, negatively affected the manufacturing sector and decreased total output. In other words, the monetary shock negatively affected … premium and thus the effect of the increase in the external finance premium which diminishes output for Turkey over the period … decomposition. The results indicate that contractionary monetary policy shock, which led to increased external finance premium …

The possible short-run trade-off between the inflation (gap) and the output (gap) remains a critical policy issue for … difference between the actual output and potential (efficient) output under the assumption of real wage rigidities. In this paper … targeting monetary policy. The results from Generalized Methods of Moments (GMM) estimation suggest that empirical findings are …