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      Monetary policy under a multiple-tool environment

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      Embargo Lift Date: 2022-07-01
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      Author(s)
      Varlık, S.
      Berument, Hakan
      Date
      2020
      Source Title
      Bulletin of Economic Research
      Print ISSN
      0307-3378
      Publisher
      Board of Trustees of the Bulletin of Economic Research and John Wiley & Sons Ltd
      Volume
      72
      Issue
      3
      Pages
      225 - 250
      Language
      English
      Type
      Article
      Item Usage Stats
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      Abstract
      Since the 2008 global financial crisis, central banks have been using a new set of policy tools in addition to conventional tools (such as short‐term interest rates) to conduct monetary policy. This paper employs a methodology that captures 25 of these tools with a limited number of factors for Turkey. Due to a set of factors such as the high volatility of inflation, market‐friendly financial architecture and its size, Turkey provides a unique environment to capture these factors and their effects on economic performance. The three factors identified here can be categorized as interest rate, central bank foreign exchange position and liquidity. The empirical evidence reveals that these three factors affect all the economic‐state variables considered in the paper in different directions and magnitudes.
      Keywords
      FAVAR
      Monetary policy
      Multiple policy tools
      C58
      E52
      E58
      Permalink
      http://hdl.handle.net/11693/53211
      Published Version (Please cite this version)
      https://doi.org/10.1111/boer.12219
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      • Department of Economics 697
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