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    Measuring Monetary Policy for a Small Open Economy: Turkey

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    10.1016-j.jmacro.2006.02.001.pdf (922.9Kb)
    Date Issued
    2007-06
    Author
    Berument, H.
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    Please cite this item using this persistent URL
    http://hdl.handle.net/11693/11573
    Journal
    Journal of Macroeconomics
    Published as
    http://dx.doi.org/10.1016/j.jmacro.2006.02.001
    Collections
    • Department of Economics [152]
    Publisher
    Elsevier
    Abstract
    This paper proposes a measure to assess the monetary policy for a highly inflationary small open economy: Turkey. The empirical evidence suggests that positive innovations in the spread between the Central Bank's interbank interest rate and the depreciation rate of the local currency mimic the properties of the tight monetary policy. These innovations, when they are positive, decrease income and prices, and appreciate the local currency. For prices and the exchange rate, the effects are permanent; but for income the effect is transitory. (c) 2007 Elsevier Inc. All rights reserved.
    Citation
    Berument, H. (2007). Measuring monetary policy for a small open economy: Turkey. Journal of Macroeconomics, 29(2), 411-430.

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    BİLKENT UNIVERSITY

    Copyright © Bilkent University - Library Technical Services | 06800 Bilkent, Ankara TURKEY
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