Articlegreen2008

Measuring the Effects of Monetary Policy for Turkey

26 citations0/0 files storedBilkent University Institutional Repository (Bilkent University)

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

This paper proposes a specification to identify the monetary policy for a small open economy, Turkey. The monetary policy is measured by using the spread between the Central Bank's interbank interest rate and the depreciation rate of the domestic currency. A VAR type of model is used to identify monetary policy covering the period 1986:05-2000:10. The results suggest that tight monetary policy has a transitory effect on output but a permanent effect on prices. This specification is free of some puzzles such as the price puzzle and the liquidity puzzle that hampered some of the previous studies.

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References

1990Inference in Linear Time Series Models with some Unit Roots 1999Monetary Theory and Policy 1996The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds 2000Exchange rate anomalies in the industrial countries: A solution with a structural VAR approach 1976Unanticipated Money Growth and Unemployment in the United States 1997Identifying monetary policy in a small open economy under flexible exchange rates 1990The Federal Funds Rate and the Channels of Monetary Transnission 1995The identification of monetary policy disturbances explaining the liquidity puzzle

Cited by

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