Araştırma Makalesi
BibTex RIS Kaynak Göster

Türkiye Ekonomisinde Paranın Rolü

Yıl 2019, Cilt: 34 Sayı: 4, 565 - 572, 31.12.2019
https://doi.org/10.24988/ije.2019344886

Öz

İyi işleyen bir para politikası için parasal büyüklüklerin çıktı ve enflasyon üzerindeki etkisine ilişkin bilgiye ihtiyaç duyulmaktadır. Bu çalışmada, Türkiye için 2006-2017 döneminde parasal iş çevrimi modelinde paranın rolü analiz edilmektedir. Çalışmada yapısal modele ilişkin tahmin sonuçları, tek denklemli tahmin sonuçları ile de karşılaştırılmakta ve her iki yaklaşımdaki tahmin sonuçlarının farklı olduğu sonucuna ulaşılmaktadır. Bu farklılıklar tek denklemli model tahmin sonuçlarının oldukça ihtiyatlı bir şekilde değerlendirilmesinin gerekliliğine işaret etmektedir. Modelde reel balansların hem IS hem de Philips eğrileri üzerinde etkisi olduğu sonucuna ulaşılmıştır.

Kaynakça

  • Andres, J., Lopez-Salido, D., and Nelson, E. (2009). “Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area”, Journal of Economic Dynamics and Control, 33, 758-776.
  • Andres, J., Lopez-Salido, J.D., and Valles, J. (2006), “Money in an Estimated Business Cycle Model of the Euro Area”, Economic Journal,116, 457-477.
  • Araujo, E. (2015). “Monetary policy objectives and Money’s role in U.S. business cycles”, Journal of Macroeconomics, 45, 85–107.
  • Bahmani-Oskooee, M., and Karacal, M. (2006), “The Demand for Money in Turkey and Currency Substitution”, Applied Economics Letters, 13(10), 635–642.
  • Canova, F., and Menz, T. (2011), “Does money matter in shaping domestic business cycles? An international investigation”, Journal of Money, Credit and Banking, 43, 577-609.
  • Castelnuovo, E. (2012). “Estimating the Evolution of Money’s Role in the U.S. Monetary Business Cycle”, Journal of Money, Credit and Banking, 44(1), 23-52.
  • Ericsson, N. R., and Sharma, S. (1998), “Broad Money Demand and Financial Liberalization in Greece”, Empirical Economics, 23(3), 417–436.
  • Favara, G., and Giordani, P. (2009), “Reconsidering The Role of Money for Output, Prices and Interest Rates”, Journal of Monetary Economics, 56, 419-430.
  • Fuhrer, J. C., and Moore, G. R. (1995), “Monetary Policy Trade-offs and the Correlation between Nominal Interest Rates and Real Output”, American Economic Review, 85, 219–239.
  • Fujiwara, I. (2007). “Is there a direct effect of money? Money’s role in an estimated monetary business cycle model of the Japanese economy”, Japan and the World Economy, 19, 329–337.
  • Ireland, P. (2004), “Money’s Role in The Monetary Business Cycle”, Journal of Money, Credit, and Banking, 36(6), 969-983.
  • Kremer, J., Lombardo, G., and Werner, T. (2003), “Money in a New Keynesian model estimated with German data”, Deutsche Bundesbank, discussion paper n. 15/2003.
  • McCallum, Bennett T., and Nelson, E. (1999), “An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis”, Journal of Money, Credit, and Banking, 31, 296–316.
  • Muscatelli, V. A., and Papi, L. (1990), “Cointegration, Financial Innovation, and Modelling the Demand for Money in Italy”, Manchester School of Economic and Social Studies, 58 (September), 242–259.
  • Oktayer, A. (2011), “Finansal Yenilikler ve Para Talebi”, Maliye Dergisi, 160(1), 351-368.
  • Orden, D., and Fisher, L.A. (1993), “Financial Deregulation and the Dynamics of Money, Prices, and Output in New Zealand and Australia”, Journal of Money, Credit, and Banking, 25(May), 273–292.
  • Poilly, C. (2010), “Does money matter for the identication of monetary policy shocks: A DSGE perspective”, Journal of Economic Dynamics and Control, 34, 3166-3191.
  • Rotemberg, J. J. (1982), “Sticky Prices in the United States”, Journal of Political Economy, 90, 1187–1211.
  • Rotemberg, J. J., and Woodford, M. (1997), “An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy”, NBER Macroeconomics Annual 1997, (Ed. Ben S. Bernanke and Julio J. Rotemberg), Cambridge, MA: MIT Press, 297–346.
  • Rudebusch, G. D., and Svensson, L.E.O. (2002), “Eurosystem Monetary Targeting: Lessons from U.S. Data”, European Economic Review, 46, 417–442.
  • Sims, C. (1983). “Is There a Monetary Business Cycle”, The American Economic Review, 73(2), 228-233.
  • Tümtürk, O. (2017), “Stability of Money Demand in Turkey”, Business and Economics Research Journal, 8(1), 35-48.
  • Zanetti, F. (2012), “Banking and the role of money in the business cycle”, Journal of Macroeconomics, 34, 87-94.

The Role of Money in Turkish Economy

Yıl 2019, Cilt: 34 Sayı: 4, 565 - 572, 31.12.2019
https://doi.org/10.24988/ije.2019344886

Öz

A well functioning monetary policy requires the knowledge of the effects of monetary aggregates on output and inflation. In this study, we try to analyze the role of money in a monetary business cycle model in the case of Turkey during the 2006-2017 period. Estimation results of the structural model are also compared with single equations’ estimation results and it is found out that the results of the structural model and single equations are quietly different. The differences show that the results of single equation estimations should cautiously be interpreted. In the model, it is found out that real balances have effects on IS and Philips curves.

Kaynakça

  • Andres, J., Lopez-Salido, D., and Nelson, E. (2009). “Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area”, Journal of Economic Dynamics and Control, 33, 758-776.
  • Andres, J., Lopez-Salido, J.D., and Valles, J. (2006), “Money in an Estimated Business Cycle Model of the Euro Area”, Economic Journal,116, 457-477.
  • Araujo, E. (2015). “Monetary policy objectives and Money’s role in U.S. business cycles”, Journal of Macroeconomics, 45, 85–107.
  • Bahmani-Oskooee, M., and Karacal, M. (2006), “The Demand for Money in Turkey and Currency Substitution”, Applied Economics Letters, 13(10), 635–642.
  • Canova, F., and Menz, T. (2011), “Does money matter in shaping domestic business cycles? An international investigation”, Journal of Money, Credit and Banking, 43, 577-609.
  • Castelnuovo, E. (2012). “Estimating the Evolution of Money’s Role in the U.S. Monetary Business Cycle”, Journal of Money, Credit and Banking, 44(1), 23-52.
  • Ericsson, N. R., and Sharma, S. (1998), “Broad Money Demand and Financial Liberalization in Greece”, Empirical Economics, 23(3), 417–436.
  • Favara, G., and Giordani, P. (2009), “Reconsidering The Role of Money for Output, Prices and Interest Rates”, Journal of Monetary Economics, 56, 419-430.
  • Fuhrer, J. C., and Moore, G. R. (1995), “Monetary Policy Trade-offs and the Correlation between Nominal Interest Rates and Real Output”, American Economic Review, 85, 219–239.
  • Fujiwara, I. (2007). “Is there a direct effect of money? Money’s role in an estimated monetary business cycle model of the Japanese economy”, Japan and the World Economy, 19, 329–337.
  • Ireland, P. (2004), “Money’s Role in The Monetary Business Cycle”, Journal of Money, Credit, and Banking, 36(6), 969-983.
  • Kremer, J., Lombardo, G., and Werner, T. (2003), “Money in a New Keynesian model estimated with German data”, Deutsche Bundesbank, discussion paper n. 15/2003.
  • McCallum, Bennett T., and Nelson, E. (1999), “An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis”, Journal of Money, Credit, and Banking, 31, 296–316.
  • Muscatelli, V. A., and Papi, L. (1990), “Cointegration, Financial Innovation, and Modelling the Demand for Money in Italy”, Manchester School of Economic and Social Studies, 58 (September), 242–259.
  • Oktayer, A. (2011), “Finansal Yenilikler ve Para Talebi”, Maliye Dergisi, 160(1), 351-368.
  • Orden, D., and Fisher, L.A. (1993), “Financial Deregulation and the Dynamics of Money, Prices, and Output in New Zealand and Australia”, Journal of Money, Credit, and Banking, 25(May), 273–292.
  • Poilly, C. (2010), “Does money matter for the identication of monetary policy shocks: A DSGE perspective”, Journal of Economic Dynamics and Control, 34, 3166-3191.
  • Rotemberg, J. J. (1982), “Sticky Prices in the United States”, Journal of Political Economy, 90, 1187–1211.
  • Rotemberg, J. J., and Woodford, M. (1997), “An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy”, NBER Macroeconomics Annual 1997, (Ed. Ben S. Bernanke and Julio J. Rotemberg), Cambridge, MA: MIT Press, 297–346.
  • Rudebusch, G. D., and Svensson, L.E.O. (2002), “Eurosystem Monetary Targeting: Lessons from U.S. Data”, European Economic Review, 46, 417–442.
  • Sims, C. (1983). “Is There a Monetary Business Cycle”, The American Economic Review, 73(2), 228-233.
  • Tümtürk, O. (2017), “Stability of Money Demand in Turkey”, Business and Economics Research Journal, 8(1), 35-48.
  • Zanetti, F. (2012), “Banking and the role of money in the business cycle”, Journal of Macroeconomics, 34, 87-94.
Toplam 23 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Hasan Şahin Bu kişi benim 0000-0001-5922-068X

Ümit Koç 0000-0002-1853-5156

Yayımlanma Tarihi 31 Aralık 2019
Gönderilme Tarihi 10 Haziran 2019
Kabul Tarihi 29 Aralık 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 34 Sayı: 4

Kaynak Göster

APA Şahin, H., & Koç, Ü. (2019). The Role of Money in Turkish Economy. İzmir İktisat Dergisi, 34(4), 565-572. https://doi.org/10.24988/ije.2019344886

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