Identifying the Liquidity Effects of Monetary Policy Shocks for a Small Open Economy: Turkey
OPEN ECONOMIES REVIEW, cilt.22, sa.4, ss.649-667, 2011 (SSCI, Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 22 Sayı: 4
- Basım Tarihi: 2011
- Doi Numarası: 10.1007/s11079-009-9164-2
- Dergi Adı: OPEN ECONOMIES REVIEW
- Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus
- Sayfa Sayıları: ss.649-667
- Anahtar Kelimeler: Liquidity effect, Open economy version of NBR, Small and open economies, VAR models, REAL EXCHANGE-RATE, AGNOSTIC IDENTIFICATION, MONEY, OUTPUT, INCOME, TRANSMISSION, COUNTRIES, PRICES
- Açık Arşiv Koleksiyonu: AVESİS Açık Erişim Koleksiyonu
- Ankara Hacı Bayram Veli Üniversitesi Adresli: Evet
Özet
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.