Turkish monetary policy and components of aggregate demand: a VAR analysis with sign restrictions model

被引：5

作者：

Berument, M. Hakan ^{[2
]}

Denaux, Zulal ^{[1
]}

Yalcin, Yeliz ^{[3
]}

机构：

[1] Valdosta State Univ, Dept Mkt & Econ, Valdosta, GA 31698 USA

[2] Bilkent Univ, Dept Econ, TR-06800 Ankara, Turkey

[3] Gazi Univ, Dept Econometr, TR-06500 Ankara, Turkey

来源：

APPLIED ECONOMICS | 2012年 / 44卷 / 36期

关键词：

monetary policy; vector autoregression; agnostic identification; TIME-SERIES; UNIT-ROOT; TERM STRUCTURE; FISCAL-POLICY; OUTPUT; COINTEGRATION; TRANSMISSION; HYPOTHESIS; CAUSALITY; INFERENCE;

D O I：

10.1080/00036846.2011.564151

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article estimates the effects of monetary policy on components of aggregate demand using quarterly data on Turkish economy from 1987-2008 by means of structural Vector Autoregression (VAR) methodology. This study adopts Uhlig's (2005) sign restrictions on the impulse responses of main macroeconomic variables to identify monetary shock. This study finds that expansionary monetary policy stimulates output through consumption and investment in the short-run. However, expansionary monetary policy is ineffective in the long-run.

引用

页码：4787 / 4798

页数：12

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