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 Â© 2003 John Wiley & Sons, Ltd.
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Bibliographic InfoPaper provided by Bilkent University, Department of Economics in its series Departmental Working Papers with number 0305.
Date of creation: 2003
Date of revision:
Other versions of this item:
- Hakan Berument & Hakan Taş�i, 2004. "Monetary policy rules in practice: evidence from Turkey," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(1), pages 33-38.
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