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

Date

2011

Authors

Berument, Hakan
Togay, S.
Sahin, A.

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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.

Source Title

Open Economies Review

Publisher

Springer New York LLC

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Keywords

Liquidity effect, Open economy version of NBR, Small and open economies, VAR models

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Citation

Published Version (Please cite this version)

Language

English

Type

Article