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Monetary policy evolution in Turkey: recursive analysis of inflation responsiveness through structural breaks and unorthodox strategies

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Resumo:This study investigates the variability of the inflation response coefficient (β) in Turkey’s monetary policy within the Taylor rule framework, as a key driver of high inflation since early 2005. Recursive analysis identifies three structural breaks: in 2010, 2022, and 2023. These breaks correspond to a shift in monetary policy towards a Neo-Fisherian approach, which ultimately destabilized inflation expectations and eroded central bank credibility. The 2023 return to orthodox strategies shows signs of stabilization, suggesting that conventional approaches are more effective in controlling inflation than Neo-Fisherian approaches.
Autores principais:Martins, João Dias
Assunto:Taylor rule Neo-fisher effect Inflation response coefficient (ß) Recursive estimation
Ano:2025
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso aberto
Instituição associada:Universidade Nova de Lisboa
Idioma:inglês
Origem:Repositório Institucional da UNL

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