• About
  • Policies
  • What is openaccess
  • Library
  • Contact
Advanced search
      View Item 
      •   BUIR Home
      • University Library
      • Bilkent Theses
      • Theses - Department of Economics
      • Dept. of Economics - Master's degree
      • View Item
      •   BUIR Home
      • University Library
      • Bilkent Theses
      • Theses - Department of Economics
      • Dept. of Economics - Master's degree
      • View Item
      JavaScript is disabled for your browser. Some features of this site may not work without it.

      A study about the monetary policy rule of the Central Bank of the Republic of Turkey in the implicit inflation targeting framework

      Thumbnail
      View / Download
      1.4 Mb
      Author
      Kaya, Şerife Demet
      Advisor
      Yeldan, Erinç
      Date
      2006
      Publisher
      Bilkent University
      Language
      English
      Type
      Thesis
      Item Usage Stats
      83
      views
      28
      downloads
      Abstract
      The gist of the study presented in this thesis is to provide an answer mainly to two questions: First; whether in the last four years the Central Bank of the Republic of Turkey (CBRT or Central Bank) has followed a monetary policy rule consistent with its commitments about price stability objectives, implicit inflation targeting regime and floating exchange rate. Second one is if it has done to what extend this rule has resembled the original Taylor rule. In the study, to investigate the answer to these questions a backward-looking model for a monetary policy rule is described and is subjected to an econometric estimation process. It yields significant results for the interval between 2001 and 2005. In a summary, the findings support that while after 2001 the rate of inflation has continued to be a dominant indicator to which the CBRT reacted consistent with its commitments, coming to the current years the real exchange rate (RER) movements and current account deficits have gained an increasing significance in monetary policy rule. Hence, the thesis argues that instead of being tied to a simple Taylor rule, the CBRT might have adopted a differentiated policy rule where it has concerned RER and current account deficit beside the rate of inflation.
      Keywords
      The Central Bank of the Republic of Turkey
      Inflation Targeting
      Monetary Policy Rule
      Taylor Rule
      Real Exchange Rate
      Current Account Deficit
      Permalink
      http://hdl.handle.net/11693/29766
      Collections
      • Dept. of Economics - Master's degree 290
      Show full item record

      Browse

      All of BUIRCommunities & CollectionsTitlesAuthorsAdvisorsBy Issue DateKeywordsTypeDepartmentsThis CollectionTitlesAuthorsAdvisorsBy Issue DateKeywordsTypeDepartments

      My Account

      Login

      Statistics

      View Usage StatisticsView Google Analytics Statistics

      Bilkent University

      If you have trouble accessing this page and need to request an alternate format, contact the site administrator. Phone: (312) 290 1771
      Copyright © Bilkent University - Library IT

      Contact Us | Send Feedback | Off-Campus Access | Admin | Privacy