Measuring the impacts of monetary policy in Turkey: an extended structural vector autoregressive model with structural breaks
Üst veriTüm öğe kaydını göster
KünyeBulut, U. (2023). Measuring the impacts of monetary policy in Turkey: an extended structural vector autoregressive model with structural breaks. International Journal of Economic Policy Studies, 17(1), 117-132.
The goal of this paper is to measure the impacts of monetary policy shocks in Turkey using monthly data spanning the period 2011:M01–2021:M12. To that end, the paper extends the structural vector autoregressive (SVAR) methodology with structural breaks. The findings show that a positive monetary policy shock, namely an increase in interest rates, results in a decrease in consumer prices and the exchange rate. The findings also exhibit that a positive shock in the exchange rate, namely the depreciation of the TRY against foreign currencies, increases interest rates and consumer prices. The implications of these findings in terms of monetary policy in Turkey are discussed in the paper. © 2022, Japan Economic Policy Association (JEPA).