Identfying the liquidity effects of monetary policy shocks for a small open economy: Turkey
Date
2011
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Abstract
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.
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Open Economies Review
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Springer New York LLC
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English