gil‐Alana, L. A. (2024). Inflation Persistence in the G7: The Effects of the Covid‐19 Pandemic and of the Russia‐Ukraine War. The Manchester School.
  • Wardhono, A., Nasir, M. A., Qori’ah, C. G., & Indrawati, Y. (2021). Movement of inflation and new Keynesian Phillips curve in ASEAN. Economies, 9(1), 34.
  • www.investing.com
  • www.policyuncertainty.com

ASYMMETRICAL IMPACTS OF GLOBAL DRIVERS ON INFLATION: EVIDENCE FROM NEW-KEYNESIAN PHILLIPS CURVE

Year 2025, Volume: 16 Issue: 31, 435 - 466, 27.06.2025
https://doi.org/10.36543/kauiibfd.2025.017

Abstract

This study examines inflation dynamics by introducing global factors to the New Keynesian Phillips Curve (NKPC) under various inflation conditions for developed countries from January 1998 to December 2022. The Threshold VAR (TVAR) model is employed to identify potential nonlinearity arising from asymmetric responses to shocks and regime switching. The results indicate a negative relationship between the inflation and unemployment, with the exception of Germany and Japan in high inflation conditions. Expected inflation has an important impact on inflation. Moreover, the variance between the 10-year government bond rate and the 3-month interbank rate leads to an increase in inflation during high inflation regimes. As for global factors, global supply chain pressure has a more pronounced impact on inflation during low inflation conditions, whereas changes in oil and commodity prices have a greater effect on inflation during high inflation conditions. The findings show that central banks have become more effective at stabilizing economies against domestic shocks, but challenges remain with external shocks.

References

  • Abbas, S. K. (2023). Asymmetry in the regimes of inflation and business cycles: the New Keynesian Phillips curve. Applied Economics, 55(25), 2875-2888.
  • Abbas, S. K., Bhattacharya, P. S., & Sgro, P. (2016). The New Keynesian Phillips curve: An update on recent empirical advances. International Review of Economics & Finance, 43, 378-403.
  • Angeloni, I., Aucremanne, L., Ehrmann, M., Galí, J., Levin, A., & Smets, F. (2006). New evidence on inflation persistence and price stickiness in the euro area: implications for macro modeling. Journal of the European Economic Association, 4(2-3), 562-574.
  • Ascari, G., Bonam, D., & Smadu, A. (2024). Global supply chain pressures, inflation, and implications for monetary policy. Journal of International Money and Finance, 142, 103029.
  • Atanasova, C. (2003). Credit market imperfections and business cycle dynamics: A nonlinear approach. Studies in Nonlinear Dynamics & Econometrics, 7, 5.
  • Ayisi, R. K., & Afful-Mensah, G. (2023). A Model of New Keynesian Philip Curve and Inflation Dynamics in Ghana. Journal of Quantitative Economics, 21(3), 703-719.
  • Balke, N. S. (2000). Credit and economic activity: Credit regimes and nonlinear propagation of shocks. The Review of Economics and Statistics, 82, 344–349.
  • Ball, L., Mazumder, S., 2011. Inflation dynamics and the great recession. Brook. Pap. Econ. Act. 42, 337–405.
  • Berge,T.J.(2018).‘Understanding survey-based inflation expectations’, International Journal of Forecasting, Vol. 34, pp. 788–801.
  • Binici, M., Centorrino, S., Cevik, M. S., & Gwon, G. (2022). Here comes the change: The role of global and domestic factors in post-pandemic inflation in Europe. International Monetary Fund.
  • Blinder, A. S., & Rudd, J. B. (2008). The supply-shock explanation of the great stagflation revisited (Vol. 14563, pp. 1-78). Cambridge: National Bureau of Economic Research.
  • Byrne, J. P., Kontonikas, A., & Montagnoli, A. (2013). International evidence on the New Keynesian Phillips curve using aggregate and disaggregate data. Journal of Money, Credit and Banking, 45(5), 913-932.
  • Calvo, G. A. (1983). Staggered prices in a utility-maximizing framework. Journal of Monetary Economics, 12(3), 383–398.
  • Charnavoki, V., Dolado, J.J., 2014. The effects of global shocks on small commodity exporting economies: lessons from Canada. Am. Econ. J. Macroecon. 6 (2), 207–237.
  • Chin, K. H. (2019). New Keynesian Phillips curve with time-varying parameters. Empirical Economics, 57(6), 1869-1889.
  • Christiano LJ, Eichenbaum M, Evans CL (2005) Nominal rigidities and the dynamic effects of a shock to monetary policy. J Polit Econ 113(1):1–45
  • Devpura, N., Sharma, S. S., Harischandra, P. K. G., & Pathberiya, L. (2021). Is inflation persistent? Evidence from a time-varying unit root model. Pacific-Basin Finance Journal, 101577.
  • Dotsey, M., Fujita, S., Stark, T., 2018. Do Phillips curves conditionally help to forecast inflation? Int. J. Central Bank. 14, 43–92.
  • Edge, R., Gürkaynak, R.S., 2010. How useful are estimated DSGE model forecasts for central bankers? Brook. Pap. Econ. Act. 41, 209–244.
  • Ergemen, Y.E., 2022. Forecasting inflation rates with multi-level international dependence. Econ. Lett. 214, 110456. https://doi.org/10.1016/j. econlet.2022.110456
  • Ferraresi, T., Roventini, A., & Fagiolo, G. (2015). Fiscal policies and credit regimes: A TVAR approach. Journal of Applied Econometrics, 30, 1047–1072.
  • Finck, D., Tillmann, P., 2022. The role of global and domestic shocks for inflation dynamics: evidence from Asia. Oxf. Bull. Econ. Stat. 84 (5), 1181–1208.
  • Fuhrer, J. C. (2010). Inflation persistence. In Handbook of monetary economics (Vol. 3, pp. 423-486). Elsevier.
  • Galı, J., & Gertler, M. (1999). Inflation dynamics: A structural econometric analysis. Journal of monetary Economics, 44(2), 195-222.
  • Galı, J., Gertler, M., & Lopez-Salido, J. D. (2001). European inflation dynamics. European economic review, 45(7), 1237-1270.
  • Gali, J., & Monacelli, T. (2005). Monetary policy and exchange rate volatility in a small open economy. The Review of Economic Studies, 72(3), 707-734.
  • Gordon RJ (2011) The history of the Phillips curve: consensus and bifurcation. Economica 78(309):10–50
  • Gordon, R. J. (1997). The time-varying NAIRU and its implications for economic policy. Journal of Economic Perspectives, 11(1), 11-32.
  • Guay, A., Luger, R., & Zhu, Z. (2003). The new Phillips curve in Canada. Price adjustment and monetary policy, 59-94.
  • Güriş, S., Çağlayan Akay, E., & Güriş, B. (2020). R ile temel ekonometri. İstanbul: DER Yayınları.
  • Ha, J., Kose, M. A., Ohnsorge, F., & Yilmazkuday, H. (2023). Understanding the global drivers of inflation: How important are oil prices?. Energy Economics, 127, 107096.
  • Haschka, R. E. (2024). Examining the New Keynesian Phillips Curve in the US: Why has the relationship between inflation and unemployment weakened?. Research in Economics, 100987.
  • Herz, B., & Röger, W. (2004). Traditional Versus New-Keynesian Phillips Curves: Evidence from Output Effects. Available at SSRN 1002503.
  • Hornstein, Andreas, Introduction to the New Keynesian Phillips Curve (2008). FRB Richmond Economic Quarterly, Vol. 94, No. 4, Fall 2008, pp. 301-309, Available at SSRN: https://ssrn.com/abstract=2187891 https://fred.stlouisfed.org/
  • Hyder, K., & Hall, S. G. (2020). Estimates of the New Keynesian Phillips Curve for Pakistan. Empirical Economics, 59(2), 871-886.
  • Jiang, Y., Wang, G. J., Ma, C., & Yang, X. (2021). Do credit conditions matter for the impact of oil price shocks on stock returns? Evidence from a structural threshold VAR model. International Review of Economics & Finance, 72, 1-15.
  • Jondeau, E., & Le Bihan, H. (2005). Testing for the New Keynesian Phillips Curve. Additional international evidence. Economic Modelling, 22(3), 521–550.
  • Kocoglu, M. (2023). Drivers of inflation in Turkey: a new Keynesian Phillips curve perspective. Economic Change and Restructuring, 56(4), 2825-2853.
  • Leith, C., & Malley, J. (2005). Estimated general equilibrium models for the evaluation of monetary policy in the US and Europe. European Economic Review, 49(8), 2137-2159.
  • Loria, E., & Tirado Cossío, R. A. (2023). Asymmetric new Keynesian Phillips curve for Mexico, 2005Q1–2022Q4. International Journal of Development Issues, 22(3), 383-398.
  • Martins, M. M., & Verona, F. (2024). Forecasting Inflation with the New Keynesian Phillips Curve: Frequencies Matter. Oxford Bulletin of Economics and Statistics.
  • Mavroeidis, S., Plagborg-Møller, M., & Stock, J. H. (2014). Empirical evidence on inflation expectations in the New Keynesian Phillips Curve. American Economic Journal: Journal of Economic Literature, 52(1), 124-188.
  • Mazumder, S. (2010). The new Keynesian Phillips curve and the cyclicality of marginal cost. Journal of Macroeconomics, 32(3), 747-765.
  • McAdam, P., & Willman A. (2003). New Keynesian Phillips Curves: A reassessment using Euro Area Data. ECB Working Paper 265
  • McKnight, S., Mihailov, A., & Rumler, F. (2020). Inflation forecasting using the New Keynesian Phillips Curve with a time-varying trend. Economic Modelling, 87, 383-393.
  • Mihailov, A., Rumler, F., & Scharler, J. (2011). The small open-economy new Keynesian Phillips curve: Empirical evidence and implied inflation dynamics. Open Economies Review, 22, 317-337.
  • Mishkin, F. S. (2007). Inflation dynamics. International Finance, 10(3), 317-334.
  • Nazlioglu, S., Akin, T., Gurel, S. P., & Gunes, S. (2025). Is nature of inflation co-movement time-varying? insights from a dynamic factor model. Economics Letters, 112215.
  • Pehnelt, G. (2007). Globalisation and inflation in OECD countries. Jena Economic Research Paper, (2007-055).
  • Roberts, J. M. (1995). New Keynesian economics and the Phillips curve. Journal of Money, credit, and banking, 27(4), 975-984.
  • Rotemberg, J. J. (1982). Sticky prices in the United States. Journal of Political Economy, 90(6), 1187–1211.
  • Rumler, F. (2007). Estimates of the open economy New Keynesian Phillips curve for euro area countries. open economies review, 18(4), 427-451.
  • Saygılı, H. (2020). Sectoral inflationary dynamics: cross-country evidence on the open-economy New Keynesian Phillips Curve. Review of World Economics, 156(1), 75-101.
  • Sbordone, A. M. (2002). Prices and unit labor costs: a new test of price stickiness. Journal of Monetary economics, 49(2), 265-292.
  • Stock, J. H. and Watson, M. W. (2008). Phillips Curve Inflation Forecasts,’’ NBER Working Papers 14322, Cambridge: National Bureau of Economic Research.
  • Stock, J.H., Watson, M.W. (2009). Phillips curve inflation forecasts. In: Fuhrer, J., Kodrzycki, Y., Little, J., Olivei, J. (Eds.), Understanding Inflation and the Implications for Monetary Policy. MIT Press, Cambridge, MA.
  • Szabq, J., & Jancovic, P. (2022). Inflation Dynamics in the Czech Republic: New Evidence on the Cost-Based Hybrid New Keynesian Phillips Curve. Ekonomické Rozhl'ady/Ecomomic Review, 51(2).
  • Taylor, J. B. (1980). Aggregate dynamics and staggered contracts. Journal of Political Economy, 88(1), 1–23.
  • Tsay, R.S., 1998. Testing and modeling multivariate threshold models. J. Am. Stat. Assoc. 93, 1188–1202.
  • Usman, N., & Gil‐Alana, L. A. (2024). Inflation Persistence in the G7: The Effects of the Covid‐19 Pandemic and of the Russia‐Ukraine War. The Manchester School.
  • Wardhono, A., Nasir, M. A., Qori’ah, C. G., & Indrawati, Y. (2021). Movement of inflation and new Keynesian Phillips curve in ASEAN. Economies, 9(1), 34.
  • www.investing.com
  • www.policyuncertainty.com
There are 63 citations in total.

Details

Primary Language English
Subjects Inflation
Journal Section Articles
Authors

Deniz Erer 0000-0001-9977-9592

Publication Date June 27, 2025
Submission Date November 20, 2024
Acceptance Date May 7, 2025
Published in Issue Year 2025 Volume: 16 Issue: 31

Cite

APA Erer, D. (2025). ASYMMETRICAL IMPACTS OF GLOBAL DRIVERS ON INFLATION: EVIDENCE FROM NEW-KEYNESIAN PHILLIPS CURVE. Kafkas Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 16(31), 435-466. https://doi.org/10.36543/kauiibfd.2025.017

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