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This paper studies whether the conduct of monetary policy has changed in Turkey since 1990s by investigating structural changes in a Taylor type of policy rule. Using recently developed econometric techniques (Kejriwal and Perron, 2010), I first test whether structural breaks have occurred in the policy rule. If the tests corroborate the existence of breaks, then I test whether the relevant variables are indeed cointegrated, following Arai and Kurozumi (2007) and Kejriwal (2008). Finally, I estimate the Taylor-type policy rules for each era to see how the conduct of monetary policy may have changed over time. Contrary to a common belief, the results indicate that no significant changes have occurred in the conduct of monetary policy in Turkey since the 1990s. &#x0D;

Taylor Rule in an Open Economy: Has the Conduct of Monetary Policy Changed in Turkey?