2004, published in: Shilpa M. Rao (ed.), 'Inflation: Concepts and Experiences', Hyderabad: The ICFAI University Press, Ch. 9, pp. 84-109

After experiencing high and persistent inflation for more than two decades, Turkey is entering a period of single-digit inflation again. Following a summary of the macroeconomic developments occurred since early 1970s, this paper attempts to survey the empirical literature both on the dynamics of chronic inflation and on the possible effects of disinflation in Turkey.