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Enflasyon Hedefleyen Gelismekte Olan Ulkelerin Kriz Donemindeki Faiz Kararlari

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  • Baris Cinar
  • Eray Yucel

Abstract

[TR] Merkez bankalarinin politika tepkilerinin enflasyon disi degiskenlerle bagintili bir gorunum arz etmesi kuresel kriz doneminde dikkat ceken bir gelisme olmustur. Enflasyon hedeflemesi rejimini benimsemis gelismekte olan ulkeleri inceleyen bu calisma, faiz kararlari ile enflasyon disi unsurlar arasinda kriz doneminde olusan baga ragmen, geleneksel tepki fonksiyonu degiskenlerinin onemini korudugunu tespit etmektedir. [EN] During the global crisis, central banks’ policy reactions were somewhat associated with factors other than inflation. Focusing on inflation-targeting emerging market economies, this study documents that traditional variables are still important in explaining the monetary reaction functions of central banks, despite the emergence of a relationship between the policy rates and factors other than inflation during the crisis period.

Suggested Citation

  • Baris Cinar & Eray Yucel, 2011. "Enflasyon Hedefleyen Gelismekte Olan Ulkelerin Kriz Donemindeki Faiz Kararlari," CBT Research Notes in Economics 1102, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:econot:1102
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    References listed on IDEAS

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    1. Mr. Benedict J. Clements & Mr. Zenon Kontolemis & Mr. Joaquim Vieira Ferreira Levy, 2001. "Monetary Policy Under EMU: Differences in the Transmission Mechanism?," IMF Working Papers 2001/102, International Monetary Fund.
    2. Eichengreen, Barry & Watson, Mark W & Grossman, Richard S, 1985. "Bank Rate Policy under the Interwar Gold Standard: A Dynamic Probit Model," Economic Journal, Royal Economic Society, vol. 95(379), pages 725-745, September.
    3. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
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