During the last 30 years, Turkey has undergone profound economic and social transformations, including fundamental shifts from the state-oriented economy to the market-oriented economy; large scale modernization investments in telecommunication and transportation services; and the low-intensity...

This paper assesses the effectiveness of monetary policy communication of the Central Bank of Turkey (CBT) by quantifying the information content of the policy statements released right after the monthly Monetary Policy Committee meetings. First, we quantify the signal regarding the next...