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Monetary policy rules in practice: evidence from Turkey

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Author Info
Hakan Berument (Department of Economics, Bilkent University, Ankara, Turkey)
Hakan Taşçi (Department of Economics, University of North Carolina, Chapel Hill, NC 27599-3305, USA)

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Abstract

This paper estimates a forward-looking monetary policy reaction function of the Central Bank of the Republic of Turkey by considering the period from 1990:01 to 2000:10. When the spread between the interbank rate and depreciation rate of the local currency is taken as a policy tool, the empirical evidence suggests that the Turkish Central Bank responds to its foreign exchange reserves, output and M2 growth not the forward, current or lagged inflation. Copyright © 2003 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/ijfe.219
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.

Volume (Year): 9 (2004)
Issue (Month): 1 ()
Pages: 33-38
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Handle: RePEc:ijf:ijfiec:v:9:y:2004:i:1:p:33-38

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Berument, Hakan & Malatyali, Kamuran, 2000. "The Implicit Reaction Function of the Central Bank of the Republic of Turkey," Applied Economics Letters, Taylor and Francis Journals, vol. 7(7), pages 425-30, July. [Downloadable!] (restricted)
  2. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-21, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. M. Ege Yazgan & Hakan Yilmazkuday, 2007. "Monetary policy rules in practice: evidence from Turkey and Israel," Applied Financial Economics, Taylor and Francis Journals, vol. 17(1), pages 1-8, January. [Downloadable!] (restricted)
  2. Nejla Adanur Aklan & Mehmet Nargelecekenler, 2008. "Taylor Rule in Practice: Evidence from Turkey," International Advances in Economic Research, Springer, vol. 14(2), pages 156-166, May. [Downloadable!] (restricted)
  3. Yilmazkuday, Hakan, 2009. "Inflation Targeting and Inflation Convergence within Turkey," MPRA Paper 16770, University Library of Munich, Germany. [Downloadable!]
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