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The Goals of the Monetary Policy Implementations in Turkey

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  • Hacer Oguz

Abstract

In this paper, monetary policy goals of the Central Bank of the Republic of Turkey and relative weights attributed to them by the Bank are examined statistically for the period covering January 1989-April 1998. For this purpose, initially, a policy response function is constructed for the Bank. By applying Granger causality test and the variance decomposion process on the policy response function, the goals been followed and relative weights been attributed to them are identified. The Granger causality test and variance decomposion process reveals that the objectives of the Turkish Central Bank in monetary policy implementations are to provide the stability of the foreign exchange rate, prices and money supply with relatives weights, respectively.

Suggested Citation

  • Hacer Oguz, 2000. "The Goals of the Monetary Policy Implementations in Turkey," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 4(13), pages 25-48.
    • Handle: RePEc:bor:iserev:v:4:y:2000:i:13:p:25-48
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    1. Bernanke, Ben S. & Mihov, Ilian, 1997. "What does the Bundesbank target?," European Economic Review, Elsevier, vol. 41(6), pages 1025-1053, June.
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