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The Analysis of ohe Effects of the Changes in Monetary Policy Implement by TCMB and Forward Guidence of TCMB, FED and ECB

Author

Listed:
  • Şaban Çelik

    (Yaşar University)

  • Deniz Erer
  • Elif Erer
  • Tuna Can Güleç

Abstract

The purpose of the study is to examine the impact of chan¬ges in policy rates of TCMB within the period of 02.01.2002- 17.02.2014 and forward guidance of TCMB, FED and ECB within the period of 18.12.2009-17.02.2014 on the volatility of BIST100 sessions. For this purpose, series of changes in 1. session, changes in 2. session and changes in whole day were used. Analysis is carried out separately within different time frame such as before, during and after global financial crises and whole period. Results indicate that an increase of change in policy rates diminish the volatility of sessions and forward guidance increases the volatility in 1. session and 2. session but decreases the volati¬lity in whole day.

Suggested Citation

  • Şaban Çelik & Deniz Erer & Elif Erer & Tuna Can Güleç, 2015. "The Analysis of ohe Effects of the Changes in Monetary Policy Implement by TCMB and Forward Guidence of TCMB, FED and ECB," Journal of Finance Letters (Maliye ve Finans Yazıları), Maliye ve Finans Yazıları Yayıncılık Ltd. Şti., vol. 30(103), pages 51-83, April.
    • Handle: RePEc:acc:malfin:v:30:y:2015:i:103:p:51-83
    DOI: https://doi.org/10.33203/mfy.307218
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