Financial conditions and monetary policy in the US

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dc.authorid0000-0002-8155-1597
dc.authorid0000-0003-4168-2792
dc.authorid0000-0002-8155-1597
dc.authorid0000-0002-3865-5868
dc.authorscopusid8873464300
dc.authorscopusid56625634400
dc.authorscopusid56127310200
dc.authorscopusid26653963900
dc.authorwosidCevik, Emrah/AAE-7169-2022
dc.authorwosidYILDIRIM, Durmuş Çağrı/V-8841-2019
dc.authorwosidCevik, Emrah/K-1967-2019
dc.contributor.authorDibooğlu, Sel
dc.contributor.authorErdoğan, Seyfettin
dc.contributor.authorYıldırım, Durmuş Çağrı
dc.contributor.authorÇevik, Emrah İsmail
dc.date.accessioned2022-05-11T14:33:32Z
dc.date.available2022-05-11T14:33:32Z
dc.date.issued2020
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü
dc.description.abstractWe examine the FED's monetary policy rule with financial stability considerations and under asymmetry. We use the National Financial Conditions Index constructed by the Chicago FED in order to test whether financial stability concerns enter monetary policy formulations in the US. We model nonlinearity in monetary policy by a Markov regime-switching model. The results show that the monetary policy implemented by the FED can be characterized as a two-state Markov process and financial instability significantly increases the likelihood of regime-switching from a tranquil to a distressed regime. Moreover, the likelihood of a switch in the FED's monetary policy regime between tranquil and distressed seems to increase when a certain threshold level of the financial conditions index is reached. Finally, our results seem to be robust to alternative specifications of the reaction function and different forms of non-linearity.
dc.identifier.doi10.1016/j.ecosys.2020.100819
dc.identifier.issn0939-3625
dc.identifier.issn1878-5433
dc.identifier.issue4en_US
dc.identifier.scopus2-s2.0-85095613480
dc.identifier.scopusqualityQ2
dc.identifier.urihttps://doi.org/10.1016/j.ecosys.2020.100819
dc.identifier.urihttps://hdl.handle.net/20.500.11776/7788
dc.identifier.volume44
dc.identifier.wosWOS:000600761000002
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorYıldırım, Durmuş Çağrı
dc.institutionauthorÇevik, Emrah İsmail
dc.language.isoen
dc.publisherElsevier
dc.relation.ispartofEconomic Systems
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.subjectMonetary policy
dc.subjectCentral banking
dc.subjectTaylor rules
dc.subjectMarkov regime switching
dc.subjectMarkov-Switching Models
dc.subjectCentral-Banks
dc.subjectExchange-Rate
dc.subjectTaylor Rule
dc.subjectStress
dc.titleFinancial conditions and monetary policy in the US
dc.typeArticle

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