This study examines the effectiveness of non-linear monetary policy interest rate channel shocks for the Turkish economy using the threshold VAR analysis in the period of 2006-2019. The interest channel is examined with the two models for both consumption transfer and investment transfer models. The results show that the interest rate channel is effective in the high regime (high macroeconomic instability) for the consumption transfer model, and it is partially effective in the low regime (low macroeconomic instability). On the other hand, for the model with investment expenditures flow, the interest rate channel is partially effective in both high and low regimes.

中文翻译：

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重新审视利率通道：货币政策冲击对土耳其经济的非线性传导

本研究使用 2006-2019 年期间的阈值 VAR 分析检验了非线性货币政策利率渠道冲击对土耳其经济的有效性。消费转移和投资转移两种模型对利益渠道进行了检验。结果表明，利率渠道对于消费转移模型在高状态（高宏观经济不稳定性）下有效，在低状态（低宏观经济不稳定性）下部分有效。另一方面，对于有投资支出流的模型，利率渠道在高利率和低利率情况下都是部分有效的。