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This paper estimates a New Keynesian open economy DSGE model for Turkey by using Bayesian estimation technique for the …
Persistent link: https://www.econbiz.de/10009157475
of structural shocks over macroeconomic fundamentals in Turkey. For this purpose, we estimate the basic new Keynesian … quarterly dataset of the real gross domestic product index, consumer price index and short term interest rate for Turkey. The … output gap over time. Research limitations/implications: If the Central Bank of Turkey intends to implement aggressive …
Persistent link: https://www.econbiz.de/10012239944
We propose a novel framework where forward guidance (FG) is endogenously determined. Our model assumes that a monetary authority solves an optimal policy problem under commitment at the zero-lower bound. FG derives from two sources: 1. from commiting to keep interest rates low at the exit of the...
Persistent link: https://www.econbiz.de/10011920684
Persistent link: https://www.econbiz.de/10012238032
We propose a novel framework where forward guidance (FG) is endogenously determined. Our model assumes that a monetary authority solves an optimal policy problem under commitment at the zero-lower bound. FG derives from two sources: 1. from commiting to keep interest rates low at the exit of the...
Persistent link: https://www.econbiz.de/10012304687
Persistent link: https://www.econbiz.de/10011895393
The paper contributes to understanding the economic dynamics at the zero lower bound and the exchange rate movements under different central bank intervention regimes. It provides a theoretical framework for modeling foreign exchange interventions at the ZLB within a dynamic general equilibrium...
Persistent link: https://www.econbiz.de/10010532424
Persistent link: https://www.econbiz.de/10012019413
Monetary DSGE models are widely used because they fit the data well and they can be used to address important monetary policy questions. We provide a selective review of these developments. Policy analysis with DSGE models requires using data to assign numerical values to model parameters. The...
Persistent link: https://www.econbiz.de/10014025673
Persistent link: https://www.econbiz.de/10014557834