ENFLASYON AÇIĞININ MERKEZ BANKASI FAİZ ORANLARININ HAREKETLERİ ÜZERİNDEKİ ETKİSİ

E Çağlayan; Z Öskönbayeva

Year 2012, Volume: 2 Issue: 54, 67 - 72, 01.05.2012

Abstract

The main purpose of the monetary policy of Kyrgyz Republic Central Bank is to maintain price stability in
the country by inflation targeting. Thus, monetary authorities at the beginning of every year make inflation
targeting by taking into consideration the economic situation in the country. The monetary policy rules are
mechanism that enables the execution of inflation targeting which is one of the monetary policy strategies. In
this study, by taking into account the variables of Taylor rule, which are one of the monetary policy rules, are
analyzed the movements of nominal interest rates in response to deviations between actual and target values by
investigating the impact of inflation deviation and output gap on interest rates. According to the findings
obtained the current inflation influence the movement of interest rates in the same direction, the inflation gap
with the delayed interest rates have impact in the opposite direction. As a result, policy-makers should solve the
problem of lack of production in order to tackle inflation effectively

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