土耳其房价对货币政策的时变作用

IF 0.3 Q4 ECONOMICS Sosyoekonomi Pub Date : 2024-07-21 DOI:10.17233/sosyoekonomi.2024.03.02
Savaş Gayaker, Ahmet Güney
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引用次数: 0

摘要

本研究的重点是探讨 2010 年 2 月至 2021 年 11 月期间土耳其房价对货币政策的时变影响。我们使用具有随机波动性的时变参数向量自回归模型(TVP VAR-SV)来分析这些影响。证据表明,通货膨胀对房价正向冲击的反应会随着时间的推移而减弱。信贷和利率对正向房价冲击的响应在 2018 年后增加。结果显示,土耳其共和国中央银行(CBRT)对住房市场变化的反应随着时间的推移而变化。
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Time-Varying Role of House Prices on Monetary Policy in Türkiye
The main focus of this study is examining the time-varying effects of house prices on monetary policy in Türkiye from February 2010 to November 2021. We analyse these effects using a time-varying parameter vector autoregressive model with stochastic volatility (TVP VAR-SV). The evidence indicates that responses of inflation to positive house price shocks decrease over time. The response of credit and interest rates to positive house price shocks increases after 2018. The results reveal that the responses of the Central Bank of the Republic of Türkiye (CBRT) to the changes in the housing market have changed over time.
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Sosyoekonomi
Sosyoekonomi ECONOMICS-
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