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Essays On Macroeconomics And Monetary Economics, Fatih Tuluk
Essays On Macroeconomics And Monetary Economics, Fatih Tuluk
Arts & Sciences Electronic Theses and Dissertations
My essays that are captured in two chapters of my dissertation focus on shadow banking system, collateralized debt arrangement and monetary policy. The first chapter studies the role of shadow banking in the recent financial crisis, the relationship between shadow banking and traditional banking, and it investigates the monetary policy reaction to overcome the financial frictions associated with the scarcity of collateral or shortages of safe assets that naturally led to the liquidity constraints. On the other hand, the second chapter studies the role of housing as a collateral or as a medium of exchange and it explores how the …
Do Parties Matter? A Political Model Of Monetary Policy In Open Economies, Hulya Unlusoy
Do Parties Matter? A Political Model Of Monetary Policy In Open Economies, Hulya Unlusoy
Dissertations
In this doctoral dissertation, I present an original political model of monetary policy in open economies that reframes the Mundell-Fleming model when party politics and long-term interest rates are examined with the three economic variables (monetary policy autonomy, capital mobility, fixed exchange rate) that form the basis of the Mundell-Fleming model. The Mundell-Fleming model explains that there is no monetary policy autonomy in the short term under high capital mobility and a fixed exchange rate system. To see whether I arrive at a different conclusion than the Mundell-Fleming model, I pose the following two research questions: 1. What explains variations …
Adventures At The Zero Lower Bound: A Bayesian Time-Varying Parameter Vector Autoregressive Analysis Of Monetary Policy Uncertainty Shocks, Rachel M. Doehr
Adventures At The Zero Lower Bound: A Bayesian Time-Varying Parameter Vector Autoregressive Analysis Of Monetary Policy Uncertainty Shocks, Rachel M. Doehr
CMC Senior Theses
Using survey-based measures of future interest rate expectations from the Blue Chip Economic Indicators and the Survey of Professional Forecasters, we examine the relationship between monetary policy uncertainty, captured as the dispersion of interest rate forecasts, and fluctuations in real economic activity and core inflation. We use a flexible time-varying parameter vector autoregression (TVP-VAR) model to clearly isolate the dynamic effects of shocks to monetary policy uncertainty. To further study possible a possible nonlinear relationship between monetary policy uncertainty and the macroeconomic aggregates, we extract the impulse-response functions (IRF’s) estimated at each quarter in the time series, and use a …