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| Utku Akseki, Abdurrahman Nazif Çatık and Barış Gök |
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| ''A regime-dependent investigation of the impact of macroeconomic variables on the housing market activity in Turkey'' |
| ( 2014, Vol. 34 No.2 ) |
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| This paper investigates the impact of macroeconomic variables on the housing market activity in Turkey covering the period from January 1992 to December 2012. To this aim regime-dependent impulse response and forecast error decomposition analysis are conducted based on a two-regime MS-VAR model. We find that M1 and interbank rate account considerable parts of the variation in the housing permits when the economy is in the stable regime. The results suggest that Central Bank might control the housing activity through the use of monetary policy variables. |
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| Keywords: Housing market, economic activity, monetary policy, Turkey. |
JEL: E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
E4 - Money and Interest Rates: General |
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| Manuscript Received : Nov 04 2013 | | Manuscript Accepted : May 25 2014 |
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