Macroeconomic effects of unconventional monetary policies: The case of Turkey

In 2008, the economic disruptions that started in the USA spread to countries in waves and turned into a global financial crisis. In order to eliminate the impact of the crisis on the economies, a series of measures have been taken by the central banks. Upon the lack of these measures, central banks started to design and use new monetary policy tools, non-traditional monetary policy tools. Since the end of 2010, the CBRT has started to design and implement new monetary policy instruments. Within the scope of these instruments, financial stability was also observed as well as price stability. In this study, the results of the non-traditional monetary policies that the CBRT started to implement since the end of 2010 were examined based on observation. As a result of the study, it was seen that successful results were obtained from the policies implemented from time to time. Keywords: Global Financial Crisis, Unconventional Monetary Policy Tools, Financial Stability.