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Inflation Targeting Strategy and the Outlook of Monetary Policy in Turkey

Author

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  • Fikret Kartal

    (Birleşik Fon Bankası A.Ş.)

Abstract

The stabilization policy based on a crawling exchange rate peg adopted in 2000 ended up with the crise and Turkey started to implement a new economic program. Because other monetary re- gimes did not give the desired results, the Central Bank opted to directly anchor inflation. This paper attempts to provide results of the implicit and explicit inflation targeting strategies in terms of price stability between 2002-2010 and evaluate the credibility of the Central Bank and the uncertainty of monetary policy in current conditions.

Suggested Citation

  • Fikret Kartal, 2011. "Inflation Targeting Strategy and the Outlook of Monetary Policy in Turkey," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 26(91), pages 77-100, April.
    • Handle: RePEc:acc:malfin:v:26:y:2011:i:91:p:77-100
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    References listed on IDEAS

    as
    1. A. Hakan Kara, 2008. "Turkish Experience With Implicit Inflation Targeting," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 8(1), pages 1-16.
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    4. Frederic S. Mishkin & Adam S. Posen, 1997. "Inflation targeting: lessons from four countries," Economic Policy Review, Federal Reserve Bank of New York, vol. 3(Aug), pages 9-110.
    5. Kenneth N. Kuttner, 2004. "The role of policy rules in inflation targeting," Review, Federal Reserve Bank of St. Louis, vol. 86(Jul), pages 89-112.
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    7. Paul R. Masson & Miguel A. Savastano & Sunil Sharma, 2019. "The Scope for Inflation Targeting in Developing Countries," World Scientific Book Chapters, in: Macroeconomic Modelling and Monetary and Exchange Rate Regimes, chapter 10, pages 331-383, World Scientific Publishing Co. Pte. Ltd..
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    More about this item

    Keywords

    Inflation; Monetary policy; Inflation targeting; Central Bank;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

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