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The evolution of the monetary transmission channels in Turkey: evidence from a TVP-VAR model

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  • Abdurrahman Nazif Çatik
  • Coşkun Akdeniz

Abstract

This article investigates the evolution of the monetary transmission mechanisms in Turkey for the period from January 1986 to December 2016. To this aim, the impacts of monetary variables on the prices and economic activity are investigated with a time-varying vector autoregressive model based on. The evidences from the time-varying responses indicate that the adoption of inflation targeting policy has markedly affected the functioning of transmission channels. The results also suggest that local and global financial crises may magnify the impact of monetary policy shocks on the overall economy.

Suggested Citation

  • Abdurrahman Nazif Çatik & Coşkun Akdeniz, 2019. "The evolution of the monetary transmission channels in Turkey: evidence from a TVP-VAR model," Applied Economics Letters, Taylor & Francis Journals, vol. 26(13), pages 1072-1079, July.
    • Handle: RePEc:taf:apeclt:v:26:y:2019:i:13:p:1072-1079
    DOI: 10.1080/13504851.2018.1537468
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    Cited by:

    1. Coşkun Akdeniz, 2021. "Construction of the Monetary Conditions Index with TVP-VAR Model: Empirical Evidence for Turkish Economy," Springer Books, in: Burcu Adıgüzel Mercangöz (ed.), Handbook of Research on Emerging Theories, Models, and Applications of Financial Econometrics, edition 1, pages 215-228, Springer.
    2. Abdhut Deheri, 2021. "The Effects of Monetary Policy on Output and Inflation in India: A Time-varying Approach," Economics Bulletin, AccessEcon, vol. 41(3), pages 1603-1614.
    3. Lokendra Kumawat, 2024. "Time-variation in response of inflation to monetary policy shocks in India: evidence from TVP-VAR models," Indian Economic Review, Springer, vol. 59(1), pages 233-248, June.
    4. Ruch,Franz Ulrich, 2021. "Neutral Real Interest Rates in Inflation Targeting Emerging and Developing Economies," Policy Research Working Paper Series 9711, The World Bank.

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