IDEAS home Printed from
   My bibliography  Save this article

Acýk Enflasyon Hedeflemesi Doneminde Parasal Aktarim Mekanizmasinin Doviz Kuru Kanali: Turkiye Uzerine Ekonometrik Bir Analiz


  • Sevda YAPRAKLI

    () (Ataturk University)


The aim of this study is to investigate econometrically with the time series analysis whether it is effectively operating of exchange rate channel of monetary transmission in Turkey. In the study, covering the period of 2006:5-2011:5 that the explicit inflation targeting (IT) is implemented, short time interest rate, real effective exchange rate index, consumer price index (CPI) and real industrial production index variables are used. The results of error correction-augmented Granger causality analysis show that there is bi-directional causality between exchange rate with interest rate and inflation. According to the results of error correction model, exchange rate is negatively affected by short time interest rate while negatively effecting inflation. As a result, all analyses made in the study reflect that the exchange rate channel of monetary transmission in Turkey is effective on inflation.

Suggested Citation

  • Sevda YAPRAKLI, 2011. "Acýk Enflasyon Hedeflemesi Doneminde Parasal Aktarim Mekanizmasinin Doviz Kuru Kanali: Turkiye Uzerine Ekonometrik Bir Analiz," Istanbul University Econometrics and Statistics e-Journal, Department of Econometrics, Faculty of Economics, Istanbul University, vol. 15(1), pages 15-37, November.
  • Handle: RePEc:ist:ancoec:v:15:y:2011:i:1:p:15-37

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item


    Monetary Transmission Mechanism; Exchange Rate Channel; Time Series Analysis; Turkey’s Economy;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ist:ancoec:v:15:y:2011:i:1:p:15-37. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kutluk Kagan Sumer). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.