Fiscal policy bolsters monetary policy: Central Bank of Turkey paper
A paper published by the Central Bank of Turkey on Friday finds evidence that a sound fiscal policy in Turkey supports active monetary policy.
Cem Çebi, the paper's author, uses a New Keynesian open economy dynamic stochastic general equilibrium model for Turkey to examine the interaction between monetary and fiscal policies in Turkey from the first quarter of 2002 and the third quarter of 2009.
The results of the paper are consistent with previous studies in most developed countries and show
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