introduce phases of the business cycle and econometrically we employ Bayesian VARs. We document that a shock that increases …

Africa and Turkey, a structural panel VAR model was estimated. The findings show that the financial shock caused significant …

shocks and study their effects on financial variables and macro variables. The first shock resembles a conventional monetary … policy shock, and the second resembles an unconventional monetary shock. The third shock leads to an increase in interest … and uncertainty decrease, and the U.S. dollar depreciates. Therefore, this third shock combines all the characteristics of …