Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2017.1340172
An evaluation of the effectiveness of an inflation targeting strategy in Turkey
İlhan Eroglu
orcid.org/0000-0003-4711-1165
; Faculty of Economics and Administrative Sciences, Department of Economics, Gaziosmanpasa University, Tokat, Turkey
Mehmet Çınar
; Faculty of Economics and Administrative Sciences, Department of Econometrics, Uludag University, Bursa, Turkey
Nadir Eroglu
; Faculty of Economics, Department of Economics, Marmara University, Istanbul, Turkey
Sažetak
In this research, the performance of inflation targeting strategy was
analysed using the least square method (LSM) with the regression
model for economic circumstances in Turkey. The results of this
research can be summarised as follows: (1) Inflation targeting regime
has a weak positive effect on inflation rate performance; (2) There is
no significant relationship between inflation targeting regime and
growth rate; (3) There is a positive but a weak relationship between
inflation targeting regime and exchange rate performance; and (4)
Inflation targeting regime has a strong positive effect on nominal
interest rate performance. Thus, these results support the argument
in the literature that ‘inflation targeting affects macroeconomic
performance positively except for growth rate’. Thus, the post-2002
inflation-targeting regime, whether rule-based or occasional, has
led to some improvements in other macroeconomic indicators, even
though the primary aim of monetary policy instruments is to bring
down the rate of inflation. Such stability-assuring policies enable
investors to invest in a more trustable environment.
Ključne riječi
Inflation; inflation targeting; price stability; performance analysis
Hrčak ID:
193198
URI
Datum izdavanja:
1.12.2017.
Posjeta: 1.092 *