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23

Ekonomik Yaklasim. 1999; 10(34): 5-25


COSTS AND INFLATION IN TURKISH ECONOMY: A COMPARATIVE-STATIC PRICE ANALYSIS WITH 1985 AND 1990 INPUT-OUTPUT TABLES

Osman AYDOGUŞ.

Abstract
This study tries to analyse the effects on the sectoral prices and inflation of the changes in the prices of some basic and quasi-basic inputs within a static-open Leontief input-output model for 1985 and 1990. The basic price equation of the static Leontief model is used to calculate the increases in the sectoral equilibrium prices due to increases in "wage and salaries", "non-wage factor incomes", "price of crude oil", and "prices of imported inputs".Effects of these changes on the general price level are also calculated simply by taking the weighted-sum of the sectoral price increases (weighted by the sectoı·al shares in the total domestic final demand). The comparative-static analysis indicates that non-wage factor incomes (profits-interests-rents) is by far the most significant cost factor for both 1985 and 1990 periods, one percent increase in non-wage factor incomes bringing about more than 0,6 percent increase in general price level. Inflationary effect of changes in wage-salary incomes is relatively smail, one percent increase in wages-salaries bringing about O ,17 and O ,24 percent increases in the general price level in respectively in 1985 and 1990. Empirical results also show that the inflationary effects of increase in crude oil and imported inputs diminished between 1985 and 1990.

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