Using World Bank’s Exporter Dynamics Database, we investigate the role of external exchange rate volatility on export in addition to the effect of bilateral exchange rate volatility. The results show that while the bilateral exchange rate volatility has depressing effect on export, external...

In this paper, we look at the sector-level asymmetric effects of the monetary policy shocks on economic activity in Turkey. Using business cycles for the state of the economy, we find that monetary policy shocks have strong effects on both aggregate GDP, services and industrial production and...

Pass through from the exchange rate developments to consumer prices could be an important dimension of inflationary dynamics in small open economies. In such economies, the proper identification of exchange rate pass through (ERPT) is crucial for monetary policy analysis. In this paper, we study...

The private saving rate in Turkey has decreased substantially since 2000. In this study, we investigate the determinants of the private saving rate in Turkey, with a special focus on the role of mortgage debt. We find a strong and robust negative effect of mortgage credit growth on private...