Yıl 2019, Cilt 41 , Sayı 2, Sayfalar 391 - 412 2020-01-06

ASYMMETRY IN INFLATION TARGETING

Pınar DENİZ [1] , Erhan ASLANOĞLU [2]


Following the world financial crisis beginning in the last quarter of 2008, aggregate demand and commodity prices have declined sharply leading to a fast decline in world inflation. This different and new period reflects the rise in risk appetite leading to high fluctuations in the short term capital flows. World central banks revised their monetary policy to the changing conditions taking into account financial stability. In 2002, the Central Bank of Republic of Turkey adopted inflation targeting (in the implicit form) to maintain price stability. After 2008, parallel to the developments in global markets, the Turkish economy reflects decline in inflation rates. Together with the changes in the economic conditions, estimating monetary policy models in the form of constant-coefficient and symmetric specification may lead to erroneous interpretations. This study analyzes the existence of structural break(s) and asymmetric behavior for the 2003-2016 period. The paper also examines the monetary policy model under the New Keynesian DSGE model. The Turkish monetary policy investigated for the period presents October 2009 as the break point under different models and structural break tests. Asymmetric reactions to interest rate, output and exchange rate are observed which are suggesting changes in the monetary preferences of Central Bank of Republic of Turkey.
Inflation Targeting, Structural Break, Asymmetry, New Keynesian DSGE Model
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Birincil Dil en
Konular İktisat
Bölüm Makaleler
Yazarlar

Yazar: Pınar DENİZ (Sorumlu Yazar)
Kurum: Marmara University
Ülke: Turkey


Yazar: Erhan ASLANOĞLU
Kurum: PIRI REIS UNIVERSITY
Ülke: Turkey


Tarihler

Yayımlanma Tarihi : 6 Ocak 2020

Bibtex @araştırma makalesi { muiibd665062, journal = {Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi}, issn = {1300-7262}, eissn = {2587-2672}, address = {}, publisher = {Marmara Üniversitesi}, year = {2020}, volume = {41}, pages = {391 - 412}, doi = {10.14780/muiibd.665062}, title = {ASYMMETRY IN INFLATION TARGETING}, key = {cite}, author = {DENİZ, Pınar and ASLANOĞLU, Erhan} }
APA DENİZ, P , ASLANOĞLU, E . (2020). ASYMMETRY IN INFLATION TARGETING. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi , 41 (2) , 391-412 . DOI: 10.14780/muiibd.665062
MLA DENİZ, P , ASLANOĞLU, E . "ASYMMETRY IN INFLATION TARGETING". Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 41 (2020 ): 391-412 <https://dergipark.org.tr/tr/pub/muiibd/issue/50936/665062>
Chicago DENİZ, P , ASLANOĞLU, E . "ASYMMETRY IN INFLATION TARGETING". Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 41 (2020 ): 391-412
RIS TY - JOUR T1 - ASYMMETRY IN INFLATION TARGETING AU - Pınar DENİZ , Erhan ASLANOĞLU Y1 - 2020 PY - 2020 N1 - doi: 10.14780/muiibd.665062 DO - 10.14780/muiibd.665062 T2 - Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi JF - Journal JO - JOR SP - 391 EP - 412 VL - 41 IS - 2 SN - 1300-7262-2587-2672 M3 - doi: 10.14780/muiibd.665062 UR - https://doi.org/10.14780/muiibd.665062 Y2 - 2019 ER -
EndNote %0 Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi ASYMMETRY IN INFLATION TARGETING %A Pınar DENİZ , Erhan ASLANOĞLU %T ASYMMETRY IN INFLATION TARGETING %D 2020 %J Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi %P 1300-7262-2587-2672 %V 41 %N 2 %R doi: 10.14780/muiibd.665062 %U 10.14780/muiibd.665062
ISNAD DENİZ, Pınar , ASLANOĞLU, Erhan . "ASYMMETRY IN INFLATION TARGETING". Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 41 / 2 (Ocak 2020): 391-412 . https://doi.org/10.14780/muiibd.665062
AMA DENİZ P , ASLANOĞLU E . ASYMMETRY IN INFLATION TARGETING. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2020; 41(2): 391-412.
Vancouver DENİZ P , ASLANOĞLU E . ASYMMETRY IN INFLATION TARGETING. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2020; 41(2): 412-391.