Openness and the effectiveness of monetary policy: empirical evidence from Turkey
Applied Economics Letters
217 - 221
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The empirical evidence suggests that openness decreases the effect of monetary policy on output, however the effect on prices is not statistically significant. In this study these predictions are tested over the open economy of Turkey for quarterly data from 1987:1 to 2001:1. This study assesses how the openness affects the effectiveness of monetary policy on output and prices.