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- Title
The Impact of Monetary Policy on Stock Returns During Bull and Bear Markets: The Evidence From Turkey.
- Authors
GACENER ATIŞ, Aydanur; ERER, Deniz
- Abstract
Purpose of this study is to analyze the asymmetric response of stock market returns and volatility to monetary policy in bull and bear markets in Turkey over the period of 2002:1-2016:12. We used Markov switching model in order to identify bull and bear markets. We used policy rate as monetary policy instrument. From the empirical results, we deduced that monetary policy is more effective in bull market periods.
- Subjects
MONETARY policy; STOCK exchanges; ECONOMIC indicators; ECONOMIC conditions in Turkey; ECONOMIC policy
- Publication
Ege Academic Review, 2018, Vol 18, Issue 4, p699
- ISSN
1303-099X
- Publication type
Article
- DOI
10.21121/eab.2018443010