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Monetary policy rules in practice: evidence from Turkey

✍ Scribed by Hakan Berument; Hakan Taşçi

Publisher
John Wiley and Sons
Year
2004
Tongue
English
Weight
82 KB
Volume
9
Category
Article
ISSN
1076-9307

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✦ Synopsis

Abstract

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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