Inflation targeting (IT) has recently become the dominant monetary policy prescription for both developing and industrialized countries alike. Emerging market governments, in particular, are increasingly pressured to follow IT as part of their International Monetary Fund (IMF)-led stabilization...

This Working Paper studies how the interest rate policy of the Central Bank of the Republic of Turkey (CBRT) has evolved under the post-financial liberalization and deregulation era. Utilizing econometric methods on a generalized form of a Taylor Rule the authors search for the possible...

In this working paper, Erinç Yeldan investigates the 2007-2008 financial crisis, hailed as the most devastating (and complex) crisis of capitalism since the great depression of 1929. He suggests that the 2007-2008 crisis was not the end result of a series of technical errors or ad hoc...