The aim of the monetary policy is to maximize the social welfare function. Central banks, in order to maximize the social welfare in prices, have aimed to provide the stability of price. The contemporary monetary policy carries out the duty of providing the stability of prices with the inflation targeting. Not only does the inflation targeting provide the stability of prices but also it causes the fluctuation in real variables. In this paper, whether the social welfare function is maximized or not is investigated by the policy of CBRT inflation targeting policy and supply and demand shocks. At the end of the research, it is found that under the inflation targeting the social welfare is maximized.