Browsing by Subject "Open economy version of NBR"

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    Identfying the liquidity effects of monetary policy shocks for a small open economy: Turkey
    (Springer New York LLC, 2011) Berument, Hakan; Togay, S.; Sahin, A.
    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.