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A closer look at the money multipliers for the Turkish economy: Is there a stable relationship?

  • Korap, Levent

This paper examines whether the money multiplier processes in the Turkish economy is stable and can be forecasted. Research results using quarterly frequency data for the 1987Q1 – 2009Q4 investigation period show that the processes which convert the base money supply aggregates into the final monetary aggregates are unstable and tend to decrease the effectiveness of policies pursued by the monetary authorities. Such a result do not attribute credibility to the traditional Monetarist prescriptions for the conduct of the monetary economic policies in the Turkish economy.

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File URL: http://mpra.ub.uni-muenchen.de/40778/1/MPRA_paper_40778.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40778.

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Date of creation: 2011
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Publication status: Published in İstanbul Üniversitesi İktisat Fakültesi Memuası 61.1(2011): pp. 283-299
Handle: RePEc:pra:mprapa:40778
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  1. Gonzalo, Jesus, 1994. "Five alternative methods of estimating long-run equilibrium relationships," Journal of Econometrics, Elsevier, vol. 60(1-2), pages 203-233.
  2. James G. MacKinnon, 1995. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Working Papers 918, Queen's University, Department of Economics.
  3. MacKinnon, James G & Haug, Alfred A & Michelis, Leo, 1999. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(5), pages 563-77, Sept.-Oct.
  4. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501.
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