Levent, Korap (2008): Longrun relations between money, prices and output: the case of Turkey. Published in: Zonguldak Karaelmas Üniversitesi Sosyal Bilimler Dergisi , Vol. 4, No. 7 (2008): pp. 3354.

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Abstract
In this paper, the longrun relationships between monetary aggregates, prices and real output level have been examined in a quantity theory of money perspective for the Turkish economy. Using some contemporaneous econometric techniques, our findings exhibit that stationary characteristics of the velocities of narrowly and broadly defined monetary aggregates cannot be rejected. However, monetary aggregates seem to have an endogeneity for the longrun evolution of prices and real income. Furthermore, some parameter instabilities and structural breaks have been attributed to the estimated model especially for the 1994 and 2001 economic crisis periods in the Turkish economy. We have concluded that given the endogenous characteristics of the monetary variables, monetary authority follows an accommodative monetary policy inside the period.
Item Type:  MPRA Paper 

Original Title:  Longrun relations between money, prices and output: the case of Turkey 
English Title:  Longrun relations between money, prices and output: the case of Turkey 
Language:  English 
Keywords:  Quantity Theory of Money ; Cointegration ; Turkish Economy ; 
Subjects:  C  Mathematical and Quantitative Methods > C3  Multiple or Simultaneous Equation Models ; Multiple Variables > C32  TimeSeries Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models E  Macroeconomics and Monetary Economics > E3  Prices, Business Fluctuations, and Cycles > E31  Price Level ; Inflation ; Deflation E  Macroeconomics and Monetary Economics > E4  Money and Interest Rates > E41  Demand for Money 
Item ID:  20265 
Depositing User:  Levent Korap 
Date Deposited:  27 Jan 2010 07:13 
Last Modified:  27 Sep 2019 03:11 
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URI:  https://mpra.ub.unimuenchen.de/id/eprint/20265 