Monetary policy rules in practice: evidence from Turkey
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.
Volume (Year): 9 (2004)
Issue (Month): 1 ()
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References listed on IDEAS
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- Sims, Christopher A., 1992.
"Interpreting the macroeconomic time series facts : The effects of monetary policy,"
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- Christopher A. Sims, 1992. "Interpreting the Macroeconomic Time Series Facts: The Effects of Monetary Policy," Cowles Foundation Discussion Papers 1011, Cowles Foundation for Research in Economics, Yale University.
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"The Federal Funds Rate and the Channels of Monetary Transnission,"
NBER Working Papers
3487, National Bureau of Economic Research, Inc.
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- Hakan Berument & Kamuran Malatyali, 2000. "The implicit reaction function of the Central Bank of the Republic of Turkey," Applied Economics Letters, Taylor & Francis Journals, vol. 7(7), pages 425-430.
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