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    Describing of central banks’ monetary policy in the context to linear and nonlinear taylor rule: the case of Turkey
    (Springer Science and Business Media B.V., 2022) altunöz, utku
    This study analyzes whether the original and expanded Taylor rules are valid in determining policy interest rates, which are used as the main instrument of monetary policy by the Central Bank of the Republic of Turkey (CBRT), which has adopted the inflation targeting regime. In this context, the validity of the original and extended Taylor rules for the 2000–2020 period is analyzed econometrically within the scope of linear and nonlinear time series analysis. According to the results obtained, the Taylor rule is valid in the analysis periods with respect to inflation, production, and foreign currency shortage. These results show that monetary policy strategies are designed within the original and expanded Taylor rules and that money market policy interest rates are determined by considering the changes in inflation, production, and foreign currency shortage. © 2022, The Author(s), under exclusive licence to Springer Nature B.V.