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Para Politikasının Asimetrik Etkileri: Türkiye’de Durum Asimetrisi

Year 2020, Volume: 22 Issue: 3, 949 - 978, 25.12.2020

Abstract

Para politikası ile büyüme arasındaki ilişkiyi araştıran ampirik çalışmalar incelendiğinde, literatürün geniş olduğu, ancak analizlerde genellikle doğrusal yaklaşımların tercih edildiği görülmektedir. Bu yaklaşımlar, para-üretim ilişkisini, ekonominin konjonktürel koşulları gözetilmeksizin açıklamaktadır. Bu çalışma, ekonominin genişleme ve daralma dönemlerinde uygulanan para politikasının çıktı üzerindeki etkisinin asimetrik olup olmadığını araştırmayı amaçlamaktadır. Bu amaçla para-üretim ilişkisi, Markov rejim değişimi modeli ile tahminlenmiş ve para politikasının Türkiye’deki etkilerinin asimetrik olduğu sonucuna ulaşılmıştır. Markov rejim değişimi modeli bulguları Türkiye ekonomisinin büyüme rejiminde ortalama %1.82 büyüdüğünü, daralma rejiminde ortalama %3.39 küçüldüğünü ve döviz kurundaki artışların büyümeyi yavaşlattığını göstermektedir. Son olarak Türkiye Cumhuriyet Merkez Bankası’nın genişleme rejiminde reel etki meydana getirebildiği ancak durgunluk ile mücadelede reel etki yaratamadığına dair ekonometrik kanıtlar elde edilmiştir.

References

  • Abiyev, V., Ceylan, R., & Özgür, M. I. (2015). The effects of oil price shocks on Turkish business cycle: A Markov switching approach. International Journal of Business and Economic Sciences Applied Research, 8(2), 7–18.
  • Agénor, P.-R. (2001). Asymmetric Effects of Monetary Policy Shocks (The World Bank Working Paper).
  • Alp, B. (2013). Türkiye’deki Reel Sektör Firmalarında Borç Dolarizasyonu ve Reel Kur Değişimlerinin Bilanço Etkisi. TCMB Uzmanlık Yeterlilik Tezi.
  • Arslan, B. G., & Ergeç, E. H. (2011). Türkiye Ekonomisinde Para Politikasinin Sektörel Etkileri. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 11(1), 89–104.
  • Ball, L., & Mankiw, N. G. (1994). Asymmetric Price Adjustment and Economic Fluctuations. The Economic Journal, 104, 247–261.
  • Barışık, S., & Çevik, E. İ. (2008). Türkiye’de İşsizlik Histerisinin Yapısal Kırılma ve Güçlü Hafıza Modellemesi ile Sektörel Analizi. TİSK Akademi, 3(6), 66–87.
  • Barışık, S., Çevik, E. İ., & Çevik, N. K. (2010). Türkiye’de Okun Yasası, Asimetri İlişkisi ve İstihdam Yaratmayan Büyüme: Markov-Switching. Maliye Dergisi, 159, 88–102.
  • Barnichon, R., Matthes, C., & Sablik, T. (2017). Are the effects of monetary policy asymmetric, Richmond Fed Economic Brief No. EB17- 03.
  • Biçici, K. (2015). Para Politikası Şoklarının Hâsıla ve Fiyat Düzeyi Üzerindeki Asimetrik Etkileri : Orta Asya ve Balkan Ülkeleri Uygulaması. Başkent Üniversitesi.
  • Bilgili, F., Tülüce, N. S. H., & Doǧan, I. (2012). The determinants of FDI in Turkey: A Markov Regime-Switching approach. Economic Modelling, 29(4), 1161–1169. Bilman, A. S., & Utkulu, U. (2010). Inflation and Output Gaps Reconsidered : Assymetries and Nonlinear Phillips Curve Evidence for the Turkish Economy. Journal of Yasar University, 5(19), 3155–3175.
  • Blinder, A. S. (2008). Keynesian economics. In The Concise Encyclopedia of Economics. Indianapolis: Liberty Fund Inc.
  • Canova, F., & Nicoló, G. De. (2002). Monetary disturbances matter for business fluctuations in the G-7. Journal of Monetary Economics, 49(6), 1131–1159.
  • Cover, J. P. (1992). Asymmetric Effects of Positive and Negative Money-Supply Shocks. The Quarterly Journal of Economics, 107(4), 1261–1282.
  • Demir, C., & Cergibozan, R. (2017). Türkiye Ekonomisi İçin Feldstein-Horioka Hipotezinin Geçerliliği: Eşbütünleşme ve Markov Rejim Değişim Yaklaşım. Ege Akademik Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(366), 427–431.
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica, 49(4), 1057–1072.
  • Dolado, J. Juan, & María Dolores, R. (2001). An empirical study of the cyclical effects of monetary policy in Spain (1977-1997). Investigaciones Económicas, 25(1), 3–30.
  • Dolado, Juan J., & Maria-Dolores, R. (2006). State Asymmetries in the E ff ects of Monetary-Policy Shocks on Output : Some New Evidence for the Euro-area. In Contribution to Economic Analysis (Vol. 276, pp. 311–331). Emerald Group Publishing Limited.
  • Driffill, J., & Sola, M. (1998). Intrinsic bubbles and regime-switching. Journal of Monetary Economics, 42(2), 357–373.
  • Ergeç, E. H. (2009a). Para Poli̇ti̇kasi Şoklarinin Asi̇metri̇k Etki̇leri̇. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 10(2), 65–90.
  • Ergeç, E. H. (2009b). Türkiye Ekonomisinde Pozitif Ve Negatif Para Politikası Şoklarının Asimetrik Etkileri. Dumlupınar Üniversitesi SBE Dergisi, 23, 333–344.
  • Evans, P. (1986). Does the potency of monetary policy vary with capacity utilization? A comment. Carnegie-Rochester Confer. Series on Public Policy, 24, 303–332.
  • Fisunoğlu, M., & Tan, B. K. (2009). Keynes Devrimi ve Keynesyen İktisat. Ekonomik Yaklaşım, 20(70), 31–60.
  • Florio, A. (2004). The asymmetric effects of monetary policy. Journal of Economic Surveys, 18(3), 409–426.
  • Friedman, M. (1968). The Role of Monetary Policy. American Economic Review, 58(1), 1–17.
  • Garcia, R., & Schaller, H. (2002). Are the effects of monetary policy asymmetric? Economic Inquiry, 40(1), 102–119.
  • Golosov, M., & Lucas Jr, R. E. (2007). Menu Costs and Phillips Curves. Journal of Political Economy, 115(2), 171–199.
  • Granger, C. W. J., & Newbold, P. (1974). Spurious Regressions in Econometrics. Journal of Econometrics, 2(2), 111–120. https://doi.org/10.1002/9780470996249.ch27
  • Hamilton, J. D. (1989). A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle. The Econometric Society, 57(2), 357–384.
  • Höppner, F., Melzer, C., & Neumann, T. (2008). Changing effects of monetary policy in the US - Evidence from a time-varying coefficient VAR. Applied Economics, 40(18),
  • Huh, C. (1998). Forecasting Industrial Production Using Models with Business Cycle Asymmetry. Frbsf Economic Review, Number 1(1993).
  • Kabadayı, B. (2013). Türkiye Konjonktür Dalgalanmalari ve Reji̇m Değişimi Analizi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 9(19), 107–120.
  • Kakes, J. (1998). Monetary transmission and business cycle asymmetry s.n. (SOM research report No. 98C36). Groningen. Retrieved from http://www.ub.rug.nl/eldoc/som/c/
  • Kandemir Kocaaslan, Ö. (2013). An Empirical Investigation of The U.S. GDP Growth: A Markov Switching Approach. University of Sheffield.
  • Karras, G. (1996a). Are the Output Effects of Monetary Policy Asymmetric? Evidence from a Sample of European Countries. Oxford Bulletin of Economics and Statistics, 58(2), 267–278.
  • Karras, G. (1996b). Why are the effects of money-supply shocks asymmetric? convex aggregate supply or “pushing on a string”? Journal of Macroeconomics, 18(4), 605–619.
  • Kato, R., Ui, T., & Watanabe, T. (1999). Asymmetric Effects of Monetary Policy: Japanese Experience in the 1990s (Working Paper Series No. 99–2). Tokyo.
  • Kaufmann, S. (2002). Is there an asymmetric effect of monetary policy over time ? A Bayesian analysis using Austrian data. Empirical Economics (2002), 27, 277–297.
  • Kazanas, T., Philippopoulos, A., & Tzavalis, E. (2011). Monetary policy rules and business cycle conditions. Manchester School, 79, 73–97.
  • Korkmaz, T., Zaman, S., & Çevik, E. İ. (2008). Türkiye’nin Avrupa Birliği ve Yüksek Dış Ticaret Hacmine Sahip Ülke Borsaları ile Entegrasyon İlişkisi. ZKÜ Sosyal Bilimler Dergisi, 4(8), 19–44.
  • Koy, A. (2017). Spot ve Vadeli Piyasa İlişkilerine Markov Rejim Değişim Modelleri Yaklaşımı. Bankacılar Dergisi, 101, 70–87.
  • Kriesler, P. (2002). Was Kalecki an “imperfectionist”? Davidson on Kalecki. Journal of Post Keynesian Economics, 24(4), 623–629.
  • Kriesler, P., & Lavoie, M. (2007). The New Consensus on Monetary Policy and its Post-Keynesian Critique. Review of Political Economy, 19(3), 387–404.
  • Krugman, P. (2008). Response to Nelson and Schwartz. Journal of Monetary Economics, 55(4), 857–860.
  • Lenz, C. (1997). Asymmetrie Effects of Monetary Policy in Switzerland. Swiss Journal of Economics and Statistics, 133(3), 441–454.
  • Liu, J., & Chen, F. (2018). Asymmetric volatility varies in different dry bulk freight rate markets under structure breaks. Physica A: Statistical Mechanics and Its Applications, 505, 316–327.
  • Lo, M. C., & Piger, J. M. (2005). Is the Response of Output to Monetary Policy Asymmetric? Evidence from a Regime-Switching Coefficients Model. Journal of Money, Credit, and Banking, 37(5), 865–886.
  • Malone, M. S. (2000). An Investigation of Money Supply Shock Asymmetry Using Disaggregate Data (M.S. Research Paper).
  • Mankiw, N. G. (1985). Small Menu Costs and Large Business Cycles : A Macroeconomic Model of Monopoly. The Quarterly Journal of Economics, 100(2), 529–537.
  • Mishkin, F. S. (2005). Para Teorisi-Politikası. (A. Ç. ve S. Y. Çev. İlyas Işıklar, Ed.). Eskişehir: Bilim Teknik Yayınevi.
  • Mishkin, F. S. (2009). Is Monetary Policy Effective during Financial Crises ? The American Economic Review, 99(2), 573–577.
  • Morgan, D. P. (1993). Asymmetric effects of monetary policy. Federal Reserve Bank Of Kansas City Economic Review.
  • Peersman, G., & Smets, F. (2001). Are the effects of monetary policy in the euro area greater in recessions than in booms? ECB Working Paper.
  • Ravn, M. O., & Sola, M. (2004). Asymmetric effects of monetary policy in the United States. Review, Federal Reserve Bank of St. Louis, 86(Sep), 41–60.
  • Rhee, W., & Rich, R. W. (1995). Inflation and the asymmetric effects of money on output fluctuations. Journal of Macroeconomics, 17(4), 683–702.
  • Sensier, M., Osborn, D. R., & Öcal, N. (2002). Asymmetric interest rate effects for the UK real economy. Oxford Bulletin of Economics and Statistics, 64(4), 315–339.
  • Shen, C. (2000). Are the Effects of Monetary Policy Asymmetric_ The Case of Taiwan. Journal of Policy Modeling, 22(2), 197–218.
  • Shen, C. H., Lin, K. L., & Guo, N. (2016). Hawk or dove: Switching regression model for the monetary policy reaction function in China. Pacific Basin Finance Journal, 36, 94–111.
  • Sola, M., Spagnolo, F., & Spagnolo, N. (2007). Predicting Markov volatility switches using monetary policy variables. Economics Letters, 95(1), 110–116. Tenreyro, S., & Thwaites, G. (2016). Pushing on a String: US Monetary Policy Is Less Powerful in Recessions. American Economic Journal: Macroeconomics, 8(4), 43–74.
  • Thoma, M. A. (1994). Subsample instability and asymmetries in money-income causality. Journal of Econometrics.
  • Ülke, V., & Berument, M. H. (2015). Asymmetric effects of monetary policy shocks on economic performance: empirical evidence from Turkey. Applied Economics Letters, 23(5), 353–360.
  • Weise, C. L. (1999). The Asymmetric Effects of Monetary Policy : A Nonlinear Vector Autoregression Approach. Journal of Money, Credit and Banking, 31(1), 85–108.
  • Wong, K.-F. (2000). Variability in the Effects of Monetary Policy on Economic Activity. Journal of Money , Credit and Banking, 32(2), 179–198.
  • Wood, J. H. (2005). A history of central banking in Great Britain and the United States. New York: Cambridge University Press.
  • Yılancı, V., Tıraşoglu, M., & Arı, A. (2016). Para Politikası Şoklarının Etkisi: Asimetrik Etki Tepki Fonksiyonu Yaklaşımı. Ekonomik Yaklasim, 27(100), 131–154.
  • Zakir, N., & Malik, W. S. (2013). Are the effects of monetary policy on output asymmetric in Pakistan? Economic Modelling, 32(1), 1–9.
  • Zivot, E., & Andrews, D. W. K. (1992). Further evidence on the great crash, the oil-price shock, and the unit-root hypothesis. Journal of Business and Economic Statistics, 10(3), 251–270.
Year 2020, Volume: 22 Issue: 3, 949 - 978, 25.12.2020

Abstract

References

  • Abiyev, V., Ceylan, R., & Özgür, M. I. (2015). The effects of oil price shocks on Turkish business cycle: A Markov switching approach. International Journal of Business and Economic Sciences Applied Research, 8(2), 7–18.
  • Agénor, P.-R. (2001). Asymmetric Effects of Monetary Policy Shocks (The World Bank Working Paper).
  • Alp, B. (2013). Türkiye’deki Reel Sektör Firmalarında Borç Dolarizasyonu ve Reel Kur Değişimlerinin Bilanço Etkisi. TCMB Uzmanlık Yeterlilik Tezi.
  • Arslan, B. G., & Ergeç, E. H. (2011). Türkiye Ekonomisinde Para Politikasinin Sektörel Etkileri. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 11(1), 89–104.
  • Ball, L., & Mankiw, N. G. (1994). Asymmetric Price Adjustment and Economic Fluctuations. The Economic Journal, 104, 247–261.
  • Barışık, S., & Çevik, E. İ. (2008). Türkiye’de İşsizlik Histerisinin Yapısal Kırılma ve Güçlü Hafıza Modellemesi ile Sektörel Analizi. TİSK Akademi, 3(6), 66–87.
  • Barışık, S., Çevik, E. İ., & Çevik, N. K. (2010). Türkiye’de Okun Yasası, Asimetri İlişkisi ve İstihdam Yaratmayan Büyüme: Markov-Switching. Maliye Dergisi, 159, 88–102.
  • Barnichon, R., Matthes, C., & Sablik, T. (2017). Are the effects of monetary policy asymmetric, Richmond Fed Economic Brief No. EB17- 03.
  • Biçici, K. (2015). Para Politikası Şoklarının Hâsıla ve Fiyat Düzeyi Üzerindeki Asimetrik Etkileri : Orta Asya ve Balkan Ülkeleri Uygulaması. Başkent Üniversitesi.
  • Bilgili, F., Tülüce, N. S. H., & Doǧan, I. (2012). The determinants of FDI in Turkey: A Markov Regime-Switching approach. Economic Modelling, 29(4), 1161–1169. Bilman, A. S., & Utkulu, U. (2010). Inflation and Output Gaps Reconsidered : Assymetries and Nonlinear Phillips Curve Evidence for the Turkish Economy. Journal of Yasar University, 5(19), 3155–3175.
  • Blinder, A. S. (2008). Keynesian economics. In The Concise Encyclopedia of Economics. Indianapolis: Liberty Fund Inc.
  • Canova, F., & Nicoló, G. De. (2002). Monetary disturbances matter for business fluctuations in the G-7. Journal of Monetary Economics, 49(6), 1131–1159.
  • Cover, J. P. (1992). Asymmetric Effects of Positive and Negative Money-Supply Shocks. The Quarterly Journal of Economics, 107(4), 1261–1282.
  • Demir, C., & Cergibozan, R. (2017). Türkiye Ekonomisi İçin Feldstein-Horioka Hipotezinin Geçerliliği: Eşbütünleşme ve Markov Rejim Değişim Yaklaşım. Ege Akademik Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(366), 427–431.
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root. Econometrica, 49(4), 1057–1072.
  • Dolado, J. Juan, & María Dolores, R. (2001). An empirical study of the cyclical effects of monetary policy in Spain (1977-1997). Investigaciones Económicas, 25(1), 3–30.
  • Dolado, Juan J., & Maria-Dolores, R. (2006). State Asymmetries in the E ff ects of Monetary-Policy Shocks on Output : Some New Evidence for the Euro-area. In Contribution to Economic Analysis (Vol. 276, pp. 311–331). Emerald Group Publishing Limited.
  • Driffill, J., & Sola, M. (1998). Intrinsic bubbles and regime-switching. Journal of Monetary Economics, 42(2), 357–373.
  • Ergeç, E. H. (2009a). Para Poli̇ti̇kasi Şoklarinin Asi̇metri̇k Etki̇leri̇. Eskişehir Osmangazi Üniversitesi Sosyal Bilimler Dergisi, 10(2), 65–90.
  • Ergeç, E. H. (2009b). Türkiye Ekonomisinde Pozitif Ve Negatif Para Politikası Şoklarının Asimetrik Etkileri. Dumlupınar Üniversitesi SBE Dergisi, 23, 333–344.
  • Evans, P. (1986). Does the potency of monetary policy vary with capacity utilization? A comment. Carnegie-Rochester Confer. Series on Public Policy, 24, 303–332.
  • Fisunoğlu, M., & Tan, B. K. (2009). Keynes Devrimi ve Keynesyen İktisat. Ekonomik Yaklaşım, 20(70), 31–60.
  • Florio, A. (2004). The asymmetric effects of monetary policy. Journal of Economic Surveys, 18(3), 409–426.
  • Friedman, M. (1968). The Role of Monetary Policy. American Economic Review, 58(1), 1–17.
  • Garcia, R., & Schaller, H. (2002). Are the effects of monetary policy asymmetric? Economic Inquiry, 40(1), 102–119.
  • Golosov, M., & Lucas Jr, R. E. (2007). Menu Costs and Phillips Curves. Journal of Political Economy, 115(2), 171–199.
  • Granger, C. W. J., & Newbold, P. (1974). Spurious Regressions in Econometrics. Journal of Econometrics, 2(2), 111–120. https://doi.org/10.1002/9780470996249.ch27
  • Hamilton, J. D. (1989). A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle. The Econometric Society, 57(2), 357–384.
  • Höppner, F., Melzer, C., & Neumann, T. (2008). Changing effects of monetary policy in the US - Evidence from a time-varying coefficient VAR. Applied Economics, 40(18),
  • Huh, C. (1998). Forecasting Industrial Production Using Models with Business Cycle Asymmetry. Frbsf Economic Review, Number 1(1993).
  • Kabadayı, B. (2013). Türkiye Konjonktür Dalgalanmalari ve Reji̇m Değişimi Analizi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 9(19), 107–120.
  • Kakes, J. (1998). Monetary transmission and business cycle asymmetry s.n. (SOM research report No. 98C36). Groningen. Retrieved from http://www.ub.rug.nl/eldoc/som/c/
  • Kandemir Kocaaslan, Ö. (2013). An Empirical Investigation of The U.S. GDP Growth: A Markov Switching Approach. University of Sheffield.
  • Karras, G. (1996a). Are the Output Effects of Monetary Policy Asymmetric? Evidence from a Sample of European Countries. Oxford Bulletin of Economics and Statistics, 58(2), 267–278.
  • Karras, G. (1996b). Why are the effects of money-supply shocks asymmetric? convex aggregate supply or “pushing on a string”? Journal of Macroeconomics, 18(4), 605–619.
  • Kato, R., Ui, T., & Watanabe, T. (1999). Asymmetric Effects of Monetary Policy: Japanese Experience in the 1990s (Working Paper Series No. 99–2). Tokyo.
  • Kaufmann, S. (2002). Is there an asymmetric effect of monetary policy over time ? A Bayesian analysis using Austrian data. Empirical Economics (2002), 27, 277–297.
  • Kazanas, T., Philippopoulos, A., & Tzavalis, E. (2011). Monetary policy rules and business cycle conditions. Manchester School, 79, 73–97.
  • Korkmaz, T., Zaman, S., & Çevik, E. İ. (2008). Türkiye’nin Avrupa Birliği ve Yüksek Dış Ticaret Hacmine Sahip Ülke Borsaları ile Entegrasyon İlişkisi. ZKÜ Sosyal Bilimler Dergisi, 4(8), 19–44.
  • Koy, A. (2017). Spot ve Vadeli Piyasa İlişkilerine Markov Rejim Değişim Modelleri Yaklaşımı. Bankacılar Dergisi, 101, 70–87.
  • Kriesler, P. (2002). Was Kalecki an “imperfectionist”? Davidson on Kalecki. Journal of Post Keynesian Economics, 24(4), 623–629.
  • Kriesler, P., & Lavoie, M. (2007). The New Consensus on Monetary Policy and its Post-Keynesian Critique. Review of Political Economy, 19(3), 387–404.
  • Krugman, P. (2008). Response to Nelson and Schwartz. Journal of Monetary Economics, 55(4), 857–860.
  • Lenz, C. (1997). Asymmetrie Effects of Monetary Policy in Switzerland. Swiss Journal of Economics and Statistics, 133(3), 441–454.
  • Liu, J., & Chen, F. (2018). Asymmetric volatility varies in different dry bulk freight rate markets under structure breaks. Physica A: Statistical Mechanics and Its Applications, 505, 316–327.
  • Lo, M. C., & Piger, J. M. (2005). Is the Response of Output to Monetary Policy Asymmetric? Evidence from a Regime-Switching Coefficients Model. Journal of Money, Credit, and Banking, 37(5), 865–886.
  • Malone, M. S. (2000). An Investigation of Money Supply Shock Asymmetry Using Disaggregate Data (M.S. Research Paper).
  • Mankiw, N. G. (1985). Small Menu Costs and Large Business Cycles : A Macroeconomic Model of Monopoly. The Quarterly Journal of Economics, 100(2), 529–537.
  • Mishkin, F. S. (2005). Para Teorisi-Politikası. (A. Ç. ve S. Y. Çev. İlyas Işıklar, Ed.). Eskişehir: Bilim Teknik Yayınevi.
  • Mishkin, F. S. (2009). Is Monetary Policy Effective during Financial Crises ? The American Economic Review, 99(2), 573–577.
  • Morgan, D. P. (1993). Asymmetric effects of monetary policy. Federal Reserve Bank Of Kansas City Economic Review.
  • Peersman, G., & Smets, F. (2001). Are the effects of monetary policy in the euro area greater in recessions than in booms? ECB Working Paper.
  • Ravn, M. O., & Sola, M. (2004). Asymmetric effects of monetary policy in the United States. Review, Federal Reserve Bank of St. Louis, 86(Sep), 41–60.
  • Rhee, W., & Rich, R. W. (1995). Inflation and the asymmetric effects of money on output fluctuations. Journal of Macroeconomics, 17(4), 683–702.
  • Sensier, M., Osborn, D. R., & Öcal, N. (2002). Asymmetric interest rate effects for the UK real economy. Oxford Bulletin of Economics and Statistics, 64(4), 315–339.
  • Shen, C. (2000). Are the Effects of Monetary Policy Asymmetric_ The Case of Taiwan. Journal of Policy Modeling, 22(2), 197–218.
  • Shen, C. H., Lin, K. L., & Guo, N. (2016). Hawk or dove: Switching regression model for the monetary policy reaction function in China. Pacific Basin Finance Journal, 36, 94–111.
  • Sola, M., Spagnolo, F., & Spagnolo, N. (2007). Predicting Markov volatility switches using monetary policy variables. Economics Letters, 95(1), 110–116. Tenreyro, S., & Thwaites, G. (2016). Pushing on a String: US Monetary Policy Is Less Powerful in Recessions. American Economic Journal: Macroeconomics, 8(4), 43–74.
  • Thoma, M. A. (1994). Subsample instability and asymmetries in money-income causality. Journal of Econometrics.
  • Ülke, V., & Berument, M. H. (2015). Asymmetric effects of monetary policy shocks on economic performance: empirical evidence from Turkey. Applied Economics Letters, 23(5), 353–360.
  • Weise, C. L. (1999). The Asymmetric Effects of Monetary Policy : A Nonlinear Vector Autoregression Approach. Journal of Money, Credit and Banking, 31(1), 85–108.
  • Wong, K.-F. (2000). Variability in the Effects of Monetary Policy on Economic Activity. Journal of Money , Credit and Banking, 32(2), 179–198.
  • Wood, J. H. (2005). A history of central banking in Great Britain and the United States. New York: Cambridge University Press.
  • Yılancı, V., Tıraşoglu, M., & Arı, A. (2016). Para Politikası Şoklarının Etkisi: Asimetrik Etki Tepki Fonksiyonu Yaklaşımı. Ekonomik Yaklasim, 27(100), 131–154.
  • Zakir, N., & Malik, W. S. (2013). Are the effects of monetary policy on output asymmetric in Pakistan? Economic Modelling, 32(1), 1–9.
  • Zivot, E., & Andrews, D. W. K. (1992). Further evidence on the great crash, the oil-price shock, and the unit-root hypothesis. Journal of Business and Economic Statistics, 10(3), 251–270.
There are 66 citations in total.

Details

Primary Language Turkish
Journal Section Main Section
Authors

Can Karabıyık 0000-0002-7255-7946

Ela Çolpan Nart 0000-0003-4145-911X

Publication Date December 25, 2020
Published in Issue Year 2020 Volume: 22 Issue: 3

Cite

APA Karabıyık, C., & Çolpan Nart, E. (2020). Para Politikasının Asimetrik Etkileri: Türkiye’de Durum Asimetrisi. Ankara Hacı Bayram Veli Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 22(3), 949-978.