Türkiye’de Piyasa Göstergelerinden Para Politikası Beklentilerinin Ölçülmesi (Measuring Market Based Monetary Policy Expectations in Turkey)

Türkiye’de Piyasa Göstergelerinden Para Politikası Beklentilerinin Ölçülmesi (Measuring Market Based Monetary Policy Expectations in Turkey)

Title : Measuring Market Based Monetary Policy Expectations in Turkey
Number : 10/11
Author(s) : Harun Alp, Hakan Kara, Gürsu Keleş, Refet Gürkaynak, Musa Orak
Language : Turkish
Date : June 2010
Abstract : This paper compares the ability of different market instruments in terms of predicting monetary policy decisions to find out which one best captures market participants’ policy expectations. Towards this end, policy rate expectations implied by various market instruments and different approaches are derived for the period between July 2006 and October 2009. Empirical results show that market based monetary policy expectations in Turkey can most successfully be obtained by using the one week Turkish Lira Interbank Bid Rate (TRLIBID).
Keywords : Monetary policy, policy rate expectations, market-based measures of expectations.
JEL Codes : E43, E52, G12

Türkiye’de Piyasa Göstergelerinden Para Politikası Beklentilerinin Ölçülmesi (Measuring Market Based Monetary Policy Expectations in Turkey)
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