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Monetary policy rules in practice: evidence from Turkey

  • Hakan Berument

    (Department of Economics, Bilkent University, Ankara, Turkey)

  • Hakan Taş�i

    (Department of Economics, University of North Carolina, Chapel Hill, NC 27599-3305, USA)

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.

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File URL: http://hdl.handle.net/10.1002/ijfe.219
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Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.

Volume (Year): 9 (2004)
Issue (Month): 1 ()
Pages: 33-38

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Handle: RePEc:ijf:ijfiec:v:9:y:2004:i:1:p:33-38
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  1. Ben S. Bernanke & Alan S. Blinder, 1989. "The federal funds rate and the channels of monetary transmission," Working Papers 89-10, Federal Reserve Bank of Philadelphia.
  2. 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.
  3. 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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