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While both Turkey and Poland weathered the 2008/2009 crisis relatively well compared to other countries in Central … policy shock. Our Simulation results suggest that both Turkey and Poland exhibit pronounced short- to medium …-run macroeconomic responses to U.S. monetary policy shocks. The responses of Turkey tend to be somewhat stronger than those of Poland …
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It is well known that a tightening or easing of the United States' monetary policy affects financial markets in emerging economies. This paper argues that uncertainty about future monetary policy is a separate transmission channel. We focus on the taper tantrum episode in 2013, a period with an...
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