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Monetary Policy and Asset Prices in the Period Following the Global Crisis: The Case of Turkey

Year 2017, Volume: 12 Issue: 1, 13 - 30, 01.04.2017
https://doi.org/10.17153/oguiibf.298720

Abstract

This paper aims at examining whether the Central Bank of the Republic of
Turkey (CBRT) reacts to changes in asset prices in the period following the
global crisis. To this end, the reaction function of the CBRT is extended with
exchange rate gap and stock market index gap. According to the findings of the
empirical analysis, the CBRT considers the difference between expected
inflation and inflation target and exchange rate gap while it is adjusting
interest rates. These findings show that exchange rates have significant
effects on the interest rate adjustments of the CBRT beyond affecting inflation
expectations in the period following the global crisis. 

References

  • ABDİOĞLU, Z. ve H. TERZİ (2009), “Enflasyon ve Bütçe Açıkları İlişkisi: Tanzi ve Patinkin Etkisi”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(2), 195-211.
  • ADANUR-AKLAN, N. ve M. NARGELEÇEKENLER (2008), “Taylor Rule in Practice: Evidence from Turkey”, International Advances in Economic Research, 14(2), 156-166.
  • AGENOR, P. R. Ve L. A. P. SILVA (2012), “Macroeconomic Stability, Financial Stability, and Monetary Policy Rules”, International Finance, 15(2), 205-224.
  • BERNANKE, B. ve M. GERTLER (2000), “Monetary Policy and Asset Price Volatility”, NBER Working Paper Series, 7559.
  • BERNANKE, B. Ve M. GERTLER (2001), “Should Central Banks Respond to Movements in Asset Prices?”, The American Economic Review, 91(2), 253-257.
  • BERUMENT, H. ve K. MALATYALI (2000), “The Implicit Reaction Function of the Central Bank of the Republic of Tur-key”, Applied Economics Letters, 7(7), 425-430.
  • BERUMENT, H. ve H. TAŞÇI (2004), “Monetary Policy Rules in Practice: Evidence from Turkey”, International Journal of Finance and Economics, 9, 33-38.
  • BOFINGER, P., REISCHLE, J. ve A. SCHACHTER (2001), Monetary Policy: Goals, Institutions, Strategies, and Instru-ments, New York: Oxford University Press.
  • BULUT, Ü. (2016), “How Far Ahead Does the Central Bank of the Republic of Turkey Look?”, Journal of Central Ban-king Theory and Practice, 5(1), 99-111.
  • CASTRO, V. (2011), “Can Central Banks’ Monetary Policy Be Described by a Lineer (Augmented) Taylor Rule or by a Nonlinear Rule?”, Journal of Financial Stability, 7(4), 228-246.
  • CECCHETTI, S. G. (2003), “What the FMOC Says and Does When the Stock Market Booms”, Ed. Anthony Richards ve Tim Robinson, Asset Prices and Monetary Policy, Australia: Reserve Bank of Australia, 77-96.
  • CLARIDA R. Ve M. GERTLER (1997), “How the Bundesbank Conducts Monetary Policy”, Ed. Christina D. Romer ve David H. Romer, Reducing Inflation: Motivation and Strategy, Chicago: University of Chicago Press, 363-412.
  • CLARIDA, R., GALI, J. ve M. GERTLER (1998), “Monetary Policy Rules in Practice: Some International Evidence”, Euro-pean Economic Review, 42(6), 1033-1067.
  • CLARIDA, R., GALI, J. ve M. GERTLER (1999), “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707.
  • CLARIDA R., GALI, J. ve M. GERTLER (2000), “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, The Quarterly Journal of Economics, 115(1), 147-180.
  • DARICI, B. (2010), “Kısa Vadeli Para Politikası Aracı Olarak Faiz Düzleştirme Kuralı: Teorik ve Metodolojik Yaklaşım”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 4(2), 39-66.
  • DICKEY, D. A. ve W. A. FULLER (1979), “Distribution of the Estimators for Autoregressive Time Series with a Unit Root”, Journal of the American Statistical Association, 74(366), 427-431.
  • DICKEY, D. A. ve W. A. FULLER (1981), “Likelihood Ratio Statistiscs for Autoregressive Time Series with a Unit Root”, Econometrica, 49(4), 105-1072.
  • ENGLE, R. F. ve C. W. J. GRANGER (1987), “Co-integration and Error Correction: Represantation, Estimation, and Testing”, Econometrica, 55(2), 251-276.
  • EICHENGREEN, B., EL-ERIAN, M., FRAGA, A., ITO, T., PİSANİ-FERRY, J., PRASAD, E., RAJAN, R., RAMOS, M., REİN-HART, C., REY, H., RODRİK, D., ROGOFF, K., SHİN H.S., VALESCO, A., MAURO, B., and Y. YU (2011), “Rethinking Central Banking”, http://www.brookings.edu/~/media/research/files/reports/2011/9/ciepr-central-banking/rethinking-central-banking.pdf, (Erişim: 01.01.2014).
  • ERDEM, E. ve S. KAYHAN (2010), The Taylor Rule in Estimating the Performance of Inflation Targeting Programs: The Case of Turkey, International Trade and Finance Association 20th International Conference, Las Vegas.
  • FAUST, J., ROGERS, J. H. ve J. H. WRIGHT (2001), “An Empirical Comparison of Bundesbank and ECB Monetary Policy Rules”, Board of Governors of the Federal Reserve System International Finance Discussion Papers, 705.
  • FRIEDMAN, B. (2012), “Rules versus Discretion at the Federal Reserve: On to the Second Century”, Journal of Macro-economics, 34(3), 608-615.
  • FURLANETTO, F. (2011), “Does Monetary Policy React to Asset Prices? Some International Evidence”, International Journal of Central Banking, 7(3), 91-111.
  • GÖZGÖR, G. (2012), “Inflation Targeting and Monetary Policy Rules: Further Evidence from the Case of Turkey”, Journal of Applied Finance & Banking, 2(5), 127-136.
  • GRANGER, C. W. J. ve P. NEWBOLD (1974), Spurious Regression in Econometrics. Journal of Econometrics, 2(2), 111-120.
  • HODRICK, R. J. ve E. C. PRESCOTT (1997), “Postwar U.S. Business Cycles: An Empirical Investigation”, Journal of Money, Credit and Banking, 29(1), 1-16.
  • IKLAGA, F.O. (2008), “Estimating a Monetary Policy Reaction Function for the Central Bank of Nigeria (1999-2007)”, Unpublished Paper, Columbia University.
  • ISSING, O. (2011), “Lessons for Monetary Policy: What Should the Consensus Be?”, IMF Working Paper, 97.
  • JOHANSEN, S. (1988), “Statistical Analysis of Cointegration Vectors”, Journal of Economic Dynamics and Control, 12(2-3), 231-254.
  • JOHANSEN, S. ve K. JUSELIUS (1990), “Maximum Likelihood Estimation and Inference on Cointegration - with Applica-tions to the Demand for Money”, Oxford Bullettin of Economics and Statistics, 52(2), 169-210.
  • JUDD, J. P. ve G. D. RUDEBUSCH (1998), “Taylor’s Rule and the FED: 1970-1997”, Federal Reserve Bank of San Fran-cisco Economic Review, 3, 3-16.
  • KARA A. H. (2012), “Küresel Kriz Sonrası Para Politikası”, İktisat İşletme ve Finans, 27(315), 9-36.
  • KAYTANCI, B. G. (2008), Estimating the Monetary Reaction Function for Turkey, 8th Global Conference on Business & Economics, İtalya.
  • KENNEDY, P. (2006), Ekonometri Kılavuzu, Çev. Muzaffer Sarımeşeli ve Şenay Açıkgöz, Ankara: Gazi Kitabevi.
  • KESRİYELİ, M. ve C. YALÇIN (1998), “Taylor Kuralı ve Türkiye Uygulaması Üzerine Bir Not”, TCMB Araştırma Genel Müdürlüğü Tartışma Tebliği, 9802.
  • KUMAR, S. (2013), “Financial Crisis, Taylor Rule and the FED”, Applied Economics Letters, 20(17), 1557-1561.
  • LANGE, R. H. (2013), “Monetary Policy Reactions and the Exchange Rate: A Regime-Switching Structural VAR for Canada”, International Review of Applied Economics, 27(5), 612-632.
  • LEBE, F. ve T. BAYAT (2011), “Taylor Kuralı: Türkiye İçin Bir Vektör Otoregresif Model Analizi”, Ege Akademik Bakış, 11, 95-112.
  • LEE, J. ve M. C. STRAZICICH (2003), “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, The Review of Economics and Statistics, 85(4), 1082-1089.
  • LEE, D. J. ve J. C. SON (2013), “Nonlinearity and Structural Breaks in Monetary Policy Rules with Stock Prices”, Econo-mic Modelling, 31, 1-11.
  • MAH, J. S. (2000), “An Empirical Examination of the Disaggregated Import Demand of Korea-The case of Information Technology Products”, Journal of Asian Economics, 11(2), 237-244.
  • MILAS, C. Ve R. NARAIDOO (2012), “Financial Conditions and Nonlinearities in the European Central Bank (ECB) Reaction Function: In-sample and out-of-sample Assessment”, Computational Statistics & Data Analysis, 56(1), 173-189.
  • NARAYAN, S. ve P. K. NARAYAN (2004), “Determinants for Demand for Fiji’s Exports: An Empirical Investigation”, The Developing Economics, 42(1), 95-112.
  • ÖZATAY, F. (2012), “Para Politikasında Yeni Arayışlar”, İktisat İşletme ve Finans, 27(315), 51-75.
  • ÖZTÜRK, İ. ve A. ACARAVCI (2011), “Electricity Consumption and Real GDP Causality Nexus: Evidence from ARDL Bounds Testing Approach for 11 MENA Countries”, Applied Energy, 88(8), 2285-2292.
  • PERRON, P. (1989), “The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis”, Econometrica, 57(6), 1361-1401.
  • PESARAN, M. H. ve Y. SHİN (1999), “An Autoregressive Distributed Lag Modelling Approach to Cointegration Analy-sis”, Ed. Steinar Strom, Econometrics and Econometric Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, Cambridge: Cambridge University Press, 371-413.
  • PESARAN, M. H., SHIN, Y. ve R. J. SMITH (2001), “Bounds Testing Approach to the Analysis of Level Relationships”, Journal of Applied Econometrics, 16(3), 289-326.
  • PHILLIPS, P. C. B. ve P. PERRON (1988), “Testing for a Unit Root in Time Series Regression”, Biometrika, 75(2), 335-346.
  • PEHLİVANOĞLU, F. (2014), “Optimal Para politikası Çerçevesinde Taylor Tipi Faiz Oranı Reaksiyon Fonksiyonunun Tahmini: Türkiye Örneği”, Bilgi Ekonomisi ve Yönetimi Dergisi, 9(1), 115-126.
  • RAMAYANDI, A. (2003), “Tracing the Monetary Policy Reaction Functions for the Case of a Small Developing Eco-nomy”, Padjadjaran University Department of Economics Working Paper in Economics and Development Stu-dies, 200301.
  • SEVÜKTEKİN, M. ve M. NARGELEÇEKENLER (2010), Ekonometrik Zaman Serileri Analizi, Üçüncü Baskı, Ankara: Nobel Yayın Dağıtım.
  • SHIBAMOTO, M. (2008), “The Estimation of Monetary Policy Reaction Function in a Data-Rich Environment: The Case of Japan”, Japan and the World Economy, 20(4), 497-520.
  • SUTHERLAND, D. (2010), “Monetary Policy Reaction Functions in the OECD”, OECD Economics Department Working Papers, 761.
  • STRAZICICH, M. C., LEE, J. ve E. DAY (2004), “Are Incomes Converging Among OECD Countries? Time Series Evidence with Two Structural Breaks”, Journal of Macroeconomics, 26(1), 131-145.
  • SVENSSON, L. E. O. (2010a), Inflation Targeting after the Financial Crisis, Challanges to Central Banking in the Context of Financial Crisis Conference, Mumbai.
  • SVENSSON, L. E. O. (2010b), Inflation Targeting and Financial Stability, Conference of CEPR/ESI, İzmir.
  • TAYLOR, J. (1993), Discretion versus Policy Rules in Practice, Carnegie-Rochester Conference Series on Public Policy, North Holland.
  • YAPRAKLI, S. (2007), “Türkiye’de Enflasyon ve Döviz Kurunun Para Politikası Kuralı Üzerindeki Etkisi”, İktisat İşletme ve Finans, 22(258), 122-135.
  • YAZGAN, M. E. ve H. YILMAZKUDAY (2007), “Monetary Policy Rules in Practice: Evidence from Turkey and Israel”, Applied Financial Economics, 17(1), 1-8.
  • http://tcmb.gov.tr/, (Erişim: 15.04.2016)
  • http://www.trlibor.org/, (Erişim: 15.04.2016)

Küresel Krizi İzleyen Dönemde Para Politikası ve Varlık Fiyatları: Türkiye Örneği

Year 2017, Volume: 12 Issue: 1, 13 - 30, 01.04.2017
https://doi.org/10.17153/oguiibf.298720

Abstract

Bu
çalışmanın amacı, küresel krizi izleyen dönemde Türkiye Cumhuriyet Merkez
Bankası’nın (TCMB) varlık fiyatlarındaki değişimlere tepki verip vermediğini
incelemektir. Bu amaç doğrultusunda, çalışmada TCMB için oluşturulan tepki
fonksiyonu döviz kuru açığı ve borsa endeksi açığıyla genişletilmiştir. Ampirik
analizin sonuçlarına göre, TCMB faiz ayarlamaları yaparken enflasyon beklentisi
ile enflasyon hedefi arasındaki fark ve döviz kuru açığıyla ilgilenmektedir. Bu
sonuçlar, küresel krizi izleyen dönemde döviz kurunun enflasyon beklentilerini
etkilemenin ötesinde TCMB’nin faiz ayarlamaları üzerinde anlamlı etkilere sahip
olduğunu göstermektedir.  

References

  • ABDİOĞLU, Z. ve H. TERZİ (2009), “Enflasyon ve Bütçe Açıkları İlişkisi: Tanzi ve Patinkin Etkisi”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(2), 195-211.
  • ADANUR-AKLAN, N. ve M. NARGELEÇEKENLER (2008), “Taylor Rule in Practice: Evidence from Turkey”, International Advances in Economic Research, 14(2), 156-166.
  • AGENOR, P. R. Ve L. A. P. SILVA (2012), “Macroeconomic Stability, Financial Stability, and Monetary Policy Rules”, International Finance, 15(2), 205-224.
  • BERNANKE, B. ve M. GERTLER (2000), “Monetary Policy and Asset Price Volatility”, NBER Working Paper Series, 7559.
  • BERNANKE, B. Ve M. GERTLER (2001), “Should Central Banks Respond to Movements in Asset Prices?”, The American Economic Review, 91(2), 253-257.
  • BERUMENT, H. ve K. MALATYALI (2000), “The Implicit Reaction Function of the Central Bank of the Republic of Tur-key”, Applied Economics Letters, 7(7), 425-430.
  • BERUMENT, H. ve H. TAŞÇI (2004), “Monetary Policy Rules in Practice: Evidence from Turkey”, International Journal of Finance and Economics, 9, 33-38.
  • BOFINGER, P., REISCHLE, J. ve A. SCHACHTER (2001), Monetary Policy: Goals, Institutions, Strategies, and Instru-ments, New York: Oxford University Press.
  • BULUT, Ü. (2016), “How Far Ahead Does the Central Bank of the Republic of Turkey Look?”, Journal of Central Ban-king Theory and Practice, 5(1), 99-111.
  • CASTRO, V. (2011), “Can Central Banks’ Monetary Policy Be Described by a Lineer (Augmented) Taylor Rule or by a Nonlinear Rule?”, Journal of Financial Stability, 7(4), 228-246.
  • CECCHETTI, S. G. (2003), “What the FMOC Says and Does When the Stock Market Booms”, Ed. Anthony Richards ve Tim Robinson, Asset Prices and Monetary Policy, Australia: Reserve Bank of Australia, 77-96.
  • CLARIDA R. Ve M. GERTLER (1997), “How the Bundesbank Conducts Monetary Policy”, Ed. Christina D. Romer ve David H. Romer, Reducing Inflation: Motivation and Strategy, Chicago: University of Chicago Press, 363-412.
  • CLARIDA, R., GALI, J. ve M. GERTLER (1998), “Monetary Policy Rules in Practice: Some International Evidence”, Euro-pean Economic Review, 42(6), 1033-1067.
  • CLARIDA, R., GALI, J. ve M. GERTLER (1999), “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707.
  • CLARIDA R., GALI, J. ve M. GERTLER (2000), “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, The Quarterly Journal of Economics, 115(1), 147-180.
  • DARICI, B. (2010), “Kısa Vadeli Para Politikası Aracı Olarak Faiz Düzleştirme Kuralı: Teorik ve Metodolojik Yaklaşım”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 4(2), 39-66.
  • DICKEY, D. A. ve W. A. FULLER (1979), “Distribution of the Estimators for Autoregressive Time Series with a Unit Root”, Journal of the American Statistical Association, 74(366), 427-431.
  • DICKEY, D. A. ve W. A. FULLER (1981), “Likelihood Ratio Statistiscs for Autoregressive Time Series with a Unit Root”, Econometrica, 49(4), 105-1072.
  • ENGLE, R. F. ve C. W. J. GRANGER (1987), “Co-integration and Error Correction: Represantation, Estimation, and Testing”, Econometrica, 55(2), 251-276.
  • EICHENGREEN, B., EL-ERIAN, M., FRAGA, A., ITO, T., PİSANİ-FERRY, J., PRASAD, E., RAJAN, R., RAMOS, M., REİN-HART, C., REY, H., RODRİK, D., ROGOFF, K., SHİN H.S., VALESCO, A., MAURO, B., and Y. YU (2011), “Rethinking Central Banking”, http://www.brookings.edu/~/media/research/files/reports/2011/9/ciepr-central-banking/rethinking-central-banking.pdf, (Erişim: 01.01.2014).
  • ERDEM, E. ve S. KAYHAN (2010), The Taylor Rule in Estimating the Performance of Inflation Targeting Programs: The Case of Turkey, International Trade and Finance Association 20th International Conference, Las Vegas.
  • FAUST, J., ROGERS, J. H. ve J. H. WRIGHT (2001), “An Empirical Comparison of Bundesbank and ECB Monetary Policy Rules”, Board of Governors of the Federal Reserve System International Finance Discussion Papers, 705.
  • FRIEDMAN, B. (2012), “Rules versus Discretion at the Federal Reserve: On to the Second Century”, Journal of Macro-economics, 34(3), 608-615.
  • FURLANETTO, F. (2011), “Does Monetary Policy React to Asset Prices? Some International Evidence”, International Journal of Central Banking, 7(3), 91-111.
  • GÖZGÖR, G. (2012), “Inflation Targeting and Monetary Policy Rules: Further Evidence from the Case of Turkey”, Journal of Applied Finance & Banking, 2(5), 127-136.
  • GRANGER, C. W. J. ve P. NEWBOLD (1974), Spurious Regression in Econometrics. Journal of Econometrics, 2(2), 111-120.
  • HODRICK, R. J. ve E. C. PRESCOTT (1997), “Postwar U.S. Business Cycles: An Empirical Investigation”, Journal of Money, Credit and Banking, 29(1), 1-16.
  • IKLAGA, F.O. (2008), “Estimating a Monetary Policy Reaction Function for the Central Bank of Nigeria (1999-2007)”, Unpublished Paper, Columbia University.
  • ISSING, O. (2011), “Lessons for Monetary Policy: What Should the Consensus Be?”, IMF Working Paper, 97.
  • JOHANSEN, S. (1988), “Statistical Analysis of Cointegration Vectors”, Journal of Economic Dynamics and Control, 12(2-3), 231-254.
  • JOHANSEN, S. ve K. JUSELIUS (1990), “Maximum Likelihood Estimation and Inference on Cointegration - with Applica-tions to the Demand for Money”, Oxford Bullettin of Economics and Statistics, 52(2), 169-210.
  • JUDD, J. P. ve G. D. RUDEBUSCH (1998), “Taylor’s Rule and the FED: 1970-1997”, Federal Reserve Bank of San Fran-cisco Economic Review, 3, 3-16.
  • KARA A. H. (2012), “Küresel Kriz Sonrası Para Politikası”, İktisat İşletme ve Finans, 27(315), 9-36.
  • KAYTANCI, B. G. (2008), Estimating the Monetary Reaction Function for Turkey, 8th Global Conference on Business & Economics, İtalya.
  • KENNEDY, P. (2006), Ekonometri Kılavuzu, Çev. Muzaffer Sarımeşeli ve Şenay Açıkgöz, Ankara: Gazi Kitabevi.
  • KESRİYELİ, M. ve C. YALÇIN (1998), “Taylor Kuralı ve Türkiye Uygulaması Üzerine Bir Not”, TCMB Araştırma Genel Müdürlüğü Tartışma Tebliği, 9802.
  • KUMAR, S. (2013), “Financial Crisis, Taylor Rule and the FED”, Applied Economics Letters, 20(17), 1557-1561.
  • LANGE, R. H. (2013), “Monetary Policy Reactions and the Exchange Rate: A Regime-Switching Structural VAR for Canada”, International Review of Applied Economics, 27(5), 612-632.
  • LEBE, F. ve T. BAYAT (2011), “Taylor Kuralı: Türkiye İçin Bir Vektör Otoregresif Model Analizi”, Ege Akademik Bakış, 11, 95-112.
  • LEE, J. ve M. C. STRAZICICH (2003), “Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks”, The Review of Economics and Statistics, 85(4), 1082-1089.
  • LEE, D. J. ve J. C. SON (2013), “Nonlinearity and Structural Breaks in Monetary Policy Rules with Stock Prices”, Econo-mic Modelling, 31, 1-11.
  • MAH, J. S. (2000), “An Empirical Examination of the Disaggregated Import Demand of Korea-The case of Information Technology Products”, Journal of Asian Economics, 11(2), 237-244.
  • MILAS, C. Ve R. NARAIDOO (2012), “Financial Conditions and Nonlinearities in the European Central Bank (ECB) Reaction Function: In-sample and out-of-sample Assessment”, Computational Statistics & Data Analysis, 56(1), 173-189.
  • NARAYAN, S. ve P. K. NARAYAN (2004), “Determinants for Demand for Fiji’s Exports: An Empirical Investigation”, The Developing Economics, 42(1), 95-112.
  • ÖZATAY, F. (2012), “Para Politikasında Yeni Arayışlar”, İktisat İşletme ve Finans, 27(315), 51-75.
  • ÖZTÜRK, İ. ve A. ACARAVCI (2011), “Electricity Consumption and Real GDP Causality Nexus: Evidence from ARDL Bounds Testing Approach for 11 MENA Countries”, Applied Energy, 88(8), 2285-2292.
  • PERRON, P. (1989), “The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis”, Econometrica, 57(6), 1361-1401.
  • PESARAN, M. H. ve Y. SHİN (1999), “An Autoregressive Distributed Lag Modelling Approach to Cointegration Analy-sis”, Ed. Steinar Strom, Econometrics and Econometric Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, Cambridge: Cambridge University Press, 371-413.
  • PESARAN, M. H., SHIN, Y. ve R. J. SMITH (2001), “Bounds Testing Approach to the Analysis of Level Relationships”, Journal of Applied Econometrics, 16(3), 289-326.
  • PHILLIPS, P. C. B. ve P. PERRON (1988), “Testing for a Unit Root in Time Series Regression”, Biometrika, 75(2), 335-346.
  • PEHLİVANOĞLU, F. (2014), “Optimal Para politikası Çerçevesinde Taylor Tipi Faiz Oranı Reaksiyon Fonksiyonunun Tahmini: Türkiye Örneği”, Bilgi Ekonomisi ve Yönetimi Dergisi, 9(1), 115-126.
  • RAMAYANDI, A. (2003), “Tracing the Monetary Policy Reaction Functions for the Case of a Small Developing Eco-nomy”, Padjadjaran University Department of Economics Working Paper in Economics and Development Stu-dies, 200301.
  • SEVÜKTEKİN, M. ve M. NARGELEÇEKENLER (2010), Ekonometrik Zaman Serileri Analizi, Üçüncü Baskı, Ankara: Nobel Yayın Dağıtım.
  • SHIBAMOTO, M. (2008), “The Estimation of Monetary Policy Reaction Function in a Data-Rich Environment: The Case of Japan”, Japan and the World Economy, 20(4), 497-520.
  • SUTHERLAND, D. (2010), “Monetary Policy Reaction Functions in the OECD”, OECD Economics Department Working Papers, 761.
  • STRAZICICH, M. C., LEE, J. ve E. DAY (2004), “Are Incomes Converging Among OECD Countries? Time Series Evidence with Two Structural Breaks”, Journal of Macroeconomics, 26(1), 131-145.
  • SVENSSON, L. E. O. (2010a), Inflation Targeting after the Financial Crisis, Challanges to Central Banking in the Context of Financial Crisis Conference, Mumbai.
  • SVENSSON, L. E. O. (2010b), Inflation Targeting and Financial Stability, Conference of CEPR/ESI, İzmir.
  • TAYLOR, J. (1993), Discretion versus Policy Rules in Practice, Carnegie-Rochester Conference Series on Public Policy, North Holland.
  • YAPRAKLI, S. (2007), “Türkiye’de Enflasyon ve Döviz Kurunun Para Politikası Kuralı Üzerindeki Etkisi”, İktisat İşletme ve Finans, 22(258), 122-135.
  • YAZGAN, M. E. ve H. YILMAZKUDAY (2007), “Monetary Policy Rules in Practice: Evidence from Turkey and Israel”, Applied Financial Economics, 17(1), 1-8.
  • http://tcmb.gov.tr/, (Erişim: 15.04.2016)
  • http://www.trlibor.org/, (Erişim: 15.04.2016)
There are 63 citations in total.

Details

Journal Section Articles
Authors

Ümit Bulut

Publication Date April 1, 2017
Submission Date March 17, 2017
Published in Issue Year 2017 Volume: 12 Issue: 1

Cite

APA Bulut, Ü. (2017). Küresel Krizi İzleyen Dönemde Para Politikası ve Varlık Fiyatları: Türkiye Örneği. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 12(1), 13-30. https://doi.org/10.17153/oguiibf.298720