This paper finds that when the Congress and Presidency are controlled by the different political parties in the USA the creation of the seigniorage revenue to finance spending is not higher than when those two branches are controlled by the same party. However, the hypothesis that the creation...

Reviewing the implicit reaction function estimation under different specifications, it appears that the Central Bank of the Republic of Turkey (CBRT) responds to the lagged inflation rate rather than the forward one, M2Y growth is targeted on an annual basis and a serious output targeting policy...

This paper assesses the stability of the money-income relationship for seven OECD countries. When the sample was split into two subsamples: pre- and post-1980, the empirical evidence presented in this paper shows that even if the inferences gathered across countries are not always parallel, the...

The empirical evidence suggests that openness decreases the effect of monetary policy on output, however the effect on prices is not statistically significant. In this study these predictions are tested over the open economy of Turkey for quarterly data from 1987:1 to 2001:1. This study assesses...

The effect of a shock in the foreign economic performance on the domestic economy is an attractive research area. It has consistently been found that this effect is non-negligible. However, the countries examined are mostly developed countries. In this study, the effects of a shock in foreign...

This paper assesses how Japanese economic performance affects the Indonesian economy for the 1988 to 2004 period. The empirical evidence provided here suggests that Japanese growth appreciates the local currency in real terms, decreases the inflation and increases growth. As a side issue, we...