This paper examines the significance of real and monetary integrations for the inflationary dynamics of an emerging country, Turkey. The analysis accounts for 2-digit items of CPI inflation, which can be broadly categorized as tradable versus non-tradable and goods versus services. We find that a fall in the inflation gap between partner countries is mainly related to real integration whereas the co-movement of inflation is prominently driven by monetary policy co-movements. The product-type analysis shows that inflation gap in tradable items between trade partners shrinks and becomes more correlated with the (de)convergence and co-movement of real integration.

中文翻译：

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实际和货币整合如何影响通货膨胀动态？

本文研究了实际和货币一体化对新兴国家土耳其的通货膨胀动态的重要性。该分析考虑了两位数的 CPI 通胀项目，大致可分为贸易品与非贸易品以及商品与服务。我们发现，伙伴国家之间通胀差距的缩小主要与实际一体化有关，而通胀的联动主要是由货币政策联动驱动的。产品类型分析表明，贸易伙伴之间可贸易项目的通货膨胀差距缩小，并与实际一体化的（去）趋同和联动更加相关。