利率通道的重新审视:货币政策冲击对土耳其经济的非线性传导

IF 1.7 Q3 BUSINESS, FINANCE Journal of Central Banking Theory and Practice Pub Date : 2023-01-01 DOI:10.2478/jcbtp-2023-0009

D. Yıldırım, Tuğba Turan

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引用次数: 0

摘要

摘要本研究使用阈值VAR分析考察了2006-2019年期间非线性货币政策利率通道冲击对土耳其经济的有效性。利用消费转移模型和投资转移模型对利益通道进行了检验。结果表明，对于消费转移模型，利率通道在高制度（高宏观经济不稳定性）下是有效的，在低制度（低宏观经济不稳定）下是部分有效的。另一方面，对于具有投资支出流动的模型，利率通道在高制度和低制度下都是部分有效的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Revisiting of Interest Rate Channel: Nonlinear transmission of Monetary Policy Shocks to the Turkish Economy

Abstract This study examines the effectiveness of non-linear monetary policy interest rate channel shocks for the Turkish economy using the threshold VAR analysis in the period of 2006-2019. The interest channel is examined with the two models for both consumption transfer and investment transfer models. The results show that the interest rate channel is effective in the high regime (high macroeconomic instability) for the consumption transfer model, and it is partially effective in the low regime (low macroeconomic instability). On the other hand, for the model with investment expenditures flow, the interest rate channel is partially effective in both high and low regimes.

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来源期刊

Journal of Central Banking Theory and Practice BUSINESS, FINANCE-

CiteScore

2.80

自引率

57.10%

发文量

审稿时长

7 weeks

期刊介绍： Journal of Central Banking Theory and Practice is a scientific journal dedicated to publishing quality papers and disseminating original, relevant and applicable economic research. Scientific and professional papers that are published in the Journal of Central Banking Theory and Practice cover theoretical and practical aspects of central banking, monetary policy, including the supervision issues, as well as banking and management in central banks. The purpose of the journal is to educate the general public about the key issues that the central bankers globally face, as well as about contemporary research and achievements in the field of central banking theory and practice.