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Parasal Analize Bir Bakis : Turkiye Ornegi


  • K. Azim Ozdemir


The primary goal of this study is to introduce monetary analysis for the Turkish economy in the light of empirical evidences that demonstrate the importance of this analysis for the economy. In the study we also focus on the implication of persistent money supply shocks, particularly shocks that are emanating from fiscal policies, on the Turkish economy by using a monetary disequilibrium model. Results show that if the government adopts a fiscal rule, as it is detailed in the study, instead of the current fiscal policies, then the Turkish economy attains a lower budget deficit, inflation and interest rates, but appreciated Turkish lira in the long-run. Additionally, this fiscal move may cause reductions in the real output growth in the short run, but the contractionary effects seem to be very limited over the long-run.

Suggested Citation

  • K. Azim Ozdemir, 2011. "Parasal Analize Bir Bakis : Turkiye Ornegi," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 11(2), pages 29-48.
  • Handle: RePEc:tcb:cebare:v:11:y:2011:i:2:p:29-48

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    Monetary aggregates; Monetary indicators; Monetary disequlibrium models; Fiscal rule;

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General


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