Heightened volatility in cross-border capital flows has increased exchange rate volatility across emerging markets as well as in advanced economies, setting the stage for more active management of currencies. Traditionally, foreign exchange rate intervention has been the primary tool to address...

Turkiye’de son yillarda cari islemler aciginin yuksek seviyelerde dalgali bir seyir izlemesi ve buna paralel olarak gundeme gelen kirilganliklar, dis dengeyi makroekonomik istikrari saglamaya yonelik politikalarin merkezine oturtmaktadir. Cari islemler dengesine dair politika tasariminin...

Many central banks in emerging economies have used reserve requirements (RR) to alleviate the trade-off between financial stability and price stability in recent years. Notwithstanding their widespread use, transmission channels of RR have remained largely as a black-box. In this paper, we use...

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...

[TR] Bu calisma, alternatif modeller kullanarak Turkiye’de doviz kuru ve ithalat fiyatlarinin cekirdek tuketici fiyatlari (islenmemis gida ve alkollu icecekler-tutun haric TUFE) uzerindeki etkisini (geciskenlik etkisi) incelemektedir. 2002-2011 donemi icin yapilan tahminler, geciskenligin bir...

Bu calismanin amaci, Turkiye’de hangi piyasa aracinin para politikasi kararlarina iliskin beklentileri daha iyi yansittigi sorusuna yanit aramaktir. Bu amacla, cesitli piyasa araclari ve yontemler kullanilarak para politikasi faizi beklentileri hesaplanmis ve degiskenlerin para politikasi...

This study analyses the impact of exchange rates on domestic prices in Turkey. We seek to demonstrate the variations (if any) in the exchange rate pass-through across different exchange rate regimes, identify the determinants of this change, and characterize the degree and extent of pass-through...

Using a vector auto-regression (VAR) setup, we estimate the pass-through from exchange rates and import prices to domestic inflation in Turkey, and produce some stylized facts regarding the degree and the adjustment speed of the pass-through on several price measures. Estimations for two...

Rapid credit growth, short-term capital inflows, and associated macro-financial risks in the aftermath of the global crisis necessitated the use of alternative policy instruments in Turkey. Accordingly, the Central Bank of the Republic of Turkey (CBRT) has designed and adopted a new policy mix...