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Journals / Ege Akademik Bakış / 2011 / Cilt: 11 - Sayı: 3

Fuzzy logic based econometric modelling: Money demand-evidence from Turkey

Bulanık mantık tabanlı ekonometrik modelleme: para talebi-Türkiye örneği

Serkan ARAS
Emrah GÜLAY
Pages
349–359
Publication Date
2022-10-12
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Thus, in this study, cointegration test which was proposed by Engle-Granger (1987) and fuzzy Takagi-Sugeno method are used to estimate Turkey’s money demand function and two methods are compared and consequently,the results are interpreted.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:At the present day, we investigate literature about Money demand, we can see that cointegration techniques are used in most of studies.
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Key Findings & Data:Mostly, cointegration techniques are being used as estimating methods for any money demand function.Cointegration techniques which were proposed by Engle-Granger (1987) and Johansen-Juselius (1990) have been used for modelling countries’ money demand function by researchers.
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Conclusion & Impact:Thus, in this study, cointegration test which was proposed by Engle-Granger (1987) and fuzzy Takagi-Sugeno method are used to estimate Turkey’s money demand function and two methods are compared and consequently,the results are interpreted.
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Domain Parameters

Abstract

At the present day, we investigate literature about Money demand, we can see that cointegration techniques are used in most of studies. Money demand econometric modelling techniques are used by a great number of researchers. Mostly, cointegration techniques are being used as estimating methods for any money demand function.Cointegration techniques which were proposed by Engle-Granger (1987) and Johansen-Juselius (1990) have been used for modelling countries’ money demand function by researchers. In stage of application of monetary policy, when assessment of policy stance as well as monetary policy decisions depend on the relationship between money and the other macroeconomic variables, different methods which allows for different functional relations are being important. The purpose of this study is proposing an alternative method, instead of econometric modelling methods which have been used widely in literature. Thus, in this study, cointegration test which was proposed by Engle-Granger (1987) and fuzzy Takagi-Sugeno method are used to estimate Turkey’s money demand function and two methods are compared and consequently,the results are interpreted.

Özet

Günümüzde yapılan para talebinin modellenmesine ilişkin literatürü incelediğimizde, modelleme yöntemi olarak çoğunlukla kointegrasyon testlerinin kullanılmış olduğu ve bu testlerden Engle-Granger (1987) yanı sıra Johansen-Juselius (1990) tarafından önerilen kointegrasyon tekniklerinin birçok araştırmacı tarafından çoğu ülkenin para talebinin modellenmesinde uygulandığı görülmektedir. Para politikasının uygulanması aşamasında politik tutumların değerlendirilmesinin yanı sıra para politikası kapsamında alınacak kararlar, para ve diğer makroekonomik değişkenler arasındaki ilişkinin incelenmesine bağlı olduğundan, farklı fonksiyonel ilişkileri değerlendirmemize izin veren farklı modelleme yöntemlerinin ele alınarak değerlendirilmesi önem kazanmaktadır. Bu çalışmanın amacı, literatürde yaygın bir biçimde kullanılan ekonometrik modelleme yöntemine karşılık alternatif bir yöntem ortaya koymaktır. Bu nedenle, çalışmada kointegrasyon yöntemlerinden biri olan Engle-Granger (1987) tarafından önerilen eşbütünleşme testi ile bulanık modelleme yöntemlerinden bulanık Takagi-Sugeno modeli kullanılıp, iki yöntem Türkiye’nin para talebi fonksiyonunun incelenmesi aşamasında karşılaştırılarak yorumlanmıştır.

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Cite This Article

ARAS, S., GÜLAY, E. (2022). Fuzzy logic based econometric modelling: Money demand-evidence from Turkey. Ege Akademik Bakış, Cilt: 11 - Sayı: 3, 349–359. https://ajindex.com/articles/495508

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