Yazar "Varlik, Serdar" seçeneğine göre listele

Listeleniyor 1 - 3 / 3
  • [ X ]
    Öğe
    Monetary policy under a multiple-tool environment
    (Wiley, 2020) Varlik, Serdar; Berument, M. Hakan
    Since the 2008 global financial crisis, central banks have been using a new set of policy tools in addition to conventional tools (such as short-term interest rates) to conduct monetary policy. This paper employs a methodology that captures 25 of these tools with a limited number of factors for Turkey. Due to a set of factors such as the high volatility of inflation, market-friendly financial architecture and its size, Turkey provides a unique environment to capture these factors and their effects on economic performance. The three factors identified here can be categorized as interest rate, central bank foreign exchange position and liquidity. The empirical evidence reveals that these three factors affect all the economic-state variables considered in the paper in different directions and magnitudes.
  • [ X ]
    Öğe
    Oil price shocks and the composition of current account balance
    (Central Bank Republic Turkey, 2020) Varlik, Serdar; Berument, M. Hakan
    It is a well-established regularity that permanent oil price shocks do not have a permanent effect on the current account deficit. This requires that sub-components of the current account or trade balance will make the necessary adjustments to accommodate the higher energy bill of a country triggered by permanent crude oil price increases. Empirical evidence gathered from Turkey reveals that, in the long run, balancing the current account is provided by a permanent increase in the net exports of Agricultural Production, Maintenance and Repair Services, Travel, Construction, Financial Services, Compensation of Employees, and Goods under Merchanting (non-tradable components of the current account balance); and a permanent decrease in the net exports of Mining, Fishery, Other Goods for BEC Classification, Investment Income, Manufacturing Services on Physical Inputs Owned by Others, and Transport balances mostly in sectors that use energy heavily in production. All these responses are found to be statistically significant in the more than 24 periods we consider in this study. (c) 2020 Central Bank of The Republic of Turkey. Production and hosting by Elsevier B.V.
  • [ X ]
    Öğe
    The effects of electricity price changes on prices of other goods and services - evidence from Turkey
    (Routledge Journals, Taylor & Francis Ltd, 2020) Gedikkaya, Ahmet; Varlik, Serdar; Hakan, Berument M.
    This article employs a Factor-Augmented Vector Autoregressive model to assess the effects of electricity price innovations on prices of other goods and services. Using monthly series from Turkish Domestic Producer Price Index (D-PPI) and Harmonized Index of Consumer Prices (HICP) components, the results from the analyses on D-PPI components suggest that (i) Machinery & Equipment (not elsewhere classified); Electrical Equipment; and Rubber & Plastic Products increase the most, while (ii) Tobacco Products; Crude Petroleum & Natural Gas; and Water Supply, Sewerage, Waste Management & Remediation Services increase the least. In addition, the results from the analyses on HICP components suggest that (iii) Housing, Water, Electricity, Gas & Other Fuels; Furnishings, Household Equipment & Maintenance; and Restaurants & Hotels increase the most, while (iv) Communications; Alcoholic Beverages, Tobacco & Narcotics; and Education increase the least.