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Industry Effects Of Monetary Policy In Turkish Economy


  • Bengul Gulumser Arslan
  • Etem Hakan Ergec

    () (Anadolu University
    Osmangazi University)


Monetary policy shocks may have effects with a different intensity on sectors of economy. This is referred as the heterogeneity of monetary policy effects and is important for understanding how the transmission channels of monetary policy are working. This paper aims to compare the response of three main sub-sectors of industry (mining, manufacturing, electricity and gas production industries) and also six main sectors which have the biggest share of manufacturing industry to a monetary policy shock with using VAR techniques. Our empirical findings show that manufacturing industry is affected more from monetary policy shocks than two other sub-sectors and the sub-sectors of manufacturing industry which are related to industrial demand are affected more from monetary policy shocks than the others.

Suggested Citation

  • Bengul Gulumser Arslan & Etem Hakan Ergec, 2011. "Industry Effects Of Monetary Policy In Turkish Economy," Anadolu University Journal of Social Sciences, Anadolu University, vol. 11(1), pages 89-104, January.
  • Handle: RePEc:and:journl:v:11:y:2011:i:1:p:89-104

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    Monetary Policy; Interest Rate Channel; Industrial Effects;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General


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