An interest-rate-spread-based measure of Turkish monetary policy

Simple item page
buir.contributor.authorBerument, Hakan
dc.citation.epage1813en_US
dc.citation.issueNumber15en_US
dc.citation.spage1804en_US
dc.citation.volumeNumber46en_US
dc.contributor.authorBerument, Hakanen_US
dc.contributor.authorCeylan, N. B.en_US
dc.contributor.authorDogan, B.en_US
dc.date.accessioned2016-02-08T10:55:02Z
dc.date.available2016-02-08T10:55:02Z
dc.date.issued2014en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractA coherent method to measure the effectiveness of a monetary policy improves the monetary authority's management capacity and renders the possibility of applying sound policies prior to and during a crisis. The trend in employing complicated and ambiguity-bearing unconventional monetary tools in the aftermath of the 2008 crisis has increased the value of such a method. The aim of this article is to introduce a coherent and consistent monetary policy evaluation method for Turkey. Accordingly, we suggest that innovations in the spread between overnight interest rates and Treasury auction interest rates are informative for exchange rate, output, and prices. Empirical evidence for this identification reveals that positive innovation in spread (implying a tight monetary policy measure) decreases output temporarily, permanently decreases prices, and appreciates local currency. This result is also robust to alternative specifications.en_US
dc.identifier.doi10.1080/00036846.2014.884703en_US
dc.identifier.eissn1466-4283
dc.identifier.issn0003-6846
dc.identifier.urihttp://hdl.handle.net/11693/26102
dc.language.isoEnglishen_US
dc.publisherRoutledgeen_US
dc.relation.isversionofhttp://dx.doi.org/10.1080/00036846.2014.884703en_US
dc.source.titleApplied Economicsen_US
dc.subjectBusiness cyclesen_US
dc.subjectInterest rate spreadsen_US
dc.subjectMonetary policy evaluationen_US
dc.titleAn interest-rate-spread-based measure of Turkish monetary policyen_US
dc.typeArticleen_US

Files

Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
An interest-rate-spread-based measure of Turkish monetary policy.pdf
Size:
627.07 KB
Format:
Adobe Portable Document Format
Description:
Full printable version
Download

Collections

Department of Economics