The effectiveness of unconventional monetary policy on the economy of Turkey

Monetary policies are the most important tools for ensuring stability on the economies. through these policies are aimed at increasing the level of welfare by ensuring stability in the economy. recently, changes in the economies have changed their policies. these new policy are called Unconventional Monetary Policy. thus, it is aimed to establish more effective communication with the public. the policies are heavily used on the economy of Turkey in recent years. The purpose of this thesis, for achieving the intended purpose of unconventional monetary policy used in Turkey is investigated of whether it is used effectively or not. For this purpose, Garch (garch(1,1), Tgarch ve Egarch) models which is dummy variable time series models are used to estimate the best model. ın the analyses, 02.01.2017-28.12.2018 period for Turkey's economy data is used. for this, are used two-yeaars bond interest rate in international market, exchange rate in US dollar and changes in reserve option coefficient and in the context of forward interventions as unconventional monetary policy instruments, meetings, conferences and press announcements President of the Republic of Turkey and the Charşman of the CBRT. These forward guidance were transformed into two different dummy variables including Central Bank and Presidency and included in the model. According to the research results, the conclusion that this policy tool was given effectively. Reserv option mechanism and forward intervents of unconventional monetary policy instruments were statsitically effectived in achieving the intended the targets.