Monetary policy rules in practice: evidence from Turkey | Zendy

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Monetary policy rules in practice: evidence from Turkey

Author(s) -

Berument Hakan,

Taşçi Hakan

Publication year - 2004

Publication title -

international journal of finance and economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.505

H-Index - 39

eISSN - 1099-1158

pISSN - 1076-9307

DOI - 10.1002/ijfe.219

Subject(s) - economics , monetary policy , monetary economics , exchange rate , currency , inflation (cosmology) , central bank , depreciation (economics) , inflation targeting , monetary base , empirical evidence , macroeconomics , foreign exchange reserves , international economics , philosophy , physics , capital formation , epistemology , financial capital , theoretical physics , economic growth , human capital

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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