The interaction between monetary and fiscal policies in Turkey: An estimated New Keynesian DSGE model |
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Authors: | Cem Ç ebi |
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Affiliation: | Central Bank of the Republic of Turkey, Head Office, Istiklal Caddesi, 10, Post Code: 06100, Ulus, Ankara, Turkey |
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Abstract: | This paper estimates a New Keynesian open economy DSGE model for Turkey by using Bayesian estimation technique for the period of 2002:q1–2009:q3. It studies fiscal and monetary policy interactions and their role in stabilisation of the economy using a small-scale model following the methodology outlined in Lubik and Schorfheide (2007). The general features of the model can be summarised as follows: Calvo style nominal price rigidities, perfect exchange rate pass-through, complete international asset markets, rule of thumb price setters and distortionary taxation. |
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Keywords: | E52 E61 E63 |
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