Monetary policy rules in emerging countries: Is there an augmented nonlinear taylor rule?

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dc.authorscopusid7006610953
dc.authorscopusid57200758714
dc.authorscopusid36458196600
dc.authorscopusid55790803200
dc.authorscopusid57200762540
dc.authorwosidAkdeniz, Coşkun/AAQ-8119-2020
dc.authorwosidCatik, A. Nazif/AAQ-2995-2021
dc.contributor.authorCaporale, Guglielmo Maria
dc.contributor.authorHelmi, Mohamad Husam
dc.contributor.authorCatik, Abdurrahman Nazif
dc.contributor.authorAli, Faek Menla
dc.contributor.authorAkdeniz, Coşkun
dc.date.accessioned2022-05-11T14:33:30Z
dc.date.available2022-05-11T14:33:30Z
dc.date.issued2018
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü
dc.description.abstractThis paper examines the Taylor rule in five emerging economies, namely Indonesia, Israel, South Korea, Thailand, and Turkey. In particular, it investigates whether monetary policy in these countries can be more accurately described by (i) an augmented rule including the exchange rate, as well as (ii) a nonlinear threshold specification (estimated using GMM), instead of a baseline linear rule. The results suggest that the reaction of monetary authorities to deviations from target of either the inflation or the output gap differs in terms of the size and/or statistical significance of the coefficients in the high and low inflation regimes in all countries. In particular, the exchange rate has an impact in the former but not in the latter regime. Overall, an augmented nonlinear Taylor rule appears to capture more accurately the behaviour of monetary authorities in these countries.
dc.identifier.doi10.1016/j.econmod.2018.02.006
dc.identifier.endpage319
dc.identifier.issn0264-9993
dc.identifier.issn1873-6122
dc.identifier.scopus2-s2.0-85042360776
dc.identifier.scopusqualityQ1
dc.identifier.startpage306
dc.identifier.urihttps://doi.org/10.1016/j.econmod.2018.02.006
dc.identifier.urihttps://hdl.handle.net/20.500.11776/7773
dc.identifier.volume72
dc.identifier.wosWOS:000434744600027
dc.identifier.wosqualityQ2
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorAkdeniz, Coşkun
dc.language.isoen
dc.publisherElsevier Science Bv
dc.relation.ispartofEconomic Modelling
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectEmerging countries
dc.subjectNonlinearities
dc.subjectTaylor rule
dc.subjectExchange-Rate
dc.subjectUnit-Root
dc.subjectTime-Series
dc.subjectOutput-Gap
dc.subjectInflation
dc.subjectEconomy
dc.subjectRegimes
dc.subjectRobustness
dc.subjectInterventions
dc.subjectModels
dc.titleMonetary policy rules in emerging countries: Is there an augmented nonlinear taylor rule?
dc.typeArticle

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