Çal?mann amac 2002:01-2019:10 dönemi için Türkiye’de reel efektif döviz kurundaki de?i?ikliklerin para politikas üzerindeki asimetrik etkilerini ara?trmaktr. Bu amaçla döviz kuru eklenmi? ileri ve geri dönük Taylor kurallarnn geçerlili?i, do?rusal olmayan gecikmeleri da?tlm? otoregresif yöntemle incelenmi?tir. Çal?mann bulgular, Türkiye Cumhuriyet Merkez Bankasnn faiz tepkisini açklamak için genelle?tirilmi? Taylor kuralnn kullanlabilece?i görü?ünü desteklemektedir. Tahmin sonuçlarna göre pozitif ve negatif döviz kuru ?oklarna verilen faiz tepkisi ileri ve geri dönük modellerde negatif yönde olmann yan sra politika faizinin döviz kuru de?i?ikliklerine duyarll? oldukça benzer bulunmu?tur.
The aim of this study is to investigate the asymmetric effects of exchange rate shocks on the monetary policy in Turkey for the period between 2002:01-2019:10. For this purpose the forward and backward looking Taylor rule that are augmented by exchange rate are estimated by the nonlinear autoregressive distributed lag models. The empirical findings support that the Taylor rule augmented with exchange rate is a better representation for the interest rate reaction function of Central Bank of the Republic of Turkey. The monetary policy reacts to the appreciation and depreciation of exchange rate by decreasing the interest rate in each cases and the sensitivity of policy rate to exchange rate changes is quite similar.
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