INFLATION TARGETTING: THE CASE OF TURKEY

Öz

Inflation Targetting: The Case of Turkey This paper examines the implementation and performance of inflation targeting in Turkey. In this context, the effects of inflation targeting on inflation volatility and persistency and output volatility are discussed. The impulse responses of inflation and output growth to a monetary policy shock are also estimated to identify monetary policy impacts on these variables. Our results show that the adoption of inflation targetting is a good framework for reducing inflation without apparent costs on economic growth

Anahtar Kelimeler

• Inflation targetting, inflation, impulse-response functions, Turkey

ENFLASYON HEDEFLEMESİ VE TÜRKİYE DENEYİMİ

Öz

Bu çalısma, Türkiye’deki enflasyon hedeflemesi uygulamasının performansını analiz etmektedir. Bu kapsamda enflasyon hedeflemesinin, enflasyon oynaklıgı ve sürekliligi ile çıktı oynaklıgı üzerindeki etkisi incelenmistir. Para politikasının enflasyon ve büyüme üzerindeki etkisini görmek için enflasyon ve endüstriyel büyümenin para politikası soklarına verdigi tepki, etki-tepki fonksiyonları ile tahmin edilmistir. Çalısmanın sonuçları enflasyon hedeflemesinin çıktı büyümesi üzerinde açık bir maliyet yaratmadan, enflasyonun düsürülmesi için uygun bir ortam yarattıgını göstermektedir.

Anahtar Kelimeler

• Enflasyon hedeflemesi, enflasyon, etki-tepki fonksiyonları, Türkiye

Kaynakça

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