Identifying the Liquidity Effects of Monetary Policy Shocks for a Small Open Economy: Turkey

被引：5

作者：

Berument, M. Hakan ^{[1
]}

Togay, Selahattin ^{[2
]}

Sahin, Afsin ^{[3
]}

机构：

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

[2] Gazi Univ, Dept Econ, TR-06500 Ankara, Turkey

[3] Minist Agr & Rural Affairs, Dept Foreign Relat & European Union, TR-06530 Ankara, Turkey

来源：

OPEN ECONOMIES REVIEW | 2011年 / 22卷 / 04期

关键词：

Liquidity effect; Open economy version of NBR; Small and open economies; VAR models; REAL EXCHANGE-RATE; AGNOSTIC IDENTIFICATION; MONEY; OUTPUT; INCOME; TRANSMISSION; COUNTRIES; PRICES;

D O I：

10.1007/s11079-009-9164-2

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：649 / 667

页数：19

共 52 条

[11] The liquidity effect in the federal funds market: Evidence at the monthly frequency [J].