TY  - UNPD
A1  - Gürkaynak, Refet S.
A1  - Kantur, Zeynep
A1  - Taş, M. Anıl
A1  - Yıldırım, Seçil
T1  - Monetary policy in Turkey after central bank independence
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 520
N2  - We present an accessible narrative of the Turkish economy since its great 2001 crisis. We broadly survey economic developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong inflation targeter early in this period but began to pay less attention to inflation after 2009. Loss of the strong nominal anchor is visible in the break we estimate in Taylor-type rules as well as in asset prices. We also argue that recent discrete jumps in Turkish asset prices, especially the exchange value of the lira, are due more to domestic factors. In the post-2009 period the Central Bank was able to stabilize expectations and asset prices when it chose to do so, but this was the exception rather than the rule.
T3  - CFS working paper series - 520 
KW  - Turkey
KW  - CBRT
KW  - monetary policy
KW  - fiscal policy
Y1  - 2015
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/38661
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-386619
UR  - http://ssrn.com/abstract=2676570
IS  - 30 August 2015
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -