Welfare Implications of Alternative Monetary Policy Rules: A New Keynesian DSGE Model for Turkey

AKLAN, A. N, and NARGELECEKENLER, M. (2008). Taylor Rule in Practice: Evidence from Turkey. International Advances in Economic Research, Vol.14, No:2, ss:156-166.Search in Google Scholar

ADOLFSON, M., LASEEN, S., LINDE, and J., SVENSSON. (2014). Monetary Policy Trade-offs in an Estimated DSGE Model. Journal of Economic Dynamics and Control, 42, p. 33-49. DOI: 10.1016/j.jedc.2014.02.01210.1016/j.jedc.2014.02.012Open DOISearch in Google Scholar

ALP, H., ELEKDAĞ, S. (2011). The Role of Monetary Policy in Turkey during the Global Financial Crisis. IMF Working Paper, 11/150.10.2139/ssrn.1886901Search in Google Scholar

BARİ, B., ŞIKLAR, İ. (2016). The Analysis of Monetary Policy in the Inflation Targeting Regime: An Estimated DSGE Model for Turkey. Anadolu University Journal of Social Sciences, p. 47-69.Search in Google Scholar

BERUMENT, H., and TAŞÇI, H. (2004). Monetary policy Rules in Practice: Evidence from Turkey. International Journal of Finance, 9 (2004), pp: 33-38. DOI: 10.1002/ijfe.21910.1002/ijfe.219Open DOISearch in Google Scholar

BOUDA, M. (2015). The New Keynesian DSGE Model and Alternative Monetary Policy Rules in the Czech Republic. Acta Oeconomica Pragensia, 1, 2014.Search in Google Scholar

BULUT, Ü. (2017). Monetary Policy and Asset Prices in the Period Following the Global Crisis: The Case of Turkey. Journal of Economics and Administrative Sciences, Eskişehir Osmangazi University, Vol.12, pp.13-30.Search in Google Scholar

CALVO, G.A. (1983). Staggered Prices in a Utility-Maximizing Framework. Journal of Monetary Economics, Vol.12, pp. 383-398. DOI: 10.1016/0304-3932(83)90060-010.1016/0304-3932(83)90060-0Open DOISearch in Google Scholar

CHRISTIANO, J. L., EICHENBAUM, M., and EVANS, C.L. (2005). Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy.Journal of Political Economy, Vol. 113, No.1, p.1-4510.1086/426038Search in Google Scholar

CLARIDA, R. H. (2014). Monetary Policy in Open Economies: Practical Perspectives for Pragmatic Central Bankers, Journal of Economics Dynamics and Control, Vol. 49. p. 21-30. DOI: 10.1016/j.jedc.2014.09.03610.1016/j.jedc.2014.09.036Open DOISearch in Google Scholar

CURDIA, V., and FINOCCHIARO, D. (2013). Monetary Regime Change and Business Cycles. Journal of Economic Dynamics and Control, Vol. 37, pp. 756-773. DOI: 10.1016/j.jedc.2012.12.00410.1016/j.jedc.2012.12.004Open DOISearch in Google Scholar

ÇEBİ, C. (2012). The Interaction between Monetary and Fiscal Policies in Turkey: An Estimated New Keynesian DSGE Model. Economic Modelling, Vol. 29, p. 1258-1267. DOI: 10.1016/j.econmod.2012.04.01410.1016/j.econmod.2012.04.014Open DOISearch in Google Scholar

GALI, J. (2015) Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications, Second Edition, Princeton University Press.Search in Google Scholar

GAMBACORTA, L., and SIGNORETTI, F. M. (2014). Should monetary policy lean against the wind? An analysis based on a DSGE model with banking. Journal of Economic Dynamics and Control, Vol. 43, pp. 146-174. DOI: 10.1016/j.jedc.2014.01.01610.1016/j.jedc.2014.01.016Open DOISearch in Google Scholar

GÜNEY, P. O. (2016). Does the Central Bank Directly Respond to Output and Inflation Uncertainties in Turkey? Central Bank Review. Vol. 16, p. 53-57.Search in Google Scholar

GÜRKAYNAK, R., KANTUR, Z., TAŞ, M. A., and YILDIRIM-KARAMAN, S. (2015). Monetary Policy in Turkey after Central Bank Independence. İktisat İşletme ve10.2139/ssrn.2694472Search in Google Scholar

Finans, Vol 30 (356), November 2015. DOI: 10.1016/j.jedc.2014.01.01610.1016/j.jedc.2014.01.016Open DOISearch in Google Scholar

KARA, H.A (2006). Turkish Experience with Implicit Inflation Targeting. The Central Bank of the Republic of Turkey, Research and Monetary Policy Department, Working Paper, No: 6/3.Search in Google Scholar

ÖZATAY, F. (2011). The New Monetary Policy of the Central Bank: Two Targets-Three Intermediate Targets-Three Tools, Economics, Business, and Finance. Vol. 26, Issue 302, pp. 27-43. DOI: 10.3848/iif.2011.302.274310.3848/iif.2011.302.2743Open DOISearch in Google Scholar

ÖZÇELEBI, O., YILDIRIM, N. and KANSU, A. (2014). Possible Effects of Domestic and Foreign Factors on Monetary Policy Implementation in Turkey: A DSGE-VAR Approach. Economic Research, Vol. 27, Issue 1, pp. 590-606. DOI: 10.1080/1331677X.2014.97433910.1080/1331677X.2014.974339Open DOISearch in Google Scholar

PATRA, M. D., KHUNDRAKPAM, J. K., and GANGADARAN, S. (2017). The Quest for Optimal Monetary Policy Rules in India. Journal of Policy Modelling, Vol. 39, pp. 349-370. DOI: 10.1016/j.jpolmod.2017.01.00610.1016/j.jpolmod.2017.01.006Open DOISearch in Google Scholar

PEHLİVANOGLU, F. (2014). The Estimation of Taylor Type Interest Rate Reaction’s Function in the Frame of Optimal Monetary Policy: The Case of Turkey. The Journal of Knowledge Economy and Knowledge Management, Vol. 9, pp.116-126.Search in Google Scholar

ROTEMBERG, J. J. and WOODFORD M. (1999) The Cyclical Behavior of Prices and Costs. NBER Working Paper, No. 6909.10.3386/w6909Search in Google Scholar

SEKMEN, T. and ŞIKLAR, İ. (2016). Monetary Policy and Macroprudential Policies: An Estimated DSGE Model of the Turkey, Anadolu University Journal of Social Sciences, Vol. 16, No. 4, p. 47-69.Search in Google Scholar

SMETS, F. and WOUTERS, R. (2007). Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach. American Economic Review, Vol. 97, No. 3, June 2007, p. 586-606. DOI: 10.1257/aer.97.3.58610.1257/aer.97.3.586Open DOISearch in Google Scholar

USLU, Ç.L., and ÖZÇAM, A. (2014). A Modified Taylor Rule for The Central Bank of Turkey (CBRT): 2003-2012. KSÜ, Journal of Faculty of Economics and Administrative Science, Vol. 4, Issue 1, pp. 223-245.Search in Google Scholar

YÜKSEL, C. (2013). Role of Investment Shocks in Explaining Business Cycles in Turkey. The Central Bank of the Republic of Turkey, Working Paper, No: 13/12.Search in Google Scholar

YÜKSEL, E., METİN-ÖZCAN, K. and HATİPOĞLU, O. (2013). A Survey on Time- Varying Parameter Taylor Rule: A Model Modified with Interest Rate Pass-Through. Economic Systems, Vol. 37, pp. 122-134. DOI: 10.1016/j.ecosys.2012.08.00210.1016/j.ecosys.2012.08.002Open DOISearch in Google Scholar

WOODFORD, M. (1999). Optimal Monetary Policy Inertia, NBER Working Paper Series, 7261.10.3386/w7261Search in Google Scholar