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Politique monétaire sous contrainte : le cas de la crise turque de 2000/2001

Author

Listed:
  • Ayse Ertugrul

    (TEAM)

  • Jérôme Héricourt

    (TEAM)

  • Julien Reynaud

    (TEAM)

Abstract

This article suggests a new type of reaction function fitting monetary policymaker's behaviour when constrained by a fixed exchange rate. Firstly, it incorporates new target variables, which are different from the ones commonly observed by central banks in a flexible exchange rate environment. Secondly, its time frequency is shortened in order to catch the repeated and discretionary central bank interventions for maintaining exchange rate fixity. Weekly data are therefore used for the empirical application of our formulation on Turkey between January 1997 and August 2002. The econometric analysis shows that the exchange rate constraint diverted Turkish monetary Authorities' interventions toward external variables, training unsustainable internal disequilibria

Suggested Citation

  • Ayse Ertugrul & Jérôme Héricourt & Julien Reynaud, 2004. "Politique monétaire sous contrainte : le cas de la crise turque de 2000/2001," Cahiers de la Maison des Sciences Economiques bla04103, Université Panthéon-Sorbonne (Paris 1).
    • Handle: RePEc:mse:wpsorb:bla04103
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    File URL: ftp://mse.univ-paris1.fr/pub/mse/cahiers2004/Bla04103.pdf
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    More about this item

    Keywords

    Exchange rate crisis; monetary policy; exchange rate-based stabilization policy; Turkey;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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