| Yazarlar (2) |
Prof. Dr. Ümit BULUT
Kırşehir Ahi Evran Üniversitesi, Türkiye |
Ekrem Erdem
Erciyes Üniversitesi, Türkiye |
| Özet |
| This paper aims at examining the causal relationships between shadow rates in the US as the right measure of the stance of monetary policy of the FED and overnight interest rates in Turkey by employing monthly data from 2009: 1 to 2015: 11. To this end, the paper, first, conducts a unit root test with two structural breaks. Then, the paper performs symmetric and asymmetric Granger causality tests. According to the findings obtained from these causality tests, there is no causal relationship between shadow rates in the US and overnight interest rates in Turkey. Eventually, upon its findings, the paper explores that the CBRT does not directly consider shadow rates in the US while it is adjusting interest rates. |
| Anahtar Kelimeler |
| Makale Türü | Özgün Makale |
| Makale Alt Türü | Diğer hakemli uluslarası dergilerde yayınlanan tam makale |
| Dergi Adı | The Empirical Economics Letters |
| Dergi ISSN | 1681-8997 |
| Dergi Tarandığı Indeksler | EconLit |
| Makale Dili | İngilizce |
| Basım Tarihi | 01-2016 |
| Cilt No | 15 |
| Sayı | 8 |
| Sayfalar | 787 / 792 |
| Makale Linki | http://www.eel.my100megs.com/ |
