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AN ALTERNATIVE APPROACH TO ANALYZE THE MONETARY TRANSMISSION IN TURKEY: AN EMPIRICAL ANALYSIS ON SPEED OF ADJUSTMENT
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نویسنده
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UÇAK Ayhan ,YILDIRAK Kasırga
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منبع
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journal of financial researches and studies - 2012 - دوره : 3 - شماره : 7 - صفحه:93 -104
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چکیده
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Monetary transmission mechanism has a crucial role on the effectiveness of monetary policy. changes in policy interest rates impact real variables through the channels of the mechanism and are transmitted to retail banking interest rates with lags that could be summarized in speed of adjustment level. we offer a model to estimate the parameter so called “speed of adjustment” and make a comparative analysis using time varying speed of adjustment for bank loans interest rates to the policy interest rates in the turkish economy.
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کلیدواژه
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Monetary policy ,policy rate ,interest rate pass-through ,bank loans ,Hull-White model ,Kalman filter
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آدرس
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Trakya University, Department of Economics, Turkey, Trakya University, Department of Economics, Turkey
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Authors
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