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Money, Income, and Causality: An Examination for the Turkish Economy

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  • Şeref Bozoklu

Abstract

This paper examines the direction of causality between money and income for the Turkish economy using quarterly data over the period of 1987 to 2011. A vector autoregression model consisting of the real gross domestic product, the broad money supply, the three months deposit rate as short-term interest rate, and the consumer price index is constructed to implement causality tests. Also, a leveraged bootstrapped simulation technique is used when conducting causality tests in order to make the results more robust. The empirical results suggest a bidirectional causation between the two variables and that monetary aggregates may provide relevant information in the implementation of monetary policy.

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  • Şeref Bozoklu, 2013. "Money, Income, and Causality: An Examination for the Turkish Economy," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 26(1), pages 171-182, January.
    • Handle: RePEc:taf:reroxx:v:26:y:2013:i:1:p:171-182
    DOI: 10.1080/1331677X.2013.11517596
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