Para Politikası: Bir Örnek Olarak Türkiye Cumhuriyet Merkez Bankasının Tepki Fonksiyonunun Tahmini

Abstract

This thesis aims to estimate a reaction function for the Central Bank of The Republic of Turkey (CBTR) by examining its monetary policy implementations under the inflation targeting regime initiated at the beginning of 2002. In this framework, this study aims to analyze the structural change in its policy choices as happened in the world in the wake of the global financial crisis (the crisis) that has effects globally since 2007.Major central banks have chosen to adjust short term interest rates according to changes in inflation and output without altering the money supply. This type of monetary policy approach has been changed to some extent because of the crisis.