Surprise policy announcements impact cash demand and consumption - paper

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The Central Bank of the Republic of Turkey

Unanticipated policy announcements can significantly reduce cash demand and consumption, a research paper published by the Georgetown McDonough School of Business Research finds.

In Cash Demand and Consumption Response to Unanticipated Monetary Policy Shock: Evidence from Turkey, Sumit Agarwal, Souphala Chomsisengphet, Yildiray Yildirim and Jian Zhang examine the impact of an unanticipated interest rate policy shock on households’ financial decisions, particularly cash demand and consumption.

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