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

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      Author(s)
      Berument, Hakan
      Malatyali, K.
      Date
      2000
      Source Title
      Applied Economics Letters
      Print ISSN
      1350-4851
      Electronic ISSN
      1466-4291
      Publisher
      Routledge
      Volume
      7
      Issue
      7
      Pages
      425 - 430
      Language
      English
      Type
      Article
      Item Usage Stats
      260
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      292
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      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.
      Keywords
      Central bank
      Inflation
      Monetary policy
      Turkey
      Permalink
      http://hdl.handle.net/11693/25100
      Published Version (Please cite this version)
      https://doi.org/10.1080/135048500351104
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      • Department of Economics 697
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