| Yazarlar (1) |
Prof. Dr. Ümit BULUT
Kırşehir Ahi Evran Üniversitesi, Türkiye |
| Özet |
| Credibility gap that is defined as the difference between end-year inflation expectation and the inflation target is the main indicator to measure the credibility of a central bank that adopts the inflation targeting strategy. Within this scope, using monthly data spanning the period January 2006-April 2019, the goal of this paper is to examine whether the credibility gap of the Central Bank of the Republic of Turkey (CBRT) exhibits a mean-reverting or a random-walk behaviour. For this purpose, this paper employs unit root tests with different approximations in modelling structural breaks. The empirical findings indicate that the credibility gap of the CBRT has a unit root and demonstrates a random-walk behaviour. Put differently, the findings imply that the shocks affecting the credibility gap of the CBRT have persistence effects, meaning the CBRT has a credibility problem. |
| Anahtar Kelimeler |
| Makale Türü | Özgün Makale |
| Makale Alt Türü | Diğer hakemli ulusal dergilerde yayınlanan tam makale |
| Dergi Adı | Ekonomik Teori ve Analiz Dergisi |
| Dergi ISSN | 2548-0707 |
| Dergi Tarandığı Indeksler | RePEc |
| Makale Dili | Türkçe |
| Basım Tarihi | 12-2020 |
| Cilt No | 5 |
| Sayı | 2 |
| Sayfalar | 1 / 15 |
| Doi Numarası | 10.25229/beta.750074 |
| Makale Linki | https://dergipark.org.tr/en/pub/beta/issue/59370/750074 |
