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The role of exchange rate in inflation targeting: the case of Turkey

机译：汇率在通胀目标中的作用：土耳其的案例

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The role of the exchange rates in emerging market economies that have adopted inflation targeting (IT) is a critical and contentious issue in the relevant literature. This article investigates whether an exchange rate-augmented Taylor rule describes the Central Bank of Republic of Turkey's (CBRT) monetary policy. Covering the period from 2002:1 to 2017:8 it also explores possible nonlinearities in the reaction function of the CBRT by employing a Threshold Vector Autoregressive (TVAR) model. The linear estimation of the model highlighted the importance of the exchange rate in monetary policy under IT. The results of the nonlinear model indicate that the stance of monetary policy was asymmetric with respect to exchange rate movements during the conventional IT period. However, the asymmetric monetary policy stance disappeared in the aftermath of the Global Financial Crisis. Increasing considerations of financial stability undermined the asymmetric policy stance of the CBRT in the post-crisis period.
机译：汇率在新兴市场经济中采用通货膨胀目标（IT）的作用是相关文献中的一个重要和有争议的问题。本文调查了汇率增强泰勒规则描述土耳其共和国中央银行（CBRT）货币政策。覆盖2002：1至2017：8的期间，它还通过采用阈值矢量自回归（TVAR）模型来探讨CBRT的反应功能中的可能的非线性。该模型的线性估计突出了它下面货币政策中汇率的重要性。非线性模型的结果表明，在常规IT期间，货币政策的立场是不对称的。然而，非对称货币政策姿势在全球金融危机的后果中消失。越来越多的金融稳定性考虑因危机后时期的CBRT的不对称政策阶段破坏了CBRT的不对称政策立场。

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