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dc.contributor.authorBerument, Hakanen_US
dc.date.accessioned2015-07-28T11:58:05Z
dc.date.available2015-07-28T11:58:05Z
dc.date.issued2007en_US
dc.identifier.issn0164-0704
dc.identifier.urihttp://hdl.handle.net/11693/11573
dc.description.abstractThis 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.en_US
dc.language.isoEnglishen_US
dc.source.titleJournal of Macroeconomicsen_US
dc.relation.isversionofhttp://dx.doi.org/10.1016/j.jmacro.2006.02.001en_US
dc.subjectMonetary policyen_US
dc.subjectInterest rate spreadsen_US
dc.subjectSmall open economyen_US
dc.titleMeasuring monetary policy for a small open economy: Turkeyen_US
dc.typeArticleen_US
dc.departmentDepartment of Economicsen_US
dc.citation.spage411en_US
dc.citation.epage430en_US
dc.citation.volumeNumber29en_US
dc.citation.issueNumber2en_US
dc.identifier.doi10.1016/j.jmacro.2006.02.001en_US
dc.publisherElsevier BVen_US
dc.contributor.bilkentauthorBerument, Hakan
dc.identifier.eissn1873-152X


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