developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong … post-2009 period the Central Bank was able to stabilize expectations and asset prices when it chose to do so, but this was …

bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better … terms of optimal monetary policy effectively turns the central bank into the residual claimant of all policy and gives the … other policymakers a free hand in pursuing their own goals. This further worsens the tradeoffs faced by the central bank …

that the central bank is signaling by its policy may explain the abnormality. It turns out that many informational …