Browsing by Subject "Reaction function"
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Item Open Access Monetary policy rules in practice: evidence from Turkey(John Wiley & Sons Ltd., 2004) Berument, Hakan; Taşçı, H.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. © 2003 John Wiley and Sons, Ltd.