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The implicit reaction function of the Central Bank of the Republic of Turkey

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  • Hakan Berument
  • Kamuran Malatyali

Abstract

Reviewing the implicit reaction function estimation under different specifications, it appears that the Central Bank of the Republic of Turkey (CBRT) responds to the lagged inflation rate rather than the forward one, M2Y growth is targeted on an annual basis and a serious output targeting policy was implemented while neither real nor nominal depreciation of the foreign currency basket was taken into consideration during the period 1989:07-1997:03. Also, we conclude that the CBRT does not target currency issued, M2, net domestic assets or net foreign assets nor does it take any of the budget deficit measures into account while determining its monetary policy.

Suggested Citation

  • 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.
  • Handle: RePEc:taf:apeclt:v:7:y:2000:i:7:p:425-430
    DOI: 10.1080/135048500351104
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    Cited by:

    1. Hakan Yilmazkuday, 2007. "Inflation targeting supported by managed exchange rate," Applied Economics, Taylor & Francis Journals, vol. 39(16), pages 2011-2026.
    2. Umit Bulut, 2016. "How Far Ahead Does the Central Bank of the Republic of Turkey Look?," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 5(1), pages 99-111.
    3. Hasanov, Mübariz & Omay, Tolga, 2008. "Monetary policy rules in practice: Re-examining the case of Turkey," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(16), pages 4309-4318.
    4. Civcir, Irfan & Akçaglayan, AnIl, 2010. "Inflation targeting and the exchange rate: Does it matter in Turkey?," Journal of Policy Modeling, Elsevier, vol. 32(3), pages 339-354, May.
    5. repec:blg:journl:v:12:y:2017:i:2:p:35-45 is not listed on IDEAS
    6. Umit Bulut, 2016. "May Monetary Transmission Lags Have a Role in Missing Inflation Targets in Turkey? Cointegration Tests with Structural Breaks and Structural VAR Analysis," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(4), pages 93-103, April.
    7. Hakan Berument & Hakan Taşçi, 2004. "Monetary policy rules in practice: evidence from Turkey," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(1), pages 33-38.

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