Monetary Polıcy Interest Rate Channel in Turkey:  Toda-Yamamoto Method (2011-2018)

Leyla BAŞTAV

doi:https://doi.org/10.25295/fsecon.2020.02.004

Makale detayları

Monetary Polıcy Interest Rate Channel in Turkey: Toda-Yamamoto Method (2011-2018)

Yazarlar:

Leyla BAŞTAV

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Fiscaoeconomia 2020 Vol.4 Issue 2, pp.311-331

Belge Tipi:

Makale

Yayın Tarihi:

5/2020

Belge Dili:

İngilizce

Document ID (Org No.):

2000710552

Sıklık:

Üç Yıllık

eISSN:

2564-7504

DOI:

https://doi.org/10.25295/fsecon.2020.02.004

Özet:

 

This study analyzes the channel through which monetary policy has affected real economic activity in Turkey during 2011Q1-2018Q2. There is a novel monetary policy stance of the Turkish Central Bank (TCMB) from 2011 on, after initiation of explicit inflation targeting from 2006 on. Within the framework financial stability is added to previous target of price stability and diversified interest rates and liquidity measures have been introduced as new monetary policy tools along with classical short-term interest rate. Existence of interest channel has been tested by two causality methods, namely: Granger and Toda-Yamamoto. Results imply that interest channel is not operative in Turkey in the traditional Keynesian sense, bu rather higher demand leads to higher prices (and vice versa) affecting interest rates in return. Findings do not comply with findings of the previous studies that interest rate channel is effective in Turkey.

Makale detayları

Monetary Polıcy Interest Rate Channel in Turkey: Toda-Yamamoto Method (2011-2018)

Yazarlar: Leyla BAŞTAV

Yayıncı: Ahmet Arif EREN

Ana Başlıklar: Sosyoloji & antropoloji

Dergi: Fiscaoeconomia 2020 Vol.4 Issue 2, pp.311-331

Belge Tipi: Makale

Yayın Tarihi: 5/2020

Belge Dili: İngilizce

Document ID (Org No.): 2000710552

Sıklık: Üç Yıllık

eISSN: 2564-7504

DOI: https://doi.org/10.25295/fsecon.2020.02.004

Sayı

Yazarlar:

Leyla BAŞTAV

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Fiscaoeconomia 2020 Vol.4 Issue 2, pp.311-331

Belge Tipi:

Makale

Yayın Tarihi:

5/2020

Belge Dili:

İngilizce

Document ID (Org No.):

2000710552

Sıklık:

Üç Yıllık

eISSN:

2564-7504

DOI:

https://doi.org/10.25295/fsecon.2020.02.004