Identifying the Liquidity Effects of Monetary Policy Shocks for a Small Open Economy: Turkey |
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| Authors: | M Hakan Berument Selahattin Togay Afsin Sahin |
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| Institution: | (1) Department of Economics, Bilkent University, 06800 Ankara, Turkey;(2) Department of Economics, Gazi University, 06500 Ankara, Turkey;(3) Department of Foreign Relations and European Union, Ministry of Agriculture and Rural Affairs, Eskisehir Yolu 9. km Lodumlu, 06530 Ankara, Turkey |
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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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