Multiple policy interest rates and economic performance in a multiple monetary-policy-tool environment
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Tarih
2017
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Elsevier Inc.
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
This paper assesses the individual effects on economic performance of different monetary policy interest rates for a central bank. To measure these effects, we employ an extension of existing Factor-Augmented Vector Autoregressive (FAVAR) models, such that the number of monetary policy variables can be captured with a few unobservable factors, as well as economic state variables with other unobservable factors. The empirical evidence from Turkey suggests that the four interest rates we consider as policy tools for the central bank affect economic state variables in different magnitudes. Thus, selecting different policy tools provides an environment that allows determining the effects of each tool for differentiated economic outcomes. © 2017 Elsevier Inc.
Açıklama
Anahtar Kelimeler
FAVAR, Monetary Policy, Multiple Monetary Policy Tools
Kaynak
International Review of Economics and Finance
WoS Q Değeri
N/A
Scopus Q Değeri
Q1
Cilt
52
Sayı
Künye
Varlık, S., Berument, M. H. (2017). Multiple policy interest rates and economic performance in a multiple monetary-policy-tool environment. International Review of Economics & Finance, 52, 107-126.
