Örtülü enflasyon hedeflemesi çerçevesinde Türkiye Cumhuriyet Merkez Bankası'nın para politikası kuralı üzerine bir çalışma

The gist of the study presented in this thesis is to provide an answer mainly totwo questions: First; whether in the last four years the Central Bank of the Republicof Turkey (CBRT or Central Bank) has followed a monetary policy rule consistentwith its commitments about price stability objectives, implicit inflation targetingregime and floating exchange rate. Second one is if it has done to what extend thisrule has resembled the original Taylor rule. In the study, to investigate the answer tothese questions a backward-looking model for a monetary policy rule is describedand is subjected to an econometric estimation process. It yields significant results forthe interval between 2001 and 2005. In a summary, the findings support that whileafter 2001 the inflation rate has continued to be a dominant indicator to which theCBRT reacted consistent with its commitments, coming to the current years the realexchange rate (RER) movements and current account deficit have gained anincreasing significance in monetary policy rule. Hence, the thesis argues that insteadof being tied to a simple Taylor rule, the CBRT might have adopted a differentiatedpolicy rule where it has concerned RER and current account deficit beside the rate ofinflation.