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Title
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MONETARY POLICY TARGETS IN TURKEY: AN ANALYSIS OF CAUSALITY AND CONTROLLABILITY.
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Creator
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Akyurek, Cem Ahmet, Florida Atlantic University, Manage, Neela D., College of Business, Department of Economics
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Abstract/Description
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This study analyzes the formulation of monetary policy in the Turkish economy on the basis of intermediate policy targets. Two monetary aggregates and four credit aggregates are identified as potential intermediate targets of monetary policy. The causal relationship between these variables and GNP as well as prices is estimated by utilizing Granger and Sims tests for causality. The degree to which these targets are controlled by changes in the monetary base is examined by using regression...
Show moreThis study analyzes the formulation of monetary policy in the Turkish economy on the basis of intermediate policy targets. Two monetary aggregates and four credit aggregates are identified as potential intermediate targets of monetary policy. The causal relationship between these variables and GNP as well as prices is estimated by utilizing Granger and Sims tests for causality. The degree to which these targets are controlled by changes in the monetary base is examined by using regression analysis. Finally, this study briefly examines the major sources of the monetary base in the Turkish economy.
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Date Issued
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1985
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PURL
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http://purl.flvc.org/fcla/dt/14259
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Subject Headings
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Monetary policy--Turkey--Analysis, Turkey--Economic conditions--Analysis
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Format
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Document (PDF)