Measuring the effects of monetary policy for Turkey

Date

2008

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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.

Source Title

Journal of Economic Cooperation

Publisher

Statistical Economic and Social Research and Training Centre for Islamic Countries

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Citation

Published Version (Please cite this version)

Language

English