Omay, Tolga Omay; Hasanov, Mubariz - 2006
-looking instead of foreward-looking models best characterise the CBRT’s reaction function, that is, the CBRT reacted to past inflation … inflation rate. The fact that the CBRT has disregarded inflation in conducting expansionary policy and focused only on output … stabilisation may explain why the CBRT was not successful in fighting inflation. Besides, neither in expansionary policy regime nor …