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Policy regime change and structural break in the velocity of money: the Turkish evidence
Date
2002-09-01
Author
Cakan, E
Ozmen, E
Metadata
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Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
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The integration properties of Turkish velocity series are investigated by employing recently developed procedures (Zivot and Andrews (1992) and Perron (Journal of Econometrics, 80, 355-85, 1997)) which allows stationarity around an endogenously estimated structural break point under the alternative hypothesis. The evidence suggests that real currency balances and currency velocity are stationary around a broken trend. The estimated break point coincides with a major policy regime change in Turkey. Broad money velocity and real broad money balances are found to be nonstationary even after allowance for a broken mean and trend.
Subject Keywords
Trend Functions
,
Unit-Root
,
Time-Series
,
Long-Run Behavior
URI
https://hdl.handle.net/11511/65799
Journal
APPLIED ECONOMICS LETTERS
DOI
https://doi.org/10.1080/13504850210128794
Collections
Department of Economics, Article
Citation Formats
IEEE
ACM
APA
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MLA
BibTeX
E. Cakan and E. Ozmen, “Policy regime change and structural break in the velocity of money: the Turkish evidence,”
APPLIED ECONOMICS LETTERS
, vol. 9, no. 11, pp. 759–762, 2002, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/65799.