| Yazarlar |
Prof. Dr. Ümit BULUT
Kırşehir Ahi Evran Üniversitesi, Türkiye |
| Özet |
| In monetary economics literature, there is an agreement that monetary policy has a lagged effect on inflation. As a result of this agreement, monetary policy reaction functions that include expected inflation, instead of current or lagged inflation, are established. On the other hand, there is uncertainty about how much time monetary policy needs to affect inflation. The purpose of this paper is to estimate empirically how far ahead the Central Bank of the Republic of Turkey looks. In other words, the paper examines whether the CBRT takes into consideration 12-month ahead inflation expectations or 24-month ahead inflation expectations while steering interest rates. According to the results of the paper, the CBRT considers 12-month ahead inflation expectations while steering interest rates. |
| Anahtar Kelimeler |
| forward-looking reaction function | lags in monetary transmission mechanism | The Central Bank of the Republic of Turkey |
| Makale Türü | Özgün Makale |
| Makale Alt Türü | ESCI dergilerinde yayımlanan tam makale |
| Dergi Adı | Journal of Central Banking Theory and Practice |
| Dergi ISSN | 2336-9205 |
| Dergi Tarandığı Indeksler | ESCI |
| Makale Dili | İngilizce |
| Basım Tarihi | 01-2016 |
| Cilt No | 5 |
| Sayı | 1 |
| Sayfalar | 99 / 111 |
| Makale Linki | https://sciendo.com/es/article/10.1515/jcbtp-2016-0005 |
