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      Identfying the liquidity effects of monetary policy shocks for a small open economy: Turkey

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      Author
      Berument, Hakan
      Togay, S.
      Sahin, A.
      Date
      2011
      Source Title
      Open Economies Review
      Print ISSN
      0923-7992
      Electronic ISSN
      1573-708X
      Publisher
      Springer New York LLC
      Volume
      22
      Issue
      4
      Pages
      649 - 667
      Language
      English
      Type
      Article
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      Abstract
      This paper proposes a new liquidity measure for a small open economy. The new measure includes the net liquidity provided to the system by a central bank after accounting for the central bank's involvement in the foreign exchange market. Empirical evidence gathered from Turkey suggests that a positive innovation in liquidity increases output temporarily and that its effect on prices, exchange rate and money are permanently higher.
      Keywords
      Liquidity effect
      Open economy version of NBR
      Small and open economies
      VAR models
      Permalink
      http://hdl.handle.net/11693/12261
      Published Version (Please cite this version)
      http://dx.doi.org/10.1007/s11079-009-9164-2
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      • Department of Economics 649
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