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Industrial price determination process in the Turkish private manufacturing industry between 1980 and 2000: a Keynesian approach

The Keynesian price model depends especially on some microeconomic factors other than causality relationship between money supply and general price level. Departing from aggregate demand-augmented wage-cost markup version of the Keynesian model is analyzed by using cointegration analysis for the determination of the prices in Turkish private manufacturing industries for the 1980-2000 period. The results support a long-run relationship among prices and demand and unit wage cost, and have also found positive pressure on prices from demand and unit wage cost. Findings are consistent with the Keynesian theoretical expectation.