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The objective of this paper is to investigate whether the Central Bank of Turkey (CBRT) was responsive to financial stress or not during the period 2005m1–2015m10. The study is unique in the sense that CBRT's monetary policy reaction function is augmented with a distinctive financial stress...
Persistent link: https://www.econbiz.de/10012217545
central bank independence in achieving lower inflation. Drawing from the fiscal theory of price level (FTPL) and political … independence-inflation nexus is dependent on the model, sample and estimation technique used. After accounting for various control … variables and introducing inflation targeting as an additional explanatory variable, the study shows that, unlike in developed …
Persistent link: https://www.econbiz.de/10012217560
Measuring and monitoring inflation uncertainty is an essential ingredient of monetary policy analysis. This study … constructs survey measures of inflation uncertainty for the Turkish economy. Using density and point inflation forecasts in the … among forecasters. Our results suggest that survey-based inflation uncertainty measures are broadly consistent with market …
Persistent link: https://www.econbiz.de/10012217583
Do extreme events have a significant effect about textual sentiment? The purpose of this article is to highlight the need to correct the estimation of indicators of economic uncertainty. The indicators were constructed from textual data about the perspective of extreme events. For this purpose,...
Persistent link: https://www.econbiz.de/10014547749
inflation compared to industries with low-competition in the past few years. Further investigation shows that this …-competition have higher annual producer price inflation on average than those that are characterized with high-competition especially …
Persistent link: https://www.econbiz.de/10014547758
interest rate, the study found evidence for the popular Fisher's effect and, then, suggested that inflation targeting should be …
Persistent link: https://www.econbiz.de/10014547759
An important question for the major central banks of the industrialized world is how to design desirable strategies to exit quantitative easing (QE). At the exit, if a central bank needs to reduce rapidly the liquidity created by its balance sheet expansion, issuing new interest-bearing...
Persistent link: https://www.econbiz.de/10014547809
Although theories on channels of monetary policy transmission emphasize indirect monetary policy effect on inflation … eventual effect on inflation in South Africa. We find interest rate and lending channels to be operative in South Africa. For … increase in the lending rate reduces investment by 0.063%; and a percentage fall in investment reduces inflation by 0.074%. For …
Persistent link: https://www.econbiz.de/10014547818