Monetary policy rules in practice:: Evidence from Turkey

被引：17
|
作者：
Berument, H [1 ]
Tasçi, H
机构：
[1] Bilkent Univ, Dept Econ, Ankara, Turkey
[2] Univ N Carolina, Dept Econ, Chapel Hill, NC 27599 USA
来源：
INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS | 2004年 / 9卷 / 01期
关键词：
inflation targeting; reaction function; spread;
D O I：
10.1002/ijfe.219
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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 (C) 2003 John Wiley Sons, Ltd.
引用
收藏
页码：33 / 38
页数：6
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