Abstract
In this study, the validity of the P-Star model has been examined under M1, M2, M2Y and M3 monetary aggregates for the Turkish economy. Long-run velocities of alternative monetary aggregates and potantial reel income have been produced by Hodrick - Prescott filter. The findings of study have showed that price gap, velocity gap and income gap can be used for inftatian indicator. This result has been also found to be consistent in the light of the alternative monetary aggragetes.
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