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The Asymmetric Effects of Monetary Policy on Economic Activity in Turkey

Cengiz Tunc and Mustafa Kilinc

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper, we look at the sector-level asymmetric effects of the monetary policy shocks on economic activity in Turkey. Using business cycles for the state of the economy, we find that monetary policy shocks have strong effects on both aggregate GDP, services and industrial production and sub-sectors during recessionary periods. The results are weaker for the expansionary periods. We further study whether the results depend on the state of the credit cycles. Similar results emerge in that the monetary policy is more effective during credit slowdowns with economically more feasible quantitative effects compared to the business cycles.

Keywords: Monetary Policy Transmission; Markov Switching Models; Business Cycles; Credit Cycles. (search for similar items in EconPapers)
JEL-codes: E32 E44 E52 (search for similar items in EconPapers)
Date: 2016-02-22, Revised 2016-07-22
New Economics Papers: this item is included in nep-ara, nep-cwa, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: The asymmetric effects of monetary policy on economic activity in Turkey (2019) Downloads
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