Bu çalışma Türkiye’deki parasal aktarım mekanizmasında para’nın rolünü incelemektedir. Çalışmamız Carpenter ve Demiralp (2007)’in yapmış olduğu araştırmayı bütünleyici niteliktedir. Carpenter ve Demiralp (2007) gelişmiş finansal piyasalarda banka kredilerinin zorunlu...

Islamic banks create an interest in their own right as a rising branch in financial intermediation, particularly in the post-crisis era. In addition, they also deserve the attention of the students of Islamism due to their possible connection with Islamic movements. Through a comparison of...

Many central banks in emerging economies have used reserve requirements (RR) to alleviate the trade-off between financial stability and price stability in recent years. Notwithstanding their widespread use, transmission channels of RR have remained largely as a black-box. In this paper, we use...

Turkey has been going through a profound urban renewal process in the past decade, mainly based on a policy where public land is rapidly commodified by the state and used for construction projects through public-private partnerships. To some, this mechanism of state-led property development...

Over the course of the recent liquidity crisis, the Federal Reserve made several changes to its primary credit lending facility such as narrowing the spread between the primary credit rate and the target funds rate and increasing the term of the borrowing. In this paper, we use the model...

The transmission mechanism of monetary policy has received extensive treatment in the macroeconomic literature. Most models currently used for macroeconomic analysis exclude money or else model money demand as entirely endogenous. Nevertheless, academic research and many textbooks continue to...

We test the expectations hypothesis by analyzing changes in three month T-Bill rates (TB3) after FOMC meetings. By estimating the revisions in expectations of future overnight rates, we find a one-to-one relationship between changes in TB3 and path revisions.

In January 2003, the Federal Reserve introduced primary credit as its main discount window lending program. The primary credit program replaced the adjustment credit program, which, subject to a number of restrictions, had generated a stigma associated with borrowing from the Fed. Eliminating or...

This paper provides a dynamic analysis of the responsiveness of asset markets to monetary policy path revisions. In an era of increased transparency and gradualism in policy making, one might expect an increased response to path revisions in asset markets as the policy actions become more...

Bu calismada TCMB para politikasi ile ilgili beklentilerin sermaye piyasalari uzerindeki etkisi incelenmektedir. Etkin piyasa hipotezinin (“efficient market hypothesis”) gecerli olmasi durumunda merkez bankasi tarafindan yapilan faiz karari aciklamasini takiben sermaye piyasalarinin sadece...