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dc.contributor.authorDoğan, B.en_US
dc.contributor.authorŞahin, A.en_US
dc.contributor.authorBerument, H.en_US
dc.date.accessioned2019-01-23T13:42:46Z
dc.date.available2019-01-23T13:42:46Z
dc.date.issued2016en_US
dc.identifier.issn1793-8120
dc.identifier.urihttp://hdl.handle.net/11693/48280
dc.description.abstractAlong with most other central banks, Turkey’s central bank has implemented unconventional policies since the 2007/2008 financial crisis. Financial stability has been one of the targets of these macroprudential policies. However, since Turkey is working toward this goal without increasing its inflation rate, tracking only short-term interest rates to measure this policy’s effectiveness would be inefficient. In this paper, we provide empirical evidence from Turkey that interbank interest rate volatility can be an additional tool for monetary policy makers to help achieve the goal of financial stability. Impulse responses generated from the Vector Autoregressive models indicate that interest rate volatility increases interest rates, depreciates domestic currency and decreases credit growth and output. Its statistically insignificant effect on prices is open to interpretation.en_US
dc.language.isoEnglishen_US
dc.source.titleMiddle East Development Journalen_US
dc.relation.isversionofhttp://dx.doi.org/10.1080/17938120.2016.1150009en_US
dc.subjectEconomicsen_US
dc.subjectMonetary policyen_US
dc.subjectInterest rate volatilityen_US
dc.subjectMacroprudential policiesen_US
dc.titleRethinking interest rate volatility as a macroprudential policy toolen_US
dc.typeArticleen_US
dc.departmentDepartment of Economicsen_US
dc.citation.spage109en_US
dc.citation.epage126en_US
dc.citation.volumeNumber8en_US
dc.citation.issueNumber1en_US
dc.identifier.doi10.1080/17938120.2016.1150009en_US
dc.publisherRoutledgeen_US
dc.identifier.eissn1793-8171


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