INDUSTRY EFFECTS OF MONETARY POLICY IN TURKISH ECONOMY

Bengul Gulumser Arslan and Etem Ergec ()

Anadolu University Journal of Social Sciences, 2011, vol. 11, issue 1, 89-104

Abstract: Monetary policy shocks may have effects with a different intensity on sectors of economy. This is referred as the heterogeneity of monetary policy effects and is important for understanding how the transmission channels of monetary policy are working. This paper aims to compare the response of three main sub-sectors of industry (mining, manufacturing, electricity and gas production industries) and also six main sectors which have the biggest share of manufacturing industry to a monetary policy shock with using VAR techniques. Our empirical findings show that manufacturing industry is affected more from monetary policy shocks than two other sub-sectors and the sub-sectors of manufacturing industry which are related to industrial demand are affected more from monetary policy shocks than the others.

Keywords: Monetary Policy; Interest Rate Channel; Industrial Effects (search for similar items in EconPapers)
JEL-codes: E52 L60 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:and:journl:v:11:y:2011:i:1:p:89-104

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