Please use this identifier to cite or link to this item: https://hdl.handle.net/11147/13635
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dc.contributor.authorDuran, Hasan Engin-
dc.contributor.authorGajewski, Pawel-
dc.date.accessioned2023-07-27T19:50:03Z-
dc.date.available2023-07-27T19:50:03Z-
dc.date.issued2023-
dc.identifier.issn1689-765X-
dc.identifier.issn2353-3293-
dc.identifier.urihttps://doi.org/10.24136/eq.2023.003-
dc.identifier.urihttps://hdl.handle.net/11147/13635-
dc.description.abstractResearch background: Taylor rule is a widely adopted approach to follow monetary policy and investigate various mechanisms related to or triggered by monetary policy. To date, no in-depth examination of scale, determinants and spillovers of state-level monetary policy stress, stemming from the Federal Reserve Board's (Fed's) policy has been performed. Purpose of the article: This paper aims to investigate the nature of monetary policy stress on US States delivered by the single monetary policy by using a quarterly dataset spanning the years between 1989 and 2017. Methods: We apply a wide array of time series and panel regressions, such as unit root tests, co-integration tests, co-integrating FMOLS and DOLS regressions, and Spatial Panel SAR and SEM models. Findings & value added: When average stress imposed on states is calculated, it is observed that the level of stress is moderate, but the distribution across states is asymmetric. The cross-state determinants behind the average stress show that states with a higher percentage of working-age and highly educated population, as well as those with higher population density and more export-oriented are negatively stressed (i.e. they experience excessively low interest rates), whereas higher unemployment rate contributes to a positive stress (too high interest rates). To the best of our knowledge, the contribution of this paper lies in estimating monetary policy stress at the state level and unveiling some of the determinants of this stress. Moreover, the paper makes the first attempt to empirically test spatial spillovers of the stress, which are indeed found significant and negative.en_US
dc.language.isoenen_US
dc.publisherInstytut Badan Gospodarczych/Institute of Economic Research (Poland)en_US
dc.relation.ispartofEquilibrium. Quarterly Journal of Economics and Economic Policyen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectTaylor ruleen_US
dc.subjectMonetary stressen_US
dc.subjectSpatial panel regressionen_US
dc.subjectFMOLSen_US
dc.subjectDOLSen_US
dc.titleState-level Taylor rule and monetary policy stressen_US
dc.typeArticleen_US
dc.institutionauthorDuran, Hasan Engintr
dc.departmentİzmir Institute of Technology. City and Regional Planningen_US
dc.identifier.volume18en_US
dc.identifier.issue1en_US
dc.identifier.startpage89en_US
dc.identifier.endpage120en_US
dc.identifier.wosWOS:000994211600003en_US
dc.identifier.scopus2-s2.0-85152925220en_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıtr
dc.identifier.doi10.24136/eq.2023.003-
dc.authorscopusid55605421200-
dc.authorscopusid56435891700-
dc.identifier.scopusqualityQ1-
item.grantfulltextopen-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.cerifentitytypePublications-
item.openairetypeArticle-
item.languageiso639-1en-
item.fulltextWith Fulltext-
crisitem.author.dept02.03. Department of City and Regional Planning-
Appears in Collections:City and Regional Planning / Şehir ve Bölge Planlama
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection
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