Monetary policy rules in practice: evidence from Turkey
AbstractThis 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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Bibliographic InfoArticle provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.
Volume (Year): 9 (2004)
Issue (Month): 1 ()
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Web page: http://www.interscience.wiley.com/jpages/1076-9307/
Other versions of this item:
- Hakan Berument & Hakan Tasci, 2003. "Monetary Policy Rules in Practice : Evidence from Turkey," Departmental Working Papers 0305, Bilkent University, Department of Economics.
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