Loom of Symmetric Pass-Through

摘要: This paper analyzes the effects of real policy interest rate on banking sector lending rate, deposit stock prices, and exchange using Engle Granger cointegration method (EG), vector error-correction model (VECM), nonlinear (NVECM) with monthly Turkish data over period January 2002–April 2018. (1) EG results indicate bivariate relationships between rates, rate. The increases all mainly housing However, long-run coefficient for is not statistically significant. pass-through higher than rates. Moreoever, prices shrink substantially where finance has been affected most. (2) VECM a relationship variables except which non-significant coefficient. noteworthy positive effect loans compared to others. affirmative highest technology sector. short-run are overall price index, vehicle (3) NVECM allow testing eleven hypotheses highlight symmetric valid effect, reject strong exogeneity assumption variables.