Describing of central banks’ monetary policy in the context to linear and nonlinear taylor rule: the case of Turkey
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Tarih
2022
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Springer Science and Business Media B.V.
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
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.
Açıklama
Anahtar Kelimeler
ARDL, Monetary policy, NARDL, Taylor rule
Kaynak
Quality and Quantity
WoS Q Değeri
Scopus Q Değeri
Q1
Cilt
56
Sayı
6
