A Comparison on Conventional and Unconventional Monetary Policy Strategies in the Context of International Transmission ChannelAbstract: In this study, the effectiveness of conventional and unconventional monetary policy strategies is investigated for developing countries (Romania, Poland, Hungary and Turkey) for 2008:1-2017:5 period with panel VAR methodology. Results show that in the post-global crisis period, conventional policy implementations cannot create meaningful and lasting effects on GDP in developing countries. It has been seen that unconventional monetary policy doesn’t have a statistically significant effect on inflation, while its most severe and permanent effect is observed on the real effective exchange rate
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Keywords
Monetary Transmission Mechanism; International Transmission Mechanism; Unconventional Monetary Policies; Panel VAR Analysis.;All these keywords.
JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
- O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
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