Yıl 2019, Cilt 8 , Sayı 3, Sayfalar 249 - 257 2019-09-01

Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach
Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach

Dilek Sürekçi Yamaçlı [1]


This study is investigated the determinants of the short run interest rate and validity of the Taylor Rule, using Two-Stage Least Squares (TSLS), Method of the Generalizied Moments (GMM) and Relative Sensitivity Analyses (RSA) for 2002-2016 periods. Results of the TSLS and GMM analyses are show that there are positive relationship between the interest rate, capacity utilization rate, exchange rate and inflation gap. According to the RSA results, there are stronger relations between short run interest rate, capacity utilization rate and exchange rate than output gap. In this context, these two variables can be effective indicators for predict to the short run interest rates in Turkey. Beside, according to TSLS and GMM results, interest rate smoothing parameter is meaningful and positive effect on the nominal interest rate. This result indicates that a sudden change in the short run interest rate was not made by the CBRT this period. 

This study is investigated the determinants of the short run interest rate and validity of the Taylor Rule, using Two-Stage Least Squares (TSLS), Method of the Generalizied Moments (GMM) and Relative Sensitivity Analyses (RSA) for 2002-2016 periods. Results of the TSLS and GMM analyses are show that there are positive relationship between the interest rate, capacity utilization rate, exchange rate and inflation gap. According to the RSA results, there are stronger relations between short run interest rate, capacity utilization rate and exchange rate than output gap. In this context, these two variables can be effective indicators for predict to the short run interest rates in Turkey. Beside, according to TSLS and GMM results, interest rate smoothing parameter is meaningful and positive effect on the nominal interest rate. This result indicates that a sudden change in the short run interest rate was not made by the CBRT this period. 

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Birincil Dil en
Bölüm Makaleler
Yazarlar

Yazar: Dilek Sürekçi Yamaçlı (Sorumlu Yazar)
Kurum: NUH NACİ YAZGAN ÜNİVERSİTESİ
Ülke: Turkey


Tarihler

Başvuru Tarihi : 7 Ağustos 2018
Kabul Tarihi : 6 Eylül 2019
Yayımlanma Tarihi : 1 Eylül 2019

Bibtex @araştırma makalesi { ssrj451677, journal = {Sosyal Bilimler Araştırma Dergisi}, issn = {}, eissn = {2147-5237}, address = {Denta Florya ADSM Limited Company/Florya Street, No: 41, Şenlikköy-Bakırköy/İstanbul}, publisher = {Denta Florya ADSM Limited Company}, year = {2019}, volume = {8}, pages = {249 - 257}, doi = {}, title = {Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach}, key = {cite}, author = {Sürekçi Yamaçlı, Dilek} }
APA Sürekçi Yamaçlı, D . (2019). Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach. Sosyal Bilimler Araştırma Dergisi , 8 (3) , 249-257 . Retrieved from https://dergipark.org.tr/tr/pub/ssrj/issue/47195/451677
MLA Sürekçi Yamaçlı, D . "Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach". Sosyal Bilimler Araştırma Dergisi 8 (2019 ): 249-257 <https://dergipark.org.tr/tr/pub/ssrj/issue/47195/451677>
Chicago Sürekçi Yamaçlı, D . "Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach". Sosyal Bilimler Araştırma Dergisi 8 (2019 ): 249-257
RIS TY - JOUR T1 - Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach AU - Dilek Sürekçi Yamaçlı Y1 - 2019 PY - 2019 N1 - DO - T2 - Sosyal Bilimler Araştırma Dergisi JF - Journal JO - JOR SP - 249 EP - 257 VL - 8 IS - 3 SN - -2147-5237 M3 - UR - Y2 - 2019 ER -
EndNote %0 Sosyal Bilimler Araştırma Dergisi Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach %A Dilek Sürekçi Yamaçlı %T Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach %D 2019 %J Sosyal Bilimler Araştırma Dergisi %P -2147-5237 %V 8 %N 3 %R %U
ISNAD Sürekçi Yamaçlı, Dilek . "Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach". Sosyal Bilimler Araştırma Dergisi 8 / 3 (Eylül 2019): 249-257 .
AMA Sürekçi Yamaçlı D . Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach. ssrj. 2019; 8(3): 249-257.
Vancouver Sürekçi Yamaçlı D . Determinants of the Short-Run Interest Rate in Turkey: A Taylor Rule Approach. Sosyal Bilimler Araştırma Dergisi. 2019; 8(3): 257-249.