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

Ümit Bulut

doi:10.17153/oguiibf.298720

Research Article

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

Ümit Bulut

https://doi.org/10.17153/oguiibf.298720

Cited By: 3

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.

Keywords

The Central Bank of the Republic of Turkey, Reaction Function, Asset Prices, ARDL Method

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