SYMMETRIC AND ASYMMETRIC EFFECTS OF MONETARY POLICY SHOCKS ON OUTPUT IN BRICS COUNTRIES: EVIDENCE FROM HIDDEN PANEL COINTEGRATION

Creative Commons License

BAYAT T., Tutgun S., Tasar I.

ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, cilt.55, sa.4, ss.215-226, 2021 (SCI-Expanded) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 55 Sayı: 4
  • Basım Tarihi: 2021
  • Doi Numarası: 10.24818/18423264/55.4.21.14
  • Dergi Adı: ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Social Sciences Citation Index (SSCI), Scopus, International Bibliography of Social Sciences, Business Source Elite, Business Source Premier, EconLit, INSPEC, zbMATH
  • Sayfa Sayıları: ss.215-226
  • Anahtar Kelimeler: Monetary Policy, Symmetric Effect, Asymmetric Effect, BRICS, AUTOREGRESSIVE TIME-SERIES, REAL INTEREST-RATES, REGRESSION, TESTS
  • İnönü Üniversitesi Adresli: Evet

Özet

Monetary policy and its possible effects on total output has been discussed both theoretically and empirically by many economic schools within the framework of economic theory. This study questions the symmetric and asymmetric effects of monetary policy shocks on output in the BRICS countries for the period of 1997-2019 were analyzed using hidden panel data method. According to the empirical analysis results, monetary policy does not have a symmetrical effect on output. Asymmetric effects on the other hand valid from negative and positive shocks of monetary policy to positive and negative shocks of output respectively in the short and also in the long run.