MONETARY TRANSMISSION MECHANISM IN AN OPEN ECONOMY FRAMEWORK: THE CASE OF TURKEY
Keywords (Original Language):
|Author Name||University of Author||Faculty of Author|
Agénor, P.R., McDermott, C.J. and Ucer, E. M. (1997), “Fiscal Imbalances, Capital Inflows, and the Real
Exchange Rate: The Case of Turkey”, IMF Working Paper, WP/97/1, 1-20.
Akçay, O. C., Alper, C. E. and Özmucur, S. (2002), “Budget Deficit, Inflation and Debt Sustainability:
Evidence from Turkey (1970-2000)”, in A. Kibritçioğlu, L. Rittenberg and F. Selçuk (eds.), Inflation and
Disinflation in Turkey, Ashgate Publishing Limited, 77-96.
Akıncı, Ö., Çulha, O. Y., Özlale, Ü. and Şahinbeyoğlu, G. (2005a), “Causes and Effectiveness of Foreign
Exchange Interventions for the Turkish Economy”, CBRT Research Department Working Paper, No. 05/05,
Akıncı, Ö., Çulha, O. Y., Özlale, Ü. and Şahinbeyoğlu, G. (2005b), “The Effectiveness of Foreign Exchange
Interventions for the Turkish Economy: A Post-Crisis Period Analysis”, CBRT Research Department
Working Paper, No. 05/06, February, 1-31.
Aktaş, Z., Kaya, N. and Özlale, Ü. (2005), “The Price Puzzle in Emerging Markets: Evidence from the Turkish
Economy Using “Model Based” Risk Premium Derived from Domestic Fundamentals”, CBRT Research
Department Working Paper, No. 05/02, February, 1-28.
Alper, C. E. (1998), “Nominal Stylized Facts of Turkish Business Cycles”, METU Studies in Development,
Alper, C.E. (2002), “Stylized Facts of Business Cycles, Excess Volatility and Capital Flows: Evidence from
Mexico and Turkey”, Russian and East European Finance and Trade, 38/4, 22-54.
Alper, C. E. and Sağlam, İ. (2001), “The Transmission of a Sudden Capital Outflow: Evidence from Turkey”,
Eastern European Economics, March/April, 39/2, 29-48.
Altınkemer, M. (1998), “Capital Inflows and Central Bank’s Policy Response”, CBRT Research Department
Working Paper, December, 1-31.
Altuğ, S. and Yılmaz, K. (1998), “Asset Returns, Inflation and Real Activity The Case of Mexico and Turkey”,
Boğaziçi Journal, Review of Social, Economic and Administrative Studies, 12/1, 81-103.
Ardıç, K. (1997), “Lucas Eleştirisi”, in Merih Paya, Makroiktisat, Filiz Kitabevi, İstanbul, 330-333.
Ardıç, O. P. and Selçuk, F. (2006), “The Dynamics of a Newly Floating Exchange Rate: The Turkish Case”,
Applied Economics, 38/8, 931-942.
Aslan, Ö. and Korap, L. (2007), “An Essay upon Business Cycle Facts: The Turkish Case”, forthcoming in
Atatürk University Journal of Economics and Administrative Sciences.
Bank of International Settlements (2001), “Modelling Aspects of the Inflation Process and the Monetary
Transmission Mechanism in Emerging Market Countries”, BIS Papers, 8.
Baydur, C. M. and Süslü, B. (2002), “1990’lı Yıllarda Türkiye’de Para Politikası Uygulamasında Çapalar”,
IMKB Dergisi, Cilt 6 , Sayı 21, 37-85.
Begg, D., Fischer, S. and Dornbusch, R. (1994), Economics, Fourth Ed., 1994.
Bernanke, B. S. and Blinder, A. S. (1992), “The Federal Funds Rate and the Channels of Monetary
Transmission”, The American Economic Review, 82/4, 901-921.
Bernanke, B. S. and Gertler, M. (1995), “Inside the Black Box: The Credit Channel of Monetary Policy
Transmission”, Journal of Economic Perspectives, 9/4, Fall, 27-48.
Berument, H. and Paşaoğulları, M. (2003), “Effects of the Real Exchange Rate on Output and Inflation:
Evidence from Turkey”, The Developing Economies, 41/4, 401-435.
Berument, H. and Dinçer, N. (2004), “Do Capital Flows Improve Macroeconomic Performance in Emerging
Markets? The Turkish Experience”, Emerging Markets Finance and Trade, 40/4, 20-32.
Berument, H. and Taşçı, H. (2004), “Monetary Policy Rules in Practice Evidence from Turkey”, International
Journal of Finance and Economics, 9, 33-38.
Blanchard, O. (2004), “Fiscal Dominance and Inflation Targeting: Lessons from Brazil”, NBER Working Paper,
w10839, March, 1-35.
Bozoklu, Ş. (2005), “Banka Kredisi Aktarım Mekanizması”, Unpublished Seminar Paper, Istanbul University
Department of Economics, 1-33.
CBRT (2002), Monetary Policy Report, April.
CBRT (2006), The Decision of the Monetary Policy Committee, August 24.
Cecchetti, S. G. (1995), “Distinguishing Theories of the Monetary Transmission Mechanism”, FRB of St. Louis
Review, May/June, 83-97.
Celasun, O., Denizer, C. and He, D. (1999), “Capital Flows, Macroeconomic Management and the Financial
System: The Turkish Case, 1989-97”, World Bank Working Paper, No. 2141, 1-58.
Central Bank of Republic of Turkey Electronic Data Delivery System.
Cochrane, J. H. (1998), “A Frictionless View of US Inflation”, NBER Working Paper, No. 6646, 1-59.
Cooley, T. F. (1995), “A Conference Panel Discussion: What Do We Know about How Monetary Policy Affects
the Economy?”, FRB of St. Louis Review, May/June, 131-137.
Çavuşoğlu, A. T. (2002), “Credit Transmission Mechanism in Turkey: An Empirical Investigation”, METU ERC
Working Papers in Economics, 02/03, November, 1-30.
Çetinkaya, A. A. and Yavuz, D. (2002), “Calculation of Output-Inflation Sacrifice Ratio: The Case of Turkey”,
CBRT Research Department Working Paper, No. 11, October, 1-19.
Domaç, İ. and Mendoza, A. (2004), “Is There Room for Foreign Exchange Interventions under an Inflation
Targeting Framework”, World Bank Policy Research Working Paper, No. 3288, April, 1-33.
Emir, O. Y., Karasoy, A. and Kunter, K. (2000), “Monetary Policy Reaction Function in Turkey”, Paper
Presented at the Conference Titled ‘Banking, Financial Markets and the Economies of the Middle East and
North Africa’ during May 25-27 in Beirut, 1-26.
Ertuğrul, A. and Selçuk F. (2002), “Turkish Economy 1980-2001”, in Kibritçioğlu, A. Rittenberg, L. and Selçuk,
F. (2002), Inflation and Disinflation in Turkey, 13-40.
Favero, C.A. and Giavazzi, F. (2004), “Inflation Targeting and Debt: Lessons from Brazil”, NBER Working
Paper, w10390, March, 1-21.
Fry, M. J. (1998), “Assessing Central Bank Independence in Developing Countries: Do Actions Speak Louder
than Words”, Oxford Economic Papers, 50, 512-529.
Herrera, A. M. and Özbay, P. (2005), “A Dynamic Model of Central Bank Intervention”, CBRT Research
Department Working Paper, No. 05/01, January, 1-37.
Hubbard, R. G. (1995), “Is There a ‘Credit Channel’ for Monetary Policy?”, FRB of St. Louis Review, May/June,
Kamas, L. (1985), “External Disturbances and the Independence of Monetary Policy under the Crawling Peg in
Colombia”, Journal of International Economics, 19, 313-327.
Kamas, L. (1995), “Monetary Policy and Inflation under the Crawling Peg: Some Evidence from VARs for
Colombia”, Journal of Development Economics, 46, 145-161.
Keyder, N. (1998), Para, Teori, Politika, Uygulama, Geliştirilmiş 6. Baskı, Beta Dağıtım.
Kirmanoğlu, H. and Özçiçek, Ö. (1999), “The Effect of Short-Term Capital Inflow on the Turkish Economy”,
Yapı Kredi Economic Review, 10/1, 27-34.
Korap, L. (2006), “An Analysis of Central Bank Interventions on FOREX Market for the post-Crisis Period”,
Turkish Economic Association Discussion Paper, 2006/4, 1-34.
Koru, A. T. and Özmen, E. (2003), “Budget Deficits, Money Growth and Inflation: The Turkish Evidence”,
Applied Economics, 35/5, 591-596.
Kunter, K. and Janssen, N. (2002), “Credibility of Monetary Regimes: Is Inflation Targeting Different?”, CBRT
Research Department Discussion Paper, No. 2002/1, Ankara, January, 1-45.
Leeper, E. M. (1997), “Narrative and VAR Approaches to Monetary Policy: Common Identification Problems”,
Journal of Monetary Economics, 40, 641-657.
Lucas, R. E. (1981), “Econometric Policy Evaluation: A Critique”, in R. E. Lucas (ed.), Studies in Business-
Cycle Theory, MIT Press, 104-130.
Meltzer, A. H. (1995), “Monetary, Credit and (Other) Transmission Processes: A Monetarist Perspective”,
Journal of Economic Perspectives, 9/4, Fall, 49-72.
Mishkin, F. S. (1996), “The Channels of Monetary Transmission: Lessons for Monetary Policy”, NBER Working
Paper Series, No. 5464, February, 1-27.
Moreno, R. (1996), “Intervention, Sterilization and Monetary Control in Korea and Taiwan”, FRB of San
Francisco Review, 3, 23-33.
Ökte, M. K. S. (1999), “Makroiktisat Teorisinde Reel Kesim / Finansal Kesim Etkileşimi: Türkiye’de Para
Politikasının Aktarım Kanalı Üzerine Bir Uygulama”, Unpublished Ph.D. Thesis, The Istanbul University
Institute of Social Sciences, İstanbul.
Özlale, Ü. and Metin-Özcan, K. (2005), “Does Time Inconsistency Problem Apply for Turkish Monetary
Policy”, Turkish Economic Association Discussion Papeps, 2005/2, February, 1-30.
Özmen, E. (1998), “Is Currency Seigniorage Exogeneous for Inflation Tax in Turkey”, Applied
Economics, 30/4, 545-552.
Özmen, E. (2002), “Teoriler Verilerle Sınanır”, http://www.e-konomistdergi.com/makale.asp?id=34
Paya, M. (1997), Makro İktisat, Filiz Kitabevi, İstanbul.
Pongsaparn, R. (2002), “Inflation Dynamics and Reaction Function in High-Inflation Environment: An
Implication for Turkey”, CBRT Research Department Working Paper, No. 10, September, 1-27.
QMS (2004), EViews 5 User’s Guide, April.
Saatçioğlu, C. (2005), “Türkiye Ekonomisindeki Enflasyonist Sürecin İncelenmesine Yönelik Bir Uygulama”,
METU Studies in Development, 32/1, 155-184.
Saatçioğlu, C. and Korap, L. (2006), “Determinants of Turkish Inflation”, Turkish Economic Association
Discussion Paper, 2006/7, 1-23.
Sargent, T. J. and Wallace, N. (1981), “Some Unpleasant Monetarist Arithmetic”, FRB of Minneapolis
Quarterly Review, 5/3, 1-17.
Sarıkaya, Ç., Öğünç, F., Ece, D., Kara, H. and Özlale, Ü. (2005), “Estimating Output Gap for the Turkish
Economy”, CBRT Research Department Discussion Paper, No. 05/03, 1-30.
Savvides, A. (1998), “Inflation and Monetary Policy in Selected West and Central African Countries”, World
Development, 26/5, 809-827.
Selçuk, F. (2005), “The Policy Challenges with Floating Exchange Rates: Turkey’s Recent Experience”, Open
Economies Review, 16/3, July, 295-312.
Sims, C. (1980), “Macroeconomics and Reality”, Econometrica, 48/1, 1-48.
Sims, C. (1992), “Interpreting the Macroeconomic Time Series Facts”, European Economic Review, 36, 975-
Sims, C. (1994), “A Simple Model for the Determination of the Price Level and the Interaction of Monetary and
Fiscal Policy”, Economic Theory, 4/3, 381-399.
Şahinbeyoğlu, G. (2001), “Monetary Transmission Mechanism: A View from a High Inflationary Environment”,
CBRT Research Department Discussion Paper, No. 2001/1, 1-39.
Şahinbeyoğlu, G. and Yalçın, C. (2000), “The Term Structure of Interest Rates: Does It Tell About Future
Inflation?”, CBRT Research Department Discussion Paper, No. 2000/2, Ankara, March, 1-27.
Taylor, J. B. (1995), “The Monetary Transmission Mechanism: An Empirical Framework”, Journal of Economic
Perspectives, 9/4, Fall, 11-26.
Tobin, J. (1969), “A General Equilibrium Approach to Monetary Theory”, Journal of Money, Credit and
Banking, 1/1, February, 15-29.
Uygur, E. (2001), “Enflasyon, Para ve Mali Baskı: İktisat Politikasında Geri Kalmışlık”, İktisat, İşletme ve
Finans, 16/189, 7-23.
Woodford, M. (2001), “Fiscal Requirements for Price Stability”, NBER Working Paper, No. 8072, 1-78.
Yenal, O. (2002), “Merkez Bankası İktisat Bilmiyor”, http://www.e-konomistdergi.com/makale.asp?id=33
Yılmaz, G. (2002), “Open Market Operations in Turkey”, CBRT Research Department Working Paper, 1-23.