Is Currency Depreciation or Appreciation Expansionary in Turkey?
Journal Title: Journal of Economics and Business - Year 2018, Vol 1, Issue 1
Abstract
Based on an extended IS-MP-AS model (Romer, 2000), this paper finds that real appreciation raised real GDP in Turkey during 2002.Q2-2011.Q2 whereas real depreciation helped increase real GDP during 2011.Q3-2017.Q1. In addition, a lower government debt-to-GDP ratio, a lower lagged world real interest rate, a lower real oil price or a lower expected inflation rate helped raise real GDP. These results suggest that the relationship between aggregate output and exchange rates may be subject to structural changes and that a prudent fiscal policy would be more appropriate.
Authors and Affiliations
Yu Hsing
Keywords
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- EP ID EP339201
- DOI 10.31014/aior.1992.01.01.1
- Views 124
- Downloads 0
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