Wordle for Central Bankers: Separating Impact of Words and Actions Under High Inflation– The Case of Turkey

IF 1.3 4区经济学 Q3 ECONOMICS

Eastern European Economics Pub Date : 2022-07-14 DOI:10.1080/00128775.2022.2097094

Burcu Ünüvar

引用次数: 0

Abstract

ABSTRACT This paper investigates the effectiveness of monetary policy in Turkey, i.e. a developing country with high inflation, through its impact on the local currency denominated sovereign yield curve. Employing a two-factor, market-based methodology and introducing a new dataset, the study calculates the surprise factor for both actions (monetary policy surprise) and words (communication surprise). Checking their impacts separately, the study finds evidence that the communication provided by the Central Bank of Turkey through Monetary Policy Committee Statements help to extend the impact of the monetary policy to the long end of the yield curve, even during periods of high inflation.

查看原文本刊更多论文

中央银行家的世界:在高通胀下，言行的影响是分开的——以土耳其为例

摘要本文通过货币政策对本币主权收益率曲线的影响，研究了土耳其（一个高通胀的发展中国家）货币政策的有效性。该研究采用了基于市场的双因素方法，并引入了一个新的数据集，计算了行动（货币政策惊喜）和言语（沟通惊喜）的惊喜因素。单独检查其影响，研究发现有证据表明，土耳其中央银行通过货币政策委员会声明提供的沟通有助于将货币政策的影响扩大到收益率曲线的长端，即使在高通胀时期也是如此。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Eastern European Economics ECONOMICS-

CiteScore

2.20

自引率

9.10%

发文量

期刊介绍： Eastern European Economics publishes original research on the newly emerging economies of Central and Eastern Europe, with coverage of the ongoing processes of transition to market economics in different countries, their integration into the broader European and global economies, and the ramifications of the 2008-9 financial crisis. An introduction by the journal"s editor adds context and expert insights on the articles presented in each issue.