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Searching for the credibility of monetary policy in Turkey: Evidence from structural VAR analysis

Author

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  • Buket ALKAN

    (Individual Researcher, Istanbul, Turkey)

Abstract

relationship between the macro shocks and the long-term inflation expectations leads to questioning the credibility of a central bank. This paper investigates the credibility of the Central Bank of Turkey by analyzing the anchoring effect of the long-term inflation expectations by using the uncertainty indicator. We conduct the analysis with the structural VAR method using survey-based inflation expectations data as well as economic uncertainty index data developed for the Turkish economy. Our results provided evidence in favor of the existing de-anchoring process and imply that the monetary policy is not fully credible in Turkey during the period under investigation

Suggested Citation

  • Buket ALKAN, 2019. "Searching for the credibility of monetary policy in Turkey: Evidence from structural VAR analysis," Journal of Economics and Political Economy, EconSciences Journals, vol. 6(1), pages 78-93, March.
    • Handle: RePEc:cvv:journ1:v:6:y:2019:i:1:p:78-93
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    Keywords

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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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